Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-09-21
What William Y. Tibbals Says in
A Discussion OF Present
Market Conditions.
LOOKS FOR A RECOVERY SOON.
some Comparisons Madc---Conditious
Better Than Two Years Ago
Time To Buy Now.

There has been. and there is stIlL
| manifest some uneasiness regarding
| the market conditions" said VIM. n.
| Tibbals today in reviewing the market
/ situation. both for industrial and min
| ing stocks. Much has been written Of
late In an effort to explain the cause
for the drop in the price Of copper and
/ the consequent decline an copper
stocks. do not think there is much
/ in the situation to cause great sur
| prise. History seems to be repeating
itself and In time these matters will
poo right for history Will continue to
repeat itself.
1T may be interesting 70 compare the
average net high and low prices fo~
| the present yeaI with those of 1908
/ and 1904. 10 win then be easily seen
that The condition is very much better
than b was In those two years. In
1903 the average high price OF 20 Of the
leading stocks on the New York ex-
chanEe was S6.lo on Jan. g. The lowest
Tor the year was 6S.4l on the 2Sth Of
september. In 1904 the highest aver
age was 1913 On Dec. 3, while the low
est for the year was ON March when
the ngures stood 1880 The lowest
a VI AeN ANd'AlHA TINS year nN the sl0rF
barometer was SC.Oe on the cath of last
month Since then there has been
quite little rally and the average is
now near IS.
DOWN AND UP AGAIN.
stocks have gone down before and
they have recovered. Why may We look
Tor any recovery Of the present mar
ket, is question that Is interesting
TO many Investors. To bee sure, there
Is considerable in the copper situation
that may not be clearly understood and
any predictions that may bee made
would b3 naturally subject 10 changes
IN the conditions of the country. II Is
true that the foreign demand for cop
per has fallen of somewhat on account
or the completion OF great many en-
terprises whore copper was used. and
on account OF there not being new de-
mand for copper because OF its high
price The present price of copper
however. which Is likely TO be- nearly
the settled price for some Time is at
such a point that It should cause an
tncre tsed demand for the metal and
consequently a steady market OF
course. at the present price OF copper
some companies would have 10 cur
tail development and probably stop the |
payment Of dividends because the av- |
erage cost Of their metal is so high In |
the case OF several Of the leading pro- I
ducers the average cost Of production |
as WAS estimated for the year 1906 |
would allow good proits and good divi- /
dends with copper at 10 cents a pound /
Utah Consolidated OF this state pro- |
duced its copper In 1906 at 375 per /
pound. The estimated cost OF copper /
produced by the Amalgamated COM |
pany was 9.5 cents. by the Calumet & |
Arizona, 5.1 cents. by the Calumet a /
Hecla. SIS cents; by the Copper Range, |
9 cents. Undoubtedly the output OF |
copper for this year viii fall consider /
ably behind that OF last year. and .
probably behind the output for 1905.
SEES LIGHT AHEAD.
The general conditions in the coun-
try are such as 10 encourage one al
least in the belief that We may look
for considerably better market be-
fore the end Of the year. After such
a slump the recovery is small Accord
ing TO bank statement recently made,
the surplus in New York banks was
1892, $50 against a deficit Of IS 577, 925
a year ago. In many cases commodity |
prices are declining. The volume OF
free money Is. therefore, increasing so
that low or moderate interest rates
are likely to prevail. All these en-
courage investments ia the speculative
stocks IL seems. therefore, that the
country Is suffering more from the lack
OF commence lndN tfOM the NeeQ OF
cash Confidence viii undoubtedly |
soon be restored. as the general condi- 1
ton OF the crops Of the country and |
Of its business Interests IS generally |
good. The reports show that the pro-
ductiOn IN three great crops. corn, /
wheat and oats. IL about IA per cent Of /
that Of last year but its value Is III |
per cent greater. There is nothing I'm /
this situation, therefore 20 cause any |
alarm.
Under these conditions most Of our /
stocks should be bought and II they /
decline any more they should stll be I
bought"