The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-12-28
INTEREST
IS CENTERED
On Forthcoming Divi-
dends Of AmaIeamat.
ed and Anaconda.
WILL REDUCE AMOUNT
Copper Furry Will Soon Be Matter
of History They Predict..LocaI
Stocks Show Slight Falling Off

Interest in the copper share mar
coming dividends of the Amalgamat-
ed and Anaconda, which companies
have curtailed production to such an
extent as to render it questionable
whether their operations the past
three months have been conducted at
profit, says Hayden, Stone & Co.
The wisdom of the Amalgamated
company's policy, considering the
heavy surplus accumulation of cop
per three months ago, and the subse-
quent exceedingly narrow market for
this commodity, is not open to ques-
ton, despite the fact that it was not
pursued BIZ all of its competitors, a
few of which have, in consequence,
been temporarily placed in more
favorable light.
That the Analgamated and Ana
conda will reduce their dividends is a
self evident fact, while if the dis
bursements assume anything lil/'
D. creditable. proportions, it is possible
that they will be at the expense of
the surplus of three months ago.
With the existing conditions thus APP
parent, it would seem that interest
in the affairs of these companies
would rather be in the low selling
prices of their shares and the pros
poets of a eturn of Il normal demand
for their output.
The fact does not admit of doubt
that several of the leading producers
N
above IS cents, also that efforts were
put forth tending to prevent an ad-
vance above this figure, believing that
the ultimate outcome would be one
of injury to the industry, with spirit
of unrest among the great army to
which it affords employment.
Experience has since taught us that
the dread of an abnormal selling price
was we'll founded, and yet, strange
to say, we find many who during It's
brief period were rampantly bullish
from the market standpoint, but now
avowedly pessimistic. despite the fact
that copper shares have declined on
an average of fully 60 per cent, that
the availa BILE supply of marketable
copper in this country does not eX-
coed 75,0O0,000 pounds, that the
country is rapidly recovering from
the recent crisis, and that the under
lying conditions are seemingly snap
ing themselves for the better. The
immediate demand for copper is con-
fessedly such as to cause dropping
spirits, but it should be remembered
that this is the month of the year
when manufacturers reduce their
l,o ,,,in INN
their quick assets to as large an eX-
tent as possible. The stocks OF cop
per now in the hands of the consum-
ers are the smallest at any time COW
e"ing q number OF years.
Easy money is the motive power
upon which the copper industry, ike
all others. is largely dependent, yet
the fact that this power is being rap
idly generated seems to be over
looked.
The copper industry has suffered
i'm the crisis which is rapidly becom'
ing a matter of history, but, thanks
to the wisdom of the Cole-Ryan'
Amalgamated companies, its technl
cal positiCn is one of exceptional
strength. with the producing interest
well financed, and their mines re
paired and further developed durlns
the era of inactivity to the end o.
securing the highest efficiency
To be bearish on the better class
of copper stocks at their present ieve
of prices would be to doubt the III
ture stability of the industry OF one
of the three indispensable metals OF
the age, the consumption of which IN.
creased from 364, 1856 tons IN 100.
to $4,000 tons in 1906. Inc leit
future is not one OF encouraseille.i,
to the high cost producers, but with
normal conditions prevailing in TINS
country and abroad, we do not be-
lieye that q 13-cent market Will per
nit of sufficient copper entering the
channels of trade at a satisiac'or!
margin of a profit to supply the ae
mand, and for this reason we De