Bisbee daily review., 1907-08-25
BARGAIN PRICES
 FUR COPPER STOCKS
Walker Thinks Some of Them Too LoW-ExpectS Adjust ment on Firm Basis of Metal Prices Soon.

(By Geo. L. Walker in Boston Con- merciaL)
 There was no change this week in the outward appearance of the so-call- ed deadlock in the copper market, but there are good indications that an adjustment of prices will soon be ar rived at that will be satisfactory to all concerned. At the moment it is not possible to forecast exactly what the new schedule of prices will be, but it will probably be on a basis aear 20 cents, and at all events not below IS cents per pound for electrolytic copper. The feeling among the pro- duceTs this week is better than it has been for a long time. The consensus of opinion seems to be that the new basis of prices will be established probably within the next two weeks, and that a large buying movement in copper will make an appearance with it. The producers also state that when the new basis of prices is set tied it will be maintained for some time to come.
 Putting the price of copper on a stable basis for a stated period should
 
 of confidence in all branches of the trade, and it is believed that it will release a large demand for finished goods which has been delayed on ac- count of the unsettled conditions in the metal market for several weeks.
 Some of the largest consumers of copper have used up nearly all of their surplus stocks of the metal, and they are now prepared to negotiate for their requirements over the end of the year The consumers are anx- ious to see more settled conditions in the metal market, IS the tactics of certain speculative interests in quot ing fictitious prices of copper, tCgeth- CT with the tense financial conditions existing in the money centres, would, if continued much further, bring about total demoralization in the trade.
 While a further adjustment Of prices in copper is pending, the lead ! ing producers are maintaining their ] prices nominaIIy at 22 cents for lake and PISA to 22 cents per pound tor electrolytic copper.
 Consumers who have been in the market during the past two weeks state that they have paid that price 1 for 1t. Some small scattered lots of an inferior grade of electrolytic lave i been offered under 19 ceatS a pound by certain speculative interests. It is , believed that these offerings are made | for the effect of giving d sembIance | of reality to the quotations published 1 by the New York Metal exch"Lce | Consumers who have tested the mar- ket state that they cannot get copper l from any source on the Metal eX- ! change quotations. Many of the mem- i bers of the New York Metal exchange ! state that the quotations on copper sent out from that institution arc fic- l titiOus and that their publications should be discontinued.
 Copper stocks have not been i'm
 mune during tine stock market slump.
 but have felt the effect of the prevail ing tendency and fluctuated widely
 in sympathy with the uncertainties of the situation. With Amalgamated a dozen points lower than it went at the time of the March panic, Copper
 Range in the eos, Calumet HecIa off 25 per cent from this years high point, Quincy below 100, Old Domin- ion around 90 and other active stocks
 similarly situated, speculative hold ings in the copper stocks looked
 rather limp and unpromising. Never the less it remains as truly a fact
 now as it was some time ago that the dividend paying coppers have an in- trinsic investment value based upon
 earning capacity, and it will require
 much greater recessions in the price
 of the metal than are as yet indi,
 cated to destroy that value. There is no prospects that the coppers as a whole will be the object of govern
 mental attack, and in this respect
 they have a distinct advantage over
 some other stock exchange securities It would seem as if they offer induce
 ments at present quotations to those
 who desire to effect an exchange, and
 that 1t would be wise to dispose oi doubtful lines and acquire some oi
 the best of the coppers while they can
 be secured at bargain prices.