Daily Arizona silver belt., 1907-07-24
WHY THE SHARE
 ADVANCE HALTED
It Was Caused by Reason of Lowering the Price of Metal by the Producers and Operators, Says George l.. Walker in the Boston Commercial.

copper market came to an end this week with the announcement of large sales of the metal on n new basis of prices representing a concession of ap- proximately three cents per pound from the high record prices reached in the heavy buying movement of last Feb ruary and March. Lake copper is now quoted at 221s to 23 cents per pound, and Electrolytic is quoted at 22 cents flat per pound.
 The reduction in prices oeeasioned no surprise in the trade, as it had been intimated for several weeks that the leading producers would agree to a concession in prices covering deliveries of copper in the next three months Some large sales of copper for export were made during the week by the Cal umct X Heela and Phelps, Dodge X Co., interests at 23 cents for Lake and 22 cents for Electrolytic. Domestic con sumers are coming into the market for new supplies of copper and large tran sections in the metal are now pending. The atmosphere of doubt hanging over the metal market has been cleared by the action of the producers this week, and it is expected that confidence will soon return to the market and that there will be an improvement on this new basis of prices when the buying movement gets fairly under way.
 Cleveland II. Dodge of Phelps Dodge & Co. says: "'We have made some very large sales of Electrolytic copper at 22 cents, both for export and domestic usc. '
 MT. Dodge also says: ''I feel satis- fed that 22-cent copper has come to stay, and that it will not be obtainable under that price for some time to come. Production is still behind consumption. France, Germany and England are prac- tieally 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 trueture are the only things that could affect the present strong position of the metal, and neither of these events seem liable to oceur.'
 The copper stocks early in the week showed decided strength, and higher prices were recorded throughout the list. The advance was checked by the break in the general market, and by the an nouneement of lower prices for the metal. The latter was n very foolish reason for selling tho eoppers, as a re- duction had been predicted and the prices named are fully as high as had been expected. The price of copper stocks are relatively much lower than the price of the metal justifes. Senti- ment on the coppers was beginning to be quite bullish, and traders were talk ing hold of the market with consider able interest. Those who did not sell promptly saw their profits vanish with great rapidity, and naturally were dis couraged.
 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 sympathized with the weakness in the general mar ket.
 With copper stocks selling on the basis of ls-cent copper, price of 22 cents should afford basis for a substan- tial upturn. Sales of large amounts of copper at that figure mean great pros perity for the producers of copper. These companies will show much larger earnings this year than last, and will add substantially to their surpluses af- ter payment of ividends.-George l.. Walker in the Boston Commercial.