Bisbee daily review., 1909-02-04
Mining, STneIterS and Stock Quotations
Weekly Market Letter
 Hayden, Stone & Co.,

| Meantime, the business of the coun- ry IS steadily, but slowly, improving. | The large mercantile houses report a ] good demand for Spring goods. and | trlro seems to be more of tendency 1 inOng merchants generally to break [ way from the hqatto-mouth rut, and roplelizA the'r depleted stock in aa- .cipasion Of C~6crs.
 There g enc fac,or. however. and t5e pcst ..ipJlfyri single faCto- Of an. completely lacking. vlz.:-buying { by the railroads The figures of the Steel Corporation are conclusive eyi- deRco of the almost entire absence of l iemand on the part of the railroads and the other large construction ccn- ceTns. Evidently these interests. will | take TO chance until they know which way the tariff eat k going to jump, ahiie the manufacturers of steel ano ron goods will not take the risk of making anything which they might later nave 10 sell at 8 loss.
 There is no one agency. whica-iD ifs power to promote prosperOu times-can compare in importauce with a progressive policy by the rail roads. Without an active demand for rails and equipment. We can, ana are having, fairly normal business. but 1t were odle to look for anything in the nature of a bon.
 These remarks are especially per tiert in considering the copper metal market The copper producing busi- ness is The only large industry in the country that is running to the limit of its capacity.
 Under these conditions the metal market cannot rule otherwise than heavy. tEOush-as we have befoFs pointed out-Ue Go not regard what ever accommodation of copper siere may Dc as any great menace.
 Tine diyidend-paying copper stocks have now shown conclusively that th,y cannot increase their dividend rates with the metal selling at n cents. and with most Of these stocks netting from g 10 per cent there is really no reason 10 expect muca of an advance in this class of security.
 With business improving gradually bus healthily, with the promise of a tariff settlement by early summer. with abundant money to finance fa ture expansion. and with the promised large return iron the cotton crop. there is plenty of encouragement for the future for the patient holder or stocks. but for the immediate pres ent We can see noth ng but a contin- uance of the existing unsatisfactory conditions n1arketwisc.
 The forthcoming annual report of the Michigan Copper COnuauy for the year ending December 31. 1908. will snow a production Of 5.OO0.20G pounds. and that of mass copper l.. 226.S45 pounds. The amount of rock treated was lS0.54S tons. from which ij is ev dent that the refined recovery Der ton was approximately 16 pounds.
 But while the Michigan made 6 new record of production. the increase is not of any consequence and the gen eral results. particularly the yield per ton, is such as 10 indicate that opera ti0ns. for the period have not shown "a profit. Deyelopment work was not peglected, in addition to which q search was conducted for the Lake and other unexplCrcd veins travers- ing the property.
 The Michigan rock is stamped st the Atlantic mill, the haul to whicn is over two railroads. from which il Wiil be seen that costs for both mill. ing and transportation must ii neces- sity be higher than the average of the Lake Superior mines.
 Interest ceuters, however. rather in the future of this property. and for the year recently entered upon. at least. the outlook is not bright from the standpoint Cf mining profits. Conditions as applying to costs ir tEP various departments have under gore no change. nor are they likely Co until after the completion of the new milling plant. in the meantime ! provision iu the shape of increased ground reserves must be made for the supplying Cf a tonnage equal tc the capacity of the stamp mill, the completion Of which will involve a considerable further outlay
 Construction work ip the mill is practically ai q standstill thougu if deemed advisable 1t could be com r'eted aud placed in commission within six months.
 It will be seen. therefore. that the Michigan will moi be in position io do itself justice or to commence the accumulation of % surplus for divi- ~ Gcuds fer anot ler year. which means that probabl. two years will elapse before inc disbursement Of thr initial dividend
 AMAtGAMATEC
 { The Michigan management has sirained every effort during recent years to shape the mine for a normal 1 scale of production at the least pos : siblc expens., To the shareholders. the ! policy having been to apply the earlp |, iugs to new construction and deyet opmcnt work instead or lowing oi assessments for this purpose. Had it nnl been for the unexpected heavy d.. cline in copper two years ago. CT hat lanything like the ligi price main tained for esen another year. the iearnings would have been sufficient fer the completion ol the surface tesuiUmeni.
 The decision in favor of Che Anal eamated in the Washoc fume case was to nave been expected, and tends to emphasize the fact that ihe bic lC0mpany exercised every reasonable ,pTCcagtioR towards safeguarding the farming interests. Owing to the marked injustice on the face of it. tho effort to secure an injunction failed Ito receive very serious attention. and il is probably well for the future ol le farmers that tleir attempt to throttle the only industry upon whiei itheir market Is depcUdent has mis- carried. The decision fell flat as af ifscting the market for the shares
 UNITED STATES STEEL. 7, Now that tae results of the Steel Corporation for the year 1908 are def