Show New Record Seen By Phelps Dodge NEW NEWYORK ORK April Apri 22 UP JP Wih I-Wih With the aid of large tonnages from the Morenci Ariz mine mihe after five years development Phelps Dodge corporation will wll establish new record copper production in 1942 Louis S. S Cates Gates president told stockholders at the annual meet meet- ing On the basis bais of tax rates now in effect Cates Gates estimated profits proms in the first quarter at 44 70 after aler all charges but ut before I depletion This would be equal equal- to 88 cents a share on the capital capital cap cap- ital ial stock No comparison with wih 1941 could be be made because the company reports on a six months basis |