Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-15
ARIZONA ALARMED
BY COPPER
SLUMP
Disquieting Rumors Of Posi-
BILE Shut Down Cause inca
siness in Bisbee Although the
Tales Are Denied,

iNfb2 NV HStftNAf
southern Arizona . to be
somewhat alarmed by the slump IN
the copper market and by the stories
of an immediate shutdown OF the blk
Montana producers. IN Bisbee II has
been rumured that the Copper Queen
would retire a large proportion OF Its
working force, but this rumor has
been promptly and aath0ritatively de-
MED BY the following in the BisDer
Review.
In smile 81 the many disquieting ru-
rumors which have been current In
the city during the past few days con-
corning the laying of Of a large num-
Der Of men BY the big operating com
panies. the reported declines IN the
s .-i 81 copper, the p8nicky condition
OF the stock market and other unfa-
VOrable circumstances, q general re-
View Of the facts Ia the case shows
that Hlsbee r. solid. and that gem
eral business conditions here are bet
tel than IL any place that can BE-
named. There " absolutely no foun-
dation for the reports of a shutdown
Of the mines. and Furthermore, there
IL no hanger OF the laying off Of men.
Yesterday afternoon o report was
curren, on the streets that the Copper
Queen Consolidated Mining company
was ~discharging q large number OF
men ana lNht a kfUFihi NNht~Ath
might be looked FOR. When seen and
asked concerning the report By a Re-
view representative. Walter Douglas,
general manager Of the Phelps-Dodee
Interests IN this s%ection, said
There rs absolutely no foundation
for such q report, as We are not lay
ing OFF men, and whatever may have
been considered mt an earlier date. We
do not now intend to do 80. ! under
stand that a rumor IS current 10 the
effect that The Amalgamatcd Copper
company i closing down rs mines IN
Butte, but even " this II true, VIII
have no effect whatever on conditions
other than Of a beneficial character In
Bisbee"
Discussing the general Arizona sit
nation. the Review says:
Judging from the actions of the
producers and consumers of Upper in
The past couple Of months, during
which the price OF the metal has been
hammered. because OF h fact that
the consumers would buy no more
than was absolutely necessary for
their immediate demands, and the
policy Of retrenchment which II con-
iemplated by the big copper produ-
GERS all over the country. II looks very
much a. " the entire matter Is going
10 come to a show down some .time
soon. and the side which ~ able to
hold cat ihe longer Will win the con
test and place the price, although tbis
may be only temporary.
u was reported Ia the district yes
terday that copper had fallen below
AZ cents. but this question was merely
n bid. and no sales were recorded at
That figure. a. a matter ~ fact, theirs
- no general quotation for copper be-
cause the consumers VIII not BID
what the producers want. and he lat
ter will not weaken,
The man who said last week hat
stocks had I'M the bottom. that they
had been pounded into "A pulp that
wouldn't squeeze another drop, that
Represented anything short OF a bar
gain day prize. went up against
hard yesterday. Monday was bad
enough but % was not a marker for
the right and loft solar plexus raps
that landed an over the list Yesterday.
Greene-Cananca's loss from the high
point Of the e az yesterdays close
for Instance. was something IKE $40,
900, O00. Calumet and Arizona closed
al the low figures Of the year. And
so u went all along the line,
What did Il n not clear at this dis
tanCe. Dispatches fail 10 give my
thing definite, Bids OF i6 cents for
copper probably had something 10 do
with n. though there We're no sales
recorded AZ that figure, so far as re-
ported However. the assumption II
that this price was put out ms either a
fcpier or an ultiinatum 60 the produ-
GERS nha have been sticking out for
~ cents. and last week negotiated
considerable sales at thai price,
though these sales are said 60 have
been merely to on Immediate needs
and not as large at that as expected
hy the producers and selling agencies.
They counted ON working on about
10000 Gee pounds Of the surplus on
hand by Saturday night 10 g. said
the aul4a fglf FungIHqTuhIN aNnTf Of
this. So the stand pat attitude ON
both sides OF the fence - practically
a. perhaps at this time as
a. was before the cut 90 rs cents and
there A. consequently the same uncct-
tAinty on she part ~ the copper stock
Investors as has prevailed during %
last several months. which would eN-
plain IN part tho slaughter OF yestef-
day ana the day before,
DO the local market there was us
appointment Yesterday in the action
af wolverine. which In sympathy With
the balance OF tho stock refused 60
perform a. it would seem the strike
~ ore a few days g would lustify
II IN doing. The advance of Mon
day dropped out OF sight, whore six
months ago 70 would doubtless have
crowded mp several points. 10 H. pos
sible that reports current Yesterday
that there would De "a litigation he
cuusa the ore strike was lu Higgins
ground had somethiu gto DO with o.
hui Ia does not seem thnt home pen-
ME would allow any such wash 90
80 down. The wolverine strike Is
fully suu feet rom the Nifgiu- Hue
The ore o. CuuserKatlFclN TWENTY-FIVE
feet through while h b. reasonable
10 presume that % ia not less thau
FsvsntV-nYe feet deep from tho tunnel
level With no telling how much sfop-
inr ground above. 10 looks exceed