The copper era and Morenci leader., 1912-09-13
STOCK SALES D|S- APPOINT AVERAGE
 HOLDER

Walkers Weekly letter states that copper is firm although the copper share market is disappointing. He says the conditions are parralel with the preceding formation of the malagmated when the people sold year mortgaged their homes to buy back at much advanced prices. He says:
 Copper is firm and in good demand. Lake and electrolytic are selling at i7 sz cents a pound. There have been heavy sales during the past two weeks largely to foreign consumers. Con- fidence in the stability of the metal market has been fully restored and many of the purchases are for deliv- cry as far ahead as November. Con- sumers have ceased to hope that they will be able to get their copper later on at lower prices.
 The Copper Producers report for August will be issued too late for dis cussion in this letter. It may show either slight increase or a decrease in the existing visible supply. This will depend upon whether or not de- liveries were delayed at the last mo- ment Notwithstanding the price ad- vance, consumption is still largely eX- ceeding production.
 
 per is now very high. That 1912 to 13 cents is the normal price for cop per is quite generally accepted as a well established fact. Elsewhere in this letter specific information is giv- en as to the price which the Wolver- inc Copper Mining company has re- ceived for all it's production during it's p years existence. It figures an aver age of IBIS cents pound. This | 21- &14 T price of copper is not 131a cents. Therefore, the current price is less than 20 per cent avove the ordinary level, and in this respect it is not out of joint with other commodities.
 Every department of the electrical business is fiourishing. The same factor that is operating to restrict copper production is also forcing a curtailment of consumption; that is, scarcity of labor. All of the electri- cal goods manufacturers and the brass makers are complaining that they are unable to get the help they need to carry out their contracts.
 Production figures continue disap- pointing. The increase in output this year will fall considerably short of early expectations. There is every indication that the shortage of cop per will continue for many years and that as a result the average price ot the metal will be higher than it has been heretofore.
 The copper share market is disap pointing because a multiplication ol bullish factors are failing to increase 1 speculative activity. Earnings arc at the rate of 10 to 20 per cent on th= | current market quotations of leadins shares, hardly a dividend meeting is held that does not announce an in crease in the rate and the metal mark ct is all that the most sanguine could desire, yet copper shares are inactive and prices do not advance.
 Most people talk of this situation as one without paralell. As matter Of fact. however, it is almost precise Fly similar to the condition that pre- vailed when the foundation for thC organization of the Amalgamated Cop per company was being laid. 1n ont year the public occupied itself selling out is coppers at low prices, and tho next homes were mortgaged to buy the same stocks back at much higher DriceS