Newspaper Page Text
I I1I'WII'" g v jg"nyM?gg PAGE SIX THE B1SBEE DAILY REVIEW BISBEE, ARIZONA, THURSDAY MORNING, OCTOBER 20, 1910 , MINING, MARKETS, FINANCIAL - THE BANK OF BISBEE Bisbee, Arizona. OLDEST AND LARGEST BANK IN SOUTHERN ARIZONA, CAPITAL, SURPLUS AMD UNDIVIDED PROFITS $200,000.00 K ' BUSINESS APPREHENSION TIKES WIS AS TIME PROGRESSES GREAT PROGRESS NOTED UNDER RICKETTS IT GREENE CUB i 'I P.' 'I i 1 .i ;" , ;it It vr i- e m i.j , New York. Activity en the Slock Exchange lncreasjed in spite of in 'terreation of the hllodayn and the undertone of tho market was strong, the tendency of prices being steadily upwards. Tho Influence contnpuung chiefly towards reviving confidence was the October crop report. This removed all doubt concerning the corn crop; the Government report exceeding even the most sanguine expectations .of a 3,000000,000 bujnel crop. Corn Is king, not ony because of Its gretit money value but because of the numerous .direcUons In which j.lt is used both for domestic and In dustrial purposes. In money value It exceeds both wheat and cotten com bined. The wheat yield, though not what was desired has exceeded early ox si sections, and a largo .crop of oats has also been garnered. Tho yield of, cotten has been disappoint ing; ibut, so far ,'as the South is concerned, this will bo fully compen sated for by enhanced prices. AH douSts cpno)?rning the crops are now xut of the way, except cotton, which will be subject; to danger from early frost for at least another two weeks. Since the harvest Is the most important element in our na tional prosperity, it is n, source of satisfaction that this factor of un certainty is now permanently elim inated. The political outlook, another vefl worm element of doubt. Is steadily improving. Radicalism is being Re buked in all directions; issues hive now been clearly defined, and seem to depend very largely upon" person ality. The comparative lack of in terest in election iasurts Is shown by tho fallng olt in registration in all parts of the country compared I with previous years. It Is taken for granted that republicans will have' to face considerable losses at the polls next November, and there is some probability sfcat thje next con gress may become democratic. This fact, however, appears to cause little real uneasiness and tie elections are certainly a much less threatening ele ment than two or three months ago. It is also a noticeable fact thai pub- t e41c opinion is becoming less hostile i , w-.t-u. ..wuua, uu iiug loo jiaruy to public recognition of the fact that managers or the later recognize that they mus; submit to some form of regulation, obey the law and show a decent regard for public opinion. The change in tho latter respect mani fested In various quarter. Is highly encqujraging as tending to disarm much of public criticism. No ont now seriously oars the forthcoming Supreme Court decisions on the oU, tobacco and other cases. The court may force reorganization, but is not going to destoy property values. The decisions when issued will probably have no further Injurious street than tho famous Northern Securities case. No harm but good followed' that do cisetja. The prospects) ot th.9 rail roads securing reasonable treatment irom tho interstate commerce com mission are dally increasing. So that question is also nearlng solution, in this connection President McUreaM address on behalf of the Pennsyl vania before the interstate commerce commission was a str.klng feature. His argument for better rates wa3 temperate, strong and tmed upon well known fact?. It will no doubt have much, weight with the commis sion and do muca towards securing reasonable treatment are the rail roads. Tho present situation as a whole warrants more cheerfulness; The country Is still passing through a jy:rtod of readjustment, evidently not encrely completed. In all proi abmty it is go!ng to be a quiet win ter for trade at large. The disasters so long expected, however, have not pwurred; and tho outlook for a sat isfactory solution of some of the graver economic problems of the u.r is more encouraging than has been the case for many months. lnj dustry Is taking a compulsory rest after a prolonged period ot exces sive activity. Under the' new condi tions we should ere long be accum lating a fresh supply of capital., in vestors havo withheld from the mar ket lor so long a Deriod that f.mrta must be accumulating. Undigested issues must be in process of assim ilation. Banking pplnlon may still to divided as to the future course of tho market, but essential conditions are unmistakably clearing end strengthening. In tho first six or sui monins or the year the stock market was