Bisbee daily review., 1905-06-04
WALKERS LETTER
 ON COPPER MARKET
EXPORTS FOR MAY OF THIs YEAR
 EXCEED 1905.
The coPpers Have Held WeA on the Boards, and Amalgamated Shows In- creased Strength-Metai Market Is Strong.

says in hls weekly copper letter:
 Copper continues strong, and tn situation IS in every way healthy Lake is selling for 15 1-4c and electro lytic for 15 1-Sc per pound ,Domesti consumers, while still disposed to b conservative, are buying considerabl copper for July delivery The -foI eign demand continues active. Chin is a buyer of copper here constantly and Germany has again been in tn, market for large supplies. Export so far this month exceed the tota shipments in May last year. ProduC CTS of copper are sold out sufficient, far ahead so that there is believed ts be no possibility that the price of tht metal will be offered down; and tn, prospect is more favorable to an av craze 15 cent copper market during Ihe remainder of the present yeai than it was a month or two ago.
 In view of the very healthy liquida ton in the New York market, the cop. pers have held surprisingly we'll. There has at no time been heavy sell. ing pressure, and speculative and in Vestment buying demand has been constantly in evidence. The good support of Amalgamated, Utah. Unit ed States Mining, Greene Consolidat- ed, Osceola and Mohawk, and the continued excellent buying of Alloutx Boston Consolidated and Michigan give holders of coppers in general confidence that better things are yet to come in this class of stocks. One large interest, who bought stocks heavily more than a year ago, and has since been rolling up big profits. las recently been selling his railroads and investing the proceeds iI divi dend paying copper stocks. It is probable that others will follow his example.
 The strength of the metal market it a sufficient reason for belief that copper stocks are to enjoy a substan- tial advance and greatly Increased activity between now and the begin ming of the holiday season. We have had better than a 15-cent copper mar ket for little more than six months, and the prospect favors its continu- ance for another half year at least. In this period the producing copper companies have added tremendously to their cash reserves. Some of them have already increased the1r divi- dend payments, and others will in the near future. There is hardly a producing company on the list that is at present earning less than 10 per cent on the selling price of it's stock.
 The general speculative situation is especially favorable to a movement in the coppers. There has been no boom in these stocks for several years, and though prices have had splendid recovery from the lowest of two years ago, there has been no dis tribution of securities. Very few coppers are to be found in margined speculative accounts, and no consid- erable buying interest will have to be enlisted to start substantial advance in quotations.
 Boston is probably one of the strongest financial centers in the country at the present time. Commis- sion brokers were carrying very small lines of speculative stocks when the break in prices began, and losses of traders have been exceedingly small The public is rich and ready to specu- late in coppers as soon as a little en- couragement is offered. There is ground for the belief that this encouT- agement will be forthcoming very soon, and that all holders of copper stocks will have an opportunity [, sell at substantial pr0nE
 Amalgamated was the center of tn bear attack for several days, and its extreme decline from the highest quo tation of the past three years was only IA points. It is known mat the stock was bought very heavily on a scale down by large inside interest The excellent recovery that the stock has already made reflects the strong position that it now occupies. There is very little of it in speculative ac. counts, and traders continue to have the preference for it that they have always had in the past. The outlook is favorable for great activity in Amalgamated for long time to come It would seem that the prospect of considerable advance in it's price if brighter now than at any time in the past year.
 The several Amalgamated sub-con panies have been for some time pas producing at the rate of z55, ,O00.0o' pounds of copper annually. Of thi' the Amalgamated company owns zi0, GOO 900 pounds. Even if this cost an average of 10 cents per pound Amaigamated must now be earning at the rate of g per share for it stock.
 Amaigamated's annual meeting vii be held June 9th, and it is understoo' that a statement will on that date b' issued to stockholders by the manage ment- This statement is expecte' to open the eyes of the financial wori' to the fact that Amalgamated has e1 tensive assets and tremendous Carr ing power. The statements of It's sut companies for the year ending Jun will be filed for taxation purpose about a month hence, and will probs biy be reviewed in my letter of Jul