Bisbee daily review., 1908-03-29
HE DOMESTIC
 CONSUMERSARE
 NOW IN MARKET
Walker Says Large Amount of
 Copper Has Been Sold for
 May Delivery, But Thinks Copper Will Not Go Over 14c

Copper continues active and strong
 Lake is now IS to 135s cents and cleo lytic 12 B to 13 cents per pound.
 For the first time in many months do nestle consumers are buying copper
 quite freely for delivery 60 to 90 days in advance A great many million l pounds of copper has been sold for April and May delivery. Surplus stocks of copper are quite thoroughly cleaned up and the prospect is mucn more cheerful than it has been for some months past.
 l Of course the political situation is still a factor in the metal market. Unfavorable developments may bring chills, and the gradual growth or sane, conservative political sentiment will increase the buying demand, but it will require a resumption of cleo. | trical development, and it's resultant demand for wire bars, to put copper above 13 to IA cents.
 l The advance in prices a week ago became very much too rapid, and the l later reaction was a very naturaI re- suit There has been good accumula- tioa on the weak spots ever since, however, and there is reason to be lieve that the market will continue i to show an advancing tendency throughout the greater part of nexC month. The technical position of the stock market is exceedingly strong, and nothing but very bad news or dis lcouraging political developments can cause a considerable decline in prices at the present time.
 The point is made that unless Ine national administration discontinue it's attacks on corporations and does something to re-establish business confidence, it's chances for winning i in this falls election will be exceed ingly poor. It is the spirit of antag- onism, on the part of both national and state administrations, toward corporations and successful business enterjrises of all kinds that has ruiueu confidence and is preventing 8 gen eral renewal of demand for invest ments and resumption of business activity AS soon as the public be gins to realize the necessity of en- couraging legitimate enterprise, busi- ness will improve and copper stocks will sell very much higher.
 On current reactions I advise the purchase of the better class of cop per stocks; but on very sharp rallies I think profits should be taken.
 Amalgamated stock is working higher, as I have so frequently pre- dicted it would When it was selling around s45 or $50, I presented facts and figures to prove that it was worth sl00, and assured holders that it must sell as high as S75 or $50 this yeas.
 The Amalgamated managers and of ficials of the other companies which closed down during the panic, snoaIu be thanked and not laughed at by those of their competitors who con tinued operations and were able to sell considerable copper at slightly higher than present prices. Had the Amalgamated and the. Cole-Ryan properties continued operations un- interruptedly and pressed their prod uct for sale, the price of the metal would have gone considerably lower than it did.
 Now that the Amalgamated com panies have resumed production, ana leading officials believe they will find a good market for their entire prod uct at prices which will average aboye 13 cents per pound. The Amalgamated companies can produce copper at 10 cents and make a fair profit on 15- cent market. There are good many other companies which cannot do this, however, and several of the lat ter may be expected to close down.
 On an annual production of 220,0O0,- 900 pounds of copper, Amalgamated will earn between S4 and 5 per share on it's stock As both the parent and subsidiary companies have large treas ury reserves, and as their construc- ton account was taken care of in the most thorough manner during the long period of prosperity, all of them should be able to resume dividend payments on fairly satisfactory basis soon after the middle of the present year.
 Anaconda's recent strength under stood to be due to foreign buying. 4 number of brokers in London make it business to sell puts and calls on active stocks. great many calls on Anaconda were bought in this coun- try at prices about three points above the market when the stock was sell ing from S30 to S32. These calls ran 30. 50 and 90 days. The improve ment in the copper situation and the advance of Amalgamated started local buying of Anaconda, and nov the English brokers who sold calls are obliged to buy the stock for protec- tion.
 At S37, Anaconda is cheap stock. As sooI as it begins mining on the 2.20O and 2,4O0foot levels of it's mine it can produce 10O.000,000 pounds of copper annually at a cost of 915 to 10 cents per pound, and earn approx imately $3 per snare on a 13 cent cop per market Not a single ton of the exceedingly rich ore opened on the ?. 2.400-foot level has been stopped yet. From this source, however, will come hundreds of millions of pounds of copper at a very low average cost.
 Arizona Commercial is putting out about 35 tons of ore daily from it's Black Hawk mine and shipping it to the custom smelters. This ore aver ages very high grade, yielding be. tween S1s and 10 % copper and Sh ounces of silver to the ton. The greater portion of this ore is taken out in development work on the 5tn