Bisbee daily review., 1903-08-02
ispeciai to Review.1

Calumet. Mich. July 31.-In three months time Arizona mining stocks foated and held largely by copper country people have fallen of tt such a2 extent that a depreciation ot over ss5. .00O,000 can be figured Counting from the top notch figures where the various stocks were local iy quoted last April and with the pres ent ma ket valuations of the stocks the figure given above is far from exag eration. The depreciation in every case is attributed simply and solely 10 the condition of the money market here and elsewhere, tie desire ci speculatiors and investors to get cash, and not 10 any conditions at the prop erty. The depreciation has not been startling 10 financial people for the very same condition of affairs is seen in every other market of mining stocks.
 The present market values of the stocks is not any more of criterion of the valuation of the properties than were the top notch figures of last April when the boom was at its height. The depreciation in the leader of the Arizona stocks. the Calumet & Arizo- na, is nothing less than s16.000, 900. The depreciation of Calumet & Pitts burg Is fully s3,e0o 900 and the others in similar proportions, so that the to- ti depreciation is something extreme -sy heavy. Three months ago Calumet & Arizona was selling for s200 share. There were g. few sales above that figure and the stock was hard to get at that figure Calumet & Pittsburg also sold for s20o in a few instances. Now Calumet & Arizona has sold for slls in the local market and Calumet & Pittsburg has sold for $115.
 1t is true that very few sales are being made at the present values just as there were very few sales at the high figures. The present condi- ton of the market shows how easily a few selling or few buying orders can affect the local market in Arizona. The original holders of most of the stocks refused to sell at the high figures and they refuse to self at the low figures Most of them are not gambling in their stocks but are hold ing the best ones for dividends or future developments.
 Money Market Still Tight.
 Instead of any improvement in the local money market. conditions remain as they were The people with the money to lend cannot be found. If they are found they get over the no- tion to let go of their cash very speed fly. The last reports of the local banking institutions did not show any falling of in deposits or cash, but the banking people are all very reluctant ton of the market and appear to be anxious to keep as much cash on hani ss possible
 to le. out money in the present condl-
 Security which few months ago would have been sufficient to get pig loans at any of the local banks is now turned down promptly and the expla- nation which is offered is simply that i've haven't any money to loan at present" Even the most satisfactory real estate security is HO" aside and people who were formaiy wiling and anxious to place tneir snare cash now keep out Of the way os borrowers. The best posted h. nsncialcial men of the town say t''at the presen. condition Is not going to last very loag ard that an3'her month CT so will see the local financial hori- son clear up very nicely. They claim ytat the fear which has been respon- sible for the existing condition of at- fairs will be dispeIled as soon as the most infuencial people see that the town ani the investing public are able and well able to handle all they have tackled they will not hesitate aoolt nlac,nz more bans. The desire 70 fesp as much cash as possible on hand s probably due to the farsighted pol Scy which the local banking peopie have and they are taking the stand Ia view of the future payments which . are ant to come due on development stocks and the possibility of the or