The Cordova Daily Times
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served.
CORDOVA, ALASKA, TUESDAY. NOVEMBER (i. 11H7
WHAT OF COPPER SUPPLY
A valued correspondent writes us
expressing surprise at our article of
last week which we ventured the
opinion that 23>£ cents for copper
might fail to maintain the production
that is needed. "Do not you know,”
says he, "that producers will exert
themselves to their utmost? Do you
know that in 1916 producers realized
stupendous profits on 25 cents for cop
per; and, considering their magni
tude, how can you think that a cut of
only 1>2 cents per pound will affect
the situation materially?"
To these pertinent questions we re
ply that every producer with whom we
have talked has expressed the inten
tion of exerting all possible ' efforts.
And. furthmore, we are convinced that
at 23',2 cents there will be profits
that will still be enormous, although
not so large as In 1916. This answers
the questions. However, what neither
the questions nor answers have thus
far brought out is a feature in our
economics that has not been adequate
ly considered heretofore.
The imperfect view of the situation
in copper is due to attention being
centered upon the big producers while
the miscellaneous production has been
disregarded. N'ow it is quite true
that the big producers are responsible
for the major part of the production,
perhaps 90 per cent, but the output of
the small producers is not inconsider
able and at any given time, when the
market is in equilibrium, their output
has a great deal to do with determin
ing the price. It may be considered,
moreover, that when the market is
in equilibrium there are always some
producers who are simply getting a
new dollar for an old one.
Now it is. of course, imposible to
say positively whether the market
was in equilibrium previous to the
Government's intervention. Ever since
1916. when copper began to' be con
tracted in stupendous blocks for ex
cessively long periods ahead, we have
had an unbalanced market, i. e.. a very
large proportion of the supply was
subtracted and quotations were 'Subse
quently established on relatively small
transactions, which became higher
than otherwise they would have been.
This was to the advantage of the small
producers, who dispose generally of
their product on the quotational ba
sis. Thus, in comparing with 1916,
while the big producers set 23% cenis
agafhst 25 cents, the small producers
set it against 27.2 cents. Just before
the Government’s announcement the
price for copper had sunk to 24 cents
but had rallied to 26% on very small
buying. Conditions for several months
previous had been extraordinarMy
confused.
There had been a prolonged ab j
sence of important buying, production
had been seriously curtailed by the
strikes and the uncertainty respecting
the policy of Washington overshad
owed everything. It is probable that
the market was not in a condition of
equilibrium for it did not exhibit the
essential condition and infallible in
dex, viz., an accumulation of unsold
stock, but at the beginning of 1917
there were plenty of signs that it was
in the way to regaining a normal con
dition.
The prices for copper that prevail
ed in 1916 undoubtedly brought out
a surplus production. This was mani
fest in the statistics of blister-copper
production and also in the reports of
accumulations of ore in the hands of
smelters, so that the latter refused to
take in any more ore.
Since then, however, there has been
a change. The cost of production has
creased, the price of copper has stead
ily shrunk, and smelters have report
ed that the supply offered to them is
less bountiful. This tends to indicate
that under recent conditions the sun
dry supplies of copper have shown a
tendency to contract.
Now, three years ago, even one year
ago, any suggestion that a price of 25
cents would be anything but a stimu
lus to unrestrained production would
have been regarded as humorous. It i
is not so today. We are informed res
pecting at least one company of con
siderable output whose present cost
is 23 cents per pound and it is not
unlikely that one of our major dis
tricts. viz., Clifton Uorenci, is actually
%
confronted with conditions that may
make the present price an unprofitable
one. The mines of that district are
still idle, their labor troubles not yet
having been settled.
Another direction in which the con
traction of copper supply may be fear
ed is in the importation from South
America. Some of the copper is 'he
bighcost copper and natural difficul
ties have further enhanced by the de
preciation in those countries of the
American dollar. Quite aside from
that fact, however, is the fact that
our business in crude copper with
those countries has been built up be
dim of hard effort and by the creation
of complicated market machinery.
