Bisbee daily review., 1909-05-30
Ready for "Stopinu.'
WALKERS COPPER LETTER SAYS

Copper is decidedly stronger Lake is 13 3-S to 13 1-2 cents and electro lytic is 13 1-2 to 13 1-4 cents per pound. l learn of sales of 150, 900 pounds of lake copper at 13 1-2 cents. and other considerable sales at 13 3-s cents. Electrolytic has sold as higl, as l3 IT cents. Copper is moving much more freely and the surplus sup plies are rapidly being exhar5ted. The outlook for the metal market is very much brighter than it has been a. any previous time in the past two years. The monthly reports of the Producers association are in a measure mislead- ing, notwithstanding the care and of. forts of the originators to make them perfectly accurate and reliable. This is due to the fact that the reports are based upon stocks of copper or band and amounts delivered. A large per centage of the copper which was re- ported as surplus last month had been sold. but delay in making deliveries breed the association to report this copper as surplus There was over S,000,000 lbs. of copper on the docks at Lake Superior which had been sold and a delay two or three days In the oening of navigation prevented its movement. It was therefore reported as part of the surplus supplies. This undoubtedly was true of copper at other points.
 A leading copper man who is as good juge of the market as any I know says: "The surplus supplies of copper are practically things of the past. As soon as there is any further improvement in the volume of general business the little surplus remaining will vanish like snow before a June sun. l feel confident that copper will sel at 15 cents per pound in Septem- ber"
 I know of but two important pro pucers who have sufficient surplus copper on hand to deserve special con sheraton These two are holding their copper for higher price. nav iEg believed it unwise to sell at E cents or lower There is still consid- erab.e copper held by spectators. and the speculative interest in the metal is increasing. I understand t.iat some of the leading American copper con sumers have been buying copper war rants in London recently, anticipating a considerable advance in the prices immediately.
 Aaconda
 Anaconda's annual report for 1908 is issued. As the mines were idle little over two months O tine year, the production and earnings were disap- pointing. The company produced 6i- S69.f76 pounds of copper in 1908 as compared with 94.963.S35 pounds in 1906. Net profits amounted to S1.0s2- 9S0, CT 90 cents per share. Dividends amounted to s2.040.000. or s2 per share resulting in a deficit of s1317.- 02o. This compares with a delcit of s2.921 ,7s0 in 1907. and a profit in ex- cess of dividends of si.942 ,669 in 1906. Two years ago the company reported a profit and less surplus of SS.1S3.2 l2, which has now been reduced 10 S4.- 9f4442
 President Ryan says that the profit shown was earned in the last six months of the year, the expenses at tendant on shutting down and resuc ing operations having offset the prof it's made in April, May and June.
 Extensive development work was carried on during the year and a con siderable amount of ore in excess ot what was extracted was opened up. The mines put cut 1,125,5I9 tons of