The copper era and Morenci leader., 1914-10-09
A. [. CO. DIRECTORS ARRIVE HERE ON
 REGULAR VISIT


 Down-"Make Haste Slowly" is
 Policy Adopted For the Present.
 Conditions Abroad.
 "Festina lente" (make haste slowly) sums up in brief the policy of the directors of the Arizona Copper Com pany, Limited, with reference to the condition prevailing in the copper market of the world arising out .f the industrial depression.
 After travelling for fourteen days Young J. Pentland and w. A. Carter, directors of the A. c. Company, Ltd. :, arrived in Clifton on Wednesday even ing, coming here at this time as a committee from the Board of Directors at Edinburg, on regular visit of inspection. MT. Pentland has made several such visits before this but this is the second visit on the part of MT. Carter
 When seen at the general office of the Company on Thursday afternoon by a representative of the Copper Era, Mr. Pentland talked freely of the financial conditions abroad, brought about by the declaration of war among the European nations, and the effect and result of those condi- tions upon the copper industry of the United States, and particularly in Arizona.
 MT. Pentland reports a decided inn provement in trade relations and f1nan- cial affairs existing between this country and Great Britain, after the first furry and near panic immedi- ately following the declaration of war in Europe MT. Pentland stated that in Great Britain the bankers and mem. bers of the government worked hand in hand in an endeavor to relieve the financial tension. Their efforts were entirely successful and any semblance of financial panic was avoided.
 In speaking of conditions in Eng land during the days immediately fol- olwing the declaration of war MT. Pentland stated that the British government declared public holiday for three days during which time prominent bankers and financiers were in conference with the Chancellor of Exchequer devising ways and means of meeting the situation which had been so suddenly thrust upon them. Naturally the exchanges in London were closed and no public sales of securities were possible. When the banks were reopened on the fourth day business was resumed with com
 
 MT. Pentland tells of the excitement prevailing among the American tour ists in Europe who crowded into Lon don clamoring for passage home. The government had taken possession of the big liners and transports for mili- tary purposes, and there was sarc- ity of transportation facilities across the Atlantic for few days. Not satisfied with remaining quietly in ,zs-~ !, 01C fh@ Cif ion ole oor ed, the American tourists besieged the steamship offices and peid large sums for second and even third-class passa ge, thus playing directly into the hands of the ship owners for the time being MT. Pentland states that yes sells of commerce are now plying across the Atlantic much as usual.
 When asked whether the visit of the two directors from Edinburg had any special significance bearing upon the future operations of the A. c. Co. Ltd, in this district, MT. Pentland stated that he was here on one of the regular visits of the committee Con- tinuing he said:
 l, ''When the present condition was suddenly thrust upon the directors of this company meeting of the direct ors was called in Edinburg. This was in the first week after the declar- ation of war and accurate information bearing upon the sitution arising out of the war and its effect on future conditions was so meagre, that it was decided to adjourn and to meet two weeks hence when the situation would be again considered and a course of action laid down. Accordingly, the Board met again, and after going over the situation carefully, and having in mind the interests of the Arizona Copper Company, it's shareholders, and also the interests of the people of this community, who are largely de- pendent upon the operations of this company, the directors reached de- eision to curtail production to the extent of about forty, percent for the present. They also decided to reduce expenses of operation to a minimum; to stop all unnecessary outlays at this time and so conserve the interests of the Company and all dependent on it."
 ''The local situation has been a difficult one to deal with, but the Board is satisfied that thtir Manager, MT. Carmichael, has handled the situ- ation in the best way possible.
 You may say that this Company has no intention at the present time of shutting down. We are making some sales of copper and will perse- were along the present lines controlled by conditions as they develop from week to week. If you asked me what we would be doing in December I could not answer, but If conditions continue as they are today, we will in all probability continue our present | policy
 You may state on behalf of the directors that in all their decisions affecting the policy of this Company, under the unfortunate conditions { which prevail today, the welfare of the | people of this camp always plays an |