Show VIEW OF UTAH COPPER EARNINGS utah coppers net profits for the current year are estimated at approximately 32 or more than 20 a share before taxes says the boston news bureau last year the company returned profits of 39 this was equivalent to 2409 a share earnings of in the first quarter were equal to a share earnings of in the second quarter were equal to a share this made total earnings for first half of the year equivalent to about 11 a share utah turned out approximately pounds of copper in the first six months of the year according to officials the last half should contribute another pounds and ana this should result in net profits of at least or slightly over 9 a share i 4 various estimates have appeared as to probable effect of war taxes on income and have ranged 11 all the way from 3 to 8 a share but they did not emanate from the company As a matter of fact utah officials are in the dark as to war taxes and incline to the belief that the whole matter will eventually have to be determined ter mined by the treasury department the leading question involved of course is just what constitutes invested capital another is whether the income tax law permits a return of capital accumulated in reserve and depletion accounts this return being ng made in the form of a dividend and not subject to the tax assuming that earnings approximate 20 a share and that directors in december continue the quarterly dividend utah would still have something like or equivalent of a share to meet war taxes and this would be after paying dividends totaling 1450 a share including red cross disbursement of 50 cents a share the company would not have to fall back on the the quick assets approximating including cash as of december 31 1916 hence officials speak with growing con of the intrinsic value of utah shares despite abnormal costs of operation and 2312 23 cent copper and they em emphasize that a promiscuous discussion of the war tax question as affecting utah by those unacquainted with the subject only tends to obscure the big equities that have been created in the war period |