Bisbee daily review., 1908-07-31
COPPER STRONG SAYS WALKER;
 SALES IMPROVE
Expert Opinion That Price of Copper Will Hold Between 13 and 14 Gents for the Next Three Months.
(Walker in Boston Commercial)

tWalker in Boston Commercial.)
 Copper is strong Lake is 13 Is to 13 II cents, and eleetrolytic is selling for 3 cents per pound More copper has been sold this week than in the three or four weeks preceding Do mestic consumers are coming into tine market, That few of them have built up considerable confidence in the future is reflected in their com plaints because they are unable to buy copper for October delivery at present prices. understand that none of the large producers are will ing to sell for later than September delivery at quotations here given. Some interests express surprise that buyers have been supplied so freely without any material advance in prices As has been stated in these letters previously, there is probably about two months production of cop per awaiting sale. The greater DOT tion of it is being held for slightly higher prices; aud fear that competi- tive ceiling might cause a sudden fe- action is causing many producing in tgFests to meet the demand at about E cents.
 Real improvement is beginning to
 
 ber of foundriaS have increased their working forces recently, and all of them are buying more copper than for several months past. There is also an improved demand for copper wire, and the rolling mills are quite busy. as might be expected with cop per at its present low price.
 Foreign buyers probably will not hn lFnf all of the British and European con sumers bought in excess of their i'm mediate requirements early in the year, going on the principle that the metal should be secured when il was cheap. They can now well afford to retire from the market and await de velopments.
 It is very good opinion that the price of copper will hold between 13 and 14 cents during the coming three months. The, statistical position is not quite strong enough to warrant the expectation of any considerable advance While the constructive de mand is Increasing, it will be some time before it exceeds the current volume of production. The prospect is good, however. that there will pc an active market and that supplies in the hands of producers will diminish rather than increase.
 The cost of producing copper is believed to be one cent per pound lower than it was year ago, due to curtailment by some of the high cost producers, reductions in wages, i'll creased efficiency Of labor and lower cost of supplies. Most of the mines, also, are working on a slightly high CT grade of ore, and some ot the low cost producers are forcing production somewhat, It is believed mat the worlds copper is now being made at an average cost Of g 1-2 cents, and that there is an average profit of 8 1-2 cents per pound on all of the copper going to market This is a very good business profit, and It must be expected, therefore, that pro duction will have a tendency to iT% crease for some time to come.
 The theory has been advanced that because of the constantly increasing copper output in this country and elsewhere the price must necessarily decline. I know that it is possible for copper prices to advance in spite of a rapidly increasing production. Tn 1901 I visited a large number Of mines in the southwest, and found several of them preparing to increase their output, or to begin producing On a considerable scale. A few months after my return copper sold around Il cents. Notwithstanding the certainty that production would increase, I was very bullish on cop per when it was at bottom prices. knew that consumption would in crease also. Since 1901 the world output has increased approximately 50 per cent and in the same period tae price of copper advanced at one time 125 per cent, to 26 cents. Ever in the present period of business de pression the price is higher than I was then. I do not expect copper tf sell at Il cents again in the lifetime of the present generation. When gen 4raI business conditions get back t' normal, copper should sell DetWeer 15 and 17 cents per pound.
 The remarkable strength and acLiV itv of the general stock market tdl week reflects a wave of returning confidence. which is due largely t the reversal by a higher court or tn s29. 600 900 Standard Oil hne, imposes more than a year ago by one Judg Landis. Many people had come U
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