Show BRASS MILLS ARE BUYING FOREIGN SCRAP COPPER This Is Given as One Reason Reason Reason Rea Rea- son for Decline in Price of Red Metal l It is stated that United States brass manufacturers normally credited with melting 40 per cent of the copper copper con consumed consumed con con- In the United States have not been Important factors in the copper market this year Whatever buying for domestic account has bas taken place In 1920 1320 has been chiefly for tor foundry and wire mill consumption It is estimated pounds of ot scrap brass has been bought here and abroad by American brass mills This scrap has been melted down for its Us copper content at a cost of about 4 cents a a. pound under the then open market quotation of or the leading lending producers pro pro- dU Copper er at 13 to 14 c cents a a pound has dropped to about the cost at which the brass men were out their copper from scrap Following the recent meetings of the porphyry directors Charles Hayden made this statement It It has s always been policy of ot di director directors directors di- di rectors rector of the porphyries for which we are bankers to keep their companies companies com corn panics in strong financial condition and to shape their dividend policies largely with that point in view During Dur Dur- ing lag the period of favorable market prices for copper in 1916 and 1917 all these companies earned considerably more than they disbursed to share share- holders They have felt during 1920 1919 that it was only fair to o shareholders s that l l hr sy they e should r receive v d during those y years some of the surplus profits accumulated r lat hated cd In more prosperous times Usual dividends were declared yesterday yesterday yes yes- I on Utah and Ray nay because of the strong financial position in which those companies find themselves Utah I has more than Liberty bonds at par S United Kingdom loan loanI and cash balance of more than 2 Its total quick assets are I Ray has cash balances in excess of and other quick assets of making total of and no indebtedness Nevada Consolidated Is entirely free tree from debt but its board felt that Its cash balances were no more than sufficient out suf to carry its limited production production production tion of copper to present time of sale without Incurring some Indebtedness and that therefore no dividend should be paid raid at this time Nevada va has net e quick assets of r a about 9 00 0 Thino Copper has already borrowed some Rome money on cOPI copper copper cop cOP- per and its board felt that although I its earnings for past ye year r exceed dividends dividends divi divi- It should not weaken Its cash position during period of ot dull metal market and accordingly no dividend was declared Chino has net quick assets assets assets as as- sets of approximately Large sales Rales of copper were made within the last six Ix weeks for all of ot these companies but for delivery during during during dur dur- ing early part 1921 Cash from this copper coppe will not be available therefore I until after turn of ot the year |