Bisbee daily review., 1908-05-31
 IN THE OUTPUT
 OF COPPER ORE
Some Arguments in Support of
 Limiting Production to De-
 mand and Thus Keep Prices
 at Profitable Figure. |

dA tOtil1biC iSdt Js
 BOSTON, May 30.-There nas been moe or less discussion in cop per circles during the past six U. eight months as to wisdom, or lack of it, of some kind of a cooperative policy among copper producers whereby the output of copper in this country might be so regulated to rne demand as to prevent, in times oi business depression, an aCcumula tion of the metal and its subsequent sacrifice at extremely low prices.
 It is needless to say that the Calu- met & Hecla people have refused point blank to give consideration to such a proposition. They are well content to continue their policy of absolute independence, knowing full well that they can make their LUppel for cents per pound and less, and sell it at a slight premium over any other brand of copper that is pro duced. They can see where a policy oE restricted output might help Une hign-cost produce. but they cannot see what the Calumet & Hecla ctONhAAplNNlG ldS iO ScAlAl " obNA n tA policy of self-sacriEce.
 An interest who is prominently identified with the management Of the Amalgamated Copper companies, says: "I am firmly convinced that 1t is sound business judgment to reg ulate the output of any commodity to the demaEd. and l am surprised, in view of the success which the Tari- ous steel companies throughout the country have achieved by reason ot prudent cooperation, not only in re spect to output. but in respect to prices of finished material, that no similar concert of action has been at tempted on the part of large copper producers.
 Tt is good economies and good business so to adjust the output Of any commodity as to prevent such utter demoralization as has been Ie- gently witnessed in the copper mar ket. and on the other hand keep prices, I possible, from soaring to such lofty figures as will invite ulti- mate disaster and check the consu-np- tive demand.
 ''PeOple are apt to forget that the mine which produces 50,000,00O or 10O, COG. 900 pounds of copper per an- nun is. in a sense. poorer by the amount of that output at the end Of the year than at the beginning of the year. It is constantly exhausting it's underground assets, and it strikes me that it is highly important that shareholders in every copper mining company should stop and consider whether it Is good business judg- ment to sell 1O0.O00,0 900 pounds of copper at 2 profit of 3 cents per pound or. say, 75,00O, 900 pounds at a profit of 6 cents per pound. As sumirg that it costs such a producer g cents per pound, is not the snaie e- solder. and the entire business com munity for that matter. better served il, in a given F months, a profit Of S4,5O0.O is derived from a product of 75,OOO,0O pounds rather than profit of .s3,000,O00 from 10Q,OOO.OOO pounds?
 "The very nature of the mining business entities the investor in mining shares to a very much larger percentage of manufacturing profits than prevails in less hazardous uH dertakings. Copper does not produce itself by cropping year after year. and it seems to me it is the part of wisdom that our reserve d copper ore should be conserved. A united effort OF the part of producers of cooper 10 establish such a policy with respect to output and prices as will be entirely within the letter and spirit of our laws will tend to make more stable the entire copper indus try. Extremes of copper metal fuct- nations are demoralizing alike to the copper. producer and the copper man ufacturer.
 The ave-age cost of producing copper in this country last year was over ratber than under l2 cents per pound. With due regard to plant and machinery depreciation, the cost may be as high as that this year If the producers can get together and ship 15 per cent of what might be considered q normal output until such a time as the worlds indus tries can consume a maximum out put, a fair and legitimate profit can be made to accrue to the producing industry. If no cooperative attempt is made to regulate the supply to the demand. there will be many mines which will find it difficult on 12-cent copper to meet operating expenses.
 q notice the cotton mill treasur- CTS Of New England get together Tn times q business depression, and like wise business men they agree oTun their factories at not over IJ per cent of capacity, in order that gut of .Innnarketable goods may be avoid ed. with attendant demoralization iD every department of the industry.
 This is not a plea in behalf of the high-cost producing copper mines. think it sound business reason. a..- I am willing to be convinced to the contrary if I an wrong. I am sure the copper and brass manufacturers would much prefer to see a stable market for copper at say 15 cents Of 16 cents per pound than a market which wildly adyanc to 26 cents in July only tc founder igRominious. ly around 12 cents before the end of the same year. mining Tnen in the southwest.