Bisbee daily review., 1912-10-06
The Copper Share Market

Inc copper snare market
 The stocks Of the several producing copper companies are advancing. In yestors and traders are coming to a fuller realization of the immense pTo- fits that these companies are making, and they are impressed also by the continually increasing amounts paid in dividends. MaTket-wise the situa- ton Is working itself out precisely as it should Producing companies are getting the benefit of high metal prices now, and their reports should be the first to reflect this great pros perity. Later on speculation natural ly will shift strongly to the shares of the various mining prospects.
 The failure this week of stephen R. Dow & Co. will have a depressing ef- feet temporarily on the low priced speculative coppers. It is extremely unfortunate that the cash assets of the so-called Dow companies should have been diverted from legitimate channels and lost. A great deal of sympathy is being expressed for President Dow, and he deserves it.; but so do the stockholders also. They were honest in their intentions when the bought the stocks, and had every reason, as did others, to believe that the company's financial affairs were being conducted on strict business i principles.
 However, these losses will prove to have been very small by comparison if mines are developed in the various properties. It is an unpleasant in lcident. and should be so treated and forgotten. It will lead to more care and watchfulness by directors of oth' | a recurrence.
 l IL is almost an invariable rule III l. a bull market that mining stocks sell
 much lower when a failure is an nounced or an assessment called thai Ithey do soon after. Of course, there are exceptions 10 all rules; but think the old one will work out this time and that all of the Dow stocks
 will be back to their recent higl
 prices within a few months or a year
 There is now every prospect that aggregate dividend payments nexi
 year by the copper producing com panies of the United States will yer. considerably exceed those of 1906 anC lI9O7. While earnings this year vii sshow an increase of 150 per cent, al
 compared with 1911, dividend pay
 ments probably will not average
 more than 50 to 70 per cent greater As a result. the treasury surplus O practically every company will o'
 large enough by the end Of Decem Der to warrant a disbursement of it!
 total net earnings in dividends nex year.
 The general range of copper shar' iprices is still ridiculously low. Tht stocks of all the leading producers OI
 the list, from Ahmeek down to Wolv
 erine, are entitled to sell higher.
 am particularly bullish on Granb!
 Copper Range, old Dominion, Super
 for. Anaconda. and the stocks of th'
 various porphyry companies.
 Those who do not care to inVes
 and who wish to take a speculatiV,
 chance in a development proposition or prospect, now have the best ol portunity Of an age. During the com , ing two or three years there will b persistent hunt for good coppe mining prospects, and favorable de velopments by companies now doinl exploratory work will be duly appre . ciated. This is a good time to pie up the low priced stocks of Lake Su Iperior and other companies.