Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-08-16
(walker in Boston Commercial

IL
Copper is much more active and
stronger. Lake is now 1874 to 10 rs
cents, and electrolytie is 10 SIS cents
per r0tJld. Domestic consumers have
bought heavily, and what appeared to
be foreign speculative buying has also
been a factor. American manufacture
ers held off until the price OF copper
began TO advance, and then generally
covered their requirements for about
two months ahead at the rising quo
tations. The two months production
of copper, in visible supplies recently,
has nearly all been sold. and it is to
be delivered in August and Septem-
ber- Producing interests, as a rule,
report themselves pretty well sold out
up TO date. This means that all their
refined copper ready for market has
been disposed Of, and that they are
now ready to begin selling for ad-
vance delivery the metal they are
producing and have in process of re-
fininS.
Inquiry among consuming interests
leads us TO believe that the metal mar
ket may get dull again very soon.
Brass people say there has been some
Improvement in business during the
past five weeks; that they have
bought copper TO cover their require
ments for some time ahead, in order
to anticipate a possible further ad-
vance in the price. They think there
will be a steady Improvement in the
brass business, but that it will come
very slowly. Wire people say their
plants are operating to about so per
cent of their capacity. They look for
some further improvement soon, but
they do not see anything in sight to
suggest a coming business boom.
AS | have frequently pointed out,
there is no other business in the
world which changes its complexion
so quickly as the copper business. A
few weeks ago the press and many
consumers were talking of an over
supply of copper, and expressing fear
of a decline in the price to around 10
cents. AT present there seems to be
no over supply. The price is 10 So to
1874 cents, and it likely to go some
what higher. If the current tendency
to business Improvement meets no
sudden setback, copper may possibly
be selling at Is cents by the first of
the year.
The present strength of the metal
market Is due more largely 10 the ad-
vance in copper share prices than the
latter is due to the former. Coppers
started up with a rush and continued
their advance at a time when the mar
ket for the metal was exceedingly
quiet, and at best showed only fair
promise Domestic consumers had
very little copper on hand, but were
buying 10 meet all their current re-
quirements. The phenomenal strength
of the stock market gave them cour-
age and caused them 10 buy a great
deal of copper in excess of their inn
mediate needs, and it is this buying
of copper which has given added
stimulus to the copper share market.
If the future of the business situa-
ton is assured, and industrial activity
is TO return Immediately to that ire
mendous volume enjoyed in the clos
ing months of 1906 and the opening
ones of 1907, copper stocks are still
cheap and should be bought both for
investment and speculation. In my
opinion, however, there is very little
prospect of a return of prosperity to
the high tide mark for a long time
to come. feel that the stock market
has discounted all the business i'm
proyement which we have now, and all