Bisbee daily review., 1911-05-26
MARKET LETTER
Hayden. Stone & Co.

BOSTON. May 25.-one would have to go back a number of years to find any single event that had an influence at once so immediate and likely to prove so far-reaching. as the Standard oil decision.
 We cannot but think that it will seem equitable to the great ma-or. ity of fair-minded men.
 The gist of it, as we sec it, is this: that every case hencefortf brought to the courts under the Sher. man act will be judged on it's own merit Large corporations will not necessarily be considered criminal combinations of capital.
 The decision against the company in question was as drastic as could we'll be rendered. but a way has been pointed out. There will not be. as was believed. any 'indiscriminatc disintegTation." Business men ~~no purpose to comply with the law may 90 about their business without feaf of being molested.
 Discussion of the decision will Gradually die away, but its effec, will be lasting
 It is always appreciable in cop. per circles. If business is to recu perate, as is hoped. it is most in .teresting to speculate on the future of the metal
 Production. as we know, is large foreign consumption has also been large, larger than most people ap. preciate. No very great increase in demand can reasonably be expected from this source. The future of the metal. then, will depend principally on domestic demand. Let us see what it's position is in this respect.
 In 1909, the domestic consumption of copper. as shown by the Copper Producers association, was 705,00o.' 900 pounds or at the rate of, ap. proximately, 59.O00, GOO pounds per months; in 1910, it was 749 .000.0 .000 or at the rate of 54,750,O00 pounds monthly.
 That is to say the average monthly takings have dropped from 59,000. DOC in 1909 and 62.500,00o in 19iO to 54.750,000 in the first third O. the current year.
 It has been. generally speaking the history Of copper. that demand increases pretty regularly from onI year to another by about 10 pei cent If the domestic consumption should now merely return to tho level Of 1909, it would mean in creased monthly takings of nearly 5000, 900, while in the total domestic consumption for this year is tC equal that of 1910, the takings for the balance of the year will have to average 66,000,0O0 pounds month.
 Clearly, there is reason to believe that consumption in this countr, will, at least, increase enough tS turn the small increases that have been noted in surplus stocks of re cent months into substantial dc creases.
 Neither need there be any feai that this reyiving demand will bt swamped by production from thf new so-called low grade porDhyries According to our figures. which VI believe are conservative, the iu creased output from this source II 1 1911 should not amount to nor { than per cent of the total. We do not look for any suddei large advance in the price of copper but from the above, we think ther' | is. ai least, reasonable ground 10 the belief that there will be a goo' market for all that is produced at ! perhaps, i3 cents a pound. Ate ! the new supply has been assimiiate
 1t would not surprise us if ther were a large advance. This, noT ever. will be a matter of years. ! The spirited revival in the coppe
 market has led us to devote con
 siderable space to this subject There are. Of course. other fav0rabl
 factors in the general situation ' especially the foreign trade state
 ment for April, and now that the ai i has been cleared by the decision, VI l cannot but think that. with soun
 underlying conditions, the bushes
 world and holders of securities ma
 look forward to at least the balanc,
 of the year with considerable opt
 nism.