Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-03-22
SENTIMENT IS
MOREHOPEFUL
IN THEMARkE1
Signs of Activity In Metal
Bond Issue of Nevada Con-
soIidated Was a Success
Greene Consolidated Report.

(By G. L. Walker in Boston Conn.
Copper is stronger. Lake is Ii
cents and electrolytic II "a cents per
pound. There is apparently SOM
clever manipulation going on, as the
market is made to lock weak. Re
ports are circulating or sales at
10 3-S cents, and some financial pa
pers are printing this as news. The
truth is that every pound of copper
offered below the prices | have quoted
finds an immediate sale. There is a
slow but steady increase in the do
nestle buying demand. General BUSH
ness continues normal abroad. and is
beginning to show marked improve
ment in this country. This means a
steadily growing consumption of cop
per. There is every reason to believe
that the output of all the mines will
find market during the remainder
of the year at price which will ay-
erage better than 1S cents.
The expected Improvement in f.
nancial sentiment is beginning to
manifest itself Accumulation of
stocks by strong interests and short
covering are responsible for the sub
stantial advance in prices this week
The public has a big line of stocks
which it bought at lower prices and
it is not active in the market at
present. Small traders are very
shy, buying only on reactions and
taking quick profits. Commission
brokers are not increasing their lines
of speculative stocks. Money is cas-
Ter and plentiful Every factor in the
situation seems to be making for high
er prices.
The coppers are entitled to a fur
Their advance. The best ones to buy
now are Amalgamated, Utah Consoli-
dated, Parrot. Nevada Consolidated.
Cumberland Ely, Utah Copper, Ten
nessee Copper and Copper Range.
Nevada Consolidated stock became
very active and showed great strength
Immediately after the subscription to
its bond issue closed Stockholders
took more than IS per cent of the
100000 of convertible bonds, and
underwriters will get less than 5 per
cent. As the bonds yield 6 per cent
and are convertible into stock at S1u
at the option of the holder, there
were naturally great many invest
ment holders who sold their stock
"ex-rights,' bought more rights ana
subscribed for bonds. The support
given the stock was excellent.
a week or two ago financial pub
LEGATION stated that the Guggenheims
had caused the ore bodies of the Ne
vada Consolidated to be resampled
and had found that the average con-
tent of all the ore was not 2 IL per
cent, as previously stated, but rs
per cent. The statement was not
correct. Its basis is the fact hat the
company has developed about $500
900 additional tons of ore in its Eu-
reka property during the past year
which averages II per cent. This ore
lies near the surface and can be
mined with steam shcvels at a very
low cost 1t IS therefore commercial
ere. and should Weld a profit of $1.25
tons which has been whollyor partial
ing price Of copper.
When the Nevada Consolidated
company was organized it had 2,4OV,'
900 tons of ore exposed in the Ruth
and 100000 tons blocked out in the
Eureka. The former sampled 20 pei
cent copper and the latter % pei
cent. an average of about "a pei
cent copper. This result was obtained
from sampling which was conducted
very conservatively, all the points IL
the mine where the ore looked es
pecially rich being avoided. One o.
the engineers who conducted tbs
sanpling stated that he had reduced
the average results actually obtained
IA per cent for safety. On the basil
of the sampling referred to, the com
many now has 12,000, 600 tons blocked
Out which averages better than 2 pc
cent. and in addition ten millions o
tons which has been wholly or partial
iy proved up by churn drilling.
II is the popular impression tina
Nevada Consolidated and Cumberlant
Ely ores will not concentrate as wei
az those of the Utah Copper AM
Boston Consolidated companies
While it is true that they will no
concentrate as many tons into one
there being considerable more iron Il
The Elv ores. the belief that they vii
not yield up as large proportion Q
their values is in error. asked
q. lacking, general manager of ia
Utah Copper company, about this an
he stated that the Utah Copper con
pany's ore presented much more di
ucult COnCbntTdliA5 PiCDiShb Slie-A -
ores of Ely, Nevada. He said tha
the fact that the Ely ores were muc
softer and the occurrence of the COZ
Der bearing mineral more segregate
would be very much in their favo
The Utah Copper ere has 10 be groun
exceedingly fine. This grinding
expensive. and after it has been a
complished It is difficult to separat
the mineral from the rock. Both tn
grinding and separation will be ca
Ter and less expensive in the case
the Ely ores.
It may be expected, therefore, thu
Nevada Consolidated will be able
make copper from its IL per cent OF
at a cost of 3 cents, and from its 2
per cent ore at a cost of less tina
s cents per pound. The Utah Cope
company is making copper from 1
Der cent ore at a cost Of 8 cent
Comparatively few people realize ii
magnitude and importance of the co
per producing industry which is b
ing developed in the Ely district.
knowledge Of it becomes more wide
extended there will be a greatly ]
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