That machinery cannot be wrecked, as
it has been, without interfering with
the supply.
The feature in the economics of the
situation that has been overlooked is
this: The same inflation that affects
price also affec ts costs and in doing so
widens the spread among ihe costs
of the several producers. Thus, if be
fore the war one producer had a cost
of 10 cents and another a cost of 15
cents, their present cost might be 16
cents and 21 cents respectively. The
high-cost, producer would be losing
money at 23% cents just as formerly
he lost money at 14% cents, but the
low-cost producer would be making
9 cents per pound profit against 4%
cents formerly. This illustrates how
such companies as the Anaconda and
Utah, and the other porphyries can
properly regard 23% cents as reasona
ble, and how they may continue to
show earnings not very much short of
their stupendous returns in 1916 when
they got 25 cents for their copper,
while a small producer who got 27.2
cents in 1916 and made a moderate
profit may lose money at 23% cents
and even be compelled to suspend pro
duction.
ii mere was a iree market tor cop
per and If production had begun to ex
ceed demand, with the result that the
prices were declining, small producers
would begin to be extinguished and
production trimmed down to fit the de
mand at figures that would still leave
very fine margins for the big pro
cers. We mean, of course, margins
expressed in dollars and distributed
as such in dividends, not losing sight
of the fact that the stockholders re
ceiving those dividends would not be
able to buy with them any more than
with the smaller dividends of yore.
It may be suggested that the big
producers, who find 23% cents a sat
isfactory price, will produce all the
copper that is needed, increasing
their output if necessary. It is very
doubtful if they can. Early in this year
it began to look as if they had reach
ed the limit of their capacity. Their
plants and personnels had both been
strained to the untmost, and their
ability was showing signs of deterior
ation. Nine months ago it was fore
casted accurately that consumers had
overbought, but the other forecast
of a further increase in production
was early known to be wsong. What
ever be the contributory causes, and
they are most complex, the plain fact
remains that at the present ti.ce we
ceiving thoses dividends would not be
estic consumers have been official
ly told that during the next three
months at least they must get along
with a curtailed supply.—Engineering
and Mining World.
—--o
KNITTING AND KNITTING
When you see a girl knitting a real
bright colored sweater your first
thought is that she is a patriot, but
if you consider a moment it will occur
to you that ten to one the sweater
is either for herself or for a Christmas
present to some girl friend. It is the
girl or women who pulls the grey or
khaki yarn from her bag that is doing
the real service for her country. With
the others knitting is merely a fad.
It may be cruel to say it, but it is a
cold fact just the same. The extra
vagant use of brightly collored yarns
should be curtailed, for every ball
used takes one from the possible sup
ply of khaki. Somehow It seems to
don't posses enough copper and dont
srs for personal use in these war times
Is particularly unpatriotic, and more
over, a prodigal feast that Is sadly
out of place just now when we are all
trying to practice economies and self
denials.—Ex.
THE MOTHER ON THE WALK
The mother on the sldwalk as the
troop* are marching by
Is the mother of Old Glory that is
waving In the sky.
Men have fought to keep It splendid,
men have died to keep it bright,
But the flag was born of women and
her sufferings day and night;
'Tis her sacrifice has made it, and
once more we aught to pray
for the brave and loyal mother of (he
boys that go away.
There are days of grief before her,
there are hours that she will weep
There are nights of anxious waiting
when her fear will banish sleep,
She has heard her country railing and
has risen to the test.
She has placed upon the altar of ih«
nation's need her best.
,\nd no man shall ever suffer In the
I turmoil of the fray
The anguish of the mother of the boy
she gave away.
You may boast men's deeds of glory,
you may tell their courage great,
But to die is easier service than alone
to sit and wait.
And I hail the little mother with the
tear-stained face and grave
Who has given the flag a soldier
she the bravest of ihe brave
And that banner we are proud of with
its red and blue and white,
Is a lasting tribute holy io all moth
er's love of right.
KDGAK \ tilt KMT Kx.
