Bisbee daily review., 1918-06-16
INCREASED PRODUCTION AND GAINS PROMISED IN MD YEAR MINE RESUME

port during the balance of their lives. This is fortunately true since many young men have been drawn into the war The policy of normal times was to protect these shareholders by giving their shares as stable a market price as possible The increased dividends which became possible while copper was permitted to sell on an open mar ket and commanded a high price, gave the copper shares stability and some little uplift during a period in which the general tendency of the market was to panic and sharp decline. Dur ing the same period the copper pro ducers were dealing with their employ es On the same liberal basis, the up- wards of 40,004 men employed in the mines and plants of Arizona receiving increased pay, based on the price of copper, which represented larger shar- ing of profits, larger dividend pay ments on work approximately, than did the increase in dividends to the 100000 owners of the mines and plants with their money risked in these, mon ey that in many instances had been earned by the hardest kind of life toll.
 Making it Clear
 Protecting the shareholders in the markets has not involved the presen- tation of any standard exhibition Of costs from year to year by the mining companies, nor has it involved dis play of the hazards, financially, of op- eration or of the necessity for earning and keeping large surplus accounts and maintaining these well up in order to be prepared for emergencies of new equipment, expensive new exploration, the necessary requirement of new prop critics in order to keep going, the meet ing of emergency taxes, the facing of such crises as suddenly developed in 1914, compelling, because of lack of large surplus accounts, the laying off of half of the working forces of mines, mills and smelters, with the attend ance of more acute involuntary dis tress among workers in the state than ever before or since witnesses and carrying no less distress to a great many shareholders in the mines whose dividends, or interest on their money, were curtailed. Another emergency item of present prevalence about which practically nothing is realized by the general public is that of neces- sity of finding the money to carry all copper produced for a period of four months-that is, payment to the pro- ducer of the copper four months after he has made the metal In other words, all the costs of mining and everything else entering into the making and put ting of the metal in the hands of the purchaser must be carried by the pro ducer for four months. At the present rate of Arizona production, figuring cost at 15 cts. the pound, which is ma terially less than most of the produc- CTS are making their metal for, there is an item of $50,000,000 that they are obliged to advance each quarter for four month period without interest. It is no secret that some. however. are obliged to pay interest in order to get the money in advance.
 Ought Not To, But Would
 Clear statements of standard kind, setting forth plainly the costs of min ing from all angles, would put copper mining shares on the same plane as those of great industrial enterprises in manufacturing lines. The glamour attaching to mining shares would be dissipated and the public be forced to understand that the industry repre- sented conservative investment assur ing return of conservative interest on investment, as compared with hazard. This should not depreciate the value of copper shares in the markets, although it might have that effect temporarily. There would be reaction in due time that would carry the stocks in all prob ability to permanently higher levels. But no one likes to take plunge into an icy bath, even though knowing they will be better for it afterward. In the mining districts the effect would be early and the permanent benefits re- sulting would doubtless in the course of little time make up to the share hoder any temporary loss, through as- surfing him that those operating the properties had better understanding of his position and that both were go- ing ahead in the future with under standing that each was doing the open thing. Thus would a serious cause of misunderstanding in the past be re moved. Worked out in recent issue of the Mining & Engineering Journal by T. A. McGrath, of Shattuck-Arizona, is a plan for a standard manner of re- port by mining companies which, if brought into usage, would accomplish much of that which has been pointed to as needful.
 Increased Investment
 The tendency to larger investment in Arizona copper development has been marked in the last several months. Impetus was given by the eX- peetation of higher price being fixed by the government for the metal. In- vestigation went along with this, how ever. and the investor who looked the situation over carefully arrived at the conclusion that whether or not the government advanced the price the in vestment looked good. Any inspect tion of the situation is certain of bring ing such conclusion. Time is required to develop and equip mines. Those undertaking legitimate endeavors in this respect at the present time cannot figure on being in the market with product in metal under two or three years at the very latest. World de- mand for copper will then or later, dur ing the several years following the end of the war, send the metal to new