Bisbee daily review., 1907-04-11
FAMINE PRICES FOR METAL AND
 STOCKS LOW
Walkers Copper Letter Under Date of April 9th, Says Cop per Is Dull and Market Is Showing HeayineSS.
The Metal Market.


 Copper is dull and the market is beginning to show heaviness. There is so little buying that it is almost impossible to give accurate quota tions Notwithstanding that several of the producing and selling interests have no metal to offer, and are re- fusing to name a lower price than 25 1-2 to 26 cents on futures, it is known that copper can be bought for 25 cents. I, therefore, quote lake and electrolytic 24 1-2 to 25 1-2 cents per pound.
 The extreme decline in copper war rants recently in London cannot be disregarded These transactions mean real copper. and if our market were going to continue around 25 to 20 cents per pound. it would be impossi- ble to sell "G. M B." down to any thing like the present prices. It could be bought by Amsrican refin- CTS. converted into electrolytic and sold at a big profit.
 II must be remembered that there is a metal selling agency in New York which handles 100 0,0O0,0 900 or more pounds of copper annually
 
 average price" of each month. This agency is compelled by it's contracts to buy. and it therefore stands to reason that it will find a market and sell, at some price It will not take chance of losing , cents per pound on 9,500,000 pounds of copper which it must buy monthly at the average quotations" A shrinkage of , cents per pound would mean a loss of S475,- GOO.
 This agency undoubtedly has sold substantially all of the copper it will have to buy on its contracts during this month and next, and aslo a part of its taking for June. It is reason able to suppose, however, that some time between now and June 15 1t will find a market at some price for whatever surplus it may have on hand and in prospect.
 The coming five or siv weeks will be pretty sure to witness sharp fluc- tuations in the metal market, the result of which will probably be a de cline in the price to about 20 cents per pound. At that level of prices all the copper produced in the coun- try undoubtedly can be cold. It is by no means improbable that producers xill find it impossible to fully supply the demand at 20 cents, and, after it reaches that level, there may be an advance in prices. Certain it is that We have been witnessing copper fam inc prices, and it is almost as cer- tain that the acute stage of the fam inc is past. Consumers will dc well to refrain from extreme bearishness on the metal market. As soon as a decline comes they should supply their wants. There is no surplus of copper in the world. There may prove to be less than enough to go around even at p cents. There is lr, prospect that the price of copper will go below 20 cents for a year or two to come. Electrical progress prom ises to be more rapid during the coming five years than in the past decade.
 Copper Share Market.
 Coppers have scored a good recov- cry, and the market looks stronger. The recent extreme decline in prices caused a great many speculative ac. counts to be hquidated, and very great many stocks were absorbed by investors. This has put the market in a much stronger position. The most excellent showing of earnings and the splendid financial condition of the several copper producing stocks. Shrewd investors agree that the best of the coppers are cheap notwithstanding the unsettled condi ton of the metal market Famine prices for copper are offset by panic prices for stocks.
 Though there is every prospect that the price of copper will go somewhat lower, this is hardly a sufficient ex. cuse for selling the best copper stocks at current prices. The coppers have had a terrific decyline already, and it would seem that even 15-cent cop per had been discounted. Such com panies as Amalgamated, Anaconda. Copper Range, Calumet & Arizona GraDby, Greene Cananea, Mohawk, North Butte. Quincy. shannon, Utah Consolidated and Wolverine could earn from 79o to 10% on their cur rent selling prices were copper down 10 15 cents; and on 20-cent copper they will earn from I0eo to 15To or investments made at this level. Un til the metal msrke settles, however, we are pretty sure to have no more than a traders market, and I believe that stocks sold on good rallies can be bought back on reactions.
 There are few investment cop