Bisbee daily review., 1907-07-07
I0LD DOMINION LOOKS VERY GOOD
Copper Authority Says It Is a Splendid Buy at Prevailing Prices and Will Produce at Low Cost.

BOSTON, July 6.-Old Dominion's recent decline does not reflect un- favorable results or disappointment in development or exploratory work at the mine, says Geo. L. Walker. The stock went down in sympathy with the rest of the market. About two thirds of the new stock issued recent ly was taken by stockholders, and the underwriters got 4,0O0 sseres at $50 per share. It is possible that a considerable portion of this new stock has been sold, and that it's sale helped to precipitate the decline.
 It is understood that Old Dominion has recently earned as high as $250,. 900 net profit in a single month It's average for four months past, how ever, has been between S150,000 and s200,000, or at the rate of $6 to ST per share annually on it's stock It is said that the plan to resume divid- end payments on the stock has not been abandoned, but that payments of $1 per share quarterly will be made. beginning month or two hence.
 It is still scoting Old Dominion con siderably more than it should to pro duce it's cOpper-about 113 1-2 cents per pound. This is due in a large measure to the fact that extensive underground development is under way, while two shafts are being sunk and many surface Improvements are under way. The Old Dominion DOT tion of the property alone has 1,SOO men on it's payrolls.
 Another factor contributing to high costs is the necessity of doing all the work and pumping an immense flow of water from the west end of | the mine through one shaft. The two new shafts are not yet deep enough
 to be available. The one in the west
 end of the mine, on the 10th level of
 which it is planned to install a pump | ing plant of sufficient capacity to 1 keep the workings free of water, is
 now down to the 9th level. The west | end of the mine is still flooded, and
 the immense body of self-fuxiHg ore developed a year ago, which carries 1 from 15G6 to 20fo copper, is not sup plying any portion of the companys | present production. l Old Dominion continues to get a
 very large portion of it's sulphur from
 Nacozari concentrates. These do not carry as much sulphur as desired, and
 their extreme fineness causes them to
 choke up the blast furnaces and
 greatly reduce the company's smelling capacity. They are very rich in cop
 per. Of late Old Dominion has been | getting an increasing portion of the
 required suIphide ores from it's own
 mine and others in the same dis l trict.
 The small pyrites vein cut two years ago on the 10th level near the
 shaft has been drifted on for dis tance of 300 feet. It has furnished a considerable quantity of concentrat- ing ore. The entire width of the drift
 at present is in 8q6 ore carrying good excess of sulphur. This vein
 will be developed on other levels of
 the mine. It promises to become a
 valuable source of production. As a result of the treatment of ore from this vein and the new ore body on the l4th level and elsewhere, the concen-
 trate from the Old DominiOn's own milling ores has recently been run
 ming about 30To sulphur.
 | When the rich ores in the west end
 of the mine are again available and : he supply of sulphide ores comes
 chiefly from it's own mines, the treat
 ment of the NacoZari concentrates
 will be discontinued. By that time the company will be in a position to jroduce 2,500,O to 3,000,000 pounds
 of copper from it's own mines, and the
 cost of it's copper should drop below
 l10 cents per pound. After it's fifth furnace of 400 tons daily capacity goes into commission, and it is now l, nearly completed, Old Dominion should be able to earn on a 15-cent
 copper market more than it is at
 present at 25 cents.
 The bonanza ore bodies developed
 in the Old Dominion mine are Of even greater importance than is generally
 supposed. Their significance is that the company will have constant sup Dly Ol NcEy HlEA duC OAC SC AAA4<1 "@N@-
 those of ordinary grade for great many years to coma WheS t+ haa secured an adequate supply a sul' phide ores in it's own mine, a 1t uns
 doubtedly will at slightly greater depth, the company will be able to produce a very large amount of cop7 per at 6 cost which will compare fa } vorably with that of other important producing mines.
 The total capital stock of the Old : Dominion company Is now 300,0O0 3 shares. 4 price of $40 for this stock [ means a total valuation of $12,000,O00. 8 This is a market capitalization of s about 50 cents per pound for the com s pany's present annual production. A e profit of no cents per pound, there [ ere, means net earnings of 20fo on the companys capital stock
 : Old Dominion's property is selling t in the market for about the same
 (Continued on Page Twelve.)