Show COPPER TO BE guggenheim INTERESTS DICT NORMAL production INCREASED METAL DEMAND companies of nation weather years of industrial depression outlook for early resumption of work Is much blighter chicago the copper mining industry found 1021 fraught with difficulties but conditions have ampro re I 1 I 1 in a tho the last few months and still bet ter times llo ile ahead recording according to st sl mon inon guggenheim president of ati american smelting smelling Sm elting refining com coin pany who on monday issued ills annual report to tile stockholders ono iraln factor in ili tile years poor showing Is s the alio extremely small production of copper zinc and tin mr ill guggenheim says hence tile smelt I 1 ing tind refining of these metals him never reached so depressed n stage whatever ever else may bo be sald said of 1921 it it at denst seems to have marked the turning point recovery from the file extreme depression in ili tho the conr er rous rolls metal industry which followed follo weil the war tito ali st part of the year wila especially it table hut but every quarter showed improvement over the preceding one ODO this was especially true of each of tile last two quarters thero there are many signs of improve ment for tho the current years the worst of tile the period of readjust ment to Is now behind us its the large copper mines will probably start in operation op er nt at no very distant date which will give elye tonnage for our copper smelt ers ere and refineries already one of out our afric sm eltera lias aias resumed operations political condition 4 in mexico are bettor better than they have anve been tit nt any time since 1011 1913 our properties anti and organizations continue in excellent excelle nl condition earnings have improved and thero there Is rood good reason to believe that a condition of progress qs normal will continuo until the full fall prewar pre war earnings tire are again ninde the earnings record for 1021 1921 ottest th the e difficulties difficult les of last year toul total income from sales of metals amounted to a de decrease trease of W 36 1 from 1020 after all expenses interest and taxes thore there was it 11 hill aleco of compared with to in 1020 president states amill indebtedness aggregating was liquidated without increasing funded debt or issuing notes or new th jnue tit f metal stocks as the result of improved prices |