The copper era and Morenci leader., 1912-10-11
IN THE MI N E s
WALKERS WEEKLY
 COPPER LETTER
The Copper Market Holding Strong and Shares Selling Active-Good Earnings-GeneraI Review of
 the Copper Market and the
 Progress of the Mines.

Copper is very strong. Lake is IT
 1s to IS cents and electrolytic is IF
 ai to 17 7s cents pound. The ten dency of the market is to harden. Consumers are finding it difficult to make purchases aud there is every prospect that prices will continue to advance. With the lading producing
 mines of Utah and Nevada idle it will 1 be Impossible to supply the demand at anything like present prices.
 i The copper share market seems +o be shaping itself for sharp and sus tained advance. Current earnings, coming dividend increases and the prospect that copper will sell at an average of IT or IS cents pound for number of years to come make tho stocks of all the producing companies worth a great deal more than present quotations, when considered both from investment and speculative stand points. Public pessimism is is giv- ing way to optimism and confidence. People who sold copper stocks months ago at much lower prices are 1 beginning to buy them back. Inside buying continues.
 The stocks of the producing, earn ing and dividend paying mining con- panies are the best ones to buy just now; but later on the more specula tive issues which represent develop ment and prospecting enterprises should substantially reflect the great prosperity which the copper produc- CTS are now enjoying.
 ! Utah Copper's management expects to resume operations with few days Between 50 and 75 per cent of it's em ployees desire to return to work. They undoubtedly will be furnished an arm ed guard and within a few weeks the plant should be operating to full ca pacity.
 Nevada Consolidaued's operations have been discontinued temporarily augurated in Ely on Wednesday ..t :lis week. The miners employed by ail the other companies operating ;n the district also sruck and G!rcuX ar | Bosom Ely are cloned down 9s we'll
 I is wholly a question as to whethoI' the Western Federation shall be re-es- tablished and permitted to dictate to the mining operators, or whether the warming strength of that organization shall be exhausted in this final effort There is no doubt whatever that the mining companies will stand firm and
 II, @f their own business. It may require two or three, weeks to settle the con- test, but it will be settled right.
 East Butte directors have been con- sidering thesmatter of issuing bonds convertible into stock to raise money with which to pay the notes on matur- -ity, however. and they will not be eX tended. No bonds will be issoed at present.
 President Gross says: The direc- tors have voted to postpone an inn mediate decision relative to an issue of bonds, as the copper situation is in such good shape that it was wiser to take up the matter of new financing at a later date. The stockholders will lose nothing whatever through the postponement.
 It is probable that East Butte will a substantial portion of it's indebted ness from it's treasury surplus. The remaining amount can be taken care of without difficulty either by an is sue of bonds or by temporary borrow ing.
 Osceola directors have declared a quarterly dividend of $3 share. Heretofore it's dividends have bee;i paid semi-annually Three months ago S6 was declared and $3.50 nine months ago. This dividend will make $125O a share paid so far this year and a total of s1O,SS1, $50 disbursed by the company since organization.
 The company is vow paying at the rate of SIP per share annually, which is more than 10 per cent on the cur rent selling price of it's stock. Bv changing from semi-annual to quarter ly payments, however, the stockhold- CTS will get more than SIP this year.
 Adventure is drifting on No.11a lo1a and a good showing of stamp rock is being disclosed. The extension of these drifts is of the utmost import ance as this lode, where cut by the shaft was wide and very rich. EX- plcratory work is also being contin1 ed on No. 3 lode.
 Braden Copper is getting very satis- factory results from the Notation pr J. cess ot concentration. Whereas it's recovery of value by the ordinary pro- of ntI..at h.-