Bisbee daily review., 1906-03-11

annual report a complete summary of its receipts and expenditures from the date of its organization. This statement shows that the company
 has produced a total of 356,2S3 ,149 pounds Of copper and has sold the same at an average of 14.73 cents per pounc ithis including small receipts flor Silver). The net profits have amounted 10 S16532.592. which is equivalent Co 4G9 cents per pound. indicating an average production cost of lO.4 cents per pound. If construc. ton be treated as a separate item, however. Quincy's copper has been made at an average cost of not over 3-4 cents per pound. as the company has expended fully 5000, ,OOO of its profits iu real estate and permanent | improvements. including mining ma chinery, 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 SS per share, calling for S4SO,OOO Six months ago S6 per share was paid It is estimated that the company is
 now earning al the rate of SIS to s20 on it's stock.
 AmalgamaJed5s decline Is believed I to be no more than a natural reaction such aS should properly follow it's big advance. On any further decline it should be bought for a turn.
 East Butte advanced three points on the curb this week while the re- mainder of the market was weakest The advance came On buying for Butte
 and Lake Supe, srr investors. The work of opening the property at depth
 is already underway and the income from the operations of Ieasers is pay 1 ing all expenses and increasing the
 cOmpany's treasury surplus. A large | stOckhOlder expresses the opinion that there are possibilities of S1O0 per share in East Butte stock.
 | Butte Coalition Mining is the name 1 of the new company which has been 1 organized to control the United Cop per and Heinze properties in the Butte : camp. The Red Metal Mining con- i pany will be a holding company. The | latter has 100000 shares of stock, par value Sl5 per share, and it is Un- dersJOod that c portion of this stosk IwenC into the United Copper company's s treasury in part payment for its prop critics. Apparently the new company paid about S10,OO0,O0G for Heinze's | propedties and about and about S1 ,0O0.- !OUO for the Alice Silver mines, which
 are also in the Butte district
 l The Coalition company starts with i S4 OOO, 900 in cash in its treasury. |.
 is at present producing at the rate of 3G,Oo0,000 pounds of copper per an-
 mum. This output will soon be in
 creased between 35,0O0, 900 and 10000. 900 pounds annually. The Montana Ore Purchasing smelter, which its
 owns. will be enlarged and brought
 up to date, and a concentrating mill
 may be erected. For the present a
 portion of the company's low grade
 ores will probably be sent to the
 Washoe sme!ter for reduction.
 It would appear that the usual Cole
 plan of capitalizing new companies at
 cost has ben followed in the case Of the Coalition company, and the start
 ling advance in the price of the stock from $15 to s45 in two days is simply
 a reflection of the fact that the prop
 critics are worth at least three times he new company's equalization. It
 used to be estimated that the United
 Copper properties were worth $30. 900, 1000. With all of the legal contests
 Terminated, however, and the privi-
 lege Of opening up the several mines
 closed by injunction, the exchange of
 fractional claims with Amalgamated
 and thus rounding out good mining
 areas, these properties may have a
 value of s6o, ,0O0, 900 or more.
 The Alice Silver mines, owned by
 the Coalition company, are understood
 to have been the most prolific prod,1c-
 CTS of the white metal In the Butte dis.
 trict, and as silver came from the big
 veins in the oxidized zone near the
 surface whore the copper had leached
 away, 1t is not improbable that they
 may develop into the biggest copper
 mines in the district The policy of
 the new company will be dictated by two mon who thoroughly know their Ibusiness. who are ambitious to make the greatest possible success and who