*
FRENCH HISTORICAL SQUARE
PLAYGROUND FOR CHILDREN
PARIS. Nov. "i \ group of artists
organized under the name of "Friends
of Paris" have petitioned the Under
Secretary of Fine Arts to devoto the
gardens of the Palace Hoyalo to chil
dren’s entertainments. They suggest
that merry-go-rounds lie installed and
that Punch and Judy shows and mov
ing pictures suitable for childron be
given there, and that the business es
tablishments surrounding the histor
ic square be devoted to the sale of
toys and articles made by mutilated
soldiers.
The Palais Royal Arcades have lost
a great deal of the animation of the
days when they were the center of
the fashion and frolic of Paris. The
dealers in jewels and other luxuries
have nearly all gone now to the Rue
de la Paix and the Avenue de l’Opera.
-*
LLOYD GEORGE NOT A
REAL BEAU BRUMMEL
LONDON. Nov. 6—A lady »<ote a
horrified letter to the newspaper that
she actually saw Mr. Lloyd-George in
Cockspur street with “A distinct crack
right across the left boot.” The news
paper now claims that Lloyd George
is very quick on his feet and that lea
ther nowadays is a treacherous fabric;
furthermore that Lloyd George never
had any leanings towards dandyism.
IN THE DISTRICT COURT FOR THE
TERRITORY OF ALASKA, THIRD
No. C-130.
Mabel E. Sprague, Plaintiff, vs. Her
bert A. Sprague, Defendant.
SUMMONS.
The President of the United States of
America, Greeting:
To Herbert A Sprague, the above
named defendant.
You are hereby required to appear
in the District Court for the Territory
of Alaska, Third Division, within
thirty days after the completion of the
publication of this summons, to-wit,
within thirty days after the 22nd day
of October, 1917, and answer the com
plaint of Mabel E. Sprague, the above
named plaintiff, In the above entitled
cause, which cause is an action for
divorce in one of the cases proscribed
[ by law wherein the plulntiff prays for
a decree dissolving the bonds of mar
riage between herself and you and for
such other and further relief as to the
court may seem right and proper in the
premises. And you are hereby noti
fied that if you fail to appear and an
swer said complaint as herein re
quired, the said plaintiff will take
Judgment against you for want there
of, and will apply to the court for the
relief demanded in her complaint, as
hereinbefore set nut.
The order for the publication of this
summons was duly made and entered
on the 6th day of September, 1917.
Witness the Honorable Fred M.
Brown, judge of said court, and the
seal thereof this 6th day of Septem
ber. in the year of our Lord the one
thousand nine hundred and seven
teenth and of our Independence the
one hundred and forty-first.
(Seal of the District Court,
Territory of Alaska,
Third Division.)
ARTHUR LANG,
Clerk District Court, Third Division,
Territory of Alaska,
By C. H. Wilcox, Deputy.
First Publication, Sept 11, 1917.
Last publication, Oct 22, 1917.
$1,000,000.00
And More In Resources Is Now Possessed
by the Bank of Alaska System
A Young Institution to be sure but conservative handling of
Funds and Considerate Treatment of Patrons is
producing what it’s organizers intended,
“An Institution of Strength
and Character.”
Bank of Alaska
Looking ahead to November 15th, 1942, can see the thrifty
citizens, children who now possess Liberty Bonds, arranging
redemption of their Bonds and receiving the accumulated
-interest.
Checking Accounts Savings Accounts
Time Deposits Traveler’s Checks
Safe Deposit Boxes for Rent
If You
ARE LAID UP IN THE HOSPITAL
YOUR EARNING POWER
Stops
Does your Insurance cover you? If not
Get a Q IN 1 POLICY IN THE J. D. Hollenbeck
NORTHERN LIFE District Agent, Cordova
I
MEET ME AT
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Where We Can Always Find Our
Friends.
•
Finest Billiard and Pool 1 ables In
Alaska.
«a __
BEST GRADES OF STANDARD
BRANDS OF CIGAR8.
The Red Dragon
CORDOVA, ALASKA
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Recreation, read i n g, pool
room, circulating library ami
late periodicals.
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-*
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-#
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