The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-04-21
COPPER MARKET IS
HEADED FOR HIGH
PRICES, IS FELT
Conditions Said to Be Same as
in 1908. when Metal Nearly
Reached 20 Cents; Chino
Company Makes Fine Show
ing.

Boston. April 2i.-Conditions in the
copper market nave lately been eug-
gestiye OF those which were witnessed
In 1906 when the metal was on its
way Ia 20 cents. II trade reports are
not exaggerated. the demand Is enor-
NOUS and rapidly absorbing every
available pound 81 material. The best
grades OF lake brands have advanced
perpendicularly to 10 cents, and i6A
cents In now the bottom price paid for
electrolytic. SO keen Il the excite
ment that stiil higher prices are alto
gethcr probable. II not certain. some
members OF the trade predicting 20
cents for electrolytic within the next
lev weeks.
In the meanwhile producers are
bending every enc 10 increase out
put. but Il will be two or three months
perhaps before normal production Is
fuiiS restored. So heavy is the for
cign demand, however, that sellers
profess to welcome rather tha de-
plore the prospects OF an expansion In
available supplies. their position being
that excessive prices for the metal are
bound to be harmful to the trade In
the long run. At the same time. II II
safe TO say that there are few sellers
who are In any but the happiest mood
as they see the metal Jump "A quarter
and a half cent az a time.
It goes without saying that the
copper shares have been vigorously
marked up. although the mnrking-up
process has been largely confined to
the standard ISSUES. This, however,
" - - --H-.N-a-n -.
inspire greater confidence in the
speculative situation than " the up
ward movement were more conHpicu-
Gus In the lower priced issues. The
latter will have their opportunity
later on.
In view OF the fact that operations
we're cur'ailed so per cent during the
last nye months of 1914. Chino's
showing for last year was highly sat
isfactory. Net earnings were $3,222,-
sac. or f3.7O a share. against 1915 "a
share for 1913. As the company paid
dividends aggreGating $2.l69,OG5 last
year. there was "A surplus OF ti.053,-
sif
The company's net production OF re-
lined copper In 1914 was 53,g99. 92S
pounds. an increase OF approximately
100000 pounds. This production
was derived from the handling Of l.
500 500 tons OF ore. which was equiv
alcnt L. average shipments % j.225
tons n day. The average copper con-
tents OF the ore treated were ais
per cent. Net costs were equivalent
10 7.35 cents a pound against So cents
Tor the previous year. In other words,
costs we're reduced considerably more
han "a ccnt a pound.
Chino had ore reserves ON Deem
Der 81, 1914 at approximately 10000
ons averaging i.75 per cent copper,
This IL about the same AS was report
cd a year earlier. which means that
the amour of ore developed during
the year was substantially the same
rs the amount extracted. II IL clear
from his that, operating on the same
scale as last year.. Chino has an indi-
Gated Iifc OF not far short OF half n
century. However. the company IL
nov ~ a position TO tur IA copper
on y very materially larger scale than
last year. and In view OF The fancy
price AT which the metal IL selling,
the company promises to show some
thing In the shape Of profits In 1914
that will leave little to be desired. /