New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-21
The Financial World.

much pressure has been put upon quotafions
throughout the week, practically all the Pro
fessional talent OF the Stock Exchange ranged
on the bear side. net changes are almost Wholy
advances Some gains are notable Where
there are declines there are especial causes.
rather easily traceaole.
Ons element Of Importance shows in the ex-
nrass,on Of more confident Views upon the part
OF influential financiers. Bankers are less pes
stpnistic-even II not yet sure that reasons for
present money market embarrassment are over.
II Ia difficult though to find any practical bank
manager who will urge expansion IL viii re-
ot1ire absolute certainty as TO crop knowledge
before such advisers will be inclined to change
attitude.
! Meantime all business records In the indus
trial and commercial world have cheerful char
acter. Our international trade exhibit Tor the
year ending with the first Of this month ought
to have tonic influence. While imports reached
81 34 900 OOO what we shipped abroad was still
bigger by SAC 900. OOO-and our total trade
n quarter of a billion dollars bigger than IN
1906 Yet however enormous this international
volume may seem. II is but trife compared
with the domestic commerce OF our country
our agricultural crops alone double the value OF
international trade in its entirety.
| Prosperity does not vanish II does not d.
minish 1t grows-every day-vastly. meal
culaby.
Among corporation events this week. signfh-
canoe attaches 10 the action which places Anal
gamated Copper shares upon fixed per cent
dividend basis One thing undisputed IS that
the European demand for copper is greater
than ever and the consumption in this country
shows little abatement. But the various brass
and wire manufacturers have been putting of
purchases in hopes OF getting the big producers
/ I {
4 producers seem IN hurry TO do that They
know that the production Of copper lags behind
the consumption. and that the brass and wire
! manufacturers must buy copper even II they
/ have to pay 80 cents pound for IT.
It is a subject of, great surprise in the copper
| trade that few big copper mines have become
/ producers since the high prices for the metal
| began to prevail After the settlement OF the
/ Montana copper war 1t was thought that the
AmaIgamated mines at Butte would greatly in
crease their output Of copper. The very reverse
/ has been the case. The Anaconda mines under
! the Marcus Daily management. and with most
/ wasteful reduction works wont TO produce
/ 100000 pounds OF copper annually Ana
| conda's production has now fallen of p per
| cent although it's ores are being treated nlors
| efficiently than in Days time. A lower grade
| OF ore is being mined from all the Amagannated
| properties and the Butte district, in spite OF
| the immense development which has taken
| place FOR the last two years. is producing less
copper than ever. The Amalgamated people
may be working their lean during the high
] prices OF copper their mines are being ex-
/ hausted The Lake country is showing small
! increase in production and small increase has
/ taken place IN South America. but no rich cop
per mines there are yet producing.
The Guggenheirns have some extensive prop
critics IN the Ely district and Mt Heinze is de-
velopins immense copper mine at Bingham
/ called the Ohio. In another year the Ohio viii
have capacity Of 100000 pounds year and
the Guggenheirns should be producing 100000
/ 600 pounds from the Ely camp by 1909. and
| Heinze's Davis-Daly will also be big shipper
in 1s0s-but this does not help the consumers
of copper now. They must buy the metal and
/ controlling producers can demand any price
they please for 1t is this fact which Is most
reflected in the AmaIgamated's dividend i'm
/ provement.
/ Coincident significance appears in the action
! Of the British Columbia Copper Coulpanys
| trustees who this week have placed their stock
upon liberal dividend basis. II has lons been
! a matter OF knowledge in the copper trade that
| the British Columbia property IS phenomsnally
rich-but the present management Including
/ such important Wall Street men OF affairs al
| Colgate Hoyt Edwin Hawley and Charles A
Starbucl) have been making progress much be-
vond what has become generally known; and
! this dividend declaration (equaI 10 Is per cent
upon the price Of the stock) merely reflects the
. turning OF prospects into cash actually. This
( dividend takes the form OF a regular distribu
ton plus an extra allowance. which latter
amount will in all probability be materially in
creased az the very dividend day. How
far within the warrant OF the conpany's surplus
earnings is this dividend is easily discovered
upon the slightest scanning OF the company y
financial report. Succinctly two thousand tons
OF copper are produced daily at profit Of 81 a
ton. or s4.0O0-eQualling S120.00O per month and
$1.440.0O0 per year. The company's total capital
stock CIT has no bonds other indebtedness)
is only S2.500O0O The dividend could be 80 per
. cent-with still a fat surplus left
As in copper. so IN gold mining we are about
TO have inspiriting disclosures. Nevada is pre-
pairing 10 break all records. At Goldheld We
may have from this time forward developments
hitherto unapproached. New York fnanciers
are taking interests OF millionaire Importance
Ore from the most important property there Ia
grading far higher than even Western en-
thusiasts have ventured to anticipate. One
shipment OF go tons sent TO its mills BY the
Goldheld Consolidated Company July Melted
at the smelter value OF $500 per ton
All Nevada is IN a new whirl Goldhsld's
/ amazing exhibits creating the impetus. And
operations are now resuming upon Constock's
famous lode.
Stock Exchange sentiment has had 10 with
stand rather large current sales OF United States