Bisbee daily review., 1908-05-31
COPPER FIRM; PRICES SAME
 SAYS WALKER
There Has Been an Increasing Number of Buyers in the Market-There Must Be an Advance Soon.
CWalker in Boston Com.) )

 Copper is tirmer, but prices remain about the same as last week. Lake is 13 to 13 1-4 cents, and electrolytic is 12 I-S to 1S cents per pound. There
 is an increasing number of buyers in
 the market. Some considerable Iors
 of copper have been sold to domestic consumers recently. Foreigners are bidding 12.75 to I2.SO for large lots below F T-S cents. These bids are inspiring both domestic producers and consumers with confidence There is a disposition on the part of the large producers to supply the American manufacturers with copper
 a while longer at 13 cents, but 1t is
 quite certain that prices must be ad- vanceG soon. By the first of June copper should be selling for 13 1-2 to
 1A cent,
 The financial stringency brought to
 8 sudden termination nearly all Of the railroad and electric construction throughout the country. and caused a sudden suspension of the many plans fer the elecrification of steam rail- roads. As a result the consumption of copper in the United States fell on more than 60 per cent. In December and January it was estimated by eX
 celIeEt authorities that less tuan zV
 per cent of the copper produced in America was being consumed here, whereas domestic manufactures should absorb from 50 to 50 per cent of the output It is believed that home consumption has gotten back to 50 per cent Of normal now, and that at least 90 per cent or Americas copper production is being used at home. This, with the large increase in foreign consumption, is absorbing the entire product of the mines, and no surplus supplies UI ,op- pc, are accommodating.
 Economists, both scientific and practical, are giving more attention to the power question than ever be fore. Scientists are declaring that the coal supplies of the world will De practically exhausted in a generation and advocating the conservation and use of water power everywhere. Transportation and manufacturing interests are astOunded when they compare their coal bills with those or a few years ago, and are acquainJing themselves with the advantages and economics which may be attained through the use of electric power The outgrowth of this agitation and increasing interest will be a much more general use CT electric power and q resultant growth in the con sumption of copper The future out look for the metal market, therefore, is exceedingly bright. Users of cop per will do well to fill their bins while the price remains at its pres ent level I feel confident that the average price of copper during the coming 10 or 20 years will be well above 15 cents a pound.
 The sharp reaction in the market is what should naturally have been expected after three weeks or more of steadily rising prices. It was largely . trading movement. The 1 buying which caused the recent ad- | vance was almost exclusively by | strong financial interests, the public | participating to cHIy a limited de gree. Many of the stocks bought dur ! ing the panic by small investors l came back into the market on the | advance. but the profits were -1ry | largely reinyested on the reaction. 1 Marginal holdings of securities are exceedingly small, money is easy, and | speculative conditions, therefore, are unusually healthy.
 There is every reason to believe | that there is to be an advance in the price of copper. This will sure ly be accompanied and followed by | rising quotations for the mining | shares. The coppers are still exceed ingly cheap. as all the producing com panies are earning a fair interest re- turn on the present market prices of their securities with copper selling at 1 13 cents. They have great specuia- tive possibilities, therefore, especially | if the metal market is to strengthen. Unless all signs fail, we are to have bull market in the cOppers for month or more to come. I advise the pur- chase on current reaction of the | stocks of all the large producing companies.
 It seems to me that Greene -Cananea and Shannon are two of the safest and most attractive purchases at the present time. Both Cf these stocks are entitled to advance , or 6 points. Pa-rott, Mohawk, Utah Consolidated. Amalgamated, Copper Range, North Butte. Tennessee Copper. Utah Cop Ter. Nevada Consolidated, Cumncr- land Ely. Butte Coalition, Lake Cop rsT. and some ,f the lOwcT priced CT es. Ike East Butte. Heivefia and First National Copper, should have advances before the pres ent market activity ceases.