Weekly Arizona journal-miner., 1905-10-04
COPPER MARKET IS SHORT OF
 SUPPLIES.
lFrom Fridays DailY.l

higher price for delivery previous to
 January. The fact that the leading
 producers, who sell in advance an
 amount equal to their minimum pro-
 duction, are all now making a maxi
 mum output is fortunately resulting in
 fair supply of spot copper coming on
 the market every month. This copper
 is relieving the famine condition, and
 keeping melting pots supplied, says
 George L. Walker in the Boston Com
 mercial.
 Domestic consumers of copper are
 all bare of supplies, and are buying
 quite freely. There has been falling
 off in the European buying demand,
 but this does not reflect reduced con-
 sumption. Manufacturers stocks of
 metal were larger abroad, but they
 are now being exhausted, while their possessors are waiting for easier prices.
 There has recently been a considerable decrease in the foreign visible supply of copper, and though exports so far this year has reached the enormous total of
 170,91 tons, the foreign visible supply has grown less than 900 tons.
 It is not improbable that this months export movement will be somewhat smaller than the average of the year to date. Producing interests say that this will be due to the fact that there is next to no copper to ship. Foreign buying is being discouraged rather than encouraged, and producing and consuming interests are working to- gether to prevent a runaway market. It looks now as though it would be a very difficult matter to supply the legitimate demand for copper during the coming six months, and keep the price below r cents.
 It is rumOred that a large sale of lake copper was made within a week at 17 cents per pound. The copper was said to be for October, November, and December delivery. The high price was paid partly because of the excellent quality of copper, but more because of the inability of the purchaser to se- cure the needed supply anywhere else. It is next to impossible to buy copper in large quantity for nearby delivery.
 There is nothing in sight that gives promise of relief from the present cop per market conditions The mines are now making all the copper they can, and there is no coming increase in that will be large enough to have a marked influence on prices. Indeed, the worlds copper production is now so large approximately 1,500,- 900 pounds-that the discovery and de- velopment of a new Lake Superior or a Butte district, were such thing pos sible, would result in only 15 per cent. increase in the annual output. It seems, there, that the price of copper must remain high until there is reduction in business activity all over the world.
 There is a steady increasing invest ment demand for the best grade of cop per mining stocks. The high price of copper is calling the attention of busi- ness men everywhere to the enormous profits that are being made by the pro- ducing mines, and the tendency is very naturally to compare eoppers with other classes of investments. All of the big mines are now earning more than 10 per cent on the selling prices of their stocks, and some of them are earning nearly 20 per cent. The fact that the consumption of copper is actually exceeding production on 1615e basis, bespeaks future for the industry that: compares favorably with that repre- sented by any other group of stocks on the market. Copper mining stocks as l whole present a much better invest nent record than any other, excepting, possibly railroads, telegraphs and tele- 'HOHSo' anu OOhiPdACu lO IucSc lneH ihowing would be most favorable. Cop 'ers are never grouped with gold and liver enterprises, and elassed as simply mining stocks by anyone who under. tands the subject he is discussing. The eading copper mines of this country 'aid dividends regularly during the ears in which their product went more han half the way to market over rail- pads that were operated by receivers. ike coal and iron production copper mining is essentially a manufacturing usiness. It would be difficult to iseover, however, where anything like he amount of money has been made in oal or iron production that has in cop CT mining.
 The copper mines of the United tates will this year produce approxi-