Bisbee daily review., 1917-08-05
EASTERN BROKERS OPTIMISTIC OVER
 COPPER OUTLOOK
From Now on Producers Skies Will Be Clearer, Declares Market Forecast, Published by Hughes & bier.

The Market Forecast, a publication of Hughes & bier, Philadelphia and New York brokers. predicts a rosy future for copper, now that labor trou- bles are slowly but surely coming to an end in the largest producing camps. The following article from the pamphlet will probably prove of interest to many residents of this dis 1 trict:
 After passing through period of | prosperity which will stand in red letters in the trades history, the cop ! per-producing companies have been called on in the last few weeks to overcome friction among their work ing forces. The labor troubles covered a wide extent of copper-producing ter ritory in the past month and interfered with output and deliveries. Knowl- edge of the inspiration for these trou- bles has made the labor question cas- fer to handle. and at the same time the fact that the nation is in a state of war has been a reason for utilization of federal power to remove any indi- vidual who assumed prominence as an agitator for labor disturbance and business unrest.
 From now on the copper producers skies will be clearer The matter of prices to the government has been ad- justed at figures which return sub stantial profits on all the output of the red metal. and even if individual consumers are accorded the same terms as those made with the govern ment the profits realized by the cop per-producing companies will justify far higher quotations for the stocks of those companies.
 "It is hardly necessary to state that the large producers did not desire the high prices to which copper metal was forced early this year. Those produc- CTS and conservative operators of smaller properties alike were satisfied to receive around or a little above 25c pound for their product. At this price domestic business will be nour- ished and government demands satis- fled. In saying this enough is stated to indicate that stocks like Inspira- tion. American-Smelting. and Kenne- colt are in a position for marked i'm provement Shattuck-Arizona is an- other low-priced stock which may re- spond to activity in this group with a substantial advance.
 Ray Consolidated.
 | l. s-t. ures are expected from the Ray Con- solidated Copper company. due to in- creased mill capacity. making possible the handling of a larger tonnage of ore and a greater percentage of re- coveries. Production is now on the basis of 1O5.O0O,O00 pounds annually and will shortly be above 110,0O0.OO0 pounds annually. Ray has not been affected by the labor troubles and is piling up very substantial earnings. This may be expected to be reflected in increased dividend disbursements It has been felt for some time that Ray Consolidated's dividends have been materially below what earnings justify, and from the profits earned during the second quarter of the year there may be an increase in the rate at the next dividend period.
 |, During the first five months of this year Ray produced 3S.S7O,00 pounds of copper. compared with 2s.9S2.000 pounds during the corresponding Pe- riod of last year. an increase of s.SsS.- 900 pounds, or 8 per cent. PrOdDc- tion in June was better than 5000. 900 pounds. SO that the total for the hSlf year should approximate about 47.o0O.- 900 pounds.
 "An the copper stocks have been in- fluenced in their market movements by the pressure against Anaconda- The low-priced stocks may be expected to break away from this influence. and advances in those issues can be looked for.
 Calumet and Arizona
 Tn the first six months of the cur rent year Calumet and Arizona turned out 31. .59s.0OO pounds of copper. com pared with S4.S75.000 pounds in the corresponding period of last year. and total production in 1916 of 74.s9s.0Oo pounds. While the production during : the first six months of 1917 dropped 3.277. 900 pounds from the correspond ing period of last year. profits were not materially affected, by reason of the fact that the company during the : first half of 1917 received an average price of several cents pound more for the copper than in the six months