Bisbee daily review., 1910-10-16
WALKER SAYS
 SITUATION |S
 MUCH BETTER
Thinks That a Few Months of Present Rate of Con- sumption Will Result in Sta ble Market
CBy Geo. L. Walker)

Viewed from every standpoint the position of the metal is stronger. Do mestic production is showing most decided decrease. Imports of cop per and ores have fallen off surpris- ingiy. There was, a decrease of r. 943.,040 pounds in the foreign visible supply of copper during September notwithstanding that exports from this increased by about S.000,00 pounds as compared with August. september exports aggregated S1,7SS tons. or over 71.000 900 pounds. As sumina that the American lproduc tion and imports for September were equal to those of August this would leave about 5S.oO0.O00 pounds for horne consumption, whereas domestic deliveries in August exceeded 6i GOo. 000 pounds. This would seem at glance to provide for a decrease of 5000 900 pounds in the American sur plus to be shown by the Producers figures which will appear immediate Iy after this letter is issued. This will mean a 10000 to 20,000 900 pound reduction in the worlds sup ply. .EE sHh
 A leading copper interest says; T hope the price of copper will not ad- vance until the surplus supplies in this country and abroad are reduced to a minimum. We who are fayoring a curtailnent policy now are trying to bring about elasticity in the cop per trade, similar to that which is so desirable in the country's currency. We want to so reduce production as to prevent copper from selling too low in times or business depression. and to be prepared to so increase the output that it will not sell high enough to discourage consumption when the demand is heavy
 The tremendous increase in con sumption which has occurred since the price of copper declined to 13 cents and lower, has tended to give zhe copper producing industry sta bility. as it has again proved thai when the market is properly handled consumption will always take care of any abnormal increase in produc tion provided there is a reasonable, decline in the price. The belief ex- pressed in some quarters that the worlds demand can be provided for at all times in the future a. around 15 cents. is unlikely, in my opinion to prove true. There is every indi- cation that the consumptive demand will increase sufficiently in the com ing three or four years to absorb the entide production of all the cid and new mines at a price of 15 cents and perhaps higher. I snail not be surprised to see copper sell at above F cents before the end of this month.
 In my letter Of July p, when the coppers were practically the lowest prices Of the year, said Tt is not
 improbable that there may be a bull movement in thse stocks (the porphyries) alone ir the not distant future, even as there was six or eight months ago in the stocks Of ccrta. n new Lake Superior miniaS companies In the case of the la:Ter the advance in prices had a great deal to do with future prospects while with the ror- phyries there would be demonstrated ere deposits, low cost production and earning capacity upon which to cHs e buying for investment and higher prices
 All of the porphyTies have had good advances since that Iate. and at pres ent they are leading features O. the market. I believe they will :ontiDne active and go considerably higher.
 All of the coppers are looking bes ter. Public buying is beginning t9 show itself Inside interests are more active than they h1ys been fer sew erGl months. The i.' for inc II etsI maket is r@-e encouraging rhAu il has been fUr d yeas past. W.r,:iR six or eisrt nlo-sbs Gt the longest, metal prices should have a good advance. This will be partly discounted in advance by copper shares, and the early buyers will maks the largest profits. l would bug good copper stocks now at the present level of prices and hold them