Bisbee daily review., 1908-04-12
J. s. BUYING MAKES COPPER
 METAL HIGHER
Walker Explains Why Con- sumerS in the United States Pay More Than Europeans for the Red Metal.

tBy G. L. Walker in Boston Co.n.)
 Copper sold as high as 13 I-2 cents for lake and 13 fl cents for electro
 lytic this week. Within a few days
 the market has developed a slightly easier tendency; but quotations re-
 main substantially as given above.
 The copper market is on a perfectly
 healthy, natural, legitimate basis.
 There is almost no manipulation of quotations. Prices are advancing be- cause. the surplus supplies winch were held by producers until recently have been exhausted. Foreign con sumiag interests and speculators cleaned up all offerings when the price was down to 13 cents and frac- tionally lower Domestic consumers
 are buying now, and sales continue to be made for export; but the latter in smaller volume than a while ago Our Lake Superior correspondent wires: Ten cars of copper, aggregating half
 million pounds, were shipped Tues day to 10 different domestic mauu- factures.
 More copper was sold to American consuming interests in March than in January and February together. Domestic manufacturers seem satis-
 fled at least that copper prices have touched bottom. as they are now buy ing Tor two months advance deIiv- cries. They are limiting their pur- classes to their known requirements, however, and showing no disposition to stock up for the future as their foreign competitors do It is the -5e1l established custom of British and Eu-
 ropean manufacturers to buy copper
 heavily on every decline, simply be- cause, it is cheap, being their req son. As result of this policy it is i estimated that foreign consumers buy | their copper year in and year out at | one cent per pound lower average
 than their American competitors. The outlook favors continuance
 of the 13 to 14-cent copper market
 For at least two or three months to | come. If the business situation .,oes
 on improving the price of copper will probably be higher in the closing
 months of the year. On the other hand, political developments may be such as to discourage business ex- tension, and it may be difficult to
 maintain the price Of the metal at
 as high a level as 13 1-2 cents. This
 is period of more or less uncer- l tainty. The price is low, however, and very heavy buying demand is | sure to be met every time quotations | drop fractionalIy below 13 cents As pointed out i1 my letters for | two or three weeks past, this is what may properly be termed a
 traders market General business | conditions are not such as to war
 rant continuation Of the rapid ad-
 vance which was so prominent T l week or two ago; but as the country ! is slowly recovering from the effects 1 of the panic of last October, nothing | is likely to happen to cause de- i cline in prices to the low levels
 reached in the closing months U | 1907. There seems to be good basis | for the belief that the current rallies
 and declines will have tho effect of
 gradually carrying the general price | level higher. It may be that we ere | in a bull market which is discounting | already a favorable outcome of the national election and a resultant general resumption of business ac- tivity and industrial progress.
 | While the outlook is not especially ] encouraging. I think good stocks at | their present prices preferable to | money. Almost any of the good cop lpers will yield a substantial return on the investment. if purchased at present prices, and they will cer- | tainly respond quickly to any fur | ther improvement in the general in dustrial and political situations. On any slight reaction therefore. I would buy Amalgamated Anaconda, Calumet & Arizona. Copper Range,
 Granby, Mohawk, Nevada Consolidat-
 ed, Quincy, Tennessee Copper. Utah
 Copper, Utaf Consolidated and Vol verine.
 There aT. special stocks which shoI'd be watched and purchased. as
 tGere are reasons which lead ne t9
 believe they are booked for very de- cided advances. I refer to Parrot. shannon, Arizona Commercial Bos-
 ton & Corbin, Michigan, Allouez, Cen tennial. Lake Copper and Cumber- land-Eg.
 The general level of prices is very low, and stocks at the present time are unlikely to show the purchaser any material loss Between now and the end of the year there should he period of stock market activity and advancing prices, but just when ,t "lts DSes4u Oue SstH Ouiy guess. Those who buy good copper stocks on current reactions will be able to cake advantage of the Opportunity to sell later On, and secure good profitS
 Calumet & Arizona interests 1i.. cussing the conpany's annual report say that the fact should be taE.n into consideration that the tbr...s months production of copper which
 1t always has in the refinery and i'm transit. the refined copper it had on
 hand, and all the ore in it's stock
 piles at the smelter underwent SC were shTinkage in value as a resni+
 o1 the sharp decline in the rrice, Q:
 copper. As its copper on hand at he end of the year 1906 was carrle1 as
 lS cents. and twelve months ;a.er ar lZ l-2 ceats, the shrilkage was eIe cents per pound. This was rasnopsl-
 Die Tor the decrease in the comnonv's
 surplus of assets. and explains fieures
 which lead many to believe djvjde,ds
 naid during the year exceede i ne. earnings.