New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-22
No Slump in
Copper Output
Is Anticipated
Price Fixed by Government
Satisfactory, Says
John D. Ryan

Heads Of leading copper producing
companies declared yesterday they
were satisfied with the government 8
decision TO fix 1914 cents pound
as the price to be paid for the metal
By all consumers, including the Allies.
All agreed that the large producers
would be able to make a profit, and
still abide by the plan to maintain
wages at tho present rate. Labor
troubles at the mines are not expected
in view of the fact that the current
payroll of mine workers, according to
the latest figures, is based on a price
of 26 l-3 cents a pound.
"All the important producers OF cop
per are satisfied with the governments
price," said John d. Ryan, president
Of the Anaconda Copper Company.
"The settlement on this figure is a
good thing for the producers and the
country as whole. The price is
high enough to encourage the main
tenance of the present output, and,
with the few exceptions where the
production is not large enough to be
Of any Importance, it is fair to all.
"The new price becomes effective
at once. | think that this was not
made quite clear in the announcement
of the War Industries Board. An
other point TO remember is that the
one price for all on copper eliminates
the price premium on the metal for
nearby deliveries
Fears Excess Profits Tax
Charles Hayden, president of the
Utah Copper Company and an official
of the other porphyry mines. stated
that price of 23la cents was fair
enough to the producers, but stock
holders, he said, might suffer from the
governments proposed tax on excess
war profits.
"The fact that the price for copper
has been fixed at 23i2 cents" he de-
clared, sis relatively unimportant so
long as the government proposes to
take away the bulk of the company's
earnings in taxes. In effect, the ex-
emption clause in the revenue bill as
it is now written might as well not
be there at all. SO far as the cop
per companies are concerned, no con-
Sideration has been given TO the enor-
nous sums that are yearly expended
in trying to locate new properties,
so many of which turn out to be I'M
profitable"
For the week ended last Wednes-
day, according to figures compiled by
"1he Engineering and Mining Jour
nal" the wage scale in the Arizona
mining district was equivalent to
$5l6 a day, this being on the basis
of price of 20 1-3 cents a pound for
copper. If no decision had been made
TO maintain wages at the present level
drop 20 % u cents would mean
cut in wages to 1915 day in this
district. In the Butte region, under
the conditions by which wages are
fixed, there would be a cut from s5.25
day to s. day.
Trade Finding Its Bearings
For the eleven years prior to 1917
copper sales in this country have been
made on an average of 1867 cents
pound. In these years, however,
costs of production were much lower
than they are to-day. As an instance
in the pre-war period, it cost the Utah
Copper Company 7 cents TO produce a
Dound of copper, whereas now it costs
II cents.
The average price of the metal for
the first eight months of this year has
been 2S.S2 cents a pound. Allowing
for average sales at the new price of
$3.50 cents a pound through the rest
of the year would bring the entire
1917 average up to approximately 27O5
cents, compared with 1920 cents last
year.
Little actual new business was trans
acted yesterday, based on the new price
tiXed by the government. Producers
and dealers, however. reported a sub
stantial increase in the amount of in
quiries for nearby and future deliver