Mohave County miner., 1915-06-19
Walkers Weekly Copper Letter.


 ing demand has developed and copper is very much stronger. Lake is 22 to 25 cents and electrolytic is 20 Is to 20 1-2 cents pound. Apparently many consumers waited too long before providing for their immediate future requirements and it is not improbable that the urgent demand now coming from them, at the same time that foreigners are making large purchases, will cause the market price to advance several cents a pound. The European war is war of munitions. The heads of all the allied armies recognize this fact fully and are urging their govern ments to provide ammunition, as they state, in unlimited" quantity. Un- occasionally this means that the war demand for copper will take every pound the mines of the world are able to produce, regardless of how high the price may go.
 There is too general tendency on the part of consumers to believe that the price of copper, being due as it is now to the remarkable war demand, will disappear suddenly after the war ends. The termination of the European struggle undoubtedly will be followed promptly by a worldwide resumption of industrial activity, of reconstruction, of building for the future. It will find the market bare of copper supplies, and the industrial demand for the metal should be sufficiently great to keep prices relatively high for long period of years. There is every indication that cheap copper is a thing of the past, that the consumptive demand will increase more rapidly in the future than production possibly can, and that 15. cents pound will come to be looked upon as practically the minimum price, to be reached only in years of unfavor- able business conditions.
 While lake copper has practically doubled in price in the past six or eight months, this fact does not now furnish a reason for consumers to hesitate about buying it for future delivery. It unquestionably would be good reason for hesitation, however, if such a price advance had occurred because of a worldwide increase in industrial ac- tivity. In time of peace a great ad- vance in the price of any commodity causes other commodities to be sub stituted for it in the interest of economy; but war knows no economy, and anything that is needed is purchased and used regardless of price. If this war carries copper up to 25 or 30 cents peace probably will cause it to decline, perhaps to 17 or IS cents; but there is nothing in sight to indicate that copper will sell for less than 15 cents again for many years to come.
 The fact must be recognized that a great many holders of copper shares are nervous over the possibility of this country going to war with Germany. Whenever the prospect of such an event becomes more threatening they will sell stocks and such selling will bring about temporary reactions. These set-backs should be taken advan- tage of by traders, for any expansion in the warning activities must exert an influence to further increase the profits of the copper producing companies. The entrance of the United States into the struggle would enlarge an already excessive demand for copper by scores of millions of pounds.
 A few months ago the buying of so- called war stocks, meaning the shares of industrial companies which had ob- tained large orders for war materials, caused almost wild speculation to develop. Proportionate to their capi- talizations and normal earnings the copper producing companies will make greater profits out of this war than any others, with the possible exception of a few zinc and antimony mines. Nearly all of the copper mining companies were strong financially before this tremendous wave of prosperity swept over them and approximately all of the profits which will come to them as g result of it will be distributed in extrs