Bisbee daily review., 1907-05-26
WALKER SAYS META. PRICE
 |S STRONG
General Business Conditions Warrant Belief Price of Cop per Will Be Maintained Throughout the Year,
Amalgamated Is Accumulating Large SurpIuS-Europe Has Been Geeting Along With Surprising Little Copper.

Geo. L. Walker riting in the Bostos Commercial says:
 Copper continues quiet at un. cnanged prices. Lake is offered at 70 l-2 cents to 26 cents. and electro iytic at 25 IA cents per pound. Con snmers are still waiting; but they are showing more interest in the nlarKet every day, and it is fact generally recognized that very large amount or copper must be bought or con tracted for in the immediate future. Available supplies are so exceedingly small that a break or decline in prices IS as near an impossibility as any thing in trade can be. The consump- uon demand Is easily large enough to absorb every pound of copper that will be ready for delivery during June, July and August. Prodncers will have no difficulty in selling at the current level of prices all the COD pers they can send to market.
 Europe has been getting along. dur ing the past three or four months, with surprisingly small amount of new copper. It is supposed that con sumers there have. been using up the copper reshipped from China and tt.se remainder of the supplies which ESev bought last year at lower prioes$ end mat they are now iR a position ...re. they must buy more heavily ox cIose. down their factories and milLK Tn- prospect is good, therefore, th +bere VIII De liberal foreign buying -onph out the remainder of the presek ,,asxr The future of the copper n1 l; dependant wholly apon the s-z business situation. There will Bs 99)k increase in production this year. but, Tor that matter, there has been an increase every year since copper sold at cents. This years increase will De no larger in comparison ruan the natural growth of consumption. The general business situation SD lar snoWs practically no indication of weakness. The price of pigiron is ad- Vancing and steel rails are being pur- chased for delivery as far ahead as next year. There is good demand for structural materials, and the tone in approximately all lines of business is about all that could be desired. It may reasonably be expected that ip- dustrial development along electrical lines will be relatively more. ,ap,d than elsewhere, and. therefore 1t is safe to depend upon continued strength in the copper market while general business conditions continue as favorable as they now appear.
 Viewed in a broad way, there is very little in the general situation to encourage the conservative trader and investor to buy stocks of any kInd. The dullness which has settled over the market is likely to continue throughout the summer, and if coming crop reports are of as discouraging nature as the last one, it may be anticipated that stocks will decline gradually to a lower level. This is the conservative view, or the bearish view as you please, and 1t may be sap = plemented by the assumption that business retrenchment will soon be- come apparent and the price of cop per will gradually recede from it's present abnormaIly high level.
 On the other hand, it must be re- membered that the industrial growth of this country and the world has al ways been much more rapid as a whole than anyone has been able to anticipate in dvance. The present momentum of business is tremendous. As we have never had anything like it before, we are unable to measure or estimate intelligently how long it will continue or how far it will carry us. It is safe to predict that the an ticipated reaction in business will not go as far as is generally believed, and that the recovery will come sooner and be stronger than any of us is now able to appreciate.
 If security were back to the level of January and February, the con seTvative position would be the only safe or reasonable one. Prices have declined, however, from 10 per cent to 90 per cent, and net earnings on current market prices are without precendent in the history of the stock market. Not few of the principal copper producing mines are earning Is per cent or more on the current selling prices of their stocks. and practically every one of them is carry ing large cash surplus. There nave been reasons for increasing dividends and not one reason why they should be reduced.i
 The copper mines of America are earning in net profits more than $400.- 600 per day, and it is reasonable to anticipate that the dividends dis bursed win exceed s250,000 for every day of the year. These remarkable dividends wfli exert the natural psy- coiogical influence and the public win be pretty sure to increase it's invest. ment in copper mining securities.
 There is money enough and suffi- cient of an the other factors required to warrant the belief that there win
 be bullish speculation in some of the best of the coppers this summer. The dividend payers win be most popuiars