Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-08-28
4 REACTION
IN THE PRICE
OF RED METAL
A Little Improvement on Indus
trial Situation VIII Result in
Heavy Buying Is Opinion of
Boston Expert.
walker in Boston Conn

IutS HTlIluS IS stronger again. LAKE
Is IS ga to Is rs and electrolytic Il
10 SIS cents per pound. The asking
prices of the largest producers and
selling agencies are higher than those
quoted, there being a quiet generai
disposition to refuse to make sales
below IA cents for lake and 10 rs
cents for electrolytic. 1t is understood
that lake and electrolytic could have
been purchased at Is 1-2 to 10 rs
cents last Monday.
One Of the strong supporting fact
ors in the market is said to be large
short interest in copper warrants in
London. 1t Is claimed that large lines
were put out by European spectators
on the basis of about Is cents per
pound for refined copper. The market
is now three-quarters of a cent or
more against bear traders, and they
are using every means in their power
to depress prices.
The relatively weak statistical DO
sition Of the metal is the explanalruls
for the Ecar operations. The foreign
visable supply of copper is more THAI
three times what il was a year or two
ago. 1t is known positively that sew
eral foreign consumers have bought
date needs, in taking advantage of
the low prices ruling six or eight
months ago. Producers are sold III es-
ty well up to date. but none of them
have sold their production in advance.
Some producers are carrying small
stocks of copper which they could,
and probably would like to deliver i'm
mediately for cash. IN a general way
- Cot Z, . ,,
trade condition: but in the case of
copper it can hardly be so considered,
as it does not reflect nearly as strong
position as the copper trace nor
mally occupies.
The future price of copper depends
entirely on the business situation A
little further improvement in indus
trial conditions viii cause heavy guy
ing of copper. If the months of Sep
TENDER and October show as great an
improvement over July and August as
those months did over the two pre-
ceding, the entire copper surplus will
be sold, and the market position viii
warrant an advance to Is or Is cents
per pound. There is good basis for
the hope that the coming two months
may show a greater business gain than
ent year. The outlook for the copper
metal market, therefore, is decidedly
hopeful.
The expected decline in prices, pre-
siicted in these letters When the mar
ket was practically at the top, came
about sOCn after last weeks letter
was in tyne Prices did not go quite
as 'cw as I had expected, notwith-
.
strong interests. The unusual scare
ity of many OF the more active stocks
in speculative accounts and loans, ana
the existence of large short interest
operated to sustain the market; and
the many small investors and specula-
tors WHO had sold at higher prices
again became buyers.
took a bear position on the mar
ket recently because prices were ad-
vancing too rapidly, and because pub
lished reports of business improve
ments were in most cases grossly ex-
saggeTated II was perfectly plain to
me and to many others that bad
reaction was overdue, and, had il not
been for the unusually strong tecnni-
cal position Of the market, the reac-
ton would have gone twice as far as
1t did.
Business is improving, and the po-
liticaI outlook is coming TO be decid-
eddy. reassuring Industrial activity
will continue to gain. Practically all
the conditions watch make for bull
markets are present, and l believe
that most stocks viii sell cc:-.99:.sz. ably
higher between now and the end Of
the year.
lii g-so-,--o5 - oo7,
pers, ard mining men with money and
good judgment are persistent buyers
Of certain stocks. Readers Of these
Ietters will recall how urgently ! ad-
yiseG The purchase OF almost every
active copper stock on tae list at very
much lower prices than those Low
ruling. Recently have especially ad-
yised the purchase Of Adventure, Lake
Copper. ParEott ard Helyetia. The
FRS two have had splendid advances,
and they promise 70 go considerably
higher. / believe taere viii be big
speculative interest in Helyetia, and
both speculative and investment buy
ing Of Parrot in ne near future
There should also be e growing DE.
mand for Asnslg2mated, East batte.
Utah Consolidated. Arizona comnsF.
zeial, shannon. Michigan aud Isle Roy
al One or more Of rhegs special
stocks viii probably be taken In hand
and advanced 70 new biga price rec
ords every week, and eventually this
wiH start another big geaecai buying
movement throughout the list
would buy these stocks ~ present
prices, or on slight reactions; and IN
1he eFea: Of q scare causing sudden
break 10 prices. would buy more %
average. / feel conhaent that an op.
pcFtualty VII ofer lsfeT o. 10 sell
Them an al a substantial profit
CAlumet & AFiz0na sss declsfso
a quarterly dividend Of 81 per share.
II g ssnfed thai the dirsefors have
decided to make the fBal payment on
5he Giant Chief Of 81 claims, which q
has had under option and development
for some time past This property
promises to develop iuto a large mine.
Notwithstanding the low dlgideDa
rate now being paid. Calumet ARID
"a stock VIII prove AZ excellent IN
stment At It's present price, and .
81 long run win snow very large az
re dividend returns
1+rw Want Ads bring results.