Show F. F r M Il I WA St I I NI N I N G News New Qu the te Campi Cap hOl and ad All A on O S STOCKS T 0 c I K S Ld LeadIa flashed MARKET M A R K I E T. T I I COPPER OUTPUT MUST IE WAILED CURTAilED SAYS EXPERT N. N MUSTER L L N. N i. i L. L Amster a copper expert who haM baa bat devoted devote a b groat oat deal of or thought to tho present conditions of or tho the rod metal mell marIet mar inar- J f ket keto I is of or tho the o opinion that this Is a 3 good t 1 time to curtail the output output lie Hc says that unless tho producers introduce different I business m methods hoj he falls ails fals to see sec how a change chango in iii con conditions can bo be brought I about nOue He Ho Ht points pInts nut out that though the worlds world's consumption 1 Is tho greatest It 11 ever over boon been In tho the history of or tho the In Industry industry In- In the tho Jle pi price Ice Is Ig down around arund that maintained during the panIc paulc times t of Cf Pt 1907 According to Mr MI Amster the producers aro arc to blame for this condition lie le says that they the ar nN Increasing tho the output without with with- 1 I out any regard Ilard of or wh what U shall hal bo done dono with wih It I. I On tho the other hand the consumers ers era co can cn site si-e no reason fo for T replenishing their depicted stock for It I simply means that the they will 1 have havo o h to pay interest on money Invested in lu this thia manner for or a metal which Is continually being lowered I In price Thus ThuR the tho surplus Is con constantly 1 being Increased In the tue hands of or the tho to sell selling sel selIn In ing It Is to b bv bL regretted he says sYR that tat one of or the the- country country's s greatest rc tet Industries Is IR being w wasted for ore are does docs not grow gw and i some of or tho the companies are arc ar fooling themselves them thein- v solves selves In iii th thu tho belief beler that th they y are arc making a cont 4 per pei pound profit when the they are overlooking the tho fact that the original cost cot 1 of Or the product t Is the only asset aset they have lu in li speaking of the greatest I copper copper copper cop cop- per mines Mn jn Amster Amsler says Take for example Anaconda which 1 is one of ot our oni oue great vein mines and Utah Cop Copper r which i Is one of o tho Jr great t. t If I not tho greatest and most mOt valuable of the tho so 80 called caled porphyry y mines Anaconda last year at showed net earnings of or about abut of which some was derived from o subsidiary companies leav- leav lea in to represent profits derived from mining mining Anaconda mined and treated durin during the year car about abut tons of ore oro and the profits therefore were equal ual to about per ton Now the fact of or the te matter Is that 1 0 per ton would not b gln to pa pay even for tho value of or the ore oro much less a profit And then what about tho the wear Well and tear of Its Us e ex expensive cx- cx pensive e plants to say sa nothing of or Inter Inter- Interest est eist tho the Investment en I Ol I am quite Quie sure emr that the Anaconda could be sold for or cash on the basis of or more mor than twice the so called caled profit of or last lt year car I. I e e. e e. e per ton of or ore Even on baI basis of or 2 2 per ton for the ore oreJil orein in Jil J the mine the mineral assets would not figure anywhere near the pre present ent selling price of or the he company's property based on 10 sao per share ICor for or Its Is shares hares it be bo legitimate for tor th the new Dew purchaser to lo figure ure tho cost of producing producing pro pro- pr without adding tho the 3 31 3 cents per pound of 01 copper representing the value alue or cost coat o t of 1 f or ore Certainly not not The real ral c coat t would tx be b 13 cents i. i c. c 3 cent centt per pound as the orl original nal cost of or the theore theore ore and the tho present cost of or 10 cents for mining sine I present ng refining and marketing dd to this tb Interest on tho the investment invest cst ment mont the wear car and tear of ot machinery and aud d a t manufacturers manufacturer's manufacturers profit of or say 10 per cent or 1 13 cents per pound of or copper copper cop cop- per pcr and we can see Me that 15 16 cents Is la as low Iov as copper should sell sel Now take taka the so called caled porphyry mines Utah with Its Is tremendous out- out pta pin nioRt economical system of at mining and treating treating- apparently shows a profit of V 4 o cents per pound j on tho the present price s of copper If 1 the ore yields twenty to tor ti r vV iwo I IWO WO pounds of or copper to t th ton 4 n cf ct 4 cents per pound Is equal to toJ SO O 0 cents to to SS cents per ton of or ore oro AlI Al- Al J I r centt Its Is Bingham mines an available a I ore hod body of or tons and figuring the value o of the company's at 50 pet per tJ share tlE t being the price at Hie tue stockholder r recently took a new is- is ue it It m Is that the ore really raly COS cost these above c ab SO cents per pr ton what hal they term terni a profit proui Is TeI really nothing more nor le less than I. I of oC assets If therefore tho the lore ore I l. l is the asset assel back of or the stock v at cost It would mean v be figured ct I men an 1 4 cents per pound to the thet t I cust T r sa say sat 12 cents Add Adding Ins thereto tf J i the wear and tear ter of or machinery and inte in- in I t. t te rep I ui on 1 Investment In the co cost t is lS s lirou drought lit ip up t to about 13 cents per pound IT and should hould cc sell sen at 15 cents the company would In reality realty make malte about 10 Ii per cert ert profit Still Sti Third Thid Type Takes Taku for instance Calumet and md Hecla 11 Is tin tin- greatest copper mine In th tho rId Its ItH IH conglomerate rock yields cut ut tIrL o pounds of copper per pr perr r nI n. n The Th n mc ha baa ha probably a lt life of or orI I r n fifteen eu yea years r on this lode mining min mill In log ing tons of ore oro annu f Ax As t the tho th stock Is selling on the market for o about OI o wikI hid mv be de deducted d for Cor quick as asset as as- set sets and andul ul value l of or other subsidiary properties prop prop- it iL leaves net as th the thet I v t value allo c. c of If L ts tons ton of or 1 or oro orThis This Is equal to about SO cents p pr r ton of or rock rok or about 2 cents per pound of cf cr copper corper pel If J t this his should bo ho pI added to their mining milling and marketing cost cst of nf lf S 61 S- Scents cents it tt brings the cost coat up to 11 cents and a adding dl thereto for or Interest on nn the t. t e eLL eu another half a ai f i I 1 C cent ut tt i It maJe makes the real rea cost about 1 I cents per So CV even for or this ma mar raar- copper opper giant a price of or 15 would V-would ouI ouId not not give hc it Il an any too much profit prof I J 1 have singled out what Is IN ter terI as ns I tho the lv b best st el property representing each cach of or tho three types of copper producers and It can be clearly cen seen n that none of or them themI I would bo be b making any too much profit on ont i. i a a cent 15 copper market What then t mus must mush be tho the fate ate of or the tho great majority of or S- S minor cop copper r mines not so r fortunately situated and whose average co cost t mu must t tJ J bo be considerably higher |