Bisbee daily review., 1908-03-15
WHAT BUTTE JAN OO WITH
 I3-CEhI COPPER
Speculation As To Possibilities and Probabilities of Full Re- sumption of Production By the AmaIgamated.


 Since the announcement was made recently that those in control of .he
 great copper mining industry at Butte were contemnIarilg d full ie- sumption of production there ths et- feet of such action has recs;Ied SaIe- ful attention. In connection with this report the Boston News Bureau publishes the following giving a large amount of infornAation conce Itiug t2e Butte situation:
 MT. Ryan's interview, as wired to the Boston News Bureau, was very carefully worded, and there are those who think they can detect a purpose on the part of the Amalgamated to administer a retaliatory rebuke to those producers who were unwilling, six months ago, to listen to the over lures of it's emissaries for a general and cooperative restriction of output, One Amalgamated official is quoted as stating that his company 'has been the goat long enough" meaning. of course, that the big company does not propose longer to sacrifice itself On the altar of general good by re stricting its own output in order that others, unwilling to curtail, may have a better market on which to sell their 1 product.
 In view of the known fact that the that the Butte camp under norman operating conditions cannot make it's copper at an average cost of less 1 than 121-2 cents per pound-and the average under s4 per day high wages | Co q 1A ] the real meaning of Mir. Ryan's state 1 ment to the effect that Butte can produce and sell it's copper when any other district in the world can do it'' is not clearly understood.
 l Of course, costs to greater or less extent will be dependent upon the manner in which the ore, is selected for smelter treatment. If the Amal- gamated people choose, they can in crease, for the time being, the per centage Of high-grade ore shipped to the Washoe and Great Falls smelters and thereby considerably reduce the average cost per pound of couper.
 Mr. Ryan is hopeful, rather than confident, with respect to general l trade conditions. He says that American consumption is still light, l but that he is in hopes that by the | time the increased product resulting | from resumption of operations will have reached the market, which will 1 be in three or four months, the Amer ! ican demand will have increased sui flciently to keep up with the increas- ed production.
 | The company to receive the great est benefit from the resumption of smelting operations would seem to be the North Butte, which can make its copper cheaper than either Anaco.ida or Butte Coalition. At the time ore shipments from the North Butte prop erty to the Washoe smelteP were dis discontinued last December, the com pany was making an output at rate of i 53, 900, ,000 pounds of copper per an mum, at a cost of not far from 9 cents per pound. On 13-cent copper market North Butte can make 8 30 per share for its 40o,0 900 shares On an output of S3,0OO,0Q0 pounds per sn- mum.
 l Butte Coalition can produce at the same rate, but it has not oeea mak- l ing it's copper for much less than Il cents per pound, which, on an out put of 30,000,000 pounds would mean profits on the present metal market \ of S600,000 per annuIn, or 50 cents per share on the company's i.eG9,e00 shares.
 If full-time operation is innedi- lately resumed at the Anaconda mines, | it should soon produce at the rate of 90,oO0,0 ,000 pounds of copper per annum, but the cost is not likely | to be less than Il cents per poInd unless the proportion of high grade ores is materially increased, ana 1t is quite possible that this may be done as the company has large amount of untouched high. grade ore belcw the 2200-foot level in it's Anaconda and Never Sweat mines. An output of 90,000,0G0 pounds per annun, car rying a profit of 2 cents per pound. would mean earnings at the rate of i s1 ,S00,0 900 per annum, or SlaO per share on 100000 shares.
 Including the Boston & Montana output which, by reason of higher grade ores, is made at cost cf not over 10 cents per pound, it is possible that working to tde limit of it's ca pacity, the Washoe and Great Falls plants can turn out for the Ama!ga- mated company 225, 100000 pounds Of copper at a cost of 10 1-2 cents per pound. Two and one-half cents Ter pound on the above output figures cut a profit of S5,60O, 900, or $S.f5 per share on Amalgamated's s6G0 shares. There Is, therefore. no ques- ! ton that Amalgamated on the tres ent price of copper can well affocd ta put its big smelter into operati )n at the present time. To achieve the best results, operations must be car ried on at maximum capacity, assum- ing, of course, that the company has come to the conclusion that it is willing to sell it's ore assets at a small net profit per ton.
 The effect .on the metal market of the resumption of operations st the
 Washoe plant will be watched with the greatest interest. If the Amalga- mated people can foresee a big ex- pansion in domestic demand, 1t is surprising that the United Metals Selling company last week pressed over 100000 pounds for sale at a
 price aversg ging 12 1-2 cents per. pound.
 \ One of two conclusions is inevit- able; either that the Amalgamated
 people are far-sighted enough to de
 tect the first symptoms Of sen%fai