activey engaged in dis counting reaction. Now -that the change in fundamental conditions is being recognized, it is showing equal readiness in discounting recovery HENRY CLEWs! (Mining and Scientific Press.) L. D. Rlcketts, president and gen' eral manager of the Cananea Consol ldated Copper Co. (Greene Cananea), names 6,500,000 pesos as the total of, the expenditures to date for Im provements made by .the present management for decreasing costs and Increasing production at Cananea. It wlU require several months to com plete (do construction work now un way, and It is expected that tho to tal will be raised to 7,500,000 pesos. Concerning. present production, which is at the rate of 3.500.UO0 lbs. of cop per per month, Mr. IUcketts says: ,rWo have found that, owing to tho uncertainties of trade, we could not sell copper as fast as we are produc ing It, and we therefore decided that It was essential to reduce our produc tion in order to avoid the "risk ot a. lower price for copper, or the ne cessity of storing it in warehouses until such time as It could be sold. We regard as merely temporary the curtailment, and bieve that within six months we can Increase our pro- 'duotlon belond all previous records. The present capacity of our plant Is double Chat ot four years ago." The five year contract recently en tered into by the Cananea Consoli dated and the Miami Copper Co. for tho smelting of Miami concentrate at Cananea callu for the handling of 100 tons per day. It is expected that deliveries will be started Jan uary 1. The contract specifies a rato for smelting and provides that the gold and silver in the Miami product shall be purchased by the Cananea Consolidated. This contract was secured by Mr. IUcketts In com petition with American smelters, not ably tho Copper Queen, of the Phelps Dodee Interests, and it serve to bring prominently to public notice thei great economics effected in smelt-1 Ing operations' at Cananea by the IUcketts management, it is mo nrei Umo in the history of raining ana smelUng on the continent that an ar rangement has been made for the shipment ot American ores or mill products Into Mexico for treatment. OFFICERS W. H. ROPHY, PrMidant, J. 8. DOUGLAS, Vloe-Prealdant. M. J. CUNNINGHAM, Caahlar. H. A. SCHWARTZ, Atft Caahter. Deposits Over ONE MILLION Dollars DIRECTORS W, H. BROPHY, J. S. DOUGLAS, BEN WILLIAMS, L. D. RICKETTS, M. J. CUNNINGHAM. Small. accounts aie appreciated, and receive the same careful attention as larger ones. Customers of this Bank are offered every, facility consistent with.prudent banking,. New accounts are invited. 0 PRODUCERS OR IS MUCH BETTER THAN EXPECTED Although tho copper THE NEXT COiflEbS TUCSON, Oct. 19. An early decis ion 33 to which city of Arizona is t get the next sess.on of the American mining congress may be expected dallly now. according to A. W. Forbes of th's city, a member of the advisory board of the congress, and a delegate to the recent congress from Tucson. Though Colonel Randolph favored Phoenix as the location for the 1911 congress, said Mr. ForU.-s, it now ap pears that Douglas, backed by the Phelps-Dodge interests in that local ity will get It. "It appears to be a question of which Arizona town will put up the necessary amount of money," he said. "Douglas now has about $5000 on hand, and another $3000 will meet ihe requirements. "The Copper Queen people are mak ing strong representations to get the congress to Douglas. They are offer ing to throw the Copier Queen and smelters open to the visitors, and will not only afford a most interesting display at Douglas, but also at Bisboe and Nacozarl. it Is well understood that the El Paso and Southwestern will give free ride3 to all delegates within given distances If the congress goes to Douglas. Though the board of directors haa not yet made known its choice, the announcement 13 to be expected any day now. The senti ment seems overwhelmingly in fa or of holding the next convention in an actual mining center. Everything Is working most favor ably for Douglas as the meeting place il the American Mining congress next .year. The board of directors were di rected by the members of the con gre3s ia Los Angeles last month to send the congress to Arizona next .year aad It was pracUcally agreed that Douglas, as the center of the .greatest mineral section of the South west was the logical ai)d desirable jUace for the coniess to be held. , Phoenix was the only other Arizona dlty . mentioned at Los Angeles In connection with tho congress, but del. egatos from Phoenix admitted that Douglas was the logical point, owing to tho great mineral industry here and an nearby d stricts, including BIs bee, Cananea and