Show SMALLER COPPERS WilL SHARE IN INI I PROSPERITY S Gigantic Quantities Necessary Necessary Necessary sary for Reconstruction After War It may safely be ba assumed that we have passed the peak of ht high h prices and that while there may be still further advances advances ad ad- d- d vances due to unprecedented conditions in some particular lines generally costs costa la labor labor la- la bor and materials have reached their highest point and so far us lS the curtailment curtailment curtailment curtail curtail- ment of If earnings is con concerned particularly particularly particularly In the metal producing companies the greatest damage has already been done say Charles Charle'S A A. A Stoneham Co In their latest letter In the case of ot the copper mining companies companies com com- panics It Is quite possible that when tho the present period c covered vered by the 23 c crate rate rale has expired the natural adjustment of costs will result In normal earnings i based on c for the metal If It on the theother theother theother other hand It be bo found this adjustment has not been sufficient and nd that increased increased in increased in- in creased requirements will call caIl for a still greater expansion of production it is quite likely mely that the government will realize the wisdom of fixing a price more moreIn In keeping with the conditions conditions' that exist at the time it is true that In the copper mining mining mi ml- ning Industry one adverse factor facto after another has affected earning since early In 1917 It must bo that the companies entered the 1913 production year with all these facts before them and that all their energy Is being devot devoted d to the adjustment necessary to cope with the new situation and that during the present year It is quite unlikely that they will encounter strike and awl other troubles that beset them in 1917 Then again ag it must be remembered that the dividend disbursements of these companies companies com corn panics were very generous during he year year year-In in fact the distributions might correctly be he termed abnormal In view of the disturbed conditions of economic affairs If It is therefore not to be wondered wondered wondered won won- dered at that the omission of the Utah extra dividend is received with good grace and that shareholders generally are quite satisfied with the per share quarterly declaration Utah Copper as a 10 stock is still selling on n a basis to yield better than 12 per cent It will be seen therefore that the outlook outlook out out- look for the larger coppers Is much brighter than rhan the first casual survey would Indicate The belief continues that when the time comes for fixing the price of the metal anew it will h bo be placed on ona ona ona a per pel pound basis Assuming that this be the case it will mean an increase In the tho gross earned by the four big porphyries alone based on 1917 production I tion of almost With the condition of the larger copper copper cop cop- per producers gradually improving it follows that the smaller companies will also alRo share In the coming prosperity of the industry In fact the bl big problem of the copper coppel industry during the rhe comin corning year r will be to adequately meet the continually expanding requirements of both our own government and the allies aUles to say nothing of the domestic trade or the gigantic quantities that will be necessary sarv for re reconstruction reconstruction reconstruction re- re construction purposes Immediately after the close of the war Copper securities may be purchased at prevailing figures fig with th tha confident knowledge that all the bid bed news is out The omission of the Utah Utan dividend and the reduction of SOc a share bhare in the quarterly dividend of Chino is more than offset by the continuance of regular dividends by Ray Consolidated and Nevada Nevada Nevada Ne Ne- vada Consolidated and Is evidence of the fact that hat notwithstanding advancing costs cost 5 federal taxes transportation tion difficulties difficulties and additional refining charges harges the copper situation is not in nearly so bad shape as first impressions would In Indicate indicate In- In and that the present year will willbe willbe willbe be a most prosperous one in the history of the industry This prosperity will be duly reflected In the advancing prices fm fr the copper shares |