Bisbee daily review., 1918-04-07

In the two previous quarters QlNl- dend disbursements were aided by contributions from surplus accounts in considerable extent. Surplus accounts, accumulated prior to 231a cent cop per, are no longer to be looked to for help, however. They are needed as a reserve against federal taxation and to take care of Liberty loan subscrip- tions The latter will probably also encroach upon dividend funds, it being likely that some of the companies will divert a part of former dividend dis buTsements to the purchase of bonds.
 Liberty Loan Figures.
 In the previous Liberty loan cam palgns tie mining companies have carried the bulk of Arizona subscrip- tions, while employees of mining com panies in the state have carried more than so per cent of the total indivi- dual subscriptions. To what extent shareholders in the dividend earning mining properties have participated in the loans is not known, except within the state, where the shareholders are nearly all either mining company em- ployes or associated with mining dis trict communities in a business way.
 
 and are ready to more duplicate in the new loan. Every mining community in the state has its active organiza- ton ready to plunge into the sale of bonds with more vigor than ever, spirit which is fully backed by the people of those communities and the companies.
 SmeIters Make Increase.
 Arizona smelters made some i'm provement in March over the Feb ruary output of copper, but material gap remains to be closed before out put reaches the maximum figure which the refineries and marketing agencies in the east are now setting up as es- sential to as free supply of govern ment needs, at home and for its al lies abroad, as war conditions make demand for.
 The refineries continue under 200,- 00O.000 pounds the month, as com pared with a maximum in early 1917 of above 225,000,O00 pounds. Adyices here are that the refineries hope with increased output from the smelters to make 200,000,O00 pounds in May or June, and to maintain that figure. However, 200,000,000 pounds the month will not supply the needs of the government for use on home con tracts and for export, as these de- mands are now running. Best infor- nation is that shortage in present and recent output, which must be made up later, leaves the copper sup ply situation a minus proposition for some months to come even under the most favorable conditions that can be figured as possible of realization. The copper producers distributing commit tee is at this time bearing the brunt of the hardships attendent on short supply and is having much to do in maintaining anything approaching an equilibrium in distributing its avail able supplies so as to tumble priority orders inextricably.
 Ore Shipments Rich.
 Increase in mine shipments to Ari- zona smelters in March showed in- crease in richness of ore, but not in tonnage of receipts. The miner will readily analyze this as continuance of an unfortunate situation, inasmuch as to him it can only have its correct meaning depletion of the higher grade ores of the mines with no pos sibility of adequate offset in increas- ed resources developed in high grade. Theferore the increase in output par takes considerably of camouflage. The only correction that can be viewed as possible from the practical side rests in a higher price of the metal, so as to enable the mining and smelting of low grade ores as well as of the high da Tl,fc rrroFrld moan fha prnnlnv- ment of more men as well as higher wages. The latter are not possible on the present price of copper, a fact that also has a part in the lower eff ficiency and lower output of the mines. for the reaosn that much of the highly competent labor formerly engaged in the mining districts is now finding more remunerative em- ployment on government contracts which nay higher wages than the min ing districts can afford.
 Need More Mines.
 Fine is the theory but likely to do much more harm in practice than good" is the comment contained in Q letter received here from the Arizona Chapter A. M c. with reference to the tentative decision reached in the recent Chicago conference of corpora ton commissioners of the various states as to stopping the sale ot shares of new companies formed to develop mining properties during the remainder of the war.
 "In theory" says the letter, this would throw the burden, as well as the profit, of opening up new mines upon the shoulders of the large min ing companies now in the field and sufficiently financed for the conduct of such work without making call up- on the money of the public. AS mat ter of fact, however. these companies are pushed 10 the limit of their capa- city to keep up output from their their mines, and are going to con tinue to be crowded as long as the war lasts They have had but scant time for development and are behind with the work of this kind which it is absolutely necessary to conduct III their operating, made mines, in order to keep output up. If they could spare time 10 do development anywhere in excess of that they have been doing. fl would be in these properties. Even a higher price for copper and ability 70 turn more largely to their lower syr.d. o-ac ..-fTI mol zraafIv alter thpir