Bisbee daily review., 1909-04-11

stronger. Lake is I3 to 13 Is cents. ! and electrolytic is 12 5-S to 12 34 cents per pound Considerable sales ! of lake have been made recently at | IS cents, one producers having sold 560.000 pounds at this price last week. Consumers are feeling more confident of the future. but are de- !, tered from making heavy purchases by knowledge of the existence of large surplus supplies, and by predic- ] tions from some of those whose in- formation is usually good that the metal will sell down to 12 cents be- fore it has any considerable advance. Foreign spectators have bought a lot of copper, and their holdings are feared as a menace to the market. European consumers have been bid ders, fractionally below current mar ket prices, for considerable lots of copper. Consumption in this country is estimated to be about 65 per cent of normal; but there is every pros pect that it will increase very great ly between now and the end of the year. Production continues unprece- dentedly heavy. While producing in- terests hesitate to go on record that the corner has been turned in the met al market, it is an interesting fact that few of them are willing to sell copper in large lots at current quo tations. 4 In my letter of February 26 I said: ''At this writing the market is al most in a panic. We are witnessing now what old traders term the anx' ious half hour which invariably marks the bottom of an extreme de- cline in prices, and believe all good stocks, especially the coppers. should be purchased now for a big advance" Prices have gone up steadily since then; and in instances the gain has reached six to ten points. Ordinarily it would seem that the advance had been too rapid, and that there should be a reaction from this or a slightly higher point. Were it not for the fact that the greater portion of the buying has been by strong financial interests, and by shorts. and nearly all the selling by the public and small traders, should be bearish for turn. Under the circumstances, however, I cannot help believing that stocks are in very strong position, and I feel reasonably sure that the bull movement will go on quite steadily and carry prices very much higher. At current prices, and -on all slight reactions, I would buy the best of the coppers and hold them for a big ad- vance.
 Amalgamated has been one of the strongest stocks on the list this week. I expect this stock to sell at S90 be- fore it declines to s70 again. On all reactions it should be bought.
 Copper Ranges advance to 77 some time ago, when North Butte and Anal gamated were both selling under 70 occasioned considerable comment, and it was generally believed at the time that the stock was put up to punish an over-extended interest It must be recognized, however, that Copper Range stands relatively better with the investing public than either of the other stocks named. and it has con tinued to pay quarterly dividends oi s1 per share throughout the period ot depression which began early in the year 1907, and North Butte passed two dividend periods without mak ing any disbursement.
 It is certain that Copper Rang made it's copper at a lower cost pe pound last year than Amalgamated and there is good reason for the be lief that its cost is below North Butte also. The company has large treas ury surplus, and it's outstanding as sets. consisting of a railroad propert conservatively worth s7.0O0,O ,OOo, 6 per cent ownership in the Michigan smeiter. extensive dock properties timber and approximately 10000 acre of unexplored mineraI land, are faC tors which must be taken into COT sideration in estimating the intrinsi value of the stock.
 The real reason for the advance
 Copper Range is the very excellen showing which has been developed r' cntly in the workings of its Trimoun ain mine. Exceedingly rich rock being developed at about the IA; level of No. : shat, the 18th level ( No. 4. the 16tn level of No. 2 and tn l7th level of No All these develol ments go to indicate that the IT mountain has for a long time pal been working in a big lens or bunc of barren ground in the middle of 1 mine, similar to the much larger or which was passed through years al in the Calumet & Hecla cOnglomerat' that the workings have gotten belo this barren area, and that Trimour ain has before it the making Of big and valuable mine as Baltic
 Baltic stock were not in the Copp Range Consolidated company's Urea ury 1t would probably be selling s15O and $175 per share. as its ear ings are now greater than any oth individual mine in the district, ( cepting Calumet & Hecla- Of it's 10 900 shares. 9,674 shares are own' by Copper Range Consolidated.
 Last week I expressed the bell that Copper Range stock might 8 at a higher price ;h's year than
 did in 1907, when 1t touched $lO5.
 trust that the req lers of these lette will keep tlis prediction in mind.
 feel very co1Ilent that Copper Ran stock will eventually be worth Sl to S200 per share
 Parrot aas started the cross { from the 1260foo. level O. its Mi shaft. and shodid reacL tc vein
 about two months. On the lOOO-f' level of the Nina drifts have been which distance shows ore from [ tn IS feet wide. which averages fr' 4 to 5 1-2 per cent copper. and aDc five ounces of silver to the ton. (