Bisbee daily review., 1906-08-12
WEEKLY COPPER LETTER BY
 WALKER
Consumers Again Buying the Metal = Prospect Fav-
 orS Advance. i,

Copper is becoming active at the prices recently quoted Lake is being scld at Is 3-4 and electrolytic at 1S1 1.2 cents per pound. There have been considerable sales of electrolytic re- gently to both foreign and home con suRers. Just at present the foreign demand Is more urgent than the do- nestle, due to the fact that foreign consumers have been holding back as long as possible and refraining from making new purchases at this level of prices. The foreign situation is one of depleted stocks. This is proved by the fact that exports during the first seven months of this year show a falling off of about 29.0OO tons as con- pared with the corresponding period of last year. The export movement should show a considerable growth during the coming five months. The report from the iron and steel trade are so exceedingly favorable that consumers Of copper are now showing a disposition to abandon their ultra conservative position and pur- l chase needed supplies of the metal forthwith. It is stated on excellent authority that there is almost a dearth Of scrap copper in the market, the long continued high prices having caused | every particle available to be picked up and sold. The prospect is now very favorable to the continuance of the present level of prices for a number Of months to come.
 Copper stocks were quick to respond ! to the improved buying demand which appeared this week, confirming my rerepeated statements that coppers are splendidly held and that only small offerings will be met on advances
 The stronger tone of the London metal market did mnch tc encourage the new buying of copper stocks. Since the termination of the sharp decline in the New York stock list investment and speculative interests have shown a disposition to view securities from q calmer and saner standpoint There has been more measuring and compar- ing of net earnings and dividend yield and all kinds of comDarisons must result, of course, favorably to the cop rers.
 l Readers will recall that I persistent l ly recommended the purchase. at re cent low prices, of Utah Consolidated. Copper Range, North Butte. Butte Co., alition, Allouez, Boston Consolidated. ! Utah Copper, Bingham. Greene and GTanby. These stocks have done rel | D hlf of them having scored splendid ad- vances. They will still do to buy on tevery slight reaction.
 1 If the market continues to strength en. as now seems probable. I would take advantage of the rallies to sell such stocks as Atlantic, Franklin. Isie RGyale, Nevada-Utah, Parrot. Rhode Nsland, Tamarack and Trinity. The low priced stocks that look most at- ltractive to me at presen are Michigan,
 East Butte. Shannon and Helvetia.
 It now seems probable that we are to see strong active market for
 month or two to come. I believe ad- vantage should be taken of this period
 of activity to dispose of all holdings of lstocks of questionable value and to Invest the monew which they repre-
 sent in stocks which stand for proper ties of demonstrated value and earn
 ing capacity. Taken as a whole, the stocks of producing and dividend pay ling copper companies are lower con- paratiyely just now than those of most iof the undeveloped mining prospects. 1 Amalgamated's substantial advance has been assisted materially by the tremendously large short interest in the stock which accumulated when it
 was selling to 10 points lower. At that time the tip was around that it twould go to S85.
 Copper Range is an investment cop iper stock which can be bought on
 every reaction with perfect safety. The
 cCmpany's properties are far enough developed and its earning capacity sui ficiently demonstrated to make it g good investment even on a per cent
 basis. It will undoubtedly pay s6 per share this year, and, therefore, it now
 yields approximately per cent on the
 selling price. I expect this company
 to eventually pay from SIC to $20 per share annually and it's stock to sell at
 s200 per share.
 Butte Coalition gives promise of be-
 coming feature of great activity in
 the Boston stock market. There is
 good buying of it. and good selling as well, and traders express much satis- faction that they are able to operate , in it both ways within an eighth of the l market. The buying reflects the re-
 cent rich developments in the com IpaDy's properties and also the deter } .raination of the management to make ; it one If the worlds big copper pro l.ducers and dividend payers.
 Butte Copper Explorations shaft } should reach the 1.000-foot level by Oc. ; tober l. Punches and stringers cf hiron were encountered at a depth of TIT feet which assayed 1.6 per cent copper and 12 ounces of silver to the