Bisbee daily review., 1906-02-25
METAL MARKET ACTIVE
tcontinued From Page s.)


 mines, where he will spend several weeks thoroughly inspecting every de tail of .he company's business with 6 view to reducing operating costs and increasing gross earnings.
 Helvetia's crosscut at the S00-foot level has opened 2-toot vein of high grade sulphide ore. and this has been followed a distance of IS feet. The company's smelter will be blown in within a few days. It is understood that the directors will soon levy an as- sessment of 50 cents per share on the company's outstanding stock. This will provide s95,000 for working capi- tai.
 Greene Consolidated appeals to me as one of the best purchases on the list. Recent developments have served to demonstrate that the stock is in a very strong position. The readiness with which President Greene organ ized a syndicate to underwrite the new stock issue of 136,000 shares at S2s, without commission, furnishes conclusive proof that he has more powerful following than ever before. and also that this following has un- bounded confidence in the intrinsic value of Greene Consolidated stock. It stands to reason that the interests who wanted the stock sufficiently to serve as underwriters without com pensation will add to their holdings in the open market, if necessary at a higher price, after the present sub scription is closed.
 A liberal comparison from almost any point of view will make it fully ap- parent that Greene is selling exceed fngly low. The present price of s26 per share means a total valuation, including the new stock issue. Of S26, ,000, ,00e. or oniy 40 cents per pound for its annual production of 5000, 600 pounds of copper Anaconda at s70 ix selling for s84.000. 900. or 70 cents per pound for it's 12o,OOO.Oo0 pounds of copper. The properties of the United Copper company, which pro tiuced something less than 30,000,000 pounds of copper last year, have re- gently been sold privately for more than the nreSent market value of Greene Consolidated. The Quincy. Osceola. Tamarack. Franklin and At Iantic mines at Lake Superior, whose combined production is about equal to that of the Greene Consolidated com pany, are selling in market for s30.- 0oo, 900. There is no probability, hoy ever, that the last named group will ever increase their output as much as 4000o,000 pounds, while there is every reason to believe that Greene Consolidated will make as great an Increase as this within two years. In fact Greene Consolidated has all the elements ot first-class copper mining investment: present heavy earnings and substantial dividends, ex tensive territory and practically un limited ore resources, developed mines a large reduction plant and demon. strated ability to make a large and continuous output of copper. The only factor lacking is ability to oper ate at low cost and there is every reason to believe that this will be supplied by the reinforcement and ex tension of the plant which is now un Jerway.
 The statement made at the stock holders meeting by President Greene shows that the company is exceedingly ll ID ucluS S1sVOvsOVG oi Its own money at present, this amount being represented by copper in pro cess,i mining supplies. merchandfse and cash; but it needs s2,000. 900 addi Tio17l to enable T. to do all of its busi Dess without borrowing in advance on its copper cons;gnments. President Greese estimates that the company has in assets. iu supplies, plant, equip Dent, railroad, electric lighting plant water system. town site and timber IaDss value of s25 100000. making no account Of it's mines and mineral lands. He says that the company has fl miles of underground openings and he estimates ore in sight and prob ably in sight above the lowest work 1ncs as being sufficient to give tht stock total value of s100 per share
 n is known to be the opinion of tn, management that as a result of th' expenditure of the s3,400 900, to b. Enised by this sale of new stock, tn, GoTnpany's production can be increase, fo 9.000. 900 pounds monthly; and con Tidence is expressed that this amour of copper can be made at a cost O. 2 cents per pound. If we assume , fssare yearly production of 100000 ooe pounds. st cost of 9 cents. th' company will be able to earn $4 pc zhare on 6 l3-cent copper market, [ ur a 15cent copper. and s9 on . 1a cent copper market Such net earn Tc~s would entitle Greene Consolidate. ztock to sell in the market betwee, s5c and sl00 per share. It is post F'- to cut down official expectation -3r.siderabiy and yet see in Green stock much greater value than is rep resented by current market prices.
 There is every reason to believe tina Ihe Greene Consolidated company vii zt least continue it's present divideni
 yments. which aggregate $40 pc
 aare annually. Such dividends vii
 aIi for s2.400.0ee annually on the in
 raased capitalization. and. in view o rne fact that the company's net earn q \. A L-