The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-05-10
MINING
THE COPPER RECORD OF
THE YEAR 1909 ANALYZED

Eighteen Of the principal copper
producing companies have now issued
their annual reports for the calendar
year of 1903.
or the eighteen companies, six were
nat able 10 make a new dollar for an
ole one; that is, We're not able to earn
their operating expenses, let alone
having dividends.
The gross receipts of these eighteen
companies from the sale of copper
we're s42,454,633. Their expenses were
sS2.9sG,2 44. and their profits s9,5S9,5O0.
These eighteen companies produced
about $4,000, 900 pounds of copper, and
liquidated this valuable asset at a
proht of only 20 per cent on their
gross sales. over $2,O0O,OOO of the So
100000 profit were contributed by the
Utah Copper company
The relation OF operating expenses
10 gross receipts of these eighteen
companies was almost exactly so per
cent. We do not, at the moment.
think of any other larger industry,
whose operating ration is as high as
this particularly when it is considered
that in producing copper, mining
company are really liquidating their
assets. Railroads operate on an aver
age of around So per cent; large street
railway systems at so to go per cent,
We think that this very fact of such
a comparatively small operating pro-
fit is, in itself, strong support of the
argument that the copper industry is
undergoing a reorganization.
Before the process is completed the
weaker companies will have been hard
hit. but the stronger will be on a fir
mer basis than ever before.
There is, however. one excellent
feature to the reports now being pub
Hshed that should not pass without
comment. We refer to the detailed in
formation they contain.
The response to the request for the
fullest publicity pertaining to the af
fairs of copper mining has become
general. and Is matter for sincere
CONCENTRATION, as we believe immeas-
urable benefits will follow.
In times past mine homogeneous
have justified their positions i'm with
holding unfavorable news on the
ground that their veins were not uni
formly mineralized that poor stretch
es were frequently opened up, only to
be followed by return of commercial
values. But shareholders. as a rule,
are also conversant with such condi-
lions and the attendant risks. and IL
is far better that they be kept inform
ed Of unfavora'ble, as well as the fav-
orable developments. The pursuance
Of such a policy can leave no cause for
complaint and If adhered to there
will be less severe breaks i'm the prices
of mining shares f, flowing the publi-
cation of annual reports thereon. such
as has been witnessed during recent
years
We believe that the favor with
which complete detailed reports Is be-
liz received will prove the incentive
for further enlightenment to the share
holders, and that within a brief per-
'Nu 9uPPiOih'i't"i iNp'i - WIN w '7S"N'
quarterly by all of the leading produc-
er..
Radical changes present themselves
in the physical operation OF n mine
during a twelve month period Condi-
tons frequently arise which make for
better or worse i'm the matter of pro-
duction, costs. earnings. ETC., and
ports covering such features look upon
them as invaluable, as well as defect
ing the highest regard for the rights
TO which they are justly entitled.
Hayden, Stone e. Co.