Bisbee daily review., 1907-06-09

that the price of copper must be marked down several cents per pound between now and the end of the year. We have been going too fast, and we must prepare for the natural reaction. Business depression will be felt keen ly within one year from today"
 A careful investigation of metal market conditions leads to the belief that the price of copper win be main- tained at the present level during July, and probably during August. If there is decline later in the year, there is no reason for believing that the price will be cut below 20 cents per pound, even if as tow as that.
 The further liquidation and bear ops erations this week carried the prices of all securities much lower than are warranted by present conditions. Nearly all the better class of rail. road and Industrial corporations could. from their current earnings, pay 10 per cent on the present selling prices of their stocks; and many of the copper producers could pay 15. to 25 per cent without drawing on their treasury reserves. There is nc begging at prices at which they yield
 
 clearly demonstrated by the current exports of gold on per cent to per cent money market, nothwith- standing that some of the very best Railroad. bonds in existence are going begging at prices at which they yeild } per cent to per cent. personally believe that the epidemic of pessim- ism which is now sweeping through the financial centers will yield to a mild application of faith cure, and I feel confident that those who refuse this remedy will suffer a relapse lat. CT on as result of fuller realiza- tion of their own folly.
 There is more bearish sentiment di- rected at the coppers than at any oth- CT group of securities and there is no other group that occupies an equally strong position. Even if we assume that the price of copper is to decline. We must realize that it cannot take away from the companies any portion or the tremendous profits which have already come to them during the past two years. None of the copper pro- ducers are representing in their divi- dend payments greater earnings than they were able to make last year on an average of 19-cent copper market. st is an incontrovertible fact, how ever, that the total output of all pro- ducers has been sold for the first six months of this year at prices which average better than 23 cents per pound; and if the output of the re- matning six months is sold at an ay- craze of IS cents, therefore this years earnings will still be consider ably larger than those of 1906, The copper mines are in slpendfd shape. viewed from every possible stand. point, and the present price of the best copper stocks would still be low even Were the metal selling at I5 cents per pound now.
 It Is positively known thai renre. sentatiyes of the strongest financial interests in the world have been buv. CTS or Amalgamated. Anaconda. Con per Range, Utah Consolidated and Greene-Cananea in the mast two weeks, and that considerable blocks oI these stocks have been transferred into the names of these buyers and gone into the strong boxes. If inc puOiic puts a portion of it's savings Luto coppers at current prices. tbera- Iore, It may do so with the assuranca tnat 1t Is buying with the big men "lth the insiders, with the most sue. cessfui investors in the world.
 HeiVetia stock is being bought and accumulated by Southwestern mining men. It's Copper World ore body is growing in extent and richness with increased development. As soon as me general market improves a little Helvetia should have a good advance,