Bisbee daily review., 1908-05-24
SUPERIOR AND
 P|TTSbURG ID
 ISSUE STOCK
Walker Says Company Re-
 quires S1, 300, 900 and Has Bright Prospects In Connec- ton With Calumet & Arizona
lwalker m boston Coln.)

tWalker m boston Corn.)
 Copper is 8 trifie stronger, but no considerable Improvement is reported yet. Lake is 13 to IS If cents and elecrolytic 12 7-S to 13 cents. The sharp advance in the stock market has stimulated a little new buying. Notwithstanding easy money and the improving outlook for a larger vol tune of business later on American consumers are not buying copper in large quantities. There is every req son to expect that they will come into the market all together little later on, and pay one or two cents per pound more than current prices.
 There is decided revival of inter est In electrical equipment in steam railroad circles. It may be said that there is Q quite general movement in favor of equipping large railroad terminals with electric traction It Is estimated that the real estate Of the New York Central in New York city will be worth s50,000,000 more after the soft coal smoke is efiminat- ed through the introduction of cleo tricity, as it will permit of the cree ton of large office buildings close to the tracks. The same is true in g measure of the terminal properues of the several trunk lines in the vari- ous big cities of the country. There is every reason to believe that cleo tricaI advancement will strike an even more rapid pace during the com ing five years than it has maintained during the past decade. The outlook for the metal market, therefore. is exceedingly bright expect the price dr copper to reaca 10 cents again this year.
 For several weeks past nave been urging the purchase of good copper stocks and assuring the readers or these letters that an improvement in the metal market would be discount ed far in advance by the stock mar ket. There has been splendid ad- vance throughout the copper share list this week, aad present indications are that a much higher level VIII be reached by some special stocks. The best thing about the present move ment is the excellent prospect that it will receive new encouragement soon from an advance in the price or the metal.
 Practically all the stocks have recommended have scored substan- tiai advances. It may be good judg- ment to go little slow on further purchases until after the market has a reaction. Some special stocks are still very cheap and can be bought with a reasonable degree Of safety. I call attention to some of these in the following letter:
 Superior & Pittsburg may issue 15,- 900 shares ot new stock in the near future. It probably will be offered to stockholders at s10 per share, and will yield s1,5e0. .000 The company needs approximately a million dol lars to pay on it's outstanding indebt- edness. accounts and bills payable at Calumet and Bisbee" having been given in it's recent annual report as s1.z75,Os7. It reported slightly less than s20O, 900 on hand in supplies al the mines and accounts receivable, but it had in leash and copper s4TS, 67S.
 It is quite probable that the sale of it's surplus copper has enabled Il to reduce it's outstanding indebted ness: but as the company is produc ing about 1000, GOO pounds of copper annually, 1t should maintain work ing cash surplus of at least s5G0, COG As the property gives promise of de vsioping into copper producer ol very great value, it would seem good business judgment to finance it's re quirements immediately and. put the management in a position to pust forward it's underground work and supply any additional equipment which may be needed, with view t6 largely increasing its production al ter the price of copper advances.
 A mistake was made in tae earl! development work done on this prop erty. Because the large ore bodies d the Copper Queen and Calumet { Arizona were found at depth or 4o' to 1000 feet, the several shafts O the companies which now make ul the Superior & Pittsburg were suni from 800 to 1000 feet and man! miles of underground openings ez tended, resulting in an expenditure o several million dollars. Hardly SUI ficient ore was developed to pay 10 these openings. All the work tende' to show that the ore bodies were deeper down. As diamond drill opeI ations cannot be carried on success fully in the Bisbee district, and as tn abundance of water discourage winze-sinking, 1t became, necessar to sink several shafts 200 to oOS fee deeper and largely duplicate the ca tensiye drifting and crosscuttini which had already been done a $ higher levels. In prosecution of tht work some splendid ore bodies hay ! been located. and there is every res son to believe that millions of ton of aigh grade ore will be develope during the coming year or two.
 The company lost about Sl,0000O last year, and it Is wholly improbs bIe that it will be able to pay v, penses this year. Under the eircuI stances, therefore, the issue of 150 900 shares more stock would seem a most necessary. If such a plan coul be carried through successfully. would put the company in exeeilen shape. It would inspire investors wit renewed confidence in the enterprfs and create considerable buying dS mand Tor the stock.
 At present there are 1,50O.OO shares of 5unerior & Pittsbur stocks outstanding and 500.000 share
 fConffnued on Page Ten)