The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1906-03-15
Extracst from Walker Weekly Copper
Letter.


Copper Range has declared a divi
den of S1.25 per share. Its four pre-
ceding dividends we're 81 per share
each. This payment will bring the
total amount disbursed to stock
holders up to a total of S2,O21 ,25O
1t is anticipated that the next two
dividends will be S1.5O each, and that
S1.75 per share will be paid in Decem.
ber, making total of percent. for
1906. The company will probably
earn $40 per share on its stock this
year.
Osceola's annual report for 1905 is
issued, and it makes a very credit
able showing. The only unfavorable
points in the report are a decrease in
production of about one and one-half
million pounds of copper compared
with the preceding year, and an in
creased cost of nearly three-quarters
of cent per pound. This is ex-
planned by the management, however,
as due to the fact that practically
two months production was lost dur
ing the year as result of strikes
and accidents.
The average yield per ton of rock
stamped was actually better than in
the two preceding years. This is an
unexpectedly pleasant surprise. About
two-thirds of the copper cost was due
to larger construction expenditures,
the company's mills have been
changed over during the year from
the old style to steeple compound
stamps. The cost of stamping rock
was reduced to 1886 cents per ton.
To date Osceola has disbursed S., 20S,
800 in dividends, the last of 81 per
share, paid January 81, having been
the largest single distribution.
Quincy's annual report, covering the
year 1905, makes more favorable
showing in many respects than had
generally been expected. The aver
age yield of the rock treated declined
very materially, being only 1876
pounds to the ton, which is IA pounds
less than ever before in the mines
history; and the cost per pound, as
result of this decline in yield ad-
vanced Al of cent. This, however,
covers everything of an unfavorable
character in the report. The COM
pany treated more rock and made
more copper than in either of the
two preceding years.
Out of its surplus of Sl3.12 per
share the company has just paid
dividend of $5 per share, reducing its
cash assets to SS.12 per share, or
SS12, 900. The Quincy company is
much more conservative than most
other companies in making up its
balance sheet, as all the assets enum-
Grated are cash, copper and accounts
receivable, no mentions being made
of supplies in store or of its railroad,
smelter, or timber lands. 1t is safe
to assume, therefore, that the Quincy
company now has on hand in cash and
the equivalent of cash something
more than S1,OOO,OO0. 1t must be
earning at the rate of SIS to S16 per
share, and it is to be expected that |
the dividend rate of S. per share
semi-annually will be continued while |
copper maintains it present price.
The Quincy is one of the oldest cop |
per mining enterprises in the United
States. 1t began paying dividends in
the year 1862 and with the exception
of 1866 and 1867 it has made distribu-
tions in every one of the succeee eeding |
"a years, the total dividends having |
amounted to SIS, 100000. The man.
of the Quincy deserves the
sincere thanks of copper mining |
interests everywhere for issuing with |
each annual report a complete sum-
mary of it's receipts and expendi-
lures from the date of its organiza-
tion. This statment shows that the
has produced total of 1885,
283, 149 pounds of copper and has sold
the same at an average of 14.73 cents
per pound (this including small re-
ceipts for sllyer). The net profits
have amounted to SIT, ,552, 592 which is
equivalent to 4.69 cents per pound,
an average production
cost of 1904 cents per pound. If
construction be treated as separate
item, however, Quincy's copper has
been made at an average cost of not
over 81 cents per pound, as the COM
pany has expended fully S5,OOO,OOO of
its profits in real estate and perma-
nent improvements, including mining
machinery, an equipped railroad,
stamp mills, a smelter, building, etc.
which all together are probably
worth today very nearly as much as
they cost.
Wolverine has declared a dividend
of So per share, calling for $780, 200.
Six months ago Sc per share was
paid. 1t is estimated that the COM
pany is now earning at the rate of
SI8 to $40 on it's stock.