Bisbee daily review., 1906-03-11

producing interests report that there is now a good inquiry for casting cop per at IS If cents, and that there is no electrolytic copper obtainable al less that IS 1-2 cents. The relatively high price for casting copper is the best possible evidence that the market is perfectly healthy and that there is no surplus of copper in store When the market for the higher grades is at all artificial the price of casting is always noticeably low in compari- son.
 It is excelle.nt opinion that con suners will come into the market in a body before the middle of the pres copper enough to go around at 16 1-2 cents. The prospect is rather more favorable at present for higher prices than for lower. The consuming in terest of both this country and Europe are now bare of supplies and the prospect is that there will soon be heavy buying for foreign account.
 The market developments of the past week bear strong testimony to support the suggestion made in this letter quite frequently of late that many of the railroad and industrial stocks were already high enough. The process of readiustment in the mar ket relation of certain stocks is now well under way. The high priced ones must come down firsJ, and then it will be possible for those that are now selling too low to advance. Cop pers have acted well throughout this period Of liquidation. Comparatively few of these stocks are carried on margined accounts, and their holders are, as a rule. confident that top has not been reached. Compared to mar ket prices, copper share earnings and dividends are abnormally high. There is still room left for a big advance in the coppers, and I feel confident that every trader who has the courage to liquidate his railroad and industrial stocks and buy the best of the cop pers on this reaction will witness a big growth in his profits during the coming two or three months.
 Fne remarkable advance Tn the stock of the new Butte Coalition com psny, which was put out at sl5 per share a week ago and two days later sold at s45, is indicative of the tre- mendous possibilities that are still latent h the present copper share market. Thomas F. Cole and John D. Ryan are men of judgment, cour- age and progress who can be depend ed upon to furnish inspiration and promote public confid.Sce. and an IS 1-2 cent copper market will keep earnings and dividends up to a level that will encourage new investments. As soon as liquidation in the New York market and imports of gold be- gin to ease up the money market, in yestment and speculation in coppers should, therefore. reach a scale of activity that has not heretofore been attained.
 The death of John Stanton did not precipitate any liquidation iu the stocks of the companies which were under his direction. Mir Stanton s business organization was lift in eX- cellent shape. He had already so carefully shaped the policy for the operation and development of the Wolverine, Mohawk Atlantic and Michigan properties that his death will cause little interruption or change in their affairs. Joseph E. Gay, who is now president of the Atlantic, will probably be elected president of the Wolverine, Mohawk, Michigan and Winona companies, and John F. Stan ton will be elected treasurer of the Atlantic. The office of the Baltic Mining company, which Is owned by Copper Range, will undoubter!y be brought over 70 Boston and ". A. Paine elected president.
 Though MT. Stanton left his busi- ness affairs in excellent shape, his personality will be greatly missed in copper producing circles. He was 8 mining man of rare ability and sta, tistictian of international reputation During his lifetime he did much to encourage and perfect the cusoom of full and accurate annual reports by corporation officials to stockholders and to make 1t plain that stockholders and directors are full and equal part rers. Mir. Stantion's judgment in mining matters was seldom question ed and his word never.
 Copper Range has declared a diyi dend of s1.25 per share. It's four pre- ceding dividends were s1 per share each This payment will bring the total amount disbursed 10 stockhold
 CTS up to a total of s2,021 ,250. It is anticipated that the next two diyi- dends will be $50 each. and that s1.I;
 per share will be paid in December
 making a total of s per cent for 1906
 The company will probably earn s1C per share on its stock this year.
 The management Is planning to
 build an addition to the Baltic mil 1 this year to accommodate either twc
 heads of stamps, or crushers and rolls
 capable of treating 1,500 tons of rocl daily. It will be recalled that ar
 extension has already been built al
 the Champion mill and that crushel
 and roIl system of milling Is beine
 tested there. At present thls prom
 ises to be a most decided success