Mohave County miner., 1907-03-30
Copper Share Market.

dragging upon the bottom for week or more and has cut great gash in it. For time it was feared that the bot tom might have been mislaid, says Iron Ore. The copper industry was never in better condition. The legiti- mate mines are making lot of money and earning splendidly upon the in- vestment, but the margining business is as dealy and as dangerous as ever. There was very heavy buying of Greene-Cananea by those who did not expect to take the stock, but who fig ured that they could make profit be- fore the new shares were issued, thus making winning without investing dollar. Unfortunately for them, the eastern gamblers knew what was go- ing on, attacked the shares, and when delivery day arrived the buyers had to take the shares or else dispose of them at a big loss, which many did, as they had bought many more than they could afford to take, this being the result of thinking they could get out before the call was made. This started the copper market on a down. ward course, which was helped by eastern bankers and brokers, who called for additional margins and who would not lend a dollar on the best copper shares in the market. A man with 800 shares of Calumet & Arizona could not borrow single dollar with this splendid collateral. Money rates were advanced and the weak holders were forced out. It was time when a strong national copper bank could have done a splendid and safe business, and many wished the new organization was under way. News came from all points east that stocks were going still lower, and all were advised to sell. The brokers were doing all in their power to assist in pushing values still lower, and the margin dealers were well wrung. Then, as in all such breaks, men with money came into the market, being attracted by the low price of the good stocks, and the panic was averted. Values deceased, about 1000, ,OOO, ,OOO$ it is figured, and all lines as we'll as copper suffered. Antago- nistic railway legislation had its effect upon the rails and industrials, many .,n1lin.r fhot,, StOrly hni,fr foo rful nf their investments. This also had very much to do with the copper losses. Capital was ever shy, and many men did not like the way the railroads were being attacked in congress and state legislatures. Many states have passed 2-cent fare bills and holders of rail- road issues feared this might affect earnings. Then there was report that the western wheat crop had sui fered great damage from the weevel and rust. Every bear was out of his hole and tuning up his particular growl, and the bills were routed in a big stampede. In the meantime cop per continues to sell at 26 cents per pound, all the legitimate mines are busy producing the metal, big earn ings are gained, and there is great demand by the consumers. The peo- pie who have the good stocks and who took the precautions to have them we'll protected, or who own them out right, have not suffered in the recent slump, as they will receive their divi- dends as formerly. They may have done some figuring on the depreciation in the value of their holdings but they were not in the market as sellers, even at an advance over former prices. Copper shares still form the very best kind of an investment. The industry is wonderfully healthy and the future looks very bright.
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