Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-07-12
METAL IS DULL.
SUPPLIES BIG,
PRICES LOWER
Copper Range Has Disappoint-
ing Showing In Its Globe
Shaft-WaIker'S Letter on
the Copper Market.
(walker in Boston Commercially

(Walker in Boston Commercially
Copper is dull at a slight decline.
Lake is u rs to 10 cents and electro
lytic u 3-4 cents per pound Domestic
consumers are buying sparingly, DuC
the aggregate Of such business is
fairly large. As American manufac-
turers have no stocks on hand they
are obliged to obtain all their current
requirements, in the market. Ii has
been reported that very large sur
plus of copper was accommodating in
the hands of producers. Advicss
from Lake Superior state that an un-
usally large quantity of copper is
piled up on the docks at several
smelters. Inquiry develops the fact,
however, that this copper is simply
awaiting shipment, nearly all of it
having been sold.
All of the leading producers are
making frequent sales of copper and
occasionally dispOsing of good sized
lots. Taken as a whole, the market
is simply in a waiting position. Cop
| per is not sold every day. Usually
the consuming interests act together,
more by natural inclination than
agreement, and buy very heavily, or
else keep away from the market and
y
The outlook for the trade is de-
cidedly hopeful. Unless there are UNI
/ expected and Improbable political de-
velopments there will be a further de-
cidsd increase in the consumption OF
copper between now and the end OF
| the present year. When the buying
begins the price of copper undoubted-
I ly viii advance TO II or Is cents per
pound
| Stock speculation has been at
lower ebb recently than previously in
years. The public is not in the mar
ket. A very large percentage of cur
rent operations is for the account of
professional spectators. II is an
interesting fact in this connection,
that the professional element as a,
whole is bearish. Though it has eX
hausted every means in its posses
sion to depress prices, it has so far
failed to buy back at a profit the
stocks it has sold. There is every in
dication that the short interest is in
/ creasing day by day. This means that
! somebody is buying stocks. AS it is
not the public, the buyers must be
| the strongest investment and specu-
lative interests.
| The present market situation can
probably be illustrated best by a
story A gentleman of large financial
and business interests was approach
ed one day by a bond salesman who
laid before him a splendid array OF
| gilt-edged investment bonds and guar
anteed stocks. The fnancier listened
to ais argument and said: Call and
see the executors of NY estate after
l am dead At that time | shall want
iall the money of my estate invested
in just such securities as you are of
fering me. While | am alive, ~ how
ever, / am taking a chance with a
view to increasing the size of the es-
tate which ] am to leave"
At present good stocks are very
lcheap. There is an abundance of
money which can be borrowed at IN
usually low rates of interest. Ii is
one Of the opportunities of a lifetime
for men of large financial resources to
take "a chance" with a view to aug
lmentiDg their fortunes. ! believe
that they are taking this chance;
that they are buying good active
stocks on current reactions, and that
later on they will combine their ef-
lorts to bring about a higher level of
prices.
Notwith standing the threatening
aspect Of the political situation.I be-
lieve that Industrial conditions are i'm
proving. General business unques-
ltionably is better. There is improve
ment in practically every line. Some
business interests are figuring out
that they will do as much this year as
they did last During the first eight
Ior nine months of 1907 business was
good, but in the closing three or four
months there was almost none at all.
The Improvement begun in January
and February and has continued. II
ut goes on increasing until the end OF
the year, as it has during the first six
months, the total volume will show
an actual gain over the eight good
and four bad months of last year.
Those who wish to make money
out of the stock market should re-
member that easy money and an ex.
panding volume of business are the
factors which usually furnish the
impetus of big bull markets. 1t may
be many months before We reach a
high level of prices again, and I'M
Idoubtedly there will be discOuraging
periods in the interval. / firmly be-
lieye, however, that good copper
stocks bought at present will show
very large profits to the holder inside
of a year. The man who waits for a
break. hoping to get in at bottom
prices, will either lose the first hall
of the advance or won't get in at all
! think good coppers should be bought
inow.
Amalgamated stock continue.
heavy As a result of recent floods
and the breaking through of the ole
fire in the Anaconda mine, the com
pany's production has been reduced
10 about 80 per cent of the normal
This means that its net earnings have
dropped TO a minimum There is
therefore, every inducement held ou
to small investors and spectators &c
sell the stock. 1t is known that sucf
selling is under way. and also that z
considerable short interest has ac
cumulated Were it not for the fact
that the stock is selling for $25 to $3t
less than IL is worth, it would have q
considerable decline. However. / ex
pect TO see Amalgamated sell at So