Nacozarl. Some doubt was expressed at Los Angeles about Douglas' ability to entertain properly the members of tho con gress, but those acquainted with Arlzonans did not share this doufct. believing that when Arizonans invited people as their guests they always, find a way to provide entertainment. As an evidence of tho good will for Douglas among mining men we take the following eritorial from Los Angeles Review: "While official action of the direct ors of tho American Mining congress w.ll not be taken for some time, there Is little reason to suppose that they will ignoro tho suggestion of the members and delegates to the Los Angeles meeting -that the claims of Arizona, and especially of Douglas, be carefully considered. There Is ev ery probability, in fact, that Douglas will be finally selected as the next meeting place and It Is certain that in such event every mining man of Los Angeles and of the Entire South- jwesx win constitute himself a boost- era committee or one to insure a con vention equal to any In the annals of the organization. That Douglas will be able to handle the affair In a cred itable manner goes without saying, especially as one ot her foremo3t cit izens CoL L. V. Powell is now a vice-president of the organization, and may be expected to take part In the arrangements. Arizona, which will add a new star to the flag next year, Js tho logical place of the meet ing. Delegates will see the finest smelter town of the West; the great est high-grade copper mines on earth near by, and will et the same time be guests of as fine a set of fellows as may be found from one end ot the fact that to him fell the honor of in country to the other. The editor of tho Mining Review Is proud of the for the guidance of the directors of troducing the resolution submitted the congress." h tho expectation 'was thai producers statement would show a substantial decrease in the surplus, it was a surprise that the reduction amounted to over 20, 000,000 pounds, which was really the only substantial falling off in the surplus since last January, says Iron Ore. The good showing was brought about by all developments being fa vorable, for in addition to a smaller production of over S,000,000 pounda as compared with August, the de liveries were over 10,000,000 pounds larger than Jn the -preceding month, and the total deliveries of over 139, 000,000 pounds was the largest sinco the large total of last January It Is Interesting to note that the production for last September was only about 1,000,000 pounds larger than for tho same month of last year, but as the policy of curtailment now seems to bo making itself felt, it Is very probable that tho figures for the current month will show a larger falling off In the output than d'd th September figures. It was also well to note that the arge deliveries were the result chiefly ,'ot the large exports of 75,000,000 (pounds'; the largest for eight months, while the domestic deliveries were over 5,000,000 smaller than for Au gust. There Is plenty of room for a larger consumption at home and 'If the foreign demand continues It will not be long before tho stocks of 14S,800,000 pounds will be substan tially reduced. Deliveries for tho last month totalled 37,421,000 more than the deliveries of September, 1909. That the copper situation has not been so badas is generally supposed is shown by the fact that tho total production for the nine "months has exceded the deliveries by only 7,- 000,000 pound9, whfch Is an excess of 21,400,000 less than the excess pro duction for the correspondlns period of 1903, while the production for th nine months just reported for war about 43,000,000 pounds larger thar for the three-quarters of the year 1909. Reduced to a dally average basis tho production was somewhat smaller than for tho preceeding month, but with the exception of Juno and Au gust was larger than for any other month since February. L. J. OVERLOOK Broker Connecting with Logan& Bryan Private Wire System at Denver Pia, Webber Co., Boston and Calumet. ' CORRESPONDENTS 1 Logan A ryan, Chicago and New York. Special .Attention Given to Copper Stocks ..Change of lunch every day at George Robert's on Main street. FUBTHER PROFIT TAKING IS TRE FEATURE OF MARKET (By Frank J. Graf.) (Member Duluth Stock Exchange.) As was expected there was fur ther profit taking in the copper mar ket and this is but natural after the rapid advances of the past few days but the prices did not suffer to any extent although fractional de clines were made in nearly all the active ones. London copper opened 3s 0(1 lower and this caused some selling. Amalgamated sold to 69 3-4 North Butte, Butte Coalition, Calu met and Arizona all sold off frac tionally. Range showed a point de cline. Hancock has been showing excellent strength the past few days with good demand. Superior Pitts burg sold to 12 7-8 but there Is good demand around these prices, Shattuck Is firm at 23 with light offerings. Inspiration sold to 9 3-4 but after a few Eellers have been shaken out we look for higher prices. 