Daily Arizona silver belt., 1907-08-09
GEORGE WALKER
 ON METAL MARKET
Says that Prices of Producers Are Con- siderably Higher than Those Quoted
 on Exchange, but Recession Is Looked
 for-Would Like More Stable Prices.

George l.. Walker says in his copper letter under date of August 3 in the Boston Commercial:
 Copper continues dull and no large sales of the metal have been reported during the past week. Lake copper is quoted nominally at 22 to 22h cents by the larger producers. The Metal Exchange quotations are materially un- der these prices. Europe has apparent ly been the best market for copper dur ing the past few weeks and electrolytic has been sold for export in small quan- titles as low as 2l cents. If copper continues to be sold for export at these prices, it is logical to assume that corresponding recession in prices will take place in the domestic market.
 The falling off in business since July l, as reported by the U. s. Steel corpor- ation, which shows a decrease of 25 per cent compared with the same period of last year, may be taken as a pretty good indication that general business is affected to some extent. This recession has been brought about directly by the stringency of money in all financial centers.
 It would be much more satisfactory to consumers and producers alike if in the near future stable basis of prices could be established and maintained. The consumers alone are responsible for putting the price of copper to the high level of last February and March, Pro ducers tried to discourage the excited buying, but consumers bid against each other for copper supplies for four or five months ahead. One large producer threw 20,000,000 pounds of copper into the market in January in an effort to check the rise. Half of it was taken immediately at 221A cents. It did serve to cheek the prices, but only tenn porarily. The excitement was renewed and the balance of the lot was sold at much higher prices. At the present time, however, the market is unsettled and there is no pressure of demand.
 On account of a falling off in new business, some of tho large consumers find that their supplies of the metal are sufficient to carry them well into Au- gust, although, on the other hand, some small consumers admit that they will have to buy copper very soon or shut down their plants. While not stating their opinion in so many words, there are producers who would not be sur prised if circumstances should bring about further declines in price.
 Copper Share Market
 The eoppers have had bad week. Prices have declined and there has been increased evidence of liquidation by tire dholders. Purchasers of copper stocks selling on basis of 1S-cent copper held on despite market discour- agement because they felt that the mar ket would discount the higher price of the metal sooner or later, and that even if prices did not advance there was little likelihood of any decline from those prices. Copper stocks, however, have responded to the weak tone of the metal market, although copper is sell ing at price that provides amply for all dividends now being distributed. Other conditions have conspired to weaken the market, notably the scar city of money, which has brought lower prices throughout the market.
 Local sentiment is extremely bearisn, as it always is when prices decline. Il
 Traders are predicting much lower prices for copper stocks, and few traders are selling the market short When sentiment is in this condition it usually is time to buy stocks. Condi. tions are not so bad as is alleged, and will not be so bad. There is nothing now to indicate that the price of cop per will drop to figure that will neees sitate the curtailment of dividends, and if present dividends. are maintained tho holders of copper stocks need have nc worry.
 The selling in Boston has been distrib uted throughout the list. Utah Consoli dated, which started the decline, has held quite steady to the lower level, a' if stocks sold above were being recov