Bisbee daily review., 1909-02-04

Is the fact that the corporation earned more in 1908 than in the last year of depression-19oi
 In 1908 net earnings were approNi mately S9l S0o.000. leaving a balance equal 10 over per cent for the com mon stock. In 190f net earnings were S73.176.000. leaving a balance equal to l per cent for tae common
 tock. Yet the depression Of 1908 was unsoubtedly more severe than
 hat of 1904. The depression Of 1908 vas a greater or major depression. while that of 1904 was a lesser dc precision. or. perhaps more properly. a business reaction.
 The larger earnings of the Steel Corporation in 1908. as compared with 1904, reflect. first of all. the eontinu-
 ne growth of the steel industry. ir- respective of business fluctuations.
 CT a series of years; they reflect also
 he increased capacity and tho more efficient organization of tho corpora uon itself, as a result Of is oXpendi-
 ures cf some S225, 5,000. .0O0 of earn ngs for new construction and im- rrOyemeuts.
 ANAAi tiAN hgAll lisA4 t1afiA bA tAlH A.fNN AA- suits with those ol 1904. ir is evident thaf the Steel Corporations earning power is steadily gaining. The next period of business activity should, hereiore. show larger earnings than those Cf 1906 and 1907. The large amount of new construction. not yet coInplrtcd at the present time, should Dc ready to produce results when the steel Industry ivgains its former ac- tivity.
 Earnings for 1909 are. of course. difionit to forecast because of the state oG business and the tariff un- certainty: but it appears quite possi- ble that they will be in the neighb0r- hood of 10 per cent on the common.
 With the removal of the tariff as q factoT-aud the removal ot tho uE- certainty is of greater import than any probable reduction of dutios-the Steel Corporation should be ready to consider the payment oi { per cent dividends on it's common stock.
 OLD DOMINION.
 The company publishes it's annuaI balance sheet. as of December q. 1908. For the first time this is ac- cCmpanied by an income account. bu, as this is merely the statement Oi the holding company, and does not give any Of the details regarding the operating company. it is of little or no value There is promised. now ever. a full statement of tae opera lions at the annual meeting of the New Jersey company in April
 We venture to predict that it ih.S report is sufficiently comprehensive. it will give tho stock a much better standing with investors than !J Has ever had up to this time
 The impression has become quite general. and no doubt it is correct. that Old Dominion is a very rich prop erty with large possibilities and that -more especially within the last two years-there have been developed at deptd, ore bodies which--l.ecsuse Ol their size and richness-promis to make of this company a heavy earn cr in the future.
 We say we nave no doubt that this impression is the correct one. and under ordinary conditions it serves 10 give the stock good valuation. but when times of doubt and difficulty arise. there are no official figures 10 fan back on: no positive knowledge of the worth Of the mine. It is not @ be wondered at that uufayoTabio rumors easily gain credence. and that shareholders throw ever at low fig ures stock Which-wiTh fuller might retain. We ascribe in large part the rather er- ratic career Of the stock 10 tho lack ct definite information.
 Stockholders iu mining companies may not be mining experts. or capable of approaching highly technical points. but thcy are certainly Of aver age intelligence. and can make due allowance for the difficulties under whica their management may be working.
 Every body knows that it has been the policy ot Old Dominion. not only 70 make the mine pay for it's Dwn development. but to pay for very expensive surface equipment. and fur, ttcr-that Che management have been badly handicapped by underground water
 Such 2 policy iand an excellent onp Y is in tac long gunj and such an obstacle couid have but one result high operating costs, but if the share holders could have been taken nor, into thg confidence or tho manage. EcuJ during this period of develop mcut and construction. We believe that taey would have had more cor. TideIce in the ultimate success uf their property.
 We have no doubt that the report win show that the campaign of ex cessigc construction and dcre!opmcnl work has been about completed. that tle property l5 in better shape thar l it ever has been. and that the cmu p3ny is now in position 10 put oul a very good volume of copper at - reasonable cost. Of course. just ai the nom nt. its production is badly Curiailed by the labor difficulties. ! THE PROBLEM OF ALIoUEz The problem of AlIouez. now that il has ample financial backing. is con INaraisyely simple. lt is merely Uo keep on opening up it's mine until there are 90 many points from whicl to draw ore that the Ore may be SO lected. as much as desired. and ths expense Of opening will he in reason ablc proportion to the expense of act ual mining
 AS producing factor. AllOn,z has row but one shaft its socond shafi has not yet cut the lode. and thongt it is connected with it by erosscut it Tili b. another year at least before it Is furnishing any appreciable am0iInt of rock. aud two ytars before th.re are enough workings tributary Co it 10 practice any degree of sclec i iion.
 The No. shaft has apparcntIy