Show ANACONDA AND UTAH COPPER anaconda has declared a regular quarterly dividend of 1 per share payable august 25 to stock of record july 19 this compares with 1 paid three months six months and 2 nine months ago T the e dividend just declared calls for the disbursement bur of it will make per share or total payments of since the company was organized anaconda paid 8 a share in 1918 in 1917 7 in 1916 and 4 in 1915 there is nothing in the current activity of anaconda stock to indicate that the old speculative pool which partially controlled its movements for many years is any longer operating in it the stock seems to be left entirely to the mercies of private investors and speculators with a little nursing the stock could have been made to sell for 85 on the present movement but it has not had such attention from the standpoint of productive capacity property and cash assets earning ability and future prospects anaconda is in a stronger position than ever before in its history and its stock seems entitled to sell considerably higher if the much talked of reaction in prices should materialize anaconda stock probably would prove to be one of the best of the coppers to buy this company is known all over the world and the daily fluctuations in its shares are watched in every speculative center it is as plain as anything well can be that copper is going to sell higher and as it advances it will be pretty sure to bring in a great many buying orders for anaconda stock viewed solely from the investment standpoint anaconda appears to be cheap at its present price utah copper stock has shown increasing activity and strength for some time past in view of the known value of this companas comp anys properties and their demonstrated earning capacity it is surprising that the stock has not figured more prominently in the speculative dealings of the past few months As soon as the demand for copper makes possible a general resumption of full volume production utah copper again may be expected to pay dividends at the rate of 10 to 12 a share annually eventually this companas comp anys stock should be expected to sell for very nearly double its present price ray consolidated ray consolidated has not figured anywhere near as prominently as it deserved to in the speculative activities of the past six months from a low price of 19 early this year the stock advanced to 2525 and is now selling around 2350 A price of 24 gives rays outstanding shares a market value of and or 27 per cent of this valuation is made up of cash and quick assets in the companas comp anys treasury all of the copper which ray had on hand at the end of last year including that in transit and in process of refining was calculated at 1312 13 cents a pound in lt its statement of current assets As that copper is now salable at 18 to 1812 18 cents current assets must amount to 30 per cent of the market value of the companas comp anys outstanding stock which is its only capital obligation there being no bonds notes or preferred stock the company not only is in a strong position financially but its properties are developed and equipped to produce pounds of copper annually at a comparatively ively low cost per pound before the war it was costing ray S to 9 cents a pound to produce copper though it is not expected that production costs will go back to former low levels in the case of this company or any other future prices for copper are reasonably certain to average as much higher in proportion as costs do and 4 there is no reason to doubt that ray will be able to realize after taxes an average profit of six cents a pound on its production over the remainder of its productive life which promises to be approximately thirty years such profit would give the company net earnings of to a share annually As its construction work is completed and full working capital requirements provided for substantially all of its future earnings should be distributed to stockholders from year to year in dividends bends s it is only eight years since ray consoli dateus productive career began it has been a highly prosperous career as indicated by the fact that up to the end of 1918 it had paid its stockholders in dividends accumulated net quick assets of and in addition made heavy expenditures from earnings on equipment and improvements the company is altogether likely to earn and pay as many dollars per share in dividends in the coming seven years as its capital stock is now selling for in the market A fair valuation of ray consolidated stock is not less than 35 or 40 a share at such prices it still would be a conservative mining investment years of comparative inactivity and narrow price fluctuations have made the stock relatively unpopular with speculators but the shares of practically every company almost invariably pass through a similar period of neglect sooner or later it is highly probable that investors gradually will come to have a fuller appreciation of the immense asset values and earning capacity behind this companas comp anys stock and that the long delayed price advance to which it so clearly is entitled will be realized in the meantime the st stock ock should be bought for investment george L walker in boston Comm commercial erchil |