Bisbee daily review., 1906-03-25
INVESTOR Of EAST
 NOT PLEASED
Objects to ONeWflOtatiOnS and Combinations by
 Cole Crowd THINKS BONANzAS ARE HURT

A Michigan investor in the Bonanz;
 Circle companies writes to the Re
 view this week as follows: -a' am intrested, as an investor, il
 all of the Bonanzas, but am gertin,
 rather discouraged over this continu
 ous talk of new fotations and com
 binations.
 Do you think the interest of an in
 dividual stockholder in any one o
 the newer Bonanzas is as well looked
 after, as it would be if the time of its
 managing officers was confined to thal
 one mine, as for instance, in the
 early days of the Calumet & Arizona:
 'Is each stockholder kept reason
 ably well informed Of results, and flu
 ture prospects, or Is the Circle grour
 run in the interest of the controlling few?
 Has the development of any oi them. L. S. &. P, for instance, been held back for any reason?
 T would like to see these Ques. tions answered in your paper"
 The publication of MT. Coles close connection with Amalgamated has led a good many people to question their former implicit faith in him, and no doubt without reason to won- der if the Bonanzas are to be used as a stock jobbing scheme for insid- CTS, rather than as a legitimate min ing enterprise for the proportionate benefit of every stockholder.
 The above is from a Michigan stockholder and is the first word of discontent that has reached us from that section where Tom Cole and the Hoatsons have been passing out the nice dividends about Christmas time for the past three years. Bonanzas are low just at present, and the big money to be made on the speculs- tive market, in our opinion, is about passed. L. s. & P. and P. & D. are producing the goods now and the divi. dend checks will soon regulate the real value of this stock just the same as Calumet & Arizona.
 Because Michigan stockholders are not able to turn Bonanza stocks over every Monday morning at nice profit, they should not begin to grum- ble at the management, which has done so many good things in the past
 There is no doubt but what the several new fotations in Montana and Nevada has caused a dump of Bo- nanZas, just the same as the Michigan people about four years ago dumped their old shares and hung around looking for a chance to get into the Bonanza Circle. It need not be in ferred, however, that the Bonanza Cir cle is suffering from a lack Of man. agement. Such men as Cole, Hoatson and Congdon did a pretty good days work when they secured the Bonanza Circle properties for the stockhold- ting out the ore at the Oliver, Irish Mag, P. & D. and l.. s. & P, shipping it to the smelters, and getting the most economical results Increased ore production will now be the reg ulaJor of the market quotations in stead of prospective and speculative values. The Bonanza Circle opera tions are ip good hands. Unless all signs fail, L. W. Powell will accom- plish these results, and the Michigan stockholders should not begin to kick. If anybody has kick coming, ir Is the Bisbee investor, who was not given the opportunity to get in on the ground floor when these com panies were first organized.
 During the visit to Bisbee this week of the officers of the Bonanza Circle, including such men as Thos F. Cole, Capt. Jas. Hoatson, Chester A. Congdon, Chas. d'Autremont, the talk of consolidation of the Bonanza Circle mines was again revived. That this question will again come up for discussion and probable action at the meeting to be held in Calumet the first part of April, is al- most certain. So far as the Review is able to learn the original proposi- ton to consolidate the Calumet & Ari- zona with the remainder of the group has now been abandoned, and efforts of the directors will be turned to- wards a consolidation of the four re- Bonanza Circle properties, in- Pittsburg & Duluth, L. s & F., c. & P. and Junction. Strong op- position was encountered from small in the Calumet & Arizo- na company one year ago when the was first talked of This opposition became so strong that the entire plan was abandoned. It is believed that a consolidation of the four remaining companies would be the wisest course to pursue, and it is that the stockholders in the four Bonanza companies mention ed above are agreeable to the consol- l ldation idea, provided an equitable basis for consolidation can be reach | ed.
 It is believed that the large c & A. surplus which has been hoarNsd,