Bisbee daily review., 1908-11-13
OLD DOMINION AT 56 SHOWS
 B|G ADVANCE
From Low Price of Year Ago the Present Figure Is Equal To a Gain of Eleven Million Dollars
(Boston Financlal Nws l


 Old Dominion selling at 56 shows aii advance from the low (31), of a year ago of SS points, an appreciation on the 2SS.00 shares of nearly $11,000,000 While it is true that the issue declined to the above figure along with the gen. eral liquidation and came back to it's present price proportionately with the general list. the main factor in the stocks upward movement has been the developments at the property ana the prospects for an enlarged output at lower cost.
 The mine output of nearly 3,700. 900 pounds of copper for October, was the largest of any month this year, and If the last two months of the year show as alarge total the company will have produced total of approximate fy Ss,o00, 900 pounds for the twelve months. But the encouraging feature of the Old Dominion is that the man agement has made no effort to mine it's best ores, merely taking it as it comes and yet the increased quality of the product, together with improve ments in mining methods. has rc- suited not only in larger output, but
 
 pound. For instance in 1901, the cost per pound was 12A cents. where as this year it is down to 10 cents with the figure steadily being low cred
 Figuring that the 39,00O,000 pounds of copper produced this year at a lG cent cost and the selling price at 131s cents, Old Dominion is now earning at the rate of $1 1865, 900 per annum, a sum equal to $40 per share. Of course the cost has not been as low as 10 cents throughout the year, but it is safe to assume that the surplus for the twelve months will equal at least $4.00 per share. And if one con siders the immediate future with an advancing copper market, it is not hard to imagine that beginning with 1909, Old Dominion will be earning at least $500 per share. The strengtt of the stock therefore, is due to the conpany's earning power and the ex- pectation of an early resumption of dividends.
 In the past, one of the handicaps of the Old Dominion has been its heavy capitalization, but this has BCtu III 1JpO lUS uced less than 19,O00 900 pounds of re- fined copper, or about 2.S pounds per dollar of capitalization. This year the output will represent over five pounds per dollar of capitalization When the output reaches 50,000, 900 pounds, as is confidently expected. it will represent over S6.60 per dollar There Is also due the company over $2.000,0 900 from the Bigelow suit, which equals nearly S700 per share.
 The mine is located in the largest known mineral district in the country and the company will doubtless be one of the largest producers in the country. In addition it's surface work is about all completed and the smelt- ing of the whole district, in which severaJ new properties are expected to be opened in the near future, will be done at the Old Dominion smelters.
 The company has no floating debt so that the proceeds from the sale of copper will be entirely available for the stock. With copper selling at Is cents and the cost at 10 cents, Old Do minion on a 50,OO0,OO0 pound produc- ton can show earnings of nearly $9.00 per share.