Bisbee daily review., 1904-05-06
Warren nliningDi$tr
Opportunity of a
 LIFE TIME In Copper Stocks
GROWING DEMAND FOR COPPER
 lN EVERY FIELD IN WHICH IT IS USED.

Produced at About g Gents and Sold
 at 13 cents-This Year Promises to Be Equally Good-NaturaIly Good
 Conditions of the Copper Market. l One of the greatest investment op- portunities of a lifetime is undoubted- l ly presented now by the exceedinly low prices of copper mining stocks. The stocks referred to are those listed on the Boston Exchange, stocks that have already been distributed and in which promoters are no longer inter- ested except as officials or stockhold- CTS. Upwards of 20 of the different stocks represent producing companies, auo about a dozen of these are earn ing money and enjoying great Iros- perity. Unlike other business enter prises, the copper mining companies went through their period of depres- sion two years ago after the collapse of the copper corner. Last year the worlds copper was produced at an average cost Of about cents and sold at 13 cents, a profit of cents per pound. This year promises to see an equally good profit; and within two or three years net earnings promise to show a very large increase. The copper metal market is undergoing great improvement, and copper mining stocks are not as yet rejecting the benef: that is coming 70 them in in- creased earnings. Copper stocks will advance, for in the end natural condi- tions always win in the stock market.
 The copper producing business has some advantages over all others. One IS that copper sells at practically the same price in all the markets Of the world. and as a consequence when the demand falls of in one portion of the world il can almost always be depend ed upon to improve in another. The United States and Mexico produce the greater portion of the worlds copper, and foreign consumers always buy heavily and our exports increase when prices are low. There is growing demand for copper in every field in which it is used; and when it declines in price the uses to which it may be put with advantage multiply. It is by no means impossible that we may again see copper sell at IT cents, and as result. too. of natural conditions.
 Copper stocks are now selling on an average for less than the prices they reached on the 17-cent metal market. Their net earnings on a 13-ccnt market are just about half a great on the average as they would be if the mark ct price could be maintained perman- ently at F cents. The difference is that IT cents was abnormally high, while 13 to If cents is the normal market price of copper. The profit of to cents per pound can be depend ed upon from year to year; and all of the companies have the same amount or more real property, mines, mills. smelters, cash assets, etc, now than they had when their stocks sold no per cent higher than at present.
 The top of the boom created by 17-cent copper market the average price of these 23 stocks was s109.75 per share When the 100000, 900 or 300, ,000, 900 pounds of accumulated cop per was thrown on the market. in De- cember, 1901, and the price dropped 10 II cents per pound, these copper stocks declined to an average of $45.66 per share. They recovered early last year, however, when the metal ac- vanced to above 15 cants per pound, but were dragged down later by the great collapse of security prices in all markets. At the lowest their average price was only $39,12; and their re- covery at the highest of the present year averaged $13 per share from the lowest. At this writing their average price is about s49, or only A per cent of the highest reached on 17-cent copper.
 The reason for present low prices is that the public is not buying. Pro- motion bubbles are being picked by the courts almost daily, and the public is growing into the belief that it has been robbed through its past invest ments. 1t has consequently resolved never to do it again. The public is always moved by advertising, how ever, and when advancing prices and speculative activity again advertise the market the public will buy stocks as it always has in the past.
 There is a small portion of the pub lie that does the same in the stock market that it does in dry goods, shoes and other commodities; it buys most heavily when failures, fires and over-supply have made prices abnor- mally low This portion of the public is never heard complaining about manipulation, dishonest promoters. trusts. Wall Street robbery, etc. It makes money in the market. and is pleased as much by declining market as by rising ones.
 An opportunity is here now to buy good stocks for investment or specula- ton at prices very much below their intrinsic value. While there is, of course, possibility that the market may go little lower, there is no pos sibility that all who want to buy can get their stocks al the very bottom quotations. Prices are low enough now. The era of improvement in cop per has gotten well underway, and fha loofc 0f tho effuarinp oHvsaaS