Bisbee daily review., 1918-05-19
ARIZONA COPPER. HAS HIGH RECORD. IN COMP ARISONS.

In spite of the fact that the copper
 companies are making fairly good earnings on 231k cent copper, with the
 exception Of one or two issues the stocks have been very dead and dis appointing. Of late Inspiration has been about the only copper which has shown any activity and strength and yet after a rise of about 14 points the stock is still selling at a higher in- vestment return than either Calumet < Arizona or Chino. And the cost per pound of producing copper by the Inspiration is somewhat lower than either of the others. This also in the face of the small production of the company last year brought about by the strike, an diversity which did not reach either of the others.
 Had there been no strike last year Inspiration would have produced 12O- OOOOO0 pounds of copper as against S0,500,0 900 actually mined This was not much under the Chino output and 1S,000,0O0 pounds larger than c. & A.
 It cost Inspiration last year 1044 cents to produce as against 1279 cents for Chino and 13 cents for Cal umet & Arizona. With this cost the earnings per share of Inspiration were S9.37; for Chino. S1O93, and S1O.32 for Calumet & Arizona At 69 Calumet & Arizona earned 15@c on the market price; Chino at 42. 26Gt and Inspira- tion 1SPt, at 52. But the fact should not be lost sight of that Inspiration did not operate at capacity last year.
 Calumet & Arizona owns 919,321 shra res. or 65.4et of the capital stock and S3,100,000 out of S4,0OO.OOO bonds of the New Cornelia Copper Company. which at present has a market valua- tion of s20,S9S,457, or $9253 a share on Calumet & Arizona stock. Last year. on a production of 19,4S1,191 lbs. of copper, New Cornelia earned S726. 40, or s52c a share. Production is now running at the rate of 50.000.O00 pounds a year. The company is esti- mated to have ore reserves sufficient for 9 years.
 Inspiration was able to earn 13.6%, over its dividend requirements dur ing 1917, when operations in the last half of the year were cut to 129c of capacity. Production during that peri cd amounted to only 12,750.0OO lbs, or a little ever the output of the one month of May. This compares with Chino's margin of 10.4es over divi- dend payments in a year when pro- duction was running at better than normal. Calumet & Arizona failed to earn its dividend on very nearly nor nal output. Inspiration costs are the lowest and its federal taxes are esti- ] mated as lower than the others. Net current assets of S12.25 a share ex- ceed those of Chino and Calumet & ! Arizona and at present prices Inspira- tion yields a larger return. This com | pany is the only one which was not i forced to reduce its dividend and it | is believed that this rate will be main l tained for some time as production is | now back to normal and should show | a monthly total of between 10000, ,000 l and 100000 pounds.
 On the other hand. Calumet & Ari- | Zona's rate of production is decreas- ing, which, with it's higher costs and | the lower price of copper now pre- vailing. will tend to lower the earn ings. This, of course, may be offset | by dividend from its New Cornelia | stock in case production comes up to 1 expectations at that property The | latter company, however, has S3,330- | 900 of notes payable, which will have | to be considered before dividends are maid