The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-07-12
BOSTON HEARS GOOD
REPORTS FROM ELYS
FAVORABLE SITUATION

The Boston Financial News in a
resume of copper stocks and the met
al. says: II cannot be said that the
copper shares were particularly act
I've during last week, but they main
tanned a good strong undertone and
with the price of the metal steadily
creeping up II will be but a question
OF time when the demand for these
issues Will appear and IL will be
found that the market is remarkably
bare of floating stocks
There has been no special feature
70 the trading in coppers requiring
comment The floods in Mostana af-
fecting as they have the output of
the Amalgamated properties. and
putting the Great Falls smelter out
of commission. We're perhaps rea-
son for the failure of that stock to
be more active. The feeling on both
Amalgamated and Anaconda is. how
ever, still bullish and much better
prices are looked for before the end
of the year
All reports from the Nevada Com
solidated are very encouraging, and
while the shares of this company
and Cumberland Ely have been in
active it is thought that eventually
the streets will wake up 10 the fact
that il let some cheap coppers 20 beg
ging.
The Lake properties are in
comatose state SO far as trading in
them goes, but there are signs OF
lot doing in Michigan. Reports
come TO hand of favorable finds in
various mines old and new, and the
formation of new companies to work
prospects also goes on apace.
The Atlantic, Victoria and Lake
are some of the low priced issues
about which one hears favorable
comment constantly while the Os-
eeola and the Copper Range mines
are more than holding their own.
Osceola especially seems TO have
taken on a new lease of life. and the
latest reports Is that in its South
kearsarge mine Il has struck zone
of copper as rich. If not richer. than
the Wolverine.
One OF the most active coppers
during the week was Greene-Cananea
which was bought freely for New
York account aud has crossed II ON
the strength Of an early resumption
of operations.
The pool that was trying TO put
up Victoria seems To have gotten
tired of the job. although there is
no doubt that conditions at the prop
erty in the lower levels warrant a
higher range of price for this issue.
Even the most bearish trade jour
nails now admit that the copper
metal market is dull, but very stonrg,
and on all sides the price is quoted
as rising | 3 cents pound.
One of the leading copper pi6due-
ers says that Europe is still very
heavy buyer of copper and while
America is not buying al the moment
producers are holding Lake copper
at l31 X cents.
II is not believed that nanufac-
tnrers on this side have any stock
of the red metal on hand and for that
reason II is felt that there will be
heavy buying later in the year, which
will bring the average price well up
above Is cents. The enthusiasts are
looking for 5 and 16 cent conper
almost any time now.
The most significant thing bearing
on the metal situation is comment
made upon The fact that the biggest
user of copper in the Naugatuck val
ley had been for sometime quietly
terrifying itself with cash in evident
of going into the metal
market for supplies within short
time. The day after the nomination
of Taft, London copper warrants
showed an advance and strong sup
port was noted in the stock market
there for Rio Tintos shares.