White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1910-07-17
L. w. HULSE Il CO.'S WEEKLY
MARkEI LETTER.

Trading in, and the market for
copper stocks, during the week past
has been erratic in the extreme and
slumps taken by a majority of them
have made new low levels for the
year but the rapidity with which
prices worked back has also been re-
markable and shows that there sure
ly Is a supporting party of great
strength beneath the market. Under
the leadership of Lake Copper, which
bore the brunt of bear raid after
bear raid, breaks frequently took
place in the entire list but with very
few exceptions all responded to raj
lies and their losses on the week
were cut to a minimum. The most
severe drop among the coppers was
naturally that of Lake, which from
"a high for the year of above SIS and
a closing price last Saturday of
$43.50, closed yesterday at $1,000. An
extreme low point reached during the
week by this stock was $29 but the
rally which Immediately set In when
this level was reached carried it back
sligntly and its rise has been grad
ual since. Calumet q Hecla, the king
of them all as far as price Is con-
eerned, rallied from the low, $500,
point to which 1t receded last week
and held firm around $50 through
out the week. Trading in this stock
is much lighter than normal and the
drop In price was forced with but
small transactions. The great
strength and ~recuperative powers
that have been displayed by the
naHnhUFU GnnnaFa ana taaalnrI 4
among these the leaders of the Ely
district, has certainly been remark
able and is but further evidence of
the stability of these stocks and of
the feeling toward them in the big
financial centers. Though lower lev
els were reached during the week,
the close on Giroux and Nevada Con
was but very little below that of a
week ago and when the Importance
of the slumps that have taken place
during the week are taken into o n
s%ideration, this is truly a remark
able performance. Big drops were
taken on different days by Ely Con,
Boston Ely and Ely Central but these
stocks were ali laid open TO attack
by reason of conditions at the prop
erty or peculiarities of the stock it,
self. Ely Con. has held well for some
time at around 80 cents but upon the
news of a ; cent assessment having
been levied reaching the eastern mar
kets for the stock a wild rush was
made for lower prices and a low
point of Is cents bid on Saturday
was the result. The issue strength
ened considerably toward the close,
however, which was at 20 cents bid
and 22 eents asked and the stock
certainly does look like a bargain at
these figures, even with the assess
ment yet to be paid. Boston Ely is a
stock with but a small c~apitaliza-
lion and not all of that Issued which
makes the price more or less of a
jumping jack when there is the
least cause for a movement n way
or another. Therefore. when the
news reached the east that the prop
erty had been shut down temporarily, !
IL was a very easy matter for the
stock TO tumble and this II did. Ely
Central continues its downward
course but very slowly. II is because
of the concerted support that is be-
ing given IL However. II is now. in
a market of this nature. selling for
more than II really should and I'M
less confirmed news of a strike at the
property Is forthcoming from there