Bisbee daily review., 1908-02-23
WALKER SAYS
POLITICS is
RESPONSIBLE
Slow Business Situation Is
Charged Up To Agitation
Interesting Talk About VAR
iouS Copper Properties.
(By C. L. Walker in Boston CONNER
pial

(By G. L. Walker in Boston CONNER
cial.)
The price of copper is declining.
Lake is now about 13 3-S to Is 1-2 cents
and electrolytic IS IA to 10 IL cents
per pound. During the past ten days
there has ben almost no new enquir-
les from consumers. Evidently the
Roosevelt message and the Taft and
Bryan speeches were wet blankets
for the reviving confidence which was
making it's appearance in the manu-
featuring world. Perhaps the Pres:
ident is misunderstood, but however
that smay be, his most recent utter
ances and this sudden return of the
chills and fever to the business ana
financial centres are coincident.
A week or two ago there was every
reason to hope that Washoe and the
other big copper shelters would re
sumo operations soCn. At present all
that can be said is that further bust
ness developments must be awaited.
The prospect is that the domestic
consumption of copper will continue
very much restricted for several more
months. 1t is hoped that the foreign
demand will be large enough to take
care of the surplus from our current
volume of production, which, it will be
remembered, is only so to 20 per cent
of the capacity of the combined smell
tiers of the country.
At this writing the outlook is GER
tainly cherries; but better times are
probably ahead. Only a very brief
time will be required for full recov-
cry, after the pendulum starts to go
the other way. Everything is now de-
pendant upon a general resumption of
business activity, and this is await
ing the return OF confidence.
Political developments alone are re-
sponsible for the extreme weakness
Of the stock market With the pros
pective candidates OF the two leading
parties pronouncedly antagonistic to
practically all forms of vested capital;
their public utterances characterized
by Incorporate language and open
threats, rather than by encouraging,
conservative, practical suggestion, it
is not surprising that there is a lull
in investment activity On the one
hand and heavy liquidation on the
other. The vurrent decline is not due
to previous Misrepresentation or to
manipulative operations 1t is plainly
the result of heavy selling from safe
deposit vaults and strong boxes.
find scores of investors declaring: Il
don't like the looks of things. 1t does
not seem to me to be wise TO buck
the White House. ] want to be long
OF money. When the people wake
up and take the thing in their own
hand it will be time enough to buy
stocks"
feel very hopeful that a conserv-
atiys man who will inspire public con-
fidence will be brought forward and
nominated by one Of the leading par
ties, and that he will be elected.
expect the financial atmosphere to
change for the better soon. Those
who in the past have bought stocks
when the outlook was darkest have
made the most money. Though not
all, the money he has in stocks now,
unless he is able to pay TO- them out
right, 1 firmly believe that big prof
its will accrue, within a year or two,
to those who buy amalgamated, Utah
Copper, Nevada Consolidated, Cumber-
land Ely and other good properties
at current prices.
Amalgamated is one CT the cheap
est stocks On the list. The fact that
this stock is declining at present with
the rest of the market is not refuta-
ton of the bullish position l have
taken on 1t. When financial senti-
ment changes Amalgamated will al
most surely lead the advance. 1t
Should be bought for investment
Briefly, Amalgamated is worth twice
its present selling price. Since it's %
ganization the c0mpany's average div.
idends have exceeded SIS per share an
nualy, or nearly II per cent on the
present price of the stocks. Though
It has foated no new securities, it has
been able to expend more than TO-,
eita. eco on new construction during the
past eight years, has accumulated al
most thirty per cent of the gross mar
ket value of its capital stock in cash,
increased its investment in the stocks
of its suScompanies, and eliminated
formerly 1prOximated a million
dollars annually Unless the decline IN
the market is diseounting the fall OF
the republic. therefore, Amalgamated
should be bought for much higher pri-
ces.
There is a new interest in the cop
per snare market WHICH Is DEiHSinS
three new factors into the copper
producing world | refer to the Gug-
genheims, their associates and their
friends, and the Utah Copper, Neva-
da Consolidated and Cumberland Ely
companies. in all three of which they
own a considerable interest. Appar
emily there is good ground for the re-
port that the Guggenheim interests
have been heavy sellers recently of
American Smelling & Refining stock,
and that the money realized is to be
invested in the new bonds being issued
By the Utah Copper and Nevada Con-
solidated companies. There Is rea-
son to believe, also. that these inter
ests have been increasing their hold
ings OF the stocks of all these com
panies at the low prices Of the past
few months. 1t can be stated posi-
lively that these eminently successful
business men are thoroughly satisfied
that they have found what will be
three of the greatest copper mines in
the world-great both in production
and dividends. They have employed
1.-THE best engineering talent available,
| oouca1 awfandod SornnIfu0 o~A