Bisbee daily review., 1906-03-11

As soon as it is demonstrated, other units will be installed and the out. put Of the Champion largely increased Changes have been made in the Fri mountain mill equipment which large ly increase it's capacity, and it is therefore 10 be expected that within six months the Copper Range pro duction, which has been at the rate of 33,000,00O pounds, will be raised to an average of 50.0OO.00O pounds an nually. With such a production the company will be able to earn. and a Is l-2 cent copper market, from S12 to s15 per share annually on it's stock.
 OsceOla'S annual report for 1905 is issu d. and it makes a very creditable showing. The only unfayorabie points ill the report are a decrease in pro, duction of about one and one-haIf million pounds of copper compared with the preceding year, and an in creased cost of nearly three-Quarters of 2 cent per pound. This is eX, Diained by the management, however as due 10 the fact that practically two months production was lost during the year as a result of strikes and ac- cidents. The showing compares with that of the two preceding years as as table No. l.
 It will be noted that the average yield per ton of rock stamped was actually better than in the two pre- ceding years. This is an unexpected ly pleasant surprise. About twothirds Of the increase in the copper cost was due to larger construction eXpendi, lures, the company'S mills having been changed over during the year from the old style to steeple com, pound stamps. The cost of stamping rock was reduced to 1895 cents peI ton.
 To date Osceola has 6LsburseG s5,20S, 800 in dividends, the last of s4 per share, paid January q. having been the largest single distribution Quincy's annual report, covering the year 1905, makes a more favora blc showing in many respects than I had generally been expected. The average yield of the rock treated de clined very materially. being only iG.t L. less than ever before in the mines history; and the cost per pound. as a result of this decline in yield. ad ca1Ced fl of a cent This, however covers everything of an unfavorabLe character in the report. The Compa treated more rock and make more copper than in either of the two pre- crding years. Summarized, it's show ing for 1905 compares with that Of the two preceding years as table No. ?: Out of its surplus Of S13.12 per share the company has just paid a dividend og S5 per share, reducing it's cash as i Sets to S8.12 per share, or sSl2.O0o ! The Qunicy company. is much more | conservative than most other COmpa | nies in making up its balance sheet as all assets enumerated are cash copper and accounts receivable. GC mention being made of supplies in ! store or of it's railroad, smelter, oi timber lands. It is safe to assume therefore, that the Quncy company now has on hand in cash and the equivalent of cash something more than s1.000.0 900. It must be earpins ar the rate of sI5 to s16 per share and it is to be expected that the divi
 dend rate of 8 per share semi-annual ly will bG continued while copper
 maintains its present price.
 During the past year the Quincy in creased its underground openings bJ 22,14S feet, which is nearly four mIes The superintendent states that some excellent copper ground was openet during the year, but the advsntag, accruing in this direction has be1
 nuetralized by declining richness 1T
 other parts of the mine. so that or
 an average the mine Is looking abou
 the same as iI did year ago.
 The Quincy is one of the oldest cop
 per mining enterprises in the Unitet States. It began paying dividendi
 in the year 1862 and with the excep
 ton of 1866 and 1867 iC has made dis
 tributions in every one of the suc
 ceeding years, the total dividends hay ling amounted to s15,72o, 900. The man ,agement of the Quincy deserves tn .sincere thanks of copper mining inter
 Tests everywhere for issuing with eacl