The copper era and Morenci leader., 1912-04-26
MIAMPS ANNUAL REPORT


 now has four or five churn drills at work on it's property, which adjoins Live Oak on the south. The holes already drilled have proved quite con- clusively that the ore deposit extends south into this company's ground. Continuing good developments will cause the stock to sell higher.
 Miami's annual report for 1911 is issued. The company began produc- tion on a small scale March 15, 1911, and gradually increased during the remainder of the year. Its output was 14,970,557 pounds of copper, cost ing 1925 cents a pound. It was sold at an average of 1908 cents. The company earned $5S7,S50 and closed the year with a profit and loss sur plus of $52S,523, after paying $98,246 interest on it's $1,H5,000 of bonds that remained outstanding.
 Consulting Engineer Charming calls attention to the fact that mining was confined chiefly to the top outer lay CT of the ore body. where the square set and slicing systems are being used for the purpose of covering the ore with mat Of timber. As a re- suit the mining cost, $1. 21 ton, was higher than it would be after this preparatory work is completed. The ore mined came from close to the cap- ping and was more or less oxidiZed, resulting in a lower average recovery, 73 .37 per cent, than may be expect ed later.
 Miami's annual report is a better showing than was expected. The cost of copper, everything considered, was surprisingly low. It tends to show quite conclusively that the com pany will be able to produce it's cop per for eight cents, when operating to full capacity, which will mean earn ings of $4 share on a 16 cent metal market.
 Ore reserves were increased and stood at 1S,232, ,OOO tons January l. 1912. MT. Charming says: 'T am of the opinion that we have by no means reached the limit of our ore." Miami stock is a good investment.
 Amalgamated directors will meet within a few days for dividend action and it is probable that the quarterly rate will be increased to $1, and pos sibly to $1 .25. On a 16 cent metal market the company should be able for it's stock. If it disburses only 8 a share annually in dividends, calling for about $7,75O,O00 it's surplus earn ines will be sufficient to retire it's S15, 100000 of notes in two years providing, of course, the average price of copper is 16 cents a pound.
 Any considerable increase in Anal gamateds income must result from an advance in Anaconda dividends. From this source Amalgamated is now receiving about S6,25O,00O annu- ally, equivalent to $4 50 a share on it's stock. Earnings of the United Metals Selling company and divid- ends on the International Smelling stock it holds, less the interest on $15,000,000 of notes, probably in- crease Amalgamated's total income to $5 a share.
 Anaconda is able to earn over S4 a share on it's stock with copper sell ing at 16 cents. It is understood to have quick assets surplus of over $20, 100000, it's treasury having been swelled by the amounts taken over from Boston & Montana, Butte & Boston and Parrot when those con- panies were absorbed. Anaconda's S dividend rate, therefore, will proba bly, be doubled soon, and an extra Of S2 or $3 a share would cause no sur prise. Higher prices for both Amal- gamated and Anaconda are to be ex- pected.