Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-08-21
WEAKENING
Of COPPERS
SAYS WALKER
Break Toward the End of the
Week-Share Market Had
a Decided Erratic Tendency
Recently.

Walker in Boston Commercially
copper mas been stronger until with
in the last day or two; but it is show
ing signs of weakening On Monday
fake sold at II cents and electrolytic
al IS rs cents per pound. Later IN
the week there was a break in tae
London speculative metal markets,
ana the decline in the domestic stock
market brought some pressure to sell
copper just at the moment when con-
snmers ceased buying. 1t is under
stood that sales were afterward made
al d recession of is to IA OF a cent
Domestic consumers have ceased buy
ing, and tae metal market is very dull
and heavier in tone.
1 am satisfied that the remarkable
strength of the stock market Was
largely responsible for the advance III
the price of copper TO IA cents per
pound. While the business situation
is improving, the recovery is exceed
ingly slow Though Il cents is by no
means a high price for copper, there
certainly is nothing in the business
situation TO warrant heavy buying at
IS 3-4 to IA cents nof by those con.
Sumers who persistently refused To
take care of their advance require
ments short time ago when copper
could be had at 10 cents.
The business situation is not sufh-
ciently promising to warrant the be
lief that the price of copper will go
on advancing steadily until it reaches
Is cents. After election business
should begin to show marked i'm
proYerlent, and it is certainly probable
that copper will sell at Is cents by
the end of the year; but for some lit
tie time to come the metal marke'
should be dull and reactionaTy.
While there are now practically III
surplus stocks of copper in existence
ti1e market is by no means back to
its old normal basis. When the cop
per situation is healthy consumer:
buy thei= supplies from two TO three
months ahead, and in that way cop
per in the smeIters and refneries 1.
sold while il is being prepared for de
livery It is safe that producers nov
own practically all the copper they
have in process, and some of then
have small stocks in addition.
There is every reason to believe
that the worlds business will expert
ence a considerable revival during the
coming II months. and that the de
mand for copper will again exceed
the supply. Eventually we are goinG
back to a 15-cent copper market, ant
il is not improbable that the meta
will sell at 16 or II cents before tbs
end of next year. Everything depend;
upon the state of business confidence
industrial activity and progress.
The Copper Share Market.
The extremely erratic tendency o.
the market recently reflects a dispo
sition on the part of the public to sci
stocks, decreased buying demand
and an unwillingness on the part o
the many manipulators Of speSialtie!
to give way to the inevitable and le
the market have the natural reac'
lion which is overdue. II is not to bt
expected that market which has beer
advancing steadily for months VII
lose its momentum Immediately ant
have a sharp decline. Rather l
should be expected that prices ma,
hang around near their present leye
for some little time to come. VIII
occasional smart rallies Throughout
the list. . 1t is not improbable that IN
tlividual stocks may rally to new higl
levels and the whole appearance
meanwh lille may be of a regulation buI
market It is my confident opinion
however. that stocks recently hav
sold at approximately the nighes
prices they viii reach previous to III
first of November, and between no'
and then there should be a to
Ter cent decline.
Viewed from a speculative stan'
POINT. no two markets are alike. FL
present situation is not Just like
that Of some previous time, and
precedent can be depended upon as
TnfaIlibIe guide. there having bee
few If any previous bull markets
the character we haye. lad recent
which brought out so few stocks, an
which found the tota floating SUPP
of speculative stocks as small as
present. II is an interesting fact
81 frat the public has sold stool
quite freely Of late and that the
are tens Of thousands of speculato
and investors waiting with money
hwy hack at lower prices the stoci
they have recently sold. II the ma
ket we're to be forced higher tn'
would continue to wait
Viewing the situation at long rang