The Calumet news., 1914-09-16
PORPHYRY MINES
REDUCE OUTPUT
Circular Letters to Stockholders
Show Effect of War
Chino Copper.

dressed "a circular 90 the stprkholuer'
of the company in which he says:
Your directors have considered IT
wise To- make this temporary reduction
iu view Of the Unprecedented situ1-
tion which has arisen from the gea-
cral European war Under nori
conditions about 60 per cent OK tAa
copper production OF the United States
finds "a market in Europe, where, for
the time being. the demands for the
metal are practically susDende
"The company has been placed on
an operating basis Of about one-aalf
capacity. which will continue until the
situation warrants a change. All op-
Grating conditions al the mines are ex-
celeut and the financial condition of
the company in stroug. Your directors
have determined. however that this
reduction lu the amount 20 DE dis
bgrsod is conservative and wise and IL
is moreover lu keeping with the gem
eral cudeayor OF the banking and busi-
ness world 10 strengthen ard con-
serve the general hnancia! position OF
AN Industrial enterprises
Nevada Consolidated.
S. ". EecIcs president Of the Ncva-
da CONS. copper CO.. sent the follow
ing circular letter 20 the stockholders:
Since The hast quarterly report was
sent you on July -7th. the general Eu-
ropeau war has precipitated cond.-
uua which has led 10 the arrangement
as markets. transportation and fnan-
.... .- lties u the copper industry.
l. Jrmal conditions about 80
per cen. OF the copper produced in the
T-It.I states ia marketed abroad and
uta tile declaration of war this out
Ir ur the copper has become closed
r.r the reasons set forth above. When
tu- condition became apparent your
directors determined 20 curtail opera
lions and your mines, mills and
smcltcr are now operating on only so
per cent capacity.
III ha. been the policy of your di-
rcotors in the past to pay extra diyi-
dcuds, in addition Co the regular diyi-
dend whenever funds on hand permit
ted and in pursuance OF that policy
they have during the last two years
paid extra dividends agpregating the
sum of S2,00U.U00 They feel they are
pursuing the same wise policy at the
present time in deferring payment Of
the dividend for the quarter ended
September 5Jth which action has
been taken at thc meeting held today.
III is hoped that normal conditions
may return as suddenly as the un-
faressen troubles which now confront
the copper industry appeared and as
soon as conditions do change. your
directors WIN take such action as may
:, that time seem 20 be 10 the best in
tercst. OF the shareholders"
Ray Consolidated.
Sherwood AIdrieh, president II the
Ray Consolidated Copper company.
has addressed This circular 70 the
srulkhl.ders.
You are informed THAT in view of
the lnprecedented condition az the
worlds business and finance resulting
from the general European war. your
directors al today meeting have de-
termiued 20 defer the payment Of the
regular quartgly dividend which
otherwise would have been paid Sep
tember 30. 1914.
Uuder normal conditions about 80
per cent OF the copper production Of
tHs United States finds a market in
Europe The declaration OF war abb
rlp'.g ended for the time being the
ability % make deliveries in Europe
aaa Consequently the demands Of that
market fDr the metal We're practically
suspended The same causes have
disturbed credits and unsettled all
business conditions i'm this country.
This derangenent OF markets. trans
pprtatiOu and financial facilities is
probably only temporary and there
iz already some indication Of i'm
proving conditions
"a is manifestly unw.se to continue
a FUN production OF the metal under
prevailing conditions and consequent
~ the mines and mills OF the COM
pany have been placed on an operating
basis of about ono-half capacity which
VIII be promptly increased whenever
the situation warrants.
This most exceptional condition
comes just AT the time when your
company has more than fulfilled all
original estimates as 10 production
and costs, aud all operating condi-
ti0us are excellent The temporary de-
precision which it suffers in common
with all other enterprises, therefore,
should not be REGARDED as cause for
apprehension. as there can be no bet
ter asset than a fully developed and
equipped copper company such as
your company owns. Your directors
believe that the action which has been
taken viii commend itself 10 the stock
holders as being conservative and
wise"
Kerr Lake.
Operations have been resumed at
tho Kerr Lake property with fun
quota OF men, according To recent ad-
vices. Tho Drummond plant Of this
company IL is reported also resumed
operations yesterday
Old Dom nion.
Tic directors Of this company