Bisbee daily review., 1905-07-16

ly winter months. Ever since the beginning of th.s year Boston and Lake Superior investors and traders have been hanging back and waiting for a decline in metal prices. They began to look for g return of hard times before the prosperity had been half discounted. During the past cigh, months the producing comDa nies have added tremendously to their cash reserves. and several of them have advanced their dividend pay ments. The copper situation is. now in bstter shape statistically and other wise than ever ia the past and it would seem that t is now time to be- gin discOunting another year or two of 15-cent copper.
 Two years Of 15-ceat copper will so expand the treasury reserves of the leading producing companies that ex tra dividends will be forced. IL will demonstrate beyond question that there are no. enough copper mines. and will lead to the promotion of new development companies. Activity will take the place Of dulIaCss. as the attention of investors everywhere will be called % the industry that yields the largest returns.
 The reason for the failure Qf the Boston cOppers 10 respond 10 <he re- cent general improvement in senu- ment is to be found in the weakness of TWO or three local stocks. The charges made against the manage ment of the Greene Gold and Greene Copper companies. though it appa- rently had no basis Of fact, impaTted a chill to the whole market It has been apparent. also. that Copper Range has been under pressure from some source. and though it has caus- ed no anxiety. it has encouraged would-be buyers to hesitate. The bad disappointment furnished a while ago by Centennial is. of course, still fresh in the minds Of all those inter ested in copper stocks. On the oth- CT hand. however. we have the re markable advance in Aliouez, which sold around & per share a year or two ago. and the very similar improve ments that have taken place in An meek. Arizona Commercial. Isle Roy ale. Michigan. Winona. Old Dominion, United Copper and Utah Consolidated. as well a sthe general advance that has occurred throughout the entire list. These advances have only be- gun to discount the great improve ment that has been and is being real ized in the copper situation.
 Investors will do well to remember that the copper producing industry erly seem its share when business bOoms are on, but also that the cop per mines stand diversity better than almost anything else. IL Is a matter of history that in the last great pc riod Of business depression the iron miners in one portion of Michigan, re- duced to the verge of starvation. sent delegates into the copper country to solicit relief. The delegates return cd with thousands of dollars that they had collected, and with the report that in the copper mines and at good wages. The copper business was active when the iron and steel busi- ness was dead.
 Copper reached it's lowest average price for one year in 1894 During that year the Lake Superior mines paid total of S2.3s0.00O in dividends. The best previous year was 1891. dur ing which disbursements amounted to SS.540000. How quickly the district recovered from the pinch of hard times is shown by the fact that diyi- dends aggregated S3,2S0.00O in 1895. and sS.9S5.00O in 1896, the latter being the banner year up to that time. The same district paid $12.S1s.450 in the year 1899. but this was on a HIP cent copper market. It will probably distribute in excess of $S.000. 900 this year. and continued 15-cent copper market throughout the year 1906 will be pretty sure to carry the total divi- dends up to about the high mark again.