Bisbee daily review., 1907-07-21
ADVANCE HALTED BY LOW
 METALS
Walker Says Recent Advance In Copper Stock Market Stopped Because Producers Let Down Prices of Metal.

(By Geo. L. Walker in the Boston Commercially
 The long spen of inactivity in the copper market came to an end this week with the announcement of large sales of the metal on 9 new basis of prices representing a concession of approximately 3 cents per pound from the high record prices reached in the heavy buying movement of last Feb fuaTy and March. Lake copper is now quoted at 22 1-2 to 23 cents per pound Eiectrolytic is quoted at % cents flat per pound.
 The reduction in prices occasIoned no surprise in the trade. as it had been intimated for several weeks that the leading producers would agree ta a concession in prices covering de. HVeries of copper in the next three months. Some large sales of copper Tor export were made during the week by the Calumet & HecIa and Phelps, Dodge 6 Co. interests at 23 cents for lake and 22 cents for cleo. tfolytic. Domestic consumers are coming into the market for new SUD- plies ot copper, and large transac- uons in the metal are now pending. The atmosphere of doubt hanging over the metal market has been clear ed by the action of the producers this week, and it is expected that confi- dence will soon return to the market and that there will be an improve ment on this new basis of prices when the buying movement gets fair ly underway.
 Cleveland H. Dodge of Phelps. Dodge & Co. says: We have made some very large sales of electrolytic copper at P cents, both for export and domestic use" MT. Dodge also says: q feel satisfied that 22-cent copper has come to stay, and that it Will not be ObtanabIe under that price for some time to come. Pro- auction Is still behind consumption. france, Germany and England are practically bare of supplies of copper. The large domestic consumers are preparing to replenish their supplies. which are now very low, on the new basis Of prices, and the market should become quite active in the next few weeks. War with Japan or a collapse of the general business structure are the only things that could affect the present strong posi- tlon of the metal, and neither of these events seem likely to occur"
 The copper stocks early in the week showed decided strength. and hlgher prices were recorded through out the list. The advance was check ed by the break in the general mar Ret, and by the announcement of low CT prices for the metal The latter was a very foolish reason for selling the c0ppers, as a reduction had been expected, and the prices named are fully as high as had been predicted The prices of copper stocks are rela- lively much lower than the price of the metal justifies. Sentiment on the coppers was beginning to be quite bullish, and traders were taking hold of the market with considerable in- terest. Those who did not sella promptly saw their profits vanish with great repidity, and naturally were discouraged.
 The decline was the result in great measure of a bear raid. and was made easier by the weakness in Wall street due to wholly different causes. With no decline in the price of copper, the copper stocks would have sympathiz- ed with the weakness in the general list.
 With copper stocks selling on the basis of 1S-cent copper, a price of p cents should afford basis for a sub- stantial upturn. Sales of large amounts of copper at that figure mean great prosperity for the pro- ducers of copper. These companies will show much larger earnings this year than last, and will add substan- tially to their surpluses after pay ment of dividends.