Bisbee daily review., 1908-05-10
COPPER IS DULL; LITTLE DEMAND
 SAYS WALKER
Before Last of the Year, How ever, Many Stocks Are Con- fidently Expected to Go to Much Higher Prices.
Cwalker in Boston Com,

| (Walker in Boston Com.D Copper continues dull at about the
 same prices that ruled a week ago.
 Lake is 1924 to 13 cents and electro lytic l2 5-S to 12 7-S cents per pound. Domestic consumers are buying only
 in very small lots, and there is little
 no demand just now from abroad
 Sales of small lots of lake at 127-S ] and eiectrolytic at 12 3-4 are reported. The improvement in financial senti- I ment appears not to have reached to
 copper consumers, and hesitancy and ] general lack of courage character ! izes the trade.
 There are many excellent reasons | for believing that the business sItua- 1 tion has turned definitely for tAe bet ter. The iron and steel trade is re- fiecting the improvement already Railroad construction is about to be resumed. Some electric railroads will be built this season. and others will be extended.
 In Europe there promises to be eX- tensiye electrial development It is
 probable that money will be available
 Tor such purposes in foreign e,Iun- tries before it is here. I believe the
 copper shipped abroad during the
 past six or seven months will go into
 consumption very rapidly, and there will be renewal of the foreign buy ing demand before the end of tue
 present month.
 The successful sale of the large is sues of bonds offered recently stinlli-
 lated confidence most decidedly and
 caused a marked improvement in
 speculative sentiment There is un-
 questionable evidence that a number of the largest traders have changed
 their position from the bear to the bull side of the market; others. al
 ready bullisl, have added to thelr holdings, and very large short in
 teresr has been driven to cover. Prices, especially of railroad stocks. have scored a big advance; gut there has been only a very small in
 crease in the public buying. The bull traders who Found it easy to ad- 1 vance prices were astonishei when they found bear traders almost the
 only buyers. By far the greatest portion of the stocks accumulated is still held by the strong financial in terests who advanced the market. As a result they are committed to the bull side, and, until they have a chance to sell, stocks can be bought
 on reactions with perfect safety. For two years past the stock mar 1 ket has been 10 or 12 months ahead of the business situation. When tnes. | big decline of February and March, 1907, began, the first sign Of busi- ! ness reaction was not in sigSt- The
 market was discounting trade condi- l tions then which did not -naterialize until late in the year. Since last Oc- tfSbn hasx 1cin hsYc ness retrenchment on all hands, but the prices of stocks have quite stead fly advanced. This means that the
 market has been discounting a re
 newal of industrial activity which is
 only now beginning to show itself. Within few months there pI Onf-
 iseS to be a substantial increase in
 the consumption of, and demand for
 copper. This, also, will be discounted
 in advance by the stock market. Cop
 per share prices will be 20 to 40 per
 cent higher than they are now when
 the metal gets up to Is cents again.
 Investors and traders who are afraid to buy good coppers now, and partici- pate in the discounting referred to, will esteem it a privilege to come in to the market after the advance Differing moods, inclinations and judgments are what make markets. Few people are so constituted that they can buy stocks when they are low and sell when they are high.
 The coppers are still very low. The market for them has a dull, neglected appearance because, as stated, few people will buy at low prices, The coppers are gradually gaining, how ever. Between now and the end of the year the following stocks should sell very much higher: Utah Con solidated, Parrot, Amalgamated, Cop per Range, Granby, Quincy. Mohawk, Anaconda, Tennessee, UtaA Copper, North Butte, Butte Coalition. Ali louez, Centennial. Nevada COnsoh- dated, Cumberland Ely, Boston Con solidated, Michigan, Boston & Corbin, Shannon, Arizona Commercial, Greene-Cananea, Michigan, lake Cop per, Miami East Butte and First Ma tional.