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Show IllMiVAlimS BUILDING IIP IIS CUSTOM Sl'iELIKG According ta Oeorge L.- Walker, IK circulatloa of bearish rumor, ana to the effect tkat tbe compear was bar-rawing bar-rawing aver $00.000 oi unsold capper, asd tka general waaknaaa of tka at oak ajarket war reepeaiible for thie 4a-eliae. 4a-eliae. t'adoubledlv Maaoa Valley it borrowing borrow-ing coneiderable aeaey oa copper, as Bora tbaa kalf Ita production of about 1,500,000 pound aionthly it frost ue torn oraa. Tka practice ia (uatoni smelt- tag is to pa.v for 90 par sent of tka rorovsrahla aoppsr la lb ara when tt M delivered at tka plaat. aad tt la a pronmateJv four aioatks before thla rial I regard ad raadr ta be aold. Tka Maaoa Vallev aamnaar ia build taw ap a aobataati'at rastotn smelt i( baaiaaea and ta aow enlarging ita fur-ar fur-ar to further laersasa ika aapaaity of ita plant. Lika sthar producers, It kaa sot found a ready market for Its ronpeT reeeallv and, ia addltioa to the S.OUO.Ono ar 6,b00.000 pound ia praraaa , of (melting, renniBff and ia transit, it probably kaa mora ar laaa Baiebsd copper cop-per aa hand at tka rataarj. Oa this it nadoiibtodljr ta borrowi ng money. Custom copper smeltcra aJwara toaa mossy aa a derliaisf matal market. Tha relatively small dsrllna tkat haa just aeeurrad. however, will prsbablv meaa ta tka Masoa Vallev compear ihs loaa of a part of ita custom amatiiif profit a hntl aot aay af its working capital. Wha tka price of op)ir ia advancing tka rvra ia true, aad auatom amalting eampaaieg alwava make eu be tan tie. I profits ia eteeet of Iheir regular ckargss and promiuma. Witk its bond rsnvrrted Maaoa Valley Val-ley will kara t.H.rtot) share af stock oulatanding. aad 1. thara roproarntt a lata! value of f 2,32,om for all ths company assets. It kas bees estimated estimat-ed that tka company has I.ixiO.OOO ton of 14 per rent copper org blocked out. oa wkirk thara should ba a rravrabl profit af 3.IW ta 4 a toa. It als ha a asw smelter complete, ia oparatioa and doing eireptionellv good work, wkicb coat arauad tl.OVO.noo. It rua torn melting Duslarsa, w.hirk ia oca-taatly oca-taatly frowlng, Is. of rourss, aaathar asset of cssi.lsrble value. It ia aadcratooj tkat a flnaa-aial flnaa-aial statement will ba issued aooa which will show that tha Mason Vallsy campaar haa basa a substantial arnef af profita averv month 'nr iu meJter wnt into apsration. Tha manaaamant mada plan soma tima ago to bsgta paying pay-ing divideads in April this vsar at the rata of AO erst a thara quarterly; but tka decline in tka price of copper, at course, is likely, ta delar th bcginaing of disbursemsnte. Aftsr tha present finny it aver aad the increase tn ill furnaca rapacity is completer, Maaoa Vallsy should be able to eara and pay good dlvldenda, area with copper at a lower prira htan it ia bow selling. (torrent guelatiea for Mason Valley tack represent a amaller taluatioa tbaa the market freoiutntlr place aa andevalnped prospects having- o eqitip-meat eqitip-meat and bat little working capital It lands ta raaaoa, therefore, that th stock ia very cheap aad those wha have the courage ta disregard current rumor aad bay It hould res 1 1 re a subataatial profit la th very aear future. |