Daily Arizona silver belt., 1907-03-01
HIGH PRICE IS
 HERE ID STAY
George Walker Says that Present Price of Copper May Be Maintained for Years-Demand Still Greater than Production-Th Shares

George Walser sS;;ss sSys in in his last cop
 Ter letter in the Boston Commercial:
 Copper continues steady and prices
 are unchanged. Lake is selling at 25h
 cents and eleetrolytie at 25A cents per
 pound. Producers are experiencing diff
 ficulty in filling the contracts they made
 three or four months ago, as production
 has failed to equal earlier expectations.
 Bearish reports and rumors concerning
 the condition of the iron and steel mar.
 ly, seemingly have reduced somewhat the inquiry for copper for distant future deliveries.
 It is known that the condition of the
 money market has caused the abandon
 ment of plans for new eonstruc tion and equipment by q few railroad companies and also that scarcity of labor has checked industrial expansion somewhat
 in other directions. According to the
 best information obtainable, however,
 the demand for steel and iron, as well as copper, exceeds the supply There is such dearth of cash copper avail able that it seems impossible that any surplus supplies could accumulate be- tween now and the end of the year, even should a general business reaction develop. Those in a position to pass competent judgment, however, express the belief that the average price of copper will not drop below 20 cents within the next three or four years.
 Boston coppers have shown disposi- tion to break away from the depressing influence of the New York market this week, and to continue their upward course. The announcement that the Calumet & Heela company had or dered 25,000 shares of Allouez stock transferred to its name was the final evidence needed to confirm the state, ments made long ago that the largest of the Lake Superior companies was becoming heavily interested in the stocks of companies owning neighbor- ing mines. Reduced to its final analysis the action of Calumet & Hecla means that the officials of that company, with their ripe experience in the Lake Stu 2erior mining field, became satisfied that Lake Superior stocks were worth more than the public was willing to pay for them and thereupon proceeded to buy these stocks and make them assets of their company. It seems to me that this constitutes the strongest argument that possibly could be produced that good copper stocks are still cheap, not only on the basis of their current earn lngs, but intrinsically as we'll.
 If Calumet & Hecla officials feel war 'anted in buying for their company such stocks as AAouez, Centennial and Osce- ola, and putting money into prospects like Superior, La Sale and Nonesuch, and in buying and exploring tens of thousands of acres of mineral lands hay ing as yet no demonstrated value; if the Cole-Ryan interests are satisfied | that the metal market outlook warrants them in keeping large corps of mining engineers in the field examining pros. l poets, and in buying every thoroughly | promising property that comes under their notice, it may be argued that the public, also, is justified in the bullish attitude it is taking on the stocks of | copper mining companies and copper prospects.
 It must be borne in mind, however, hat Calumet & Hecla and the Cole Ryan interests are sure of good man. 'gement for their properties, as they Snow the mining business and are in position to have their managers con 'tantly under their eyes. The public s not equally well situated in this re- poet, and, therefore, for it's own protec- ion, should scrupulously avoid putting ts money into the stocks of companies which are promoted by men who never lave been connected with successful | mining enterprises
 Although copper share prices in many instances appear high as compared with ormer standards, they are still exceed ngly low when compared with any 'ther group of stocks on the market. H