Bisbee daily review., 1907-06-23
SALE IF LAKE AT LESS THAN 25c
 RECORDED
But Walker Says Tone Is Still Firm and Cut in Copper Price May Be Delayed for Months Yet.

sBy George L. Walker ia Boston
 Commercially
 The copper market is mixed. Lake
 may be quoted all the way from 24 3-4
 cents to 25 1-2 cents, and electrolytic
 rom Z4 to 25 If cents per pound
 l Know Of a sale this week of 250 00a
 pounds of lake copper for immediate
 delivery at 24 8 cent per pound. This
 copper vas supplied by one of the
 smaller producers. The sigrss'cance or the sale was that the seller aeeded
 the money, and that the buyer could
 not obtain an equal amount of con per anywhere else at as low a price. The largest producers of lake coppers are still asking 251 1-2 to 26 cents. While the air is filled with reports or a coming concession in conner prices, and while speculative con
 per in London continues to decline
 steadily, there is still reason to doubt
 that there will be any immediate cut
 in prices. Producers will have no oc-
 casion to get frightened or worried
 Tor six weeks to two months to come
 as they will have comparatively lit.
 tie copper on hand before late July or early August. On the other hand
 the largest consumers are exceeding
 ly worried over the situation. They
 have been talking about getting to- gether with the producers and trying to arrange price basis for the com ing three months.
 Many of the consumers say that they fear decrease in the consnrnp- ton demand in the near future. They do not object to current prices for copper. but they are unwilling to buy large lots for distant advance deiiy- cry, unless they are practically guar dnteSd that prices are to be main tained
 The present temper of the market IS such as to encourage the belief that copper will not sell below 24 cents in July or August.
 We are in bear market. Values. earnings, dividends and future pros poets have been forgotten. Senti- ment rules. It is making some men sell for profits on the short side. Others are selling because they are forced to by the decline; and senti ment is meanwhile preventing those from buying who have the money and want the stocks. How far such conditions will depress prices is prob lebatical. The market is getting into a stronger position every day. how ever, and those traders who want to be sure to buy stocks at bottom prices should immediately begin buy ing the best of them on g scale down. Something is likely to happen almost any day that will cause substantial rally in the coppers.
 In these days when the curse of predatory wealth" is being discussed so much by men with trembling voices and tense muscles, 1t is easy for one to be fooled into believing that all of the really good things in the investment world were long since absorbed by the predatory rich and that only those cast aside by the rich men are left for the common people. It is the habit of almost everyone to speculate mentally on the tremendous profits accruing on the securities held by the millionaire class, and to feel convinced that some special priv iIege or dispensation has given to the wealthy alone the particular class of investments which have enabled them to multiply their millions from year to year.
 On the ether hand, we are con fronted with the ineontrovertible fact that there is no other great industry in the world which is yielding such profits on the capital in- vested as copper mining, and also that there is no other industry, aside from agriculture, in which the com mon people, the public, is relatively SO extensively interested.
 It is probable that the dividend paying copper mines of the world are owned by individuals and families who number altogether more than s00,0 ,000 people, and it is probable also that the proportion of these stocks held by very wealthy people is com paratively smaller than of almost any other class of securities. The wealthy holders of copper stocks, also, as a rule have been made rich by these particular investments.
 Take for example Calumet & Hecla. which Is probably one of the most profitable mining industries ever es- .abIished. It has only 100, ,000 shares 1f stock, and this is held by between 800 and 1000 separate individuals. < great many of the holders were .ormerIy miners employed by the company, and many of them have ong since retired and are living on heir Incomes. The total ars~-~t paid n on this stock by offgin2l hoiders vas SIP per share, or s1 ,200, GOO. Div. dens so far paid aggregate S1.035.5e Ter share. total of Sf03, ,350 900, and he stock has recently had a market 'alue of $500 to s1 ,O00 per share.
 A similar story can be told of near ? all of the worlds great copper hines. Quincy, Wolverine, Osceola, iSfawk, Amalgamsted, Anaconda, forth Butte, Copper Range. Calumet , Arizona. Utah Consolidated, Greene 'ananea, Old Dominion, and other Teat copper producers. have all the ray from l ,h0e to 10000 stockholders ach. and. strangely enough, the tocks of the dividend paying com nies mentioned yield at present an he way for per cent to 15 per cent n their market prices. and current arnings are from 10 per cent to 25 er cent on their market value
 An opportunity is now offered to len of moderate means, to wage