The copper era., 1905-08-31
Walker Predicts go Cent Copper by
 October ist.


 delivery has sold fof 1G cents De
 pound and that price is now bid
 The market price for deliveries dur
 ing the closing two or three month
 of this year is l5g to f6 cents pc
 pound for lake and electrolytic Producers are holding to their polio,
 of supplying the advance demand a
 about current market quotations
 feeling that it is in every way better
 to keep prices down to a reasonable
 level: but the continued pursuit o-
 this policy during the past two
 months appears to have cleaned the
 market bare of cash or spot copper
 thus putting some consumers in .
 very bad position.
 Around the cidse of spring and
 beginning of sumnier q wave of bear.
 ish sentiment swept over the trade,
 and consumers, almost with one ac-
 cord, refused to buy copper for ad-
 vance delivery at 15 cents per pound.
 It was the cGpcensus of opinion at that time that the metal would go back to l4 cents; or lower. During one whole month producing interests declare that the actual buying de mand fell off approximately 75 per cent. The largest metal selling agencies were so well satisfied with the statistical position, however, that they refused to cut prices. They simply waited, Sd far as possible keeping the smaller producing inter- ests in line. It is known, however, that considerable number of mil lions of pounds of copper was sold that month for fraction less than I5 cents:
 The following month sentiment changed, and consumers were heavy buyers of copper for advance de- liveries at 15 cents. The change in sentiment, however, was not com plete. While all consumers bought considerable copper for August and September, practically none of them for their full requirements. It seems that almost every consumer decided to take a speculative chance of getting d little cash copper later on at lower price. This week they have been making the effort, and the eager scramble for just enough to prevent partial shutdown of their works is responsible for the sharp ad- vance in prices. The copper famine promises to be even more acute next month than it is now, and no one need be surprised if cash copper sells at 20 cents per pound before the close of September.
 The word ''famine" is used ad- Producers of copper have sold all they can deliver and consum- CTS have not bought all they will need to keep wheels turning and contracts good. Report says that one of the three largest producing interests told a would-be buyer this week that they could not possibly sell him as small a lot as 100000 pounds for delivery earlier than the last half of November. If this re- fleets the true condition of the sup ply we may soon see the highest prices for twenty-five years.
 A little while ago it was being argued that were it not for the Chinese buying the price of copper would decline. It is now plain that it was this buying that absorbed the last pound of available copper and brought about the famine condition that now exists. There is reason for the belief that there will be a re- newal of Chinese buying demand in the immediate future. Europe is buying more heavily than it was three months ago. This months ex- port movement promises to be large, to date approximating 15,- 900 tons. Revised July export figures are 19,47S tons. There is very nc 5iceable increase in the domestic of copper.
 The experience they are likely to 20 through this month and next will be pretty sure to cause consumers of copper to return to the old custom of buying their supplies three months in advance. While 1t cannot be denied that they saved some money by buying from hand to mouth just previous to the break iu the copper corner. which occurred in the closing months of 1901, it is believed that they have lost q great deal more by fight ing the advance of the past two years. Nearly all of the 12-cent cop per of the period mentioned went abroad, American consumers being exceedingly bearish at bottom prices. it is unfortunate that the laudablc efforts of the Amalgamated selling agency to hold the price of copper down around l5 cents have failed, the loss may in the end be more than compensated by it's educa tional value on some of our domestic interests.
 Summer D1aprhcna m Children