Bisbee daily review., 1907-09-29

(By Geo. L. Walker in the Boston Commercially
 The price of electrolytic copper has been marked down to 16 1-2 cents by the largest producing interests. and lake copper can be obtained in quan- tity at about the same price. There is practically no business doing, how ever. None of the larger consumers are willing to buy copper for advance account, the few sales that have been made recently having been for imme- diate delivery One considerable con sumer was trying to buy 1000 pounds in New York. Tuesday He admitted that he could not wait for it to be shipped from Lake Superior. His copper was all gone and he must begin using the new supply the next day. This reflects the position of the average consumer.
 1t is now certain. beyond any pos sible question, that there has been a very decided falling off in consump- tion. EvideIity the pinch of the money market was felt at the same moment by the telephone, street rail way and lighting companies, and the manufacturers of all kinds of electric al supplies ceased to get orders the day on which the bankers first ascer- tained definitely that bonds to pay for new construction were unsaleable. Consumers of copper who have been asked in regard to their probable re- quirements this winter have replied that they are not at all interested in the price of copper and wsll not be until they get some orders for goods. They declare that their business has fallen absolutely flat
 The leading producers of copper, including those who have been in the trade for 40 years, declare that con ditions never before changed so quick ly as they have this time. Six or seven months ago the producing in- terests were straining every effort to get copper east to deliver to the man lecturers, who were overwhelmed with orders and unable to get raw metal enough to- keep their mills go ing. The extreme opposite is true today. The producers have two months production of refined copper on hand and orders for new equip nlent and supplies are sclTccr no~ than copper was the first of the year.
 The directors of the several Amal- gamated sub-companies met Wednes- day and discussed the advisability of closing down all the mines in Butte. with the big mills and smelters, until their surplus accumulation Of copper was marketed. It was decided not to shut down, but to curtail production 50 per cent This meaus reduction of 120.000,000 pounds annually. or nearly per cent of the worlds pro -E. to realization of the fact that the largest producing interest does not in- tend to do anything to 6epress the price of copper: and also that it will close its mines rather than sell it's product at cost or at an unsatisfac- tory profit.
 It is estimated that there is a title less than two months production of copper. ,or approximately 200 900 900 pounds ef refined metal, unksold This applies to the copper trade of the whole world. In addition there is the usual two or three months production h | i7zis 5e.aneee al znefarsL f.neries and .n transit The consum- CTS under normal conditions would carry all of this copper themselves and when 1t is fully recognized that all the largest mines vii curtail pro duc9on until existing supplies ara sold, consumers will become buyers to a greater extent, at least, than they have been n the immediate past
 The extreme depression in the met al market is discouraging holders of copper mining securities and causing many of them to sell their holdings at a loss. There is some new invest ment buying. That class of people who have made money In the past by buying for cash sn periods of de pression and selling in boom times is again in the market. and thousands of certificates are being made out fin new names and shipped away from