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Show COPPER MINI 10 BEBESIED GUGGENHEIM INTERESTS PRE DICT NORMAL PRODUCTION; INCREASED METAL DEMAND Companies of Nation Weather Yean of Industrial Depression; Outlook Out-look for Early Resumption of Work is Much Brighter Chicago. The copper mining Industry In-dustry found 1021 fraught with 'difficulties, 'dif-ficulties, but conditions have improved in Che last few months and still better bet-ter times lie ahead, according to Simon Si-mon Guggenheim, president of the American Smelting & Refining company, com-pany, who, on Monday issued his annual an-nual report to the stockholders. "One main factor in the year's poor showing is the extremely small production pro-duction of copper, zinc and tin," Mr. Guggenheim says. "Hence the smelting smelt-ing and refining of these metals have never reached so depressed a stage. "Whatever else may be said of 1921, it at least seems to have marked the turning point toward recovery from the extreme depression in the nonfer-rous nonfer-rous metal industry which followed the war. The first part of the year was especially unprofitable, but every Quarter showed improvement over the preceding one. This was especially true of each of the last two quarters. "There are many signs of improvement improve-ment for the current year's business. The worst of the period of readjustment readjust-ment is now behind us, the large copper cop-per mines will probably start In operation oper-ation at no very distant date, which will give tonnage for our copper smelters smelt-ers and refineries; already one of our zinc smelters 'has resumed operations ; political conditions in Mexico are better than they have been at any time since- 1913 ; our properties and organizations continue in excellent condition; earnings have improved, and there is good reason to believe that a condition of progress toward normal will continue until the full pre-war earnings are again made." The earnings record for 1921 attests the difficulties of last year. Total income from sales of metals amounted amount-ed to $130,810,592, a decrease of $3G,-, $3G,-, 117,889 from 1920, After all expenses, interest and taxes, there was a balance bal-ance of $1,501,908, compared with $G,-071,778 $G,-071,778 in 1920. President Guggenheim states bank indebtedness aggregating $12,000,OOC was liquidated without Increasing funded debt or issuing notes or new capital. During 1921 the value in! metal stocks increased $2,000,006 as the result of improved prices. |