The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1907-02-28
Walkers Copper Weekly Letter.

Copper continues firm at top prices.
Lake and electrolytic are selling at
254 and 25 cents, respectively, for de-
livery during May and June. Copper
ready for immediate delivery can be
sold for 254 to 26 cents per pound.
There is no sign of any slackening in
the demand, and Notwithstanding the
price is now abnormally high, there
is a good prospect that it will go still
| higher. Extremely cold and stormy
weather and the long continued fuel
shortage have seriously curtailed
copper production at time when
there is a demand for considerably
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 % cents.
The recent decline in copper share
prices is being recovered rapidly,
and unless money market conditions
become strained again, the best of
coppers should have a very substan-
Quincy dividend exerteda very favor.
able influence, and the sharp ad-
vances in Quincy and CRANKY 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
1 feel constrained to warn investors
and spectators that they should
carefully avoid from now on the pur-
chase 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 selling too high land compare
lively few which still hold out strong
attractions to the investor. 1t is a
good rule not to buy stock of any
producing mine which would not be
able to show fair earnings on its
presene price with copper down to
10 cents per pound.
If somebody wishes to buy all the
Osceolo, Tamarack, Isle Royale, Cen
tennial and Arcadian for consolida-
ton 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 1 feel quite confident
that there is more safety and secur-
ity and greater profits to be made in
such stocks as the Boston Consoli-
dated, Utah Copper, Utah Console
dated, Copper Range, CRANKY,
Greene, Butte Coalition, Anaconda
and Amalgamated than there is in
holding the others in anticipation of
a consolidation that may never occur.
Among the lower priced specula-
tive coppers, those that look most
attractive are Shannon, Michigan,
East Butte, Balakala, Giroux Consoli-
dated, Dominion Copper and Utah
Apez.
I think holders of Adventure, Ar
cadian. Franklin, Rhode Island, La
Sale, Isle Royale, Mass, Tamarack
and Trinity should sell those stocks.
Some may go higher; but on the
basis of their demonstrated value,
and as compared with other copper
stocks mentioned in the foregoing
they seem too high. The habit of
profit-taking is a good one to cult
vate, and 1 nope that readers of
these letters will try to get into
practice by selling a few of those
coppers which l have lett in the in
different list on every substantial
rise.
Amalgamated's decline was very
evidently due to the accumulation of
too extensive speculative holdings in
commission houses. Uneasiness was
caused by reports from Butte that
the smelters were closed because OF
a coke famine, and this apparently
started the selling pressure. Diff
culties of this kind, however, are
temporary. Amalgamated is getting
the full benefit of the current high
price of copper, and its stock is in
good position to advance to a higher
price than it has ever yet sold.