Daily Arizona silver belt., 1907-02-17
GEO. WALKER 0N
 METAL AND MARKET
,,,ority Believe sthat Copper Will Go cell, Higher and Gives Reasonable r,,nks that Some Copper Stocks Are selling too High.

akR anu ttNNAAN 'aN N'AN wv W fN .5 o5 cents, respectively, for delivery ,,r;ro May and June. Copper ready ~. immediate delivery can be sold for ,,s. cents to 26 cents per pound. There ,, .ign of any slackening in the de .nj and notwithstanding the price is ,, ,buormally high, there is a good ,s,e,t that it will go still higher. r,tremely cold and stormy weather and ,L, I,ng.continued fuel shortage have ..;,pslv curtailed copper production at ,;ra when there is demand for con '5,r,bIv more than the normal output ,y an the mines. This strengthens the ,,,habilitv that the average price of ,nnsr for the entire year will be at Ioast 25 cents.
 The recent decline in copper share .,ises is being recovered rapidly, and, L.l.s. money market conditions become .,,ained again, the best of the eoppers .5onlJ have very substantial advance. The increase in the Quincy dividend ',.rted very favorable influence, and .bs sharp advances in Quincy and g,,pbv stocks helped to start renewal of bnying demand throughout the list. The pace is again getting very rapid fr soppers of questionable value, and l ,.a constrained to warn investors and .ra4uIstors that they should carefully avoid. from now on, the purchase of all .,rpsr stocks which are not known to hove intrinsic value or trustworthy ,r,psors There are great many cop ,sr stocks which are already selling in, high. and comparatively few which .,lI hold out strong attraction to the investor. It is good rule not to buy ,be stock of any producing mine which UopM not be able to show fair earn ing, on it's present price with copper down Co lj cents per pound.
 If somebody wishes to buy all the O.,sola. Tamarack, Isle Royale, Cen ,anpis and Arcadian for consolidation arposes. the small holders of these stocks can afford to graeiously part with their holdings at current prices. All these stocks are high enough and feel quite confident that there is more safety and security and greater profits ,a be made in such stocks as the Bos- ton Consolidated, Utah Copper, Utah Consolidated Copper Range, 6ranby, l Greene, Butte Coalition, Anaeonda and Analgamated than there is in holding ibs others in anticipation of a consoli- 1a,iOu that may never occur.
 Among the lower priced speculative toppers those that look most attractive are shannon, Michigan, East Butte, BasklaIa, Giroux Consolidated. Domin- lon Copper and Utah Apex.
 think holders of Adventure, Ar talian. Franklin, Rhode Island, La Sale, Isle R0yale. Mass, Tamaraek and Trinity should sell those stocks. Some of them may go higher; but on the basis of their demonstrated value, and as compared with other copper stocks mentioned in the foregoing, they seem 'oo high. The habit of profit taking s good one to cultivate, and hope that readers of these letters will try to get into practice by selling a few of those coppers which I have left in the indifferent list on every substantial rse
 Utah Copper will issue 60,000 shares additional stock tO stockholders, pro rata, at S2j. This will give the com TaUy Sl,JuU.UOO additional cash with which 10 complete the work of devel- oPmeut and equipment at its mine and Co construct its big concentrating plant. lls company is building TWO units of i'' mill, instead of only one as orig llally planned. Each unit will be .aRble of treating 5000 tons of ore daily, and their completion will enable foe company to put out $500 tons of ore daily-S0O tons continuing to go to Che old mill in Bingham Canyon, as a' present With such an output, Utah topper should produce about 60,000,0OO 'lh.s of copper annually at cost of cents, or less, per pound. This would provide net earnings of $5 to S6 per snare on a lj-cent copper market, or ~'ie than Sli per share on a 25-cent market.
 Ihe capital increase probably will ao' have a depressing influence on the market price of the company's stock, as "s Hghts should sell above g. and be 'Yh'alent tO dividend of that e'ouhI lt will be recalled that the EAhey recently issued block of new h'e1 tO stockholders at $70 and that
 IS now selling in the market foi ''l'e that price.
 " stated that application has been r'as to list the stock of the Utat
 'PPsf company on the New York
 "A exchange, As is well known, tho
 'ssen0eims, American Smelling & Re
 s interests, own very large block
 Olah Copper stock and control tho engagement of the company. Johr s' Hammond is managing director r,1 lDs company. It is planned to have
 {, 'Tr U, copper increase its output rapidly
 ,,5 5-''DV tons of ore daily, making it'
 r.r., ,ogsuon approximately 125,O00,00t
 .. .u's oi copepr annually. It would
 ai, a-r therefore, that there are possibil
 |, s,oi u an ultimate valuation of $l0t
 ,.., ~" per share for the stock. l ex
 ty " see Increased speculative activ
 i, I 'ns stock and higher prices fo
 'a the near future.
 Boston Consolidated
 ems5 S5'on Consolidated officials expres
 ,o-l nlenee that they will be able t,
 -PeLe the 3.00n.tnn mill now nnde