Bisbee daily review., 1911-06-23
DECIDED STREkGTH
 IN COPPER MARKET
Walker Points Out The Rea- Soas for Expecting Better
 { Times Shortly.
! tBy Geo. L. walker1


 Copper is much stronger Lake is iz 5-S to I2 s-4 cents and electrolyuc Is i2s aud Is 5-S cents a pound. tlsa- mated safes of copper 50 far this month run all Lae way rom e0,509, ,0Oo to l0e. soc. .00o pounds. Domestic cen saIners are buyfng mole tteeiy. Gener al business in thIs country is showing Cscided signs of improvement and the increase an copper consumption here dnrlng the coming ,I2 months promis- es to be big. Meanwhile foreign con sumption continues unabated and , there is every reasonable prospect that 1t will soon show a further con siderable increase.
 A leading copper man who is in close touch with some of the strong est Isetai selling interests expresses the fsm conviction that scarcity ot copper will begin to be felt within six months and that within a year there will be no further occasion for curtaiiment by any of the producers From a condition of almost hopeless ness three months ago, sentiment in copper producing circ.es suddenly has become extremely optimistic. Many Of the producers are showing an in- disposition to dispose Of any more copper at low prices. The prospect therefore is that quotations will con tinue to advance until We have at least a l3-cent market.
 The 35o,e0e.Ge0 pounds of copper which makes up the worlds present surplus can never be reduced by more than a5G.gG8, coo pounds. in the move 9ent of is9, DOG, 900 pounds of copper annually a surplus of approximately lOe, ,000, ,Go0 pounds must constantly be in existence at shipping points await ing boats and cars and in public ware houses. The 750. .o00, 900 pounds which is actual surplus represents less than two months consumption
 It was formerly the custom of con sumers to carry from two to three months supply at all times. At pres cut the worlds consumers are carry ing considerably less than one months suppsr, though some of them have bought copper for deliyerey two or three months in advance. Copper al ready sold figures in the worlds sup ply while awaiting delivery.
 if ali the worlds consumers were to undertake the accumulation of a ! three months supply immediately there would not be sufficient copper te go around and a sharp advance of sevetsi cents pound in the price wouls unavoidsbly occur. The extreme bearishness of consumers is in the way chiefly responsible for the large surplus accumuiation of copper. The receRt change Of sentiment among consumers, therefore. may possibly bsing about a 50 per cent reduction in the worlds surplus in the coming three months.
 Speculative interest is turning to the coppers, as have frequently pre- dicted~ it would, and these stocks promise to go on advancing until a much higher level of prices is reach ed An improvement in the metal marszet. which will mean larger earn ings and increased dividends by the producing companies, is being dis counted in advance. For months past l have urged the readers Of these jet teTs to buy copper stocks in anticiDa- ton of just such return of specti- lative interest as Is now being ex- pefienced.
 
 beenIIed by An and Utah CopJser. These st~c the natural leadgrs If Calumet C Itecla were tol develop strength aso the Lake Su- perioF group Of stocks would respond with, substantial advances. However, thefs are many of the Lake Superior specaities which are practically sure to advance anyway. Calumet & Hecla leadership is sot relatively essential in this respect are that s Utah Cop grouSs of stocks.
 AZ Of the stocks in the porphyry group are in good demand and most Of them are advancing easily on mod erats baying. Notwithstanding tho i'm mense amount of criticism published byltne enemies of Utah Copper. have peFsfstentiy advised the purchase Of thsss sstoch It is worth much more than its.,uresent selling price
 Of course it is hardly to be eT- pec,ed that the coppers will continue 10 advance without occasional Teac- tioss. In the event of a decline O. a point or two they should he bought Thefe is a brighter outlook ahead for coppers now than at any previous time in the past IS months. Viewed from a speculative standpoint nearly all of them are stin selling at ridiculousfy low prices. iEs