The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-07-26
COPPER DIVIDENDS ARE
GREATEST IN HISTORY
OUTLOOK FOR YEARS Is EQUAL.
Ly PROMISING BARRING la.
Dor TROUBLES.

Ing their total dividends up to 1892
60S,6S9 disbursed out Of operating pro.
. fits from the present properties OF
these companies, says an eastern fin
ancial authority.
Against dividends of $S7S97 $50 paid
by the 43 copper companies, their OPP
Grating profits for six months past ex-
ceeded $161 100000. This is after de-
Quoting income tax, and. in most
cases. depreciation, but not excess pro-
fit tax. The dividends paid amount,
therefore, to scarcely over half the
profits earned. The profits are call
culated, assuming an average of 27h
cents per pound for the copper mar
keted.
The dividend totals above $43, $780,
600 for each Of the two quarters, ex-
ceeded any other three months record
in history. except the final quarter of
1916. The last named established a
high record to date, owing to its in
clusion of customary Christmas extras
by such companies as Phelps Dodge
or Nevada Consolidated. 1t will prob
ably be surpassed in the third quarter
of 1917. thanks to extra Red Cross d.
vidends, and. barring the unforeseen
the fourth quarter of 1917 should
again establish a new high record with
the customary Christmas extras
The majority of companies continu-,
ed In 1917 without increase in the GUS
tomary dividends paid at the end of
1918. Notable exceptions in the way
of increased dividends were contribute
ed by the Miami, United Verde Exten-
sion, Cerro de Pasco, CRANKY and AL
louez companies. Only two compan-
les curtailed Misrepresentation Do
minion and Isle Royale
Mixed Mining Pays.
In addition to the 43 strictly cop
per companies, which paid over $751;
100000 in cash dividends during the
six months, about $l2,500,OOO extra in
dividends was paid by half dozen
of the leading mixed producers, name
ly. American Smelling and Refining
company, United States Smelling and
Refining company. International Mic
KEEL company, Consolidated Mining and
Smelling Company of Canada, Ltd,
Utah Consolidated Mining company
and American Shelters Securities
company AS distinguished from
the strictly copper companies engaged
and (broadly speaking) nothing else
these mixed producers business is not
restricted essentially to copper, ana
large part. If not most of their in
come Is derived from other sources.
Between 80 and 40 per cent of these six
companies net income is probably as
cribable to the copper business,
This would raise to around $92, 6O0,-
600 the cash dividends for the past
six months aseribsble directly to cop
per production.
Greatest in History.
The dividends for the six months
exceed any other six months in his
cory. There were also more divi-
dend-paying companies than ever in
history, Notwithstanding that no less
than seven companies now producing
over 100000 pounds yearly, and able
to pay dividends, are not yet in the
dividend class.
Four smaller companies have post
ed dividends during the first six
but the dividends are not pay
able until the third quarter of the
year. The current list of dividend
paying companies is an even SO as of |
July /. 1917.
A 27k cent average price is as
sumed for copper marketed during the |
past six months. this price including |
delivery in America, The price COM
pares with 29.6 cents average price
monthly by the semi official
and Mining Journal or
ully cents under the Engineering
md Mining Journal price. The latter
90. is net cash, f. o. b. New York,
md Is supposed to represent actual
ales. 1t does not allow, however,
VI tHS fo,oiutVVV Dou1luS contributed
o the government at 16 2-3 cents, and
which will materially cut down the
verage price realized during the six
months. very large part of the pro-
uction was also contracted for in
PIG at lower prices-some, too, at
igher prices. While several COM
anies may possibly realize 29h cents
er pound. or even better, most will
verage under that figure. and many
nder 27h cents. The latter, how
yer, has been assumed rather arbi- G
rarily as an average.
Cost to Produce.
The cost of copper production av-
ragged 1878 cents per pound during
he six months. In the first six months
1915 the costs We're 925 cents.
he increase in costs was 3 cents a -
ound, which would be an exceed ;,
Ugly serious matter with ordinary
rices for copper metal. The net op-
'ating cost of copper production
thin the limits of the United States
nd Alaska averaged ia cents per
ound for the first half year of 1917
arsus S.9 cents in the first half year
1916 q,
The increase of 8 cents a pound In C;
'sts is due to higher wages paid. but
oil. t.. y.