Bisbee daily review., 1911-05-02
(By Geo. L. Walker.)

at T2 1-4 cents per pound. There have | heen few sales of any importance | for 10 days past. Consumers are so | bare Of supplies. however. that they | win be obliged to come into the | market within a week or two and 1 buy sufficient metal 10 take care of | their current requirements.
 Authorities state that if eonsum- ] CTS carried the amount of copper | TOW they did f5 or 20 years aqo, pro l Tortionate to the annual consump ton then and now. there would be very little if any visible surplus at present it is claimed bv some Of the | rroiucing interests that the publ cation of figures every month showing output. imports, exportS and domestic deliveries md suprlies on hand, is @ severe obstruction to the free and natural coniuct Of bus mess. Consumers view these figures through magnifying glasses, t IS claimed, and are afraid to buy when stocks arc large. and that they VIII he afraid to refrain from buying when stot ks again drop to mini nun. Thus their action. influenced by the published figures, operates 10 the detriment of both producers and consumers. When producers want to and need to sell, consumers will not buy: and when producers have little or no copper to sell, consum- CTS buy and bid prices up against one another. It is this view of the situation that causes some promi- nent interests in the trade to strong ly advocate the abolition of the Cop Ter Producers association monthly figures.
 The need Of a selling agreement between producers is keenly felt especially at the present time, and many consumers as well as produc- CTS regret that one cannot he effect d legally. It is understood that German consumers. for instance, now buy their cooper through cen tral committee. thus taking advan- tage over American producers that the United States government will not nermit the mining interests to meet and resist. The producing ir- terests are Of much greater import ance to the American people, as on- Iv 40 to 4 Ter cent Of our copner IS consuued here, the remainder being sold abroad It Is reasonable, there fore. that a protective selling agree ment sho1ld be permitted, provtded it can be conducted on lines that are accertable to 10th the manufac- turers and the ultimate consumers.
 Fluctuations Anroy.
 Conditions in the trade are such that violent fluctuations in the price of the metals are more annoying to consumers and work even a greater injury to them than to the produc- CTS. While low prices to a certain ez- ! tent encourage consumption, mucf more co~rer would he consume ! were prices maintained regularl' ! and steadily arornd 14 or 15 cents ! Comrared with the average prices c ! the other consro7it'es with which ] 1 cores into competition, coprer i' yell worth IS cents a round. | usiutaineI at this price cousun'' | ion would increase, I relieve, eve i rore raprdly in the future than i ~ss in the rast. This wo1ld mean | sair profit to wo7Ucers and tH
 ~roper en~oura cement of a great | American industry.
 1 When general business coT1itious | 'a this co7ntrv im~rove. the cor
 Ter situation will work ort all ri0ht
 however. whether there he a selling l agreement or not: but tNe res7mD- | ton of a heavv consuming demand 1 cannot fail 10 force the price un to ! an abnormal level. even as it did in I 1906 and 1907. As the metal marret 's now reyulated. or as it regulates i itself. extreme advances cannot be
 avoised
 The unsettled cou7ition of the
 metal market and other adverse in- ! 1uences are preventing any active
 huving of conrerV. The nartet con l tfnues duH and rather weak. The most
 siscouragiug thing about it is the l failure of news of important devel-
 opments st particular properties to
 te reflected ty an increased buying l demand for the stock. This shows an ] entire absence Of s-ec"lstive inter
 st. The delay Of the supreme court decisions is not only the chief Ob- i tacle to activity in the speculative and investment markets, but it is
 bringing atout business paralysis aH over the country. Wien these
 decisions are out of tNe way tOere
 s Iikelv 10 he a generpl re7unption
 Of activity in every direction.
 The state Of putfe confidence. Of ten referred tc as mere rratter o'
 ventimeut, Is alw0ys a vital factor in makinr for duliness and dec'inins
 rrices. or activity and strength in the stock market. Scores of peo7le
 have written me recently statns
 that they are now taking no inter est in srecrlation whatever. but that
 trey are going to hold theiT storFs
 until they aeain sell at forrer high
 levels. These letters denote conf 1 dence in the future. but not in the
 resent. Otherwise sidte7. the public
 s not exrecting anv improvement
 in the market immediately. but il
 firmly believes speculative enthus
 'ssn and inseetvrent confidence will
 return eventually.
 Effect Of Sentiment.
 Day to day traders have been
 fcarish on corners for eight months
 past. During this period prices have
 al a considerable recovery, from
 the low points reached last July
 hut nore recently have feen sag
 ging, the price average having been reduced by declines in a certain few l =+..of.a xrhfoh ahnvrnd d-cffed power