The copper era and Morenci leader., 1912-11-01
WALKERS LETTER
 NOT ENTHUSIASTIC
Says Copper Dull Hanging Around 1a Cents-sis Producers in Utah and Nevada are Resuming Opera tions Again-Things in
 Mining World Are
 Active.

Walkers Copper Letter of last
 week states that copper is dull. Cop
 per is still hanging around IS cents
 which is opening up new properties.
 One of the best outlooks for stock
 buying at present in the history of the i county. MT. Walker says:
 i Copper is dull and the market ii,-
 clines to heaviness. Lake and cleo
 trolytic are offered at 177s and 17A
 cents, respectively, but very little is
 being sold just now. Panicky bu.i
 ness and financial conditions in Flu
 rope have temporarily held up the for
 eign buying demand. Domestic con-
 sumers are sitting tight" and waiting
 for the outcome. Producers as rule have sold practically all their out
 put that will be ready for delivery dur ing the remainder of this year. They
 have no occasion to offer prices down, therefore. The prospect is that when
 the demand returns it will come with rush and it will be surprising if it does not force the price of the metal
 above recent quotations
 | The big Utah and Nevada produc- CTS, which were idle for two or tn zee weeks, are resuming operations, hay | ing successfully combated the labor
 leaders who induced the miners to go
 on strike. This exceedingly forum ate, as success by the strikers natur ally would have led to further troubles i in the various coprer mining districts and very seriously reduced the out
 put.
 If the hotillities in Europe shouli spread they might have such a discon- certing and demoralizing effect upon porary decline in the price of copper. The possibilities that such thing will occur, however, are very remote, as practically all factors affecting the metal mraket are now exerting an in
 fuence to advance prices.
 The sharp decline in copper share prices during the past few days was
 largely in sympathy with the weak ness of New York. Evidently the
 Balkan war is being taken very much more seriously in Europe than at first appeared likely. There has been con tinuouS liquidation of foreign holdings of American securities for two eweks l past, and though the first offering 1 were absorbed at only a slight decline, final drop in prices such as is al ways occasioned by heavy and persis tent liquidation has resulted.
 The copper situation should conti:i- ue to improve, notwithstanding the | present Interruption to it's progress. Armament will naturally be increased | by all the European powers and this in itself should considerably streng | then the demand for copper. During | the first two or three weeks, of the | war scare, however, it is but natural 1 that 9 feeling of uncertainty shonii | predominate. It is this that is res ponsible- for the selling of securitie:; 1 just now and the decreased buying ste i mand for the metal. f Reactions like the present one arn almost always incidental to bull mar ket. Prices advance sharply, theM lose portion of their gain and late, II seek still higher levels than, before. Thes SC reactions present attractive o.- poftunities for new purchases. Those who have the money and the courage to buy on this break should realize quick and substantial profits. All of the coppers are cheap at present prices.
 Many of the people sold part or all of the copper stocks they owne.i n the early months of this year when started Others who really wanted to buy refrained from doing so, fearing he higher metal prices were brought about by manipulation and not by a legitimate improvement in basic con iitions.
 Those who sold coppers too soon md those who have so far failed 70 ouy have an opportunity to get into he warket now This is simply a sharp speculative reaction. It is not lue to any weakening of underlying actors, but to forced selling by fo . | ,igners and scared selling by foreign ITS and scared selling by traders. Big net earnings will continue and ;.e companies will go on in ,reasing their dividends. The great 1T prosperity that the copper trade s now experiencing apparently 1as .ome to stay for several years at least.
 A great deal of money should be made in the coming year or two by hose who buy Granby, Utah Copper Anaconda, Chino, Ray, Copper Range i Cast Butte, U. s. Smelling comm 2n,