Bisbee daily review., 1907-10-27
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 CAN'T RAISE MONEY
Claim That They Don't Buy Copper Because Banks Will Not Loan Money To Finance New Enterprises.
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(WalkerIs CopDer Letter i


 Copper has been under increased pressure for the last few days and 1 some lower quotations have been
 made. Lake is now quoted at 13 3-4
 cents and electrolytic at 13 I-2 cents per pound. Only very small amount of copper has been sold at these ] prices, if any at all. Several of the leading producers say they have not
 yet made any sales below A 1-z cents. The exact attitude of two or three of the largest factors in the metal mar. ket cannot be obtained at present, but there is reason to believe that they will refuse to make large sales at eur. rent prices.
 General conditions continue very bad, as viewed from short range. Man ufacturers who are large users of cop per claim that it is almost impossible to obtain accommodations from the banks to help them through with new contracts. Those of the consumers who are in a position to buy are as. much at loss to understand the sit- nation now as they were months ago. The money market is clearly at the bottom of all the trouble. There are hundreds of electrical enterprises awaiting organization or extension un- LII such time as the companies can sell their bonds. The money market ought to be easier very soon, however; and with 1t should come a decided inn provsmsnt in the metal market
 Those who are interested in copper desire most to know what the metal is likely to sell for during the coming ten or twenty years. No better than estimates can be given, of course, and these must have for their basis the probable relation of consumption to production. Though stimulated by prices which have yielded an average profit of 50 per ceut to 100 per cent over the cost of production, the output of copper has not maintained its nor nal growth of 10 pe- cent annually during the past few years. when the worlds production was 1000 ,0000 pounds annually it required only a slight expansion by a few old mines and the opening Of half dozen new ones to provide the 50,000, ,000 pounds needed to make up the 10 per cent in crease. With the worlds mines put ting out 1.590, ,000,0 600 pounds yearly, however. new Cayumet & Hecla, a North Butte and an Old Dominion, or their equivalent must be developed and equipped every twelve months to keep up the 10 per cent annual in crease pace. It will be several years before all the new producers of Bing- ham and Ely combined will be able to put out an aggregate of 15G, GOO, 900 pounds of copper annually.
 Very few copper districts are being opened tip. Those who have been in terested in inning during decade are well aware of the fact that it takes great many thousand wildcat pro motions to make one mine. and also that even tue prospects developed lin- der the direction of the most success ful mining talent often fail of results. It will be a great many years before 4 l. a.I.a sazads 1nn nnn nnh ,znlnds of copper to market annually Arizona's production will not increase 10 per cent yearly again in the lifetime of the present generation. The big gain in output must come. from Utah, Nevada and Mexico, and it is improbable that these combined will be able to increase the worlds production an average of per cent annually during the coming ten years.
 The worlds consumption of copper increases more than 10 per cent annu- ally, on the average; but it fuctuates viry varying business conditions, and is often cut down sharply at times when very high market price en- counters a trade reaction, as it did six months ago. Between 4SS3 and 1898 the copper production Of the world cost about g cents, and the av- craze selling price about 12 If cents This was a normal and fair business profit. Since the last date named the uses for copper have increased very greatly in number, and the electrical demand alone has more than doubled Since 1898 the average price or copper has been I6 cents and the average cost about 10 cents The average profit, therefore, has been twice as great during the past nine years as II was during the preceding fifteen years The higher price can be explained m but one way. It Is due to the Iacl that the consumption demand has lh- creased very much more rapidly tnsh production, fact which was Inaoe especially prominent by the advance in the price of the metal to 26 cents per pound this year.
 Six months ago the copper mines or the world were not putting out enough fQGk6i lO SLDkAE hhC N-o~f standing that there was prSas of 15p per cent over production cozes. Init was not in any way due to . shrink age in production, as the past elgni years have given us such important producers as Greene Consolidated, Calumet & Arizona, North Butte, Utah Consolidated. Copper Range, Mohawk Tennessee Copper and shannon. h decd. the worlds production increased more than % per cent in these eight years.
 My personal acquaintance with tseA copper mining districts Of this conti' nent leads. me to expect an average increase of not over 4 per cent to 6 per cent annually during the coming decade. Some of the old districts will do well to maintain the high rate of production they reached on Scent and 26-cent copper. There are dozen small producers in this country which will either suspend operations or lose