Bisbee daily review., 1915-03-18
.C. 8 \. REPORT
 GIVES CAUSE .FORNO WORRY
President Briggs and General Manager GTeenWay Make Re- ports on Conditions of Great Mining Property.
INCREASED CASH AND
 ORE RESERVED NOTED
Details of Report indicates a Most Healthy Condition of the Property; New Corneiia Is Commented Upon.

The report of Charles a. Briggs president of the Calumet and Arizona Mining Company with that of the general manager. John C. Greenwav released this morning, indicates tLe healthiest period in the history or .un well known company in the face of industrial and financial depression. The report Of the president and the general manager includes an activity of the Calumet and Arizona and sub sidiary companies for the calendar year of 1914
 In the consideration of the reports of the two officials, the conditions ol the metal markets. from and after the outbreak of the present European Nstruggle must also be contemplated. 1 In the face of serious financial stress both al home and abroadF the conn pany has built up its cash reserves, improved its mine conditions. its great shelter at Douglas, its outside hold. | ings and faces a period of growth and prosperity little dreamed of by com petent mining observers on the com tpany's activity
 1 According to President Briegs re port the total earnings of the Calumet and Arizona Company and subsidiary companies for tho year ending Decem i ber 3l. 1914 amounted Co S851S.999 9; l This is divided into two items one ! the total earnings in copper silver and gold, amounts 70 SS50L0l5.29 two, miscellaneous amounting to Sl4, 984O5.
 The expenditures. according to th, same officials report for the calendar year just passed amounts to S5.303. l 375.11. This involves expenses a mines and shelter salaries office an, general expenses, freight refinin. and marketing. interest and state anC
 federal tax. From the net, or S3,2l5,
 62423, is taken two items charged di rect to profit and loss, amounting |, ! lSl3O0SS.73 This leaves a net incom,
 of $30S5.535.5O
 The following dividends were pai' during the year:
 1 No. 42 March 23 $77l.O 3.75
 No. 43. June D. 77l,2S2.5O
 No. A, December 2l 3OS,692.5O
 Total sl.s51OS8.75 Of the curtailment last year th president has the following to say
 "The critical condition of the meta
 market immediately following th . outbreak of the war made it necessar for us to curtail our production Co th lowest possible point of economy an 7 pass our September dividend in orle ? to build up our cash reserves.
 development and exploratory wor , were continued on the same scale a B before in order Co give employment !, as many men as possible, keep th n mines in first class physical condiuo s and open additional reserves in pre- Q aration for increased production whe h ever the demand for copper will wa
 rant a greater product
 |, At the close of the year an il t creased demand for foreign consum 8 ton caused an upward tendency e the metal market which enables us O resume dividends and make sma # distribution in December Since q l- first of the year we have made mo s crate increase in production and wi IT continue Co increase only as co n sumption may warrant The futu lt is still very uncertain and 1t is qui
 possible that our production will n
 reach normal during this year" .e General Managers Report. Ie The general manager first SC m forth the income and expenditures &, the Calumet and Arizona Compal u- and the Superior and Pittsburg Col IS pany. also the balance sheets of bo n- these companies A careful perus a, of each tcstifies to the excellent cc of ditions in which the properties a at found, and to the management al Id general working force of the compar 't- It also gives a good indication of { IT, future of the copper business in q n- section, reflecting, as 1t does the ie CT ing of tho management in regard oH the situation.
 h. During the first seven mouths sh the calendar year states Gene
 (COntinued on uage tW0)