New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-17

the GREATER NEVADA CONSOLIDATED
CoPPER COMPANY. the holders Of CUMBER-
on the basis agreed on. are assured OF q broader
ana moro promising market for and OF tmIne-
date dividends on their stock These dividends
VIII amount TO not less than 81 per share per
snnum and the hrst payment will probably be
made as soon as the merger Is Effected.
We were Informed to-day by one OF the hxh
officials q the NEVADA CONSOLIDATED that
mino operations by the GREATER corporation
VIII show net profit Tor the year 1910 In ex-
cess or 100000 and that by January I next
the Steptoe plant win be able TO treat suffi-
cient ore to make production OF fns copper at
the rate Of 100000 pounds per annum. The
treasury of the GREATER NEVADA CoNsoIs-
IDATED COMPANY Is glutred with profit
and loss surplus and its certainty of being able
TO maintain earnings IN the future at not less
than 321z per share per annurn on its increased
capitalization Is such that there win be no fur
Their delays In the declaration OF dividends on
NEVADA CONSOLIDATED stock and pay
ments viii be almost Immediately started at tho
rate Of soc per share per quarter. In explaining
to our representatives the terms CT the merger
and the negotiations by which II was finally
agreed upon. this high official said that Messrs.
Htnckle Smith and Hartman Huhne, Philadel-
phfa directors had insisted upon ratio OF ex-
change not higher than one share OF NEVADA
CONSOLIDATED to 31a OF CUMBERLAND
ELY, while w B. Thompson representing the
CUMBERIAND-ELY. held cut for ratio Of
] 70 8. The Guggenheim interests IN NEVADA
CONSOLIDATED had little concern IN the ratio
OF exchange as they own ~ Of the issued CAPT
tallxation OF Zach corporation and with their
Immediate associates have the absolute control
The acquisition or the CUAbERllAND-EllS1 Dy
the NEVADA CONSOLIDATED. in addition 70
giving 1t absolute ownership OF the NEVADA
Northern Railroad and OF the Steptoe Smelter,
NEVADA CoNsoLIDATFD for the reason that
the three million tons OF ore blocked out In the
Veteran workings OF the NEVADA CONSOLE
DATED are OF a character which VIII be great
ly desired by the reduction plant, being ideal
In their smelling qualities as they carry a large
percentage Of iron. Exclusive OF It's investment
in the NEVADA Northern Railroad, we under
stand that CUMBERLAND-ELY has invested
s3.2o0.00o in the Steptoe plant which, by jan
uary /, 1910. VIII have cost around Ss,OoO.OOO
1t is furthermore our information that follow
ing the completion Of this absorption OF CUM
BERLAND-ELY by NEVADA CONSOLIDATE
be transferred from the Curb TO the New York
Stock Exchange and a broad and active market
win be made for IL. with the idea Of carrying the
stock 10 very much higher price levels than now
The extinction Of cUMBERLAND-ELY as an
Ely operating company and the transfer or
NEVADA CONSOLIDATED 20 the New York
Stock Exchange will leave the Curb leadership.
so far as Ely coppers ara concerned. to GIROUX
CoNSOIIDATFD and ELY CENTRAL These
two stocks arc amply able to sustain on the
Curb the dignity and importance or Ely as
great copper mining district. The market to-
at $50. the close being sSZ bid. ss5s asked
0I I 5,r tI T AZ fa, svs has nos
itively demonstrated to us that the inside in
terests in this company are aware that there
is some stock pressing for sale and they are
purposely holding the market down. in order
TO take IN this particular stock at q figure as
low as possible But for the fact that this stock
appears TO be Overhanging the market GIROUA
CONSOLIDATED would. in our opinion. have
gone up to-day In sympathy with the other
Ely issues.
As for ELY CENTRAL. which on Monday
with its advance 20 above 50 per share assumed
leadership OF the Curb cOppers In point OF actlV-
ity, the market to-day was but an added dem
OnstratiOn OF the strength and steadiness OF
which this issue is capable. One week ago to-
day ELY CENTRAL closed on the New York
az asked
at S21s bid. S2A asked, marks net advance OF
3Tl2c in the bid price in a week. On Monday
the issue ruled practically firm at saturday
prices. There was market Tuesday, but
on Wednesday ELY CENTRAL jumped to sales
at high S2ss, and its recession from this
high point this movement has been limited
20 u. Since the price OF the stock was firmly
established at above 50 per share on Wednes-
day, the market has been engaged in a harden
ing process and has reached point where
its stability is no longer open 90 question. Spec
ulatively held stock has been handed to the
market at all OF the fractions the scale up
ward, and this gradual taking OF profits has
prevented any reaction. In addition to this,
change in both the character and the quantity
OF the buying. Instead Of spectators who were
prominent the market In ELY CENTRAL up to
comparatively the last few days and who have
been engaged In taking their profits since the
issue established above the So mark the
ELY CENTRAL market is now dominated con-
spicuously by the shrewdest and most expert
has ever produced.
New England and Michigan traders who were
pioneers in the absorption OF the shares Of the
Lake mines ana VINO have followed with their
Investments the careers Of such companies as
UTAH COPPER. NEVADA CONSOLIDATED.
G1ROUX CONSOLIDATED and CUMBER-
LAND-ELY, have become heavy investment
buyers Of ELY CENTRAL. 1t has been this
buying by these experienced traders buying
which is characterized solely by investment
spirit, which has resulted in the hardening this
week OF the ELY CENTRAL market, and which
mas prevented recession OF consequence in the
value OF the stock in spite of the fact that it's
rise 10 sales at SIS on Wednesday brought out
nearly all OF the profit-seeking stock which may
be expected to come TO light until the issue
reaches and passes the IS point.
These long experienced copper stock BUYERS
are guided IN the making Of their investments
purely by considerations OF intrinsic value and
once Chey get into a stock they are willing to
Follow its fortunes 70 the end Of the life of the
mine II represents They are chary about max
ing initial investments, but when they commit
themselves they make their COMMITMENTS for
years and are content 70 stay with the stool,
they buy through the stages of mine develop
ment' OF big market APPROPRIATIONS and on
through the producing and dividend paying eras
Investors OF this class having given careful
study 20 the market and mine situation with re-
spect 10 ELY CENTRAL. have arrived at GER
tain conclusions which may be enumerated in
this manner:
Gated with respect TO ore deposits and is prob
ably as vast in it's mine pOtentialities as is the
estate OF NEVADA CONSOLIDATED.
2. The company has been adequately financed
fOr All mine development purposes.
8. Mine development is being prosecuted
with vigOr which is explained only by the con-
huence OF the management in it's ability 10
quickly achieve the distinction of making not
erty.
4. ELY CENTRAL. the stock. following the
usu2I course OF copper issues from the prospect
20 the producing mine stages Of the properties
which they represent. must naturally and IN
evltably score tremendous appropriations in mar
ket value; IL must, if the aims of its managers
IN the matter Of mine making are realized
acnleVe large Importance a dividend payer.
Finally the shares represent. at present prices.