Bisbee daily review., 1904-03-02

Tn the Michigan copper country, where the bulk of Calumet & Arizona shares are held, there is no small amount of discussion regarding the re- gently declared dividend Waich will be paid on March 4, all of which has been instigateCl because of the fact tIat there will be fifty cents per share less forthcoming when the payment is made than was received by share holders when the first regular was handed out in December Icst.
 If these parties who a.e doing the talking and who appear to be wor-iel would indulge in a ll.Jle careful cal culation as what the company has al ready done in the making of a paving mine out of its property and wha. OUGHT to be done to insure it's most succ cessful career m the ,uturc tlIey would at once dismiss all skepticism and further speculation regarding the matter from their minds.
 Prominent Bishee parties holding shares in this company, understand ing the exact condition of the property and the requirements in the line of additional facilities necessary to in sure larger success in the future. are somewhat amused at the apparent un- easiness of the Michiganites. One prominent stockholder and a gentle man who is connected with the com pany yesterday made the following re- marks on the question which pretty thoroughly expresses the general sent iment entertained among the mining
 men of Bisbee camp:
 T consider dividends just declared. liberal one and see no reason what ever for any criticism or censure. It should be remembered that the c. 6 A. is practically still in it's infancy, requiring. as it were, the expenditure of much money for the erection of ad- ditions to the smelting plant and the conducting of vast development work to place the mine in a position for a long term of profitable operation. No great mine was ever thoroughly equipped in cay and it would be un- reasonable to expect that the c. & A., vastly rich though the property is, would start out on the jump and pay great dividends before its mine, it's smelters and other necessary auxilia- " equipments are in such shape as will make the future bright
 The company is following most wide policy and is conducting affairs in a manner that will be appreciated by stockholders in years to come. but of course it Is to be expected that some fail to discern the correct meaning of certain decisious which l directors arrive at and consequently feel inclined to criticise and become worried. The company will, in my opinion make a most splendid showing 1 each year from now on and has in store for its stockholders earnings that will dispel all doubts"
 The Houghton, Michigan, Daily Min ing Gazette contained the following in
 its issue of February 26:
 The most extensively discussed subject in mining circles yesterday was the Calumet & Arizona dividend
 of s1.50 a share. declared on Wednes ] day. The feeling of disappointment that only the regular dividend, without
 any extra. is all the company is tc
 pay, was quite keen and widespread ! Nr-oc tr h< | directors for their conservative poll 1 cy. but there was a persistent ques | tioning as to what the company plans
 by building up such large surplus as I is generally believed exists.
 | The Mining Gazette has the infor
 nation from a reliable source that or
 February l. 1904, the Calumet & Ari
 zona had assets of cash and copper amounting to s1,400,000. By the tim,
 the forthcoming dividend becomes
 payable the cash and copper will have
 reached well past the million-and-a half mark. In fact the earnings from
 February l to March 19, when the div 4 idend becomes payable, will aggregat, III Lnt ntISuDOIDOOu Ol SEOJ.UtV. O
 twothirds of the amount needed fol .l the disbursement. 30 that after tb' dividend is paid it appears that the company will have upwards of a mil lion and a quarter in cash an6 copper . No Falling Of in Profits.
 'The company is making 50 tons O 100000 pounds of copper every day fo seven days a week. Counting tn, ] profit at four cents pound, the earn ings are s4,000 a cay, which is proba
 bly, within the limit of facts. Of cours-
 mining company has a large propor , ton of its negotiable assets in copper and the proportion to copper to tn
 proportion of cash is constantly vary ] ing. It may be that the company i now holding a portion of its produc ] for a better market.
 I Most assuredly no stockholde
 wants his dividend in copper, and