Bisbee daily review., 1911-07-15
COPPER MARKET POINTS ID BEAR
 PR|CES-WALKER
No Great StorehouSeS Where Metal Is Held in Reserve and Increased De-
 mand Is at Hand
CONDITIONS SIMILAR
 TO THOSE IN 1908
In Last Half of Year There Is AwlayS an Increase Over First Half, Says
 Walker

George L. Walker, the copper au- tbority. is back in Arizona after wis iting the big mining camps in old Mexico and according to an inter. view in a Tucson newspaper he saw nothing m mining conditions the favorable prophecy he made to a Review reporter while in Bisbee studying local mining conditions. He was quoted as follows at Tucson,
 One of the things that I have noticed on my trip through Ari- zona to the various copper camps is that there are few signs of cur tailmeat Most of the properties are running we'll up to their capac- ity in output Such being the case, with an added demand in the mar ket for the metal. these properties cannot greatly increase production. This means that the surplus will continue to diminish. I believe. Such diminution of surplus means higher prices. look for advances in the selling price of copper within the next few months and certainly in the present year.
 Increased Demand.
 There has been considerable talk of the curtailment which has been effected by the various properties Such ourtailment as there has been has not borne any important fruits. l While for the past two years there has been a decrease going on almost steadily in the surplus stock Of | copper, that has been occasioned more by an increased demand for metal than by a curtaiiment of out put Had there been no curtail- tnent the surplus would have possib- | iy have slightly decreased. That surplus is not now great. In the last half of the year there is al I ways an increase in metal purchases over the frst half when conditions are normal. look for that in. creased demand this year and this 1 will further reduce surplus stock end tend to price advancement.
 Conditions Are Improving.
 The market situation now is not dissimilar to those I noted in 1903 Then there had been long peri cd of depression in the market fol lowing the breaking Of the Amal gamated pool At that time l saw manufacturers and others buying and putting away for early use and others buying also all in anticipa
 ton of higher prices. That is what Is now going on. As this continues there will come a time when some lone goes into the market for cop per and cannot get 1t at low prices
 Then will come urgent demand from sIi sources and then will come the advance that I consider certain. Oi
 course it is impossible to fix Q dehHite time when that will come
 but it looks to ne close at hand and expect to see it either the latter part of this year or the first
 of next do no- look for sensa
 tional advances in prices but l dc rect to see substantial gains.
 Depression Is Explained.
 The copper producing bushes.
 seems to be in the shape that the | government thinks all business should be in. without any understanding
 between the producers, with pro
 ducti0n going on steadily al tho same gait irrespective Of how great
 or how small the demand is
 When the panic Of 1907 came al ? ether lines. of business curtailed but not SO with the copper indus . try. The mines kept on producin: at capacity just as if there wer'
 the same demand for the metal tha
 there was before. But there va DC such demand. Electrification o 9 lTail-oads largely ceased and all man - Iufacturies that used copper, reduces , their purchases as the demand fo their manufactures decreased. Wit the mines producing as before an B with the demand so greatly reduce a the inevitable result was the pikn V ldlp of a large surplus that has bee \ l'so disquieting to the industry eve since. About two years ago thi '- commenced to decrease and wit o soma interruptions that decrease ha l. since continued. That surplus a rot now alarmingly large.
 Figures Are Deceptive. The figures that are given oJ