Show COPPER MINING TO BE RESUMED guggenheim INTERESTS PRE DICT NORMAL production INCREASED METAL DEMAND companies of nation weather yeara of industrial depression outlook for early resumption of work Is much brighter chicago tile the copper mining tn in destry round found 1921 fraught with difficulties iff but conditions have improved Improve il in fat the lie last few months month and still better times miles lie ahead acco according riling to sl moil guggenheim Gugg president ot of the american smelting smelling Sm elting refining company who on monday issued his annual report to the stockholders one main factor la in the years poor shOw showing ilig Is the extremely small production of copper zinc and tin mr guggenheim says saya hence the smelt ing and refining of these metals have never reached so depressed a stage whatever else may bo be said of 1921 1021 it ut at least seems to have marked tho the turning point toward recovery front from the extreme depression lit in the nonferrous metal industry which followed the war the first part ot of the year was especially unprofitable but every quarter showed improvement over over tile the preceding oue one this was especially true of each of the last two quarters there are many signs of improvement m cut for the current years business the worst of tile period of readjustment Is now behind behina us its the large copper mines will probably start in operation tit at no very distant date which will give tonnage for our copper smelt ere era and refineries already alread yone one of oc our zinc smelters shelters sm elters has resumed operations political conditions in Tf mexico exIco are better than they have been at any time since our properties and i organizations continue in ex excellent cellen t condition earnings have improved improve ed and there Is good reason to believe that a condition of progress nowara toward normal will continue until the full prewar pro pre war earnings tire again made the earnings record for 1921 attests the difficulties of last year rear total income from sales of metals amounted to a decrease of 36 from 1920 after all expenses interest and taxes there was a balance of compared with in 1920 president guggenheim states bank indebtedness aggregating was liquidated without increasing funded debt or issuing notes or new capital during 1921 1911 tile value lol 1 metal stocks increased as ai the result 0 of improved prices |