Bisbee daily review., 1907-10-06
WALKER QUUItS sumo HlSIURi
TO JUSTIFY OPTIMISM NOW
Copper Sure To Advance Later As Supply Is Cut Down. And
Stocks Which Were In Some Cases Too High win Be
Selling At Better Figures Than At Present And Are Safe
Buys

When came out fiat footed and
declared that such stocks as Franklin
at $29, La Sale at $34, Tamarack at
1925. Isle Royale at S35 and Jarrot
at $42 were selling for great deal
more than they were ever likely to
be worth. lost q lot of friends. Ma
body approved of my position. If /
had taken the extreme bearish posi-
ton. as I at one time planned to do,
| would have lost all the friends and
followers / had in the world. At this
level of prices, however, bear posi-
ton would make many friends for
me- 1t is the popular position new.
But have no excuses to make. The
best of the coppers never sold for
as much as they will be worth. This
break in prices fooled others besides
me. For example. Calumet & Hecla
officials must have expected contin.
nous advance IN copper stocks, other.
wise they would have waited and
bought Osceola. Allouez and Centen
NAL for their company at current quo
tations rather than chase them up, as
they did last year, to more than twice
as high prices as they are selling for
now. Other large interests were
equally erroneous in their judgment.
There was a time last spring when
the largest producing companies could
have sold copper for September de-
livery at "a to rs cents per pound,
and they were actually afraid to sell
farther ahead than June and July at
those prices. The consumer erred In
their offer to buy. and the producers
in refusing to sell. This is a matter
of common knowledge.
Here are a few facts that specuIa-
| tive investors will do well to paste
in their hats. The volume of bust
ness in this country GIBBS and flows
II you launch your boat at low tide,
with the wind in your favor, you will
| not be swept out to sea, and you will
| find plenty of excellent landing places
after the tide comes in. Stock mar
| ket prices move up and down with
| the volume of business, but t hey
usually keep quite q little in the lead.
The men who make most money in
stocks are those who dare to buy
after the market has had a long de-
cline. who always choose medium
grade of established dividend payers
N preference to non-dividend paying
speculative issues, and who buy no
more than they are able to pay for.
Neither manipulation nor business con-
ditions can beat these small speeuIa-
tive investors. In proportion to their
original cash capital many of them
make more money than Rockefeller
| or Morgan has.
The following figures should be a
lesson to every shrewd investor who
has an ambition to make money in
stocks. At the high prices of 1901,
when copper was selling at II cents.
| the capital stock of "a copper com
panies were selling On the Boston
| Stock Exchange for SOC. 600, 600 Trade
conditions weakened, the corner col
lapsed and copper declined to 1912
| cents. As a result these same "a
coppers sold down In 1903 to a basis
of $116,000,000, shrinkage of $780,
| 600, 900. Then conditions began to
mend, and before stories of con-
| tinuing accumulation of copper had
ceased to be heard, the price of the
metal started on its way toward 26
lcents -ner Mound AT the hiohast-
prices. however. they had declined
again TO s271 100000 a shrinkage of
5000, 600, 600
1t must be remembered that since
1901 these companies have distribut-
ed to stockholders more than $780,
600. 600, one-half of the number being
dividend payers Even those who
! bought all of the stocks in the group
at their highest prices in 1901, there
fore. have received dividends and
i have had one opportunity to sell at
! at net profit.
/ My point Is that copper share prices
are again at practically low tide.
There has been a shrinkage of $780,
| 100000 in "a coppers. and more than
| $500, 100000 in the whole list. From
somewhere around this level OF prices
a new advance is sure to start pretty
soon, and within two to four years
| the Hpstol coppers are practically
certain to appreciate half a billion
dollars. Here is an opportunity to
make a lot of money. The invest
fors who buy these eoppeTs now and
pay for the next big boom will get
share OF these hundreds of millions
of dollars. Those who buy and pay
for few of the best stocks have
only to wait for their reward. They
will meanwhile get good dividend
return on their investment-nore
than they can Ia almost any other
kind Of security.
To speculative investors who are
interested recommend the following
stocks, in the order named, as the
cheapest, best and most promising in
vestments among the coppers: Cop
per Range, Utah Consolidated. Anal
gamafed, North Butte. randy, Butte
Coalition, Anaconda. Osceola. s5in-
cy, Mohawk. Calumet & ArizSzA and
Wolverine. Among those stocks which
have been Irregular dividend payers.
and which are quite certain to havs
big advances as result Of steadily
growing earnings. are Old Dominion.
Greene Cananea, Cumberland. Ely,
Nevada Consolidated. Boston Consoli-
ted and Utah Copper.