The copper era., 1907-06-13
Walkers Weekly Copper Letter.


far failed to materialiZe. The
largest producing and selling inter-
ests are maintaining prices, asking
254 to 26 cents for lake, and PSI cents
per pound for electrolytic. 1t seems
that practically all of the copper
which will be ready for delivery in
June was sold last March. Since the
close of that month a total of only
a very few million pounds has been
sold. About two weeks ago 100000
pounds of electrolytic was sold for
PSI cents. Some of the leading pro-
ducing interests declare that they do
not expect consumers to come into
the market as buyers for two or three
weeks to come. Consumers generally
are supplied with copper in sufficient
quantity to meet their full require
ments up to the end of June and,
with present uncertainty prevailing,
they will not buy again until they are
obliged to.
The United Metal Selling company
will continue to refuse to sell July
copper for lower prices than those
quoted at the opening of this letter.
That company is not buying copper
to support the market, but its man.
ager, U. H. Broughton, is known to
be strongly advising the producers
whom he serves not to offer down the
price of copper until they have some
to sell. The Selling company is still
behind in making deliveries on some
of its contracts, and therefore the
management sees no cause to name
lower prices. There is the best rea
son for the belief that Phelps, Dodge
& Co., Calumet & Hecla, Quincy and
the Stanton interests are all taking
precisely the same attitude as that
maintained by the United Metal
Selling company. With these i'm
portant producers working in unison,
there will be a sane and sensible |
handling of the market.
Leading producing interests dis
play no uneasiness because of the
present halt in business. They say |
if they were to sell no copper until
August l, they would on that date
have only one months production on
hand, and they declare that con-
seryative business policy demands |
that they have as much as this on
hand in order to conduct selling |
operations properly. So far as can
be learned, the reported offer of
electrolytic copper at "a cents per
pound has string attachment. No
one can be found who knows of any
sales being made recently at this
price.
Two of the leading producers and
sellers of copper declare it their
honest opinion that the present gen.
Grafton of business men will never
again have an opportunity to buy the
metal in quantity at as low price as
Is cents per pound. The rapid
growth of electrical business in hun
dreds of different directions, the
steadily increasing use of brass in
building, car construction and else
where, the more general use of cop
per for roofing, Notwithstanding cur
rent high prices: and the rapidity
with which electricity is being intro
duced to supercede steam in the
operation of suburban railroad
trains tend to justify the confidence
expressed. The prediction is made
that ten years hence all suburban
railroad trains will be run by electric
power.
The pessimistic, or bear, position
on the metal market is expressed as
follows; "All steam and electric
railroad extension must be discon-
tinued as a result of the inability of
COrpOrations to market new securities
and finance a broader scale of opera
tions. AS result of this these COM
panies will discontinue their heavy
consumption of copper, and when
the brass N mlnufacturers, viii e makers
and other consumers come into the
market again their purchases will be
in greatly reduced volume. This
means that the price of copper must
be marked down several cents per
pound between now and the end of
the year. We have been going too
fast, and we must prepare for the
natural reaction. Business de-
preston will be felt keenly within
one year from today"
A careful investigation of metal
market conditions leads to the belief
that the price of copper will be
maintained at the present level dur
ing July, and probably during August
If there is decline later in the
year, there is no reason tor believing
that the price will be cut below 70
cents per pound, even if as low as
that.
A general change in the assign
ment of priests in this vicinity has
taken place this week. Father Car
net, who has served the church here
tor two years, goes to Clifton.
Father Zimmerman of the church
there is i'll and will take Il vacation.
Father j. Camett comes to this place
and will also look after the church at
Globe for the present. Father Cub
bert, of Morenci, was here this week
to assist in the installation of Father
Camett-BulletiT
Tetter Cured