Bisbee daily review., 1911-05-02
DuLLNESS INTENSE, BUT BIG BOOM
 COMING, SAYS WALKER

made developments which enutle it to sell at least s1O higher. such dem i onstration creates practically no new buying. Extremely unfavorable developments deprcss prices some what: but bears who sell the cop peTs down are unable to cover any considerable lines at low prices un- less they patiently buy them in odds and ends of small lots extending over a period Of weeks or months.
 We freqrently see 1t stated in the Fnsnc'al columns of the dailv press, market letters, etc. that the right
 eople' O. "big men" have the stocks. TfCrc is no douft that very strong interests have been and are stiIl absG ping more or less copper stocks. not simply ty buying in ttc uraFHst. tut also by taking them over privately in large and small blocks from spectators whose mar gins have become practically e&- hausted.
 Cn the other hand. somewhere he tween SO and 90 per cent Of the stocis of practically all those old established companies whose secur- ities are traded in on the stock ex- change are owned by the public. The aants are not carrying large lines Of speculative stocks as collateral A majority Of brokers have more money than they know what to do with, the dullness of the market is TO ping them of the opportunity to use it in their business.
 .G-r all right. TheTo is money enough in the country; the public is prosper ous: investment securities are low. and foreign trade has now turned in our favor. Corporation earnings have been rether unsatisfactory of late, due to the prolonged delay Of the supreme court in arriving at decision on the Standard oil. Amer lean Tobacco and other trust cases. 4 great many business men have claimed ina. they do not know what they can do legally. These decisions wiu quickly establish in business ! mems minds a clear understanding of what may and what may not be done, ani then what can be done will be-
 The leading business and finan. ,ial interests of this country have no desire to remain inactive or to cur tail their operations. Everybody wants to do business. to make in- vestments, and to develop natural resources, and soon we shall be do- ing these things again. and thus we shall bring a return of industrial | prosperity, hIsiness activity. invest ment and speculation.
 Former Example 2-oted.
 The stock market passed through a prolonged period of intense de 1 pression from 1873 to 1878. For five years, I anu told by old-timers, the
 market was much the same as it has | been for six or eight months past | When confidence returned it express sd it4elf in a bull market of tre- i Gendols proportions. It was said or ! bat Loom that the biggest fools | made the most money" All kinds Of ecuriiies advanced. good, bad and | indifferent. One could buy anything
 rom a bale of hay to tenement | ouse or 8 business block, from q
 mining stock to a government bond, nj turn it over in a few days,
 eet-s or months at a splendid profit
 The world moves faster now than 1t did a third Of q century ago. The Futlic has had more experience. Ev- eryone nov knows that the stock maI ket has the ability to come
 back" There is no possibility that tte Tublic will wait five years O.
 anywhere rear that length Of time
 now tefore getting bullish on the
 market. Son ching is going to hap pen soon to restore business and iu- yestment confidence. When it comes
 the man who has a lot of stocks viii
 enjoy a very rapid and sustained
 al Ccist'on in bis assets.
 The man who has a lot of copper
 stocks which he bought at very high
 Irtt; is reasonably sure to get
 his money back if he simply holds
 them and waits lona enough; but
 if he wants to get it back with in terest and a profit be must get his
 liquid assets together and increase
 his holdings while prices are still
 very low.
 There is every reason to believe
 that we have seen the worst of this
 long period of depression in the met al market, and also that something
 will happen to re-establish public ! confluence in the investment and , speculative value Of copper mining
 shares. The floating supply Of thesC
 stocks is very small. and when the
 imp o senlent in conditions once te cores sufficiently pronounced to tt recognized by all, l believe copper
 stocks will advance much faster thaI