Bisbee daily review., 1904-03-06
Newett, of Iron Ore,
 ALSO THINKS C. &A. Policy Wise
GOOD SURPLUS STRENGTHENS
 coMpANY's POSITION.
Earnings Are Far in Excess of Amount of Dividend Just Declared, but It Is Evident That Certain Managers Have In View the consummation of Inn portant Transactions.


 portant Transactions.
 In referring to the Calumet & Ari- sona dividend, soon to be paid stock folders. Editor Hewitt, of Iron Ore. expresses about the same views toiced recently in The Review. He tnys:
 "The earnings of the company are far in excess of the amount paid, but (here are certain things the managers desire. There may be need of more smelters. The new shaft, the Oliver, ts coming along handsomely, showing copper of high grace, and the smeiting Capacity of the company may have to 6c enlarged. It should De remem- Gered, too, that nice surplus is a good thing to have. There is repre- sented in transit, from the time 1t leaves the mines until returns are re- eeived from the Tefiners, about s1,OOO,- QoO worth of copper Sometimes, tco, a good customer wants thirty, sixty or pinety days time, and it is nice to be able to carry him. Or there may be a little war on prices, when it might De necessary to stock up for a few tnonths, instead of sacrificing the product.
 "The policy of adding to its surplus is one the shareholders of Calumet & Arizona should be pleased with. Ii strengthens the company's position in Che market, and will enable it to pro vide the equipment necessary for greater things. Calumet & Arizona is Jet an infant, remember. It only be fan making copper year ago last November, and will soon have dis tributed 10 its shareholder S700, 900. tt has paid many extraordinary ex- nenses in the meantime, the new shaft teing carried along. and much other construction always met with in new Enterprises of this character.
 ''The time is not far distant when this property's output will equal that of Calumet & Hecla. It is today one s!f the greatest copper mines in the world, the richest in point of mineral fer ton Of ore smeited. Those who have its shares are extremely forum ate, and our advice is to hold on to Shem, for you cannot put your money into anything safer or better"
 It will be observed that in the above MT. Hewitt, who is admittedly one of fhe best informed newspaper men in regard to matters pertaining to the properties Of the Bonanza Circle" concurs in the opinion which The Re yiew expressed in these columns few days ago, and we can say that it Will not be many days before the min ing public generally will be forced to admit the truthfulness of our state 6ients, and as time passes the wisdom and foresight of the managers of this property will result in reaping for the Eha; eholders larger profits than they now have any idea of receiving.
 The purchase of lands adjoining two 1 the Bonanza properties, mention of which was made in Wednesdays is que, is undoubtedly one of the trans sotioDs now pending that will require q large sum of money now being held in the Calumet & Arizona's treasury, and besides this outlay the company proposes to enlarge its smelling plant and make other expenditures necessary fp keep pace with the vast develop yhents at the mines.
 The wisdom of the managers in sdaking the purchase of the territory southeast of the Junction and Calumet G Pittsburg properties will probably not be appreciated generally until such Gme when 1t will be demonstrated that 6ere will be the scene of extensive shining operations. Besides, the large amount of mining to be done by the Bon mines is bound to greatly Increase the number of employees here, and these men and their families will have to have homes and lands on which to build them. The tract Uhich the company is now negotiating for includes upwards of thirty claims, and is extensive enough to meet these Requirements, as well as providing am Die room for mining should workable dfe bodies be located in this direction.
 In due time these things will all be made clear to the shareholders and parties who are closely watching the movements of those who are at the head Of affairs, and then the skeptics will mourn over the fact that their Judgment had been short-sighted.
 The largest mass of native copper