Bisbee daily review., 1907-02-20
WALKERS COPPER LETTER.

tGeO. walker m bOSJOn COhulSISldI-I
 Copper continues firm at top prices. Lake and electroiytic are selling at 25 1-4 and 25 cents, respectively, for delivery during May and June. Cop per ready for immediate delivery can be sold for 9 3-4 cents to 26 cents per pound. There is no sign of any slackening in the demand, and not withstanding the price is now abnor- mally high, there is a good prospect that 1t will go still higher. Extremely cold and stormy weather and the long continued fuel shortage have seriously curtailed copper production at a time when there Is a demand for consider ably more than the normal output of all the mines. This strengthens the probability that the average price of copper for the entire year will be at least 25 cents.
 The recent decline in copper share prices is being recovered rapidly, and, unless money market conditions be- come strained again, the best of the coppers should have a very substantial advance. The increase in the Quin- cy dividend exerted a very favorable influence, and the sharp advances in Quincy and Granby stocks helped to start a renewal of buying demand throughout the list. The pace is again getting very rapid in coppers of questionable value, and l feel con- strained to warn investors and spec ulators that they should carefully avoid from no-- on. the purchase of all copper stocks which are not known to have intrinsic value or trustworthy sponsors. There are a great many copper stocks which are already sell ing to high, and comparatively few which still hold out strong attractions to the investor. It is a good rule not to buy the stock of any producing mine which would not be able to show fair earnings on its present price with cop per down to 15 cents per pound. If somebody wishes to buy all the Osceola, Tamarack, Isle Royale, Cen tennial and Arcadian for consolidation purposes, the small holders of those stocks can afford to graciously part with their holdings at current prices All these stocks are high enough, and I feel quite confident that there is more safety and security and greater profits to be made in such stocks as the Boston Consolidated, Utah Copper
 Utah Consolidated, Copper Range | Granby, Greene, Butte Coalition, Ana conda and Amalgamated than there Is | in holding the others in anticipation
 of a consolidation that may never oc cur.
 Among the lower nriced speculative
 coDpers, those that lok most attractive
 are Shannon, Michigan, East Butte
 BaiakaIa. Giroux Consolidated, Do
 mfnion Copper and Utah Apex.
 think holders of Adventure, Area
 dian, Franklin, Rhode Island, La
 Sale. Isle Royale, Mass. Tamarack land Trinity should sell those stocks
 Some of them may go higher; but on
 the basis of their demonstrated value and as compared with other copper stocks mentioned in the foregoins
 they seemtoo high. The habit oi profittaking is a good one to cuiu
 vate. and I hope that readers Of these 4 letters will try to get into practice bS
 selling a few of those coppers whicr
 have left in the indifferent list or
 every substantial rise
 Amalgamated's decline was yer, evidently due to the accumulation O too extensive speculative holdings 1T lcommission houses. Uneasiness wa lcaused by reports from Butte that thu | smelters were closed because Of coke famine, and this apparently start ed the selling pressure. Difucuitie of this kind, however, are temporary I lAmalgamated 4s getting the full bene fit of the current high price of copper and It's stock Is in a good position t'
 advance to a higher price than IL hn
 ever yet sold.