'The entire copper market is in good -shape, and while there may be further profit taking for the next few days we believe the entire market wCI sell higher and advise purchases on any decline. The New York market was Inclined to bo weaker and sold off at the close especially Steel stocks, Union Pacific and Smelters. Money rates are higher and this Is fcavlng its effect on the prices London copper off 3s 9d. Sales 637,100. Money 2 1-2. BOSTON Amalgamated 69 Anaconda- - 43. Allouez ..... . ... . 44 Atlantic , 7 Ariz Com 17 Butte Coalition 19 Calumet & Arizona 59 Calumet & &Hccla 5H0 Centennial '2 Copper Range & .... 79 East Butte ..... ... '8& . Granby 34 Greene Cananea 7 Isle Royale 22 Kcowenaw 3 Mohawk 50 Miami 19 Michigan 4 Nevada Cons 21 North Butte as Old Dominion 40 Osceola ax 131 Parrott 14 Quincy 76 Shannon 11 Superior Pittsburg 12 Superior Copper ... . . 51 Superior Bojton Y Tamarack 60 Trinity 6 Utah Cons 2 Utah Copper 51 U S Mining 39 yietoria 3 Wolverine 130 NEW YORK ' Missouri Pacific ..... 5C Rock Island .. 34 Southern Pacific 118 St Paul 127 Penn 132 ew York Central 119 A T & S F 104 L & N .. 14S Erie '. -29 Northern aPdflc .. 120 Union Pacific f 172 Southern Railway 26 Brooklyn R T 7g Reading 152 Gt Northern -. . .. 129 C F I 34 US Steel 5 .76 U S Steel Pfd 11914 American Sugar '".".. lis' American Smelters -. ... 76 & O 108 O &. W 3V4 Canadian Pacific 198 Western Union ..v.. .-.-" 72 Chicago Great Western ..' .. .; 25 C&O . i S....83 M4b Miners' and Merchants' .Bank 9 i r directors: l. c. shattuck jakob schmid l. j. overlook p. m. buckwalter j. m. muheim Bisbee, Arizona CAPITAL $50,000 00 SURPLUS $50,000.00 OFFICERS: L. C. SHATTUCK, President. J. M. MUHEIM, Vice President. P. M. BUCKWALTER Cashier. t I FULLY EQUIPPED To Do Anything in the Banking Lmr teiii Nat Lead 61 Mex Cent 33 Am Loc 40 (By U J. Overlook) BOSTON, Oct. 19. -Heavy profit takinir stonned the advance in cop pers today but by no means marked ' the end ot the present movement. Ua?ic conditions aro improving dally I and a much further rise all inrough i the list and advise the purchase of j wviiiwra ui pruseni prices. ve ue iieve firmly In the future of all the st.cks listed around present level. The market Is -acting extre'mely well. offerings being freely taken and apparently no stock hanging over the market. Paine, Webker & Co. Curb Issues comparatively dull, re flecting the slightly easier tone of tho listed shares. Chlno and Inspir- a'Jon fractionally lower but lack pres sure to sell. Live Oak sold at 27 with light trading. Denn firm at 3 pld with moderate offerings at 3. Shattuck higher in bids. Otter- ingu b-rfJnuo ligat; Cactus fairly sieady. There seems to be an increasing demand for the general run ot curb issues and the leading Issues would respond quickly to any pronounced asength of the New Yorii;and Bos markets. London copper opened off 2s 6d. Total sales. New York, 037,000. CURBS Saginaw 2 Az Mich 10 B Mtn 8 liohemia 4 BalUc 4 Arizpo .... ..... ..: v... 2 BiLai 10 B & A r 4 Chemung 5 Cactus - 61 Cardova 25 Full Paid ax . .. 1 Denn 3 D Daly 2 Elenlta ax 8 Ely Cons 28 Ely Cent 21 OJib 8 Jnspn - 9 Chlno '. 21 Ray Cent 1 Ray Cons 21 Raven 35 Rosalia 40 Sierra ax , 2 Shattuck i .. 23 Silver Leaf 6 Warren ax .'j., 2 South Lake .... ,..'... 8 Cal Sonora a.x 3 Sup Globe ax 13 Goldneld -... ... .., ... 7 La, Rose ..... 4 N TIgro ax : 18 Summltt ,-v-. 57 Copper Queen Consolidated Mining Co. REDUCTION WORKS We Are Now in the Market for the Purchase of Copper Ore and Copper Matte. Correspondence Solicited Address COPPER QUEEN CONSOLIDATED MINING CO. General Office DOUGLAS ARIZONA Why do Our Policies Gve Yoj the Best Protection? . Because, FIRST We hare a strong line of FIRE Insurance com panies with an IMMENSE CARRYING CAPACITY, ana SECOND Our SPECIAL. POLICY FORMS thoroughly guarantee EVERY interest If you contemplate taking out Insurance wo TJCSll I!i3 to hare you call and see what we can do for you. GRAF BROS. INC BISBEE, ARIZONA Main Street and Subway. P. O. Box 859. TeL Bill m0m0m0m0m0mm0m0m0vm ' W. E. Harrison Company Wholesale Agents PABST BLUE RIBBON BEER Pronounced by Connoisseurs to be the Highest Product of the Brewer's Art. ( unable to obtain same fromm your grocer, call op FkaH UK l! 1 , K w Jft .3fl n I WWiM'iI JW.IPMP' 1- i m f M - ,mxP'i ;', 3 vl fee- ..fc.