Bisbee daily review., 1905-06-18
COPPER IS FIRM
 PRICES UNCHANGED
DOMESTIC CONSUMERS HAVE
 BEEN BUYING FREELY.
Foreign Shipments This Month Give Promise of Another 25,o0o Ton Rec ord-Sentiment in Trade Circles More Hopeful.
(walker's Copper Letter)

(Walker's Copper Letter.
 Copper continues firm al unchanged prices. Lake is 15 IS to- l5 1-4 cents, | and efectrolytic is 15 to IS Is cents per pound. Domestic consumers have been buying quite freely of fate, and the opinion is expressed that our home consumption is still steadily in- creasing. The export movement shows no indication of abatement It is understood that the shipments so far this morrh give promise that an other 25.O00-ton record will be made. Sentiment in trade circles is more hopeful now than it was a month or two ago, confidence being express ed that consumption tom now on Wal surely increase as rapidly as produc- ton possibly can. Predictions that copper will sell at TG cents before the end of the present year are frequent " heard.
 Copper stocks have continued dulI and steady. prices averaging Just about the same as a week ago. A luiJdTlSOu Ol luS piiCtS OA -A SOpPNA stocks on May and June s shows net average gain Of seyen-eighths of Q point This has been accomplish cd in a period of stock market uncer- tainUy. a period in which the one trader who is usually the biggest bull has oUtwardly been posing as bear ou coppers in general. The failure of prices to decline is not wholly due to the fact that coppers are already inexplicably low. in view of the cur l rent metal market conditions. but also i largely to the fact that there are al most none of these stocks in the 1 Street on margined accounts. The or | canizer of a bear campaign in cop pers at the present time would not stand more than one chance in five ! of securing a profit on his operations. ii seems to me that the last obsta- Cle to an upward movement in cop pers has been removed. The New 1 York stock market has been thorough Huuidated and is not at all likely ito go any lower for Q long time tu ! come. Consumers of copper have re ] eained confidence in tTIe metal situa ! tiCn. It is now recognized that there ] is no over-production Of copper and ! that none is likely. Amalgamated' g 1 statement has been issued. and. when i more fully understood. will be regard ed with favor Money is easy and ] brokerage conditions are iH every way {, favorable to more activity in the To cal market.
 ! Copper Range has declared us sec end quarterly dividend of s1 per share ] The stock is being well bought, and ] there is apparently very little of it I in the street. Rumor says that il is } now time to buy Copper Range again for a substantial rise.
 | The May output of the Champion ] mine broke all former records. be l ing .095 tons of mineral, equivalent 1 to l.5l1 900 pounds of fine copper, or j at the rate of more than 1S,000,0OC {; pounds annually. This is ne-.Gly ! equal to the output of the Quincy 1 company. Figuring on the basis of l last years costs, Champion must have ! earned about S114000 net in May. or at the rate of more than s13 per Slare
 annually on it's stock
 In connection with Champion it may ! be well to remark that the Bureau is ! again misleading its readers as to the dividends paid by this company
 Champion has 10 date paid a total of nine dividends of $1 each. three in
 1905. two in 1904, and four so far this year.
 Isle Royale's exploratory shaft on fife Eacfiof, 1 in Ts4 from ghe 159 to the 5OO-foot level immediate ly. and it IS announced that it will be carried down single compartment l This means to a mining man that the
 showing Cf copper at that polnt Is not yet sufficiently favorable to war
 rant development operations of a per
 manent character. This is what feared wlcen I visited the location in September They simply have the oiu Isle RoysIe lode which is famous fo4 it's very rich bUncehes of copper ground and long stretches of nOn-pro- ductive vein. I would advsei hold CTS of isle RoyaTe- to sell it and. in vest tire proceeds in Allouez, Miehi gan, AAmeek, Winona, Mass, Mohawk,
 or some other copper stocks having brighter. future prospects.
 Michigan's recent rich strike, in the
 NIin1resota lode at the14th level is really the deepest opening ever made
 in that formation. The point where it was cut two or three years ago
 ana found of indifferent valfe was
 at the 18th level. The 14th level in
 the Minnesota is reached by a cross
 cat from che G,75Ofoot level of the
 eompany-s shafts on the Calico lode.
 A great deal of very rich stamp
 rock has. been taken from the new ' opening. and development work is be ing pushed to determine whether oI not the deposit is an extensive one
 The strike is regarded at the Lake q: furnishing strong evidence that tht values in the lode go down to great depth. There is a good buying de mand for the stock.
 . l T-tah CoDoof6afa6rc cauni-aupua1 Iii