Bisbee daily review., 1908-09-20
WALKER SAYS
METAL FIRM AND
GOOD DEMAND
Production is Now at High
Record Mark and Opinion
Prevails That Better Prices
are Due.

Geo. l.. Walker In his weekly COZ
per letter last Saturday says:
Copper holds firm at approximately
the high prices Of the year. Lake is
1875 TO IA cents, and eleetrolytic Is
1S% to 1875 cents per pound The
market is again beginning to show
signs of activity. An advance in the
London speculative market equivalent
to about one-quarter Of a cent per
pound this week stimulated domestic
consumers to action. They feel that
the price is sure to advance sooner or
later, and many of them seem salts
fed now that no opportunity is likely
to present itself 20 buy copper in
large quantities at lower price.
Notwithstanding the fact that pro-
duction is now at approximately its
high record mark, practically no ac-
emulation of stocks is resulting.
Most producers are able to sell their
entire output. An unusually large per-
centage of our copper continues to be
taken for export; and at the same
time the domestic demand, which be
gan increasing Immediately after last
falls panic, is growing steadily There
is a demand for copper for November
and December at a small premium
over the ruling prices for October de
liyeries.
1t can no longer be questioned that
confidence is returning and being re-
established. Business is better al
ready, and improving daily. Railroad
managers are giving their attention to
the problems of substituting electric-
| ity for steam power; plans are making
| for the extension of existing trolly
lines and the construction of new ones,
| The equipment of water powers for
the generation of electricity is receiv-
ing attention, and the prospect is that
1908 will see even geater electrical de
velopment than any year preceding.
While it is not probable that we
are to have 26-cent copper again, there
is most excellent prospect that the
| metal will command 16 cents, and
possibly IS cents, within a year or
two. The average price for a decade
| TO come should be at least Is cents
As compared with all its substitutes
copper is cheap al this price.
The market has been almost at a
standstill for a week past, and the
volume of transactions has dropped to
the minimum. Where prices have
changed, they have in almost every in
| stance declined. The reaction which
have been predicting for some time
| past appears to be at hand. 1t has
been delayed so long, however, that
| it is unlikely to reach more than q
/ few points. The time for an improve
ment in the metal market is nearly
here; there promises to be news OF
business Improvement from every in
dustrial center soon, and the situation
will look so hopeful tlat the public
will come into the market. This will
bring about higher prices for a briei
period at least; and later, either in
December or February, 1 expect that
prices viii have considerable de
cline.
/ understand that substantially al
Of the large railroad sytems are plan
ming to place orders for new equip
ment and supplies, and that actor
will be taken simultaneously by all o
them. There may be a trade advan
age in this. Whether there is or not
it will almost certainly have a pro
nounced influence on the stool
market.
At this writing Thursday expect
the market to be lower Saturday ant
Monday, and possibly throughout tn
! greater portion of next week. Afte
2 decline bf about per cent, however
/ believe the coppeTs should be bought
From the standpoint of intrinsic an
prospective value, am bullish on sue
stocks as Adventure, Amalgamated
Arizona Commercial. Cumberland Ely
Copper Range, East Butte, CRANKY
Greene Cananea, Michigan, Nevad
Consolidated, Old Dominion. Parrot
Shannon, Tennessee Copper and UtaI
Consolidated. believe these stock
, should be bought on every reaction.
Helvetia's experimental oil burnint
furnace has proved failure. | under
stand that it will be disnantled in
mediately Il is quite probable tina
] the cid smelter at the property vii
be repaired, improved and put int
commission as the company is takin
lout a considerable amount Of higl
: grade ere in its development worI
I which could probably be made to yiel
, fair profit.
Il Advices from the mine state tAe
) development work in the Cope
World is showing up even better thal
! anticipated. Good ore is being en-
countered everywhere, and there
> every indication that very yaluabl