Bisbee daily review., 1906-03-25
NALMR'S WEEKLY COPPER
 LETTER, MARKET STRONGER
Consumers Have Come Into the Market As K pected and are Buying Copper Freely Very Little Copper Available For
 April or Nay Delivery

The contracts under which Bingham | Consolidated has been smelling the | concentrates of the Utah Copper and Cactus mines will expire some time | this month. As has been stated pre- yiously, these contracts, while not
 necessarily a financial loss to the
 Bingham company, have utilized near Iy the full capacity of it's smelter and prevented 1t from treating ores from it's own mines on which very large
 profits could have been made during
 the past year of high metal prices.
 Beginning next month, the Bingham
 Consolidated company should be able
 to show net earnings at the rate Of s5 10 s7 per share annually on it's
 stock.
 Calumet & Arizona's forthcoming an i nual report is expected to show a pro duction of about 32,000, 900 pounds of l fine copper last year at cost Of ap- { proMmately cents per pound. It was probably sold at an average Of l5 1-2 cents, resulting in a profit of | S2,72o 900, or better than S13 per
 share. At the present time, there
 fore, the company must be earning at
 the rate of about SIS per share; and
 if it pays only S10 per share to stock
 holders, this year, it will apparently add s1 ,500, 900 more to it's already
 large cash surplus.
 Helvetia's shelter, which went into commission a week ago, is doing ex- cellent work. Its present product is
 14 tons of copper matte daily. There
 have been some excellent ore devlop- nents in the mines recently. Hell
 vetia stock is one of the most attract i've low-priced issues on the market 1 II should at least double in price. . Greene Consolidated stock contin- ' ues to work higher, and it's advance is splendidly maintained. The float ing supply of stock is rapidly being ex- , hausted, and as soon as the price gets , above the former high point-S4 l-2-
 the advance will undoubtedly be more f rapid.
 ? The March output of the Greene Con- . solidated will probably be larger than f that of last month, and a considerable
 increase will be shown in April and r May. This years production is ex- f pected to exceed 10000 900 pounds of 7 fine copper and net earnings should approximate S, ,000, 900, or s5 per l share. Next year s output is expected 10 reach 90.000, 900 pounds, and if the ! present price Of copper is maintained. . net earnings should exceed s7 per share. or nearly 25 per cent on the present selling price of its stock ] With its larger concentrator, its re- \ verberatory furnaces, coasters and
 E, L1 2 able to make copper from its lower st grade ores at cost of g 2 cents per } pound. This would make possible S earnings of SS per share on an IS. 2 cent copper market.
 Il The fact that Greene Consolidated has advanced about $4 per share since began to strongly advise it's purchase should not rob it of any of its attract [ iVeneSS. At that time I presented 2 facts and figures to show that it was 5 worth at least $40 per share and would be worth $50 to s75 per share. The 7 development and equipment of the l. eompany's great property is just , reaching a point where a steady !, growth of production and net earnings must be realized. This means that
 1 lnS dGFduCe III lIle pTlCG O1 the SJOEh, l which is already underway, will be ] natural and positive-not manipula. 3 tive and effervescent
 Present dividends on Greene-4u cents bi-monthly-are at the rate of
 6 per cent on a price of $40 per share
 In view of the fact that the company , is now earning fully twice the amount required for dividends, and has raised - s, ,40o, 900 for the completion of mill
 and smelter improvements and ex tensions which will provide for ar ! active decrease in operating costs. its
 stock should sell for at least $40 pei ' share in the present market expect it to reach this price before the mid | de of the year.
 Because it is selling much lowel it's apparent value Greene Consoiidat ed stock is now regarded in conserva : tive financial circles as a mining 2 gamble above $35 it will be consid cred a good speculative purchase, and at s45 to s60 it will be "a relia
 ble investment stock" I made thi! 5 same point on Utah Consolidated 5 when it was selling around s35 to $40
 and also on Copper Range when it wa
 s40 10 s45. and the rule has com, . true in both cases.
 GEO. l.. WALKER.