Daily Arizona silver belt., 1907-02-08
PREDICTION OF
 A COPPER MAN
According to Walker, Prominent Man Quoted as Saying Metal Will Go to Thirty Cents---Walker on the Copper Share Market.

Copper is strong and unchanged in price. Lake is selling at 25 cents and electrolytic at 2iM cents per pound for delivery as far ahead as June. Spot copper can be sold readily at 25 cents to 25A cents, according to quantity, grade and shapes. Consumers are de- manding prompt deliveries on all con tracts, and the product of the Butte Lake Superior and Arizona smelters is being shipped forward by fast freight, some of it going into ears before it has had time to cool. It is declared that there is not an average of over one or two days production of copper at the various plants throughout the country.
 The circulation this week by the As sociated Press of the story which has brought the Northeastern Metal Dealers association and one James Norton into prominence fooled a few consumers and sent chill down the spines of many holders of copper mining securities. At present the newspapers are filed with lenials. Mir. Norton denies that he said it. and everybody else who has been accused with having anything to do with the report also denies his eonnee ton.
 There is no surplus of copper in this country and no effort is being made by any interest to maintain prices artiii cially around 25 cents per pound. It is improbable that anyone could be found who is sufficiently short sighted to un dertake so foolhardy task. If copper is ever again cornered it will be when the selling price is very much lower than it is at the present time.
 Electrical construction and equipment is increasing steadily in all quarters of the globe. Steam railroads are being converted to electrical traction. Water powers are being harnessed and local manufae turing plants are converting their power into electricity for more convenient distribution to the various departments. There is hardly a steam railroad in the country that is not giy. ing more or less attention to the ques. tion of electrical equipment.
 l One of the leading copper men in the United States is quoted as predicting that copper will go to 35 cents per pound. It is known that others expect to see the metal sell above 30 cents. The eoneensus of opinion, however, is that the average price throughout the present year will be at least 25 cents. and that several years may elapse be fore the price goes back for any length of time to a l5-cent level. Consumption of copper still exceeds production and this condition of things is likely to con tinue for years to come.
 The Copper Share Market
 The factor of tight money, which l have for long time feared, came to be the predominating one in the mar. ket this week Inability to float new bonds caused several corporations to bid 5 to per cent for money on temporary notes which were sold below par. These were too great temptation to invest ment holders of railroad and industrial iseeurities-whieh showed large profits and yielded per cent or less on market quotations. Liquidation started, became wholesale and carried prices low enough to shake public confidence severely. X report was circulated that copper was being stored aRd and the price artificial. ly maintained. As consequence 2 good many of the eoppcrs were sold down. At this writing, however, the market has a thoroughly liquidated and somewhat oversold appearance, and \ good recovery is certainly about due. There is no basis for bearish feeling on the best of the copper stocks Some of the lower priced speculative issues undoubtedly have been overbought, and many of them have seen higher prices greater activity and q better market generally than they were entitled to; and viewed from standpoint of intrin- sic value and prospects, they are still much too high.
 The unprecedented net earnings of the largest producers on the 25-cent cop