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Show Doubted if Porphyries Can Afford Af-ford to Surrender Their Many Advantages. WERE FINANCED TO MEET HARD TIMES Present Conditions Present Real Test of Their Ability to Make Good. Despite, the rather confident and persistent per-sistent expectations prevailing in the onsi In regard to a merger of the ooppor producing pro-ducing orgnnlza lions, there are a great many western students of the situation who see numerous difficulties In tho way of such a programme. They realize that tho wisest hends and the richest purses of the world are behind tho copper cop-per Industry despite their past disregard of mutual Interests to such an extent that they have been somewhat at war with each other, and that they can bring about nearly any consummation desired, the only question being what Is desired. In tho Ilrst plnco countless millions of dollars have been called for and secured from the public by the so-called low-grade, low-grade, low-eost porphyry producers for the purpose of placing them In condition for operation. The porphyry people havo maintained all alone: that they can produce pro-duce copper for such an extremely low cost per pound that tho metal could not reach so low a point as lo prohibit to them a profit. The porphyries were In the business for blood, and tho old-fashioned vein propositions would bo compelled com-pelled either to quit business or rcduco their costs to meet I ho expected cost of tho modern propositions. Thoory of Porphyries. Peoplo havo supported these porphyry companies An this theory, believing that copper would never go so low .as to put thoni out of business. It is not likely, therefore, that stockholders and bondholders bond-holders of the porphyries will welcome any compromise with the old enemy, Ihc vein mines, that, will eliminate tho usefulness use-fulness of Just the copper producers which were conceived and financed for tho express ex-press purpose of meeting exactly auch low-piiecd metal conditions as now prevail. pre-vail. They doubtless would feol that anv such compromise would be. a confession confes-sion of weakness on tho part of the newer producers. The porphyries were financed for tho purpose of making copper at a cost of from 5 lo 0 cents per pound, the public participated In them on the theory that they stood the best chance of prospering under adverse conditions, not for the purpose pur-pose of holding the umbrella over the old-fnshloned producers. The west feels, therefore, that any surrender of the expected ex-pected advantnscs would bo pretty much a breach of faith. Stock Market and Mergers. It Is interesting to note in connection also with rumors of a gigantic merger that the only objection advanced lo the Cahrinel .t ITccla plan of consolidation was that the formation of a great, organization organi-zation to absorb a dozen different companies com-panies would eliminate stock trading. U was urged Hiat thousands of shareholder: would deal In a dozen different moderate priced stocks where a very few would be able to deal In a big slock held at several sev-eral hundred dollars per share. It Is not likely that any big merger will be attempted at-tempted which would tend to eliminate stock trading by the average Investor, and tho avorago Investor cannot touch an issuo which has a market value of the average man's house and lot. Unless the big copper interests desire to ellnilnato tho public entirely from participation par-ticipation in the Industry It Is not easy to map out what plan of future policy could lje. adopted other than the surrender sur-render of some of tho strongest arguments argu-ments and advantages so far advanced lo Influence the public in Its Investments. The domestic surplus of copper today Is a trifle larger than tho average month's domestic deliveries for consumption and exports. The cry of overproduction, therefore-, seems rather far fotched. It looks an If the hard times cry had been "concentrated ' on tho copper Industry, which is expected to boar the whole burden bur-den alone and unassisted. |