Bisbee daily review., 1906-08-26

stock. It is officially declared that the company is earning s225,000 monthly, which it at the rate of s300,- coo annually in excess of dividend re- QuiTements.
 Recent ore developments in the Greene property have been highly satisfactory. President Greene states that the work of increasing the ca pacity of the csmpany's smelling plant is going ahead rapidly, plans for a new furnace. which will have a ca pacity of 700 to 500 tons of ore per day, just having been completed.
 It would seem that the continuance of the regular dividend rate by the Greene Consolidated company should inspire stockholders with new conf dence and that the stock should sell much higher in the near future.
 Old Dominion is extending a cross cut from the bottom of it's shaft, the 14th level, to crosscut it's three main veins. It is expected that rich sul- phide ores will be encountered at this depth. Drifts in the upper levels are being extended west to develop the big west ore body, and a considerable tonnage of high grade ore is at pres ert being extracted from that part of the mine. The flow of water in the mine is being handled without diff- culty and the prospect is that the company's production will steadily in crease from now en-
 Helvetia is said to have produced se0,000 worth of matte in the first forty days following the resumption of operations by the single furnace in its smelter. This means that the con- pany is now earning an actual net profit. notwithstanding the very linn ited scale of its smelting operations. It is probable that the management will immediately install a duplicate of the 150-ton blast furnace now in use, as this will put the company in a po- sition to meet with earnings a portion of the expenses of extending its rail- read to connect with the Southern Pa c,fic and building the larger smelting plant which is proposed.
 Greater Than United Verde.
 Utah Consolidated is in many re- actual figures of production and profits.
 The United Verde issues nc. state meDts of operations. and it's profits can be measured in nc other way than by the dividends it pays. As it is dividend payer of long standing and is neither buying nor developing new it undoubtedly accumu- lated it's working surplus many years age and must be in shape now to dis purse annually substantially all it's net Utah Consolidated. on the other hand, is a young company which has been added to its equipment and increasing it's production very rapidly; and, because of growing requirements in that direction, has been steadily ac- eumulating working capital.
 As Utah issues detailed annual re- ports, it is possible to make a con- parison of it's net earnings, after all construction, with the dividends paid by the great United Verde company Since last October the United Verde has been paying monthly dividends of I5 cents per share on its 900, 900 shares of stock, or at the rate of s9 Der share annually, equivalent to s2,- 100000. Utah Consolidated promises to produce 19,50O,0O0 pounds of copper this year at a cost of 1-2 cents per pound, and, therefore, should show net earnings of 14 cents per pound, or 3D. 130,OO0, which is slightly more than s9 per share on its 100000 shares.
 Last year the United Verde paid orly nine dividends of 75 cents each, or $2,025. 900; and in the same year Utah Consolidated's net earnings were about $1 per share less than United Serde's dividends, being SILICA, ,34S compared with s1.575,000.
 Another interesting fact brought out by comparisons is that Utah Consoli- dated is apparently securing large gold and silver by-products and making its copper at much lower cost than the great United Verde, which some writ CTS, with more enthusiasm than infor- nation. have declared to be the great est gold and silver mine in the world and capable of laying its copper down in New York at no cost, all expenses being paid by the precious metal val ues secured. During the three years that Utah Consolidated's net earnings have approximately equalled United Verde's dividend distributions it's out put of copper has aggregated only about half as many pounds. It would appear, therefore, that either through greater economy of operations, or as the result of much larger precious metal values, Utah Consolidated must be making considerably more profit per pound of copper than the United Verde. The fact that United Verde passed several dividends when the price of copper declined is the basis for my assumption that dividend pay ments represent current net earnings.
 Compared for period of five years. the showing is not as favorable to Utah Consolidated, being as follows:
 Production N
 1901-19O5 1
 Inclusive
 United Verde. .- 1855 ,67S,0 $10,