Arizona republican., 1898-06-22
COPPER SECURITIES NEVER BET EaE sT TIER

COPPER SECURITIES NEVER BET FYSA sL- TIER. f.E
 In the hope of profiting by the an nocncement of a small increase in pro- duction during April, 1898, over that of the corresponding month of last year the bears have been trying to down the prices of copper, but their efforts have resulted in dismal failure.
 There are many -and good reasons for their failure to break prices First, the statistical position is such as to be a factor against lower prices; sec ond, the consumption is increasing in a ratio greater than the increase in production; third, the situation in Spain is such that the copper output of that country is likely to be inter fered with at any moment by internal political dissensions- But first or all let us see what was the extent of the increase in the United States for the month of April of this year over the corresponding month of last year, which the bears on the eastern markets were endeavoring to utilize as a club to beat prices of copper down The figures are taken from MT. John Stan tons report, statistician at Boston for the producing copper companies of the United States. He reports that the copper output of the chief producing copper mines in the United States for April, 1898, was '22 ,a09 long tons Of fine cooper, as against IT ,464 for April, 1897, the increase being 5,445 long tons. 4
 Now, while the increase seems, at first blush, large. it loses it's signifi- canoe in the further fact that, there are practically no stocks on hand; the supply visible at the beginning of the year has vanished in increased require ments, while over and above all is the recognized fact that further require ments are in advance of production. It is little wonder, then, that the bears failed to beat down prices; the posi- ton they stacked was impregnable.
 Hon. James F. Mathews of New York one of the leading bullion brokers of the country and recognized authority on the metal market when spoken to on the possible effect the present war would have on copper mining is credit ed with having said it would be bene- ficial, and then he added: "In the last SlA 1AOAlAO Ol6AL lCd0lA6 NOPPCA oIONho have gained $20, 100000 in quoted value, while the gain since September, 1896, is stated at s52 100000. The par value of the stock in the eight companies re- ferred to is but $16,000,000. The east is changing it's opinion on the subject of mining. Good mining shares are held better in war times than those which represent the other industries. The mines are producing commodities which the world needs. Gold is al ways desirable, while lead, copper and silver have gained in price since Mo Kinley's ultimatum. Calumet and Hecla has paid out over $43, 900, ,000 in dividends on capital stock of only 3D. 500,000. The par value of these shares is $25, but they are now selling at $52 each. When this property was a pros- pect the stock went begging at 50 cents a share"
 Viewing the situation from an Eng fish standpoint, the Pall Mall Gazette in a late issue said: "The attention of investors may very well be drawn at the present time to the leading cop per securities. It is, of course, possible that the leading Spanish concerns en- gagged in mining for the metal, such as the Rio Tinto, the Tharsis, and sO forth, may be hampered to some extent by the war interfering with the supply of labor, while there is, of course, a risk of increased taxation. owing to the difficulty in which the government finds itself. But, speaking of copper securities as a whole, the outlook is very encouraging. The statistical po- sition of the metal continues most sat- isfactory, consumption being well in excess of supplies, while the activity in trade promises well for the imme- diate future. And this applies not merely to England, but to the world over. Considering the depression that has ruled in the markets of late, de pression that is not likely to extend much further, except, perhaps, in the case of a few of the Paris favorites likely to be affected by the weakness of the financial position at that center, genuine investors might do far worse than select some of the best known copper securities. The risk of fur ther set back would be but slight, while there is the practical certainty of con- siderable appreciation within req sonable period. Los Angeles Review
 A large number of mining camp: in southern Arizona and northern So nora draw their supplies from No gales.