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Show CCPPER STOCKS AND l!f HIS SUFFERING FP0; 1 CONSERVATISM Arthur 1 Camshsn. copper expert with th. Boston banking house of Oat 8turgls. wse eskeit to give a ststsment of th. copper metal situation, and thla la what h. aar: "Conservatism" as a nam for the at tlturle of lh putittc mind toward copper stock Investments at the rrent ttnis la a misnomer. It Is unreesonlng timidity tim-idity and rear, aa Mind In Us ' as the wild speculation and profligacy that characterise a boom market, Tha latter lat-ter la aJwava to be deprecated, and those who Indulge In It must par a penalty, generally administered In the form of wasted fortunes The timidity and fear of these ao called periods of "conservatism- now prevailing must likewise pay a penalty In tha form of wasted opportunities. oppor-tunities. In tha light of reason, one of two conclusions must be reached at the present moment. Klther copper stocks are worth nothing, which would be equivalent to saying that tha utility of the corner Induetrv Is at an end. or they are selling at wonderful bargain prices " Coppers at Bu-faia La-rat. ' Taking up the first alternative, any student of constructlvs civilisation will eombel Its Iruthfulneea, and even a casual observer will see the absurdity or such a proposition. Ranking only second sec-ond to Iron In volume and value among ' the metals used for mechsnlcal and building purposes. It Is Inconceivable that Its usefulness Is to come to a sudden end or thst henceforth It Is always to be produced at a cost or sold at a price thst will not admit a legitimate profit. The only metal that cornea In the same class with copper and Iron, and the only one offering any shadow of competition to copper. Is aluminum: and thla comp"'-tioo comp"'-tioo csnnot be regarded seriously except In a few of the functions now fulfilled by cooper. To believe that copper Is to be sold perpetually at a price that gives no profit on ths average cost of production and a very narrow margin 01 esrnins. Shea for the low cost mining compsnles is to discount complstely the business srumeo of those In chsrge of the producing pro-ducing branch of the Industry. Taking ths second alternative, that copper atocka are selling at wonderful bargain prices. It needs only be obeerved that they sre selling ex-speculstlon. ex-cnursse ex-cnursse snd ex-hope, with pessimism, despair and gloom on.' Many of the mure proanectlve properties, which have nt yet demonstrated that they contain payable cooper depoelte. are selling for Ice thsn Uis cash In their treasury. In boom limes these same stocks sold for many times ths amount they held In the treasury, these epeculetlve prices being baaed on wild regulations of what might happen If copper In paying quanta quan-ta v should bs discovered. Much thst hes gong toward disheartening disheart-ening copper stock Investors ara the S'suments of Isrgs and cheap production produc-tion by the "porphyriee." to tha discomfort dis-comfort snd emberraaament of the tern" end 'lode" mlnea. It la already .'till.h-,1 that for a number of years go.Kl results snd low costs will pre-il pre-il In some of three porphyry mloes; but ths costs of ths first five yssrs cannot be accepted as a permanent In-rix In-rix of the costs throughout tha Ufa of the respective properties. Tills cisss of mines Is still young In experience, and v.hlie th.re la no question but thst they iil plsy an Important part In tha production pro-duction of the world'a eorpor. th.y ' mu.t still be regerded partly aa ex-prlraentel, ex-prlraentel, and It need not be feared that tiicy will ssrlously sffect those nmiee which win -their cuppef from v-ms snd lodes and which have stood tne teat of many yeare In auccessluj operation. . Improvement Is Inevitable. Ths copper share market Is. In ths locg run, shspwd by Uis mstsl msrk.t and ths conditions In ths Istter have b en dtacouraglng for a long time, with no Immediate evidence of Improvement In sigM- It seems Inevllsbls. however, mat such sn Improvement must come v.Hhtn a reasonatils period, slthough e dare not venture to predict the time of Its sdvent. Copper consumers ere not heavily stocked with anstal, liit tne prtKltttrra ltie giving them ell tney need end therelure the consumers sre not comoelled to bid up the price. In the end ttetl.r bualneae Judgment must umiuestlonsbly prevail. ejliereln tii. producers, woo tisvs it within their power to be com. 1 he reel niaaters of the sttiiallen. iiuiy be expected to sdopt urh policies ss will Insurs sn equitable piofit, ea again.! Ihe preaejit condition of a meeser or lacking profit, fiuflering From past Excesses. ' In