Bisbee daily review., 1905-04-02
BONANZAS ANNUAL REPORT SHOWS
 GOOD CONDITION
:. & A. HAS NEARLY TWO MIL. LION SURPLUS FUND IN ITS
 TREASURY.
Balance of Properties Show Assets in Excess of Liabilities by Healthy Margin, C. & p. Exeepted-5riei Mention of Consolidation.
Especial to Review.l


 it's annual report on the several prop critics of the Circle. Copies were put in the mails of tonight for gener- al distribution.
 The report touches only briefly upon the matter of consolidation. Aside from this one brief deviation the re port is confined almost exclusively to the details of management and devel- opment. As usual. the report in this respect is very full and precise. |. The figures given show the general financial condition of the Circle prop critics to be most excellent. But one of the number is behind. that is has an indebtedness marked to it's account. This property is the Calumet & Pitts burg. which has a deficit of $114.000. The amount. however. is trifling when the physical condition of the property as related to development is taken into consideration. together with the most promising outlook it has for early production. The deficit. study of the figures demonstrates, is largely due to the expense the company has been under in the matter of providing pumps and in pursuing development against the head of water that has been present ro contend with. This expense is now on the verge of large reduction bv reason of the fact that the Junction pumps will shortly as sume a part of the load. dividing the water difficulties so that neither prop crty will find embarrassment in the expense of handling.
 Calumet & Arizona figures show ST. Sz3,000 in the treasury. This means that the company now has a surplus reaching that great total. This is in excess of costs of extensive develop ment and new equipment during the last year, and the payment of the reg ular dividends.
 The copper the company has on hand is shown to amount to the value of 90 cents. This demonstrates that copper production of the company has been sold even up with the high prices that have prevailed during recent months. and that the output of the shelter is going into cash as fast as it can. be put upon the market.
 Or the other Bonanza Circle prop critics. their financial accounts show assets in excess of liabilities in the following amounts:
 l.. $. & P. . .s114O0O Pittsburg & Duluth .. ... 12O. 900 Junction ..... ~ POT .OOo
 The reference to consolidation in the report indicates no early action in shat matter, but leaves the under standing that the management of the Circle believes in the wisdom of the step. and gives the impression that while the time may not yet be ripe for consolidation. it is the opinion of the management that it is approaching and will ultimately come about through weight of merit There is nothing in the tone of the paragraph that gives any intimation of either wlsh or purpose on the part of the management to crowd the issue. The assurance is contained that when the step IS taken the right thing will be done by all parties in interest.
 The annual meetings of the comDa- nies. which will be held on the 10th, it may be said on the authority of g gentleman who is in position to know. will be the usual formal affairs. Moth ing will be brought forward at them that is not contained in the report is sued today. At the directors meet ing, which will follow the stockhold- CTS meeting, the organization for the ensuing years working program will ha nfFnafnI Tn dation may be brought up formally for the first time before a meeting of the directors of the companies, and it is possible that some step may be talk en toward outlining a policy for the bringing of the consolidation idea into definite form for presentation to the stockholders for consideration and discussion. That this will be done however, is not vet a determined fact Iron Ore contains the following:
 Calumet & Arizona has been bar gain on the stock boards during the week. very nice thing for those who have been buying at present quota tions. There have been recent healthy discoveries underground at this prop erty.
 No matter where the shares go. the work at the mines never salters. The plans are for a big enterprise, and they are being systematically carried out.
 There is much talk concerning con solidation. From the view of the man who has shares he wishes to sell, the market is now too narrow for his icomfort. One can go into the brok- CTS and with few shares make a price. A block of 100 shares put on , shares at a time. could result in a depression of several dollars on the share in a very few days. Being un- listed this is made possible.
 However. the market isn't going | all to pieces. There are those who will give it support if prices get to be very low. Noting there is a steady shrinkage. the shrewd buyers will wait. There are a lot of men who
 know the real worth of the Bonanza Circle line, and seeing the anxiety of