Bisbee daily review., 1907-07-14
NOT ACTING IN
 UNISON
Small Holders of Copper Stocks Have Been Afraid Prices Would Tumble with Lower Metal and Have Sold.

(By Geo. L. Wake in Bostor Con- mercial.)
 Copper is quiet and unchanged. The large producers did not make any re- vision of their quotations previous to the holiday. lake being nominally 25 l-2 to 26 cents. and electrolytic 25 to 25 If cents, with no Transactions .of any importance recorded. Nego- tations have been under way for pur- chases that would be made, it is un- derstocd, in fair volume if couces. sions in price could be secured. Pro. ducers, however, are not putting forth any efforts to effect sales. Pro. duction is not gaining on the con. suming demand, and conditions dur. ing the past week have a strengthen. ing. rather than weakening tendency in all markets.
 There may possibly De some shad- ing from the present level of prices for nearby deliveries when consum- CTS and producers get together for business, but until that comes about the producers would gain nothing by offering copper at lower prices when there is no occasion for 1t.
 The producers are in the strongest position that they have known for a long time, both statisticalIy and fi- nancially, and can well afford to wait until consumers are ready and eager to do business.
 Some consumers bought more cop per than they really needed in the rush of buying last March, and are using it up before making new con- tracts. One of the largest consumers in the world says: "The reports that consumers are acting in unison to force the producers to make con- sessions in the price of copper are false and entirely without foundation. Action of that sort on the part of con- sumers would serve to unsettle the trade, and such reports are palpably absurd
 Coppers have shown a much stronger tone and greater activity during the past week. The Boston
 market at times has had much of it's old-ime bullish aspect. As I have pointed out before, the coppers have l occupied a very strong position. The small holders and the speculative in terests have been selling the coppers steadily for a long time. The stocks sold have found purchasers, and the present holders are much stronger in every way than those who went be- fore. With improved market cOndi- tions more inquiry has been noted for copper stocks. and a decided scar city has been shown. Buyers have
 been obliged to bid prices up in order to obtain stocks. and even then the offerings have not been large. The small holders have been frightened
 by the talk of a drop in the price of copper, although the coppers have
 not sold at prices commensurate with the price of the metal or with their. earning capacity. Copper stocks did not advance with copper, yet timid; holders have sold in fear lest the stocks should go to pieces if reduc- ton in the price of the metal should be announced.
 Purchasers of these stocks have l figured that at present prices they net large percentages on the invest ment, and that no probable drop in l the metal will necessitate the curtall- ment of dividends. They have bought to hold. rather than as mere spec
 ulation, and their stocks will not come upon the market again until l prices are so high that the income re- | turn is greatly curtailed.
 Whether there is to be boom in | icoppers depends upon general condt- tions. If the situation eases so as to permit a general bull market, the
 coppers occupy the strongest possible
 position. and should enjoy the great est advance. Even though there may
 be no boom there is little doubt that
 much higher prices will be recorded
 for the dividend paying coppers.