Show HAVE FIGURED PROFIT ON CHEAPER COPPER COPPI f pV p- p V 1 p f Companies Base Earning C Cap Ca- Ca 1 Cent on 15 to Cent 16 V Market I 18 CENTS IS HIGH PRIC PRICE Reached Only Twice in iii 27 Years Years Production Production Will t Decrease 4 Now York Se Sept t. t Thu 1 earnings of or orman man nany of jr the copper mining r tile Uto next six ab months seem Hem to be ft matt matter r of or considerable Je c conjecture at atthe the pro present tune time 4 A great deal 1 Is being said about ti tho large Jargo decrease c in earnings which mosoj most mos io o oj t the le copper copler companies aro arc hound bound I t to suitor sinter in iii the course oC of the tho next fe rev few months by reason of or tho tho recent In the tho price o of the from rom roni 25 5 cent Ceni to tb IS cents a pound While a decrease In earning is h In hi In- In j considering the thc t. t extraordinary profits they have o made in 10 the past year tho ho fact seems to be bc entirely overlooks that tho the Companies In estimating their tizel pro profits lit a or calculating their net earn carn- i togs Ings have havo al always based their earning capacity on a alD 15 to 16 10 cent copper mar mal hot V t No sane lone copper organization org with a 0 at t j view v o of demonstrating what its plan plant can cnn accomplish under normal 1 conditions condition would attempt to figure it out on an any basis busis above c 18 cents Inu Inasmuch much as suet such sucha u a aprice price for tor the the- metal has tins In the punt past 27 yrs yours occurred but twice t he l' l r I iu 0 U Aften the 24 cent 24 cent market of or H SO tin the price receded gradually for fot a period o oV or ol V three throe years nv averaging 1 Ik U cente a pound Jound for Lor two years car after the thu high prices In rt It dropped to lo 10 IG cents ts r 1 V Prom From 1900 HOO the price price- has fluctuated i around IG 16 cents 1902 and und 1003 HO being the thc bad years with copper down own to I 1 12 and 1 15 cents This fills was due clue of or course coulse to tho tim of or the tho which t f to breaking b up pool I- I had been cen taking up UI all an the tho excess output output out out- t put of or the tue metal It Tt Is not among amonS' t I in investing circles Judging from the remarks heard that cO copper PIr at IS 18 cents represents represents the lie high price at nt which tin tin- metal has sold for COI or something like I kc IS 1 S years At U t that rate it will be seen that copper I companies at I the he JI c present cn t tI time me uro aro j cn-j en enjoying 11 if for Cor their product and I o high prices vice or I milking making money at ut a ri rate or of from 2 to 10 3 iJ c its more C n ii pound titan n. n their oF att Alt 1 r IlL I L t ia lie 1 Iu n ii I will eventually even cn- l r prices for cupper copper I production to lu cut down lly evi serve tr v I Ius th that t tJ I as us is there ul UI uie e many mallY small all n mines n J l ol Iah upon ulon anything any any- an anything rt thing thins b blow loAV a 0 cent 10 basis Aa 8 s is t. I well vell known high copp copper r prices tn ln- ln production lu and und 0 ah as variably labh stimulate 4 i of 01 the sharp upward Id I'd mo em movement nt result o a U fn l' l that is worth every In copper i b inn in been hetu uIL contributing ng u lit I b to 1 the I country's o l' l supplies pp The policy of or thet thy the i I Ir work their low low- to largo large companies I r t to lO prude high c In tn preference nce grade ores market has hatS also kept ores on a 0 rising down production copper mines which hl 11 some aTe are There I van can n produce copper tr at ol a 0 cost produce of or 10 cents It nt fit i a pound fewer that con that can produce produce pro pro- j t tV fw V t. t 4 8 S Scents cents and a ver very it at ut less lul than 7 cents a u Pun pound duce reducing U n i ton A The cost of or mining and lc be bej I 1 particular mine can urU l at any W. W of oC ore In tn the percentage percentage per per- pcr-I pcr variation estimated but ut a n. contained In the ore o of copper cOPIer the In change t make a 0 will of oC course Thus a II mine of the metal tal a 0 pound cost smelt it at a acost and ore ole that can copper at ot cost of 5 u a ton can cun produce carries carlle 2 23 If the tho ore oro a 11 pound 10 cents content conI content con- con r If it the copper but ut cent copper cOPIer per the cost doubled then Is hi of the ore 01 tent lowered to 5 cents I r pound Is at nt once n ft i o nV M r I. I Iun I IA curious fact bow however vcr is that the A and smelt or treat mine mute mines that can low cost of or 5 6 a it ton copper ore at the time low grade 2 grade S to 2 i ie per lie percent aro are gen generally seem to produce produce produce pro pro- and cent metal metal and Sonic Some of ore oe duce a higher highe grade properties only well managed copper ore when the t mine tb their lr lowest Ira grade Is e high re reserving ln cr price of the thc metal favorable ablo I 1 for lc less Ices 8 I the better beller grades lit means they I this U B By market conditions lowest grade the Y make muke a 11 profit from from the time I proUt also m m ke u t ore and und adds years of or that richer ore a policy polle i life ute to a 11 mine mint appreciated however how how- It Is not generally cost of ot raw material ma ma- ever that the Ute higher rates ratos and higher transportation Increased the cost costor higher wages have materially within of or producing copper This factor must mush tho the p post t t two o years ear consideration when hg- hg be taken laken Into con In tn copper coppel expected drop rop m. m the te on In lit copper production pro Increase prices The according to the governments government's gov last year oar In the neighbor neighborhood neighborhood wits was u cn l' l figures smallest the cent hood of 2 per In years carll past lH |