Bisbee daily review., 1908-04-26
WALKER LETTER SAYS COPPERS
 WILL ADVANCE
Market Sensitive and Little Buying Would Start Prices Up Sharply-May Be Very Slow in Coming.

Geo. L. Walker in Boston Commer-
 cial)
 Copper is weak and lower. Lake is now offered at 13 cents and cleo. trolytic at 12% cents per pound Oflers from China to sell copper in this coun- try and Europe were the immediate cause For the decline. It seems that China has suspended copper coinage. and some of the metal which it pur- chased here some time ago is to be resold. The amount is hot large; but even small factors exert a power ful influence in a dull and sensitive market. Although domestic manu- lecturers are feeling much more hopeful than they were, confidence has not yet returned. Buyers of cop per are, few in number, and they are moving with extreme caution. Every time the price is offered down they withdraw from the market. While they are satisfied that copper is very cheap at present prices, they are afraid it may go slightly lower, and they do not wish to buy too soon.
 In the business world, this is a period of readjustment, and such pe- rfodls are always characterized eE fluctuating prices. The political out look is not as clear as might be wished. While money is very much easier than it was, the market for new securities is not back to the nor nal, and industrial expansion is yet to be resumed The metal market will continue spiritless until there is general resumption of investment demand for bonds. This will give the railroad, telephone and electric rail way companies money for expausion, and will make a demand for copper wire
 During the coming two or three years there will be extensive electric railway construction in Europe It may be expected, therefore, that the foreign demand for our copper will continue an important factor rGr a long; time in the future. Europe SrOul the beginning has been five to cen years behind this country in electrical development. Until within g very few years some of the large cities there did not even have electric lights. The substitution of electrici- ty for steam is being discussed by many of the railroad managements. What Europe has failed to do in this direction during the past decade it will accomplish in the coming few years.
 Notwithstanding the fact that rae, metal market looks very discouraging just at the present time, believe we shall have better demand for copper soon. At l3 cents per pound there is pretty sure to be a market for all the mines can produce, despite the uusl-- ness depression. When copper is low it can be used in many fields from which it is debarred when the price is high. The demand eventually will come with rush, and only a little good buying will be required to ad- vance the price to 14 or 15 cents.
 The scoppers have shown a sagging tendency in sympathy with lower quo tations for the metal. There has been no considerable liquidation, however, and only slight losses in prices have been recorded A good buying de mand develops every time prices re cede. Sentiment in the most influen- ual quarters is hopeful. The bear ele- ment is made up chiefly of traders who are able to turn only a few hun dred shares of stock at a time Prices rally sharply and offerings disappear whenever there is good news. Such markets as these resist bad news until siZeable short interest accum- ulates and then advance
 While the market waits business re adjustment is going on and we are getting nearer and nearer to the time when general sentiment will change for the better and when money will be available Tor expansion and exten- sion in every line of industry. This is not the first business reaction or the first stock market panic in the history of this country. Every previ-- ous one was followed by tremendous prosperity and phenomenal advances in the prices of securities. There is no reason to believe that the present depression will prove any exception to the established rule.
 The best of the copper stocks are cheap and should be bought. The, safest are the stocks of those com panies which make their product at a low cost. would buy Utah Consol- dated, Utah Copper. Nevada Consolf- dated, Cumberland Ely and Boston Consolidated at current prices.