Bisbee daily review., 1907-10-20
GOOD FOR BUYING
 STOCKS
Walker Says SpeCuIatOrS Will Soon Begin to GobbIe Up| CopperSi Marginal Accounts. Eliminated
(By C. L. Walker in Boston Conme, cial

CBy q. L. Walker in Boston Conlmey- | cial)
 The copper market is decidedly l mixed. From one thoroughly reliable l source information is obt2ineI that lake is selling for I5 Is to 15 If cents and electTOlytric aE 15 cents; i and from other sources equally good | it is learned that lake IS selling as low
 as II 1-2 cents and electrclytic at IA cents. Apparently the ss%ng inter | ests are suspicious of one anOther, and che has little or no knowledge ot what | others are doing. It appears that CT D. l per is being sold about haf 2 cent c 1 pound lower in Europe than here. Ca 1 ble adyices this week practically con firmed the rumOrs that Calun:et 6 Hecla was selling copper abroad as low as 14 3-4 cents. On the other hand, the largest buyer of copper in the world declares that ne has SO fdr been unable to purchase auy consider able amount of copper at less than D cents a pound.
 One important producing interest says he has sold some copper to reg ular customers recently, prices to be agreed upon later. The largest pro- ducing and selling interests still quote a price of 15 cents for electroiytic. They are selling some copper, but have heard of no important sales" Consumers are watching the market with a good deal more earne stness than heretofore. It is known positiVe- Iy that a great many of them are all ready to buy copper. There is also basis for the reports that speculative interests are getting together and pre- pairing to take over the surplus copper 1 held by producers if the price is of | fered down. There is more life and snap to the situation at present, there 1 fore, than at any time previous in two months.
 A representative refining interest, who declared that electrOlytic copper l is obtainable in reasonable amounts at 14 cents, was found to regard the l future outlook as most hopeful. He
 thougn, that the situation might con- tinue nervous Tor a short time, but | that it would soon be much better.
 There are about 800 buyers of cop
 per in this country, and TOO in
 Europe" he said: There stocks of l copper are practically nil. Suppose l only 800 of these 1900 buyers should | come into the market and take an av- craze of 100 tons each. This would cut in half the present available sup | ply of copper. If only few consum-
 CTS begin buying copper to the extent | of their requirements, the price must remain firm around the present level; and if anything should develop that would force consumers to buy, the
 price will harden"
 The reports that China is again buy l ing copper in this country are con | firmed. Several purchases have been
 made and inquiries are now going around for about 100000 pounds more.
 I feel very confident that there will
 be decided improvement in the metal market very soon. Unmistakable
 signs of clearing weather are begin
 ming to appear.
 Aside from Greene Cananea, Boston Consolidated and Balaklala, which ] have been particularly weak, there has | been very little shrinkage in copper share prices during the past weeks. l During this period, however, the press
 has teemed with bearish advices on 1 both copper stocks and the metal mar
 ket, and bear trading operations have been kept up consistently. Quite
 number of speculative accounts have
 beeen Hquidated, and the short inter- est has increased materially. At the
 same time investment buying has been a factor. Millions of dollars worth of stocks have been issued in the names of new purchasers and gone into safe deposits boxes. The market position
 has grown stronger every day. A leading commission brokerage firm which a year or so ago carried at one time 60,000 shares of Anal
 gamated on speculative accounts is now carrying for it's clients less than 1000 shares. This reflects the com parative size of the speculative inter est in this and in other copper stocks as well throughout the country. In this case the difference between 60,- 900 and 4000 shares has been taken
 over by big peculative-investmen in- terests, or by the rank and file of in-
 vestors who are buying this stock in
 small lots and paying for it because they think 1t cheap. It must be re-
 membered that it is the collapse Of
 margined speculative accounts which feeds the market in times of severe
 declines. Such accounts have been
 eliminated now, and it seems to me
 that every bearish factor has been
 worked to it's full limit.
 The copper share market Is very
 much oVersold. It is in a position to
 advance very sharply the moment
 there is good news. Investors who
 wish to make a profit out of the next
 rise in coppers should buy them now.
 every time they are weak, and be sat
 is fled to wait for the surplus supplies
 of copper to be absorbed, and for the
 return of business and investment
 confidence.
 Viewed from a speculative stand
 point, there is one particular class of
 stocks which promise to prove very
 interesting. I refer to those in which
 other companies own a very large interest and the floating supply of
 which, consequently, is very small
 Osceola, Old Dominion, Allouez and
 Centennial may be included in this
 list. It is not probable that any very
 large amount of these stocks would be
 purchased around present prices. An
 order to buy 5000 shares of Osceola