Bisbee daily review., 1907-05-09
!. $ \. FAYOR|TE WITH HE LAKE
 INVESTORS
Almost Half the Shares Held al the Lake-Eamings Are Nearly Twice the Dividends, Its High Record S198.00,

BOSTON, May S.-The Statist says; On the break in copper shares. Cal anet & Arizona declined 45 points to Sl4S against it's high record Of $19S, allowing for the 8 quarterly dividend. Of this loss of 45 points two-thirds has now been regained. The advance of the last 20 points has been steady and almost without reaction.
 There is no doubt that this stock is the faVOrite at the Lake today. At the time of the last dividend there We were over 90.000 shares out of the 200- 000 held al the Lake and on the break this has been largely added to. One investor there bid $50 for 800 shares when the shares were selling just above that and another placed an or der for l01n sha-eS .z-riiiii1!.s hs dia nHt secure.
 "Much of the buying since the stock sold at $160 has been for Lake ac- cOunc. both on the present attractive dividend return and also on the pros peCg of increased dividends held out by record earnings. The directors held an informal meeting last week at which no action was taken on the dividend. but at which it is very prob able -, amount was discussed. The dividend is due to be declared the middle of this month payable June 20.
 There is no doubt that it will he at least S per share. the rate of the .F.cvious one. and it is said that had il net been for the strike 1t would in all probability be S6, which rate is now expected in September. although the enormous earnings of the company would allow it to increase the rate this month if it were certain that the labor troubles were finally settled.
 The production of Calumet & Ari- Zo0a for the current year, allowing for interruptions and diminutiOns in out put. should be 3S,000 900 pounds. The copper cost, according to the last an- nual report, is around : cents per pound, which means profit Of SSS per share on its 200. 900 shares. or a mar gain of SIS per share over present dividend require ments, which means an addition to surplus of S3,600,O0o per annum.
 There is no other copper com pany in the country which will feel less the decline in the copper metal when it comes. Even, should copper decline to 1872 cents a pound which is likely to be at least the normal if not a low price for copper hereafter, the company can pay dividends Of S2O per share per annum and still add over s100O,0 to surplus. Last year with receipts Of S24.l3 per share net and S13k paid in dividends on an average priceSof IS cents received. the compa- ny carried nearly s2,500,000 to surplus account, which on December 31 amounted to S23.33 per share.
 The development of Calumet & Ari- zona has been the wonder of the min ing world. Instead of starting out with great promise and then petering out with further exploration. the rev elations Of the diamond drill upon its properties have beer far beyond the dreams of the original promoters of the company.
 No copper mine in the country has a record for rapidity of developments and openings for future mining to equal that of Calumet & Arizona. Within the past year exploratory work has opened up new ore bodies that have a value Of around s10.000, 900 in sight, which were of no known merit when the original mine was placed on q paying basis.
 !. Then take the Irish Mag claim which has already palG me SDarehOIu- ! CTS millions in dividends. Not long 5 ago a great deal was said about the ! lack of extent in this deposit and now the general manager says that as much ere vas developed on that claim dur . ing the past year as has been taken out and further that more ore was de- velOped over the property during 1900 than during any one year since ore was found on it and that there is actu- ally more ore in sight today than at any time in the history of the property 2 with a large amount Of most favorable ground which development work has :, not reached at all. ~
 The company has not been forcing production during the present period of high metal prices. but has been leaving the richer ere bodies, beliey- inc that these can be well reserved for the time when copper does not sell ~8t 9 cents and that they will enable the company to pay large dividends when it's competitors earning have bCc1 reduced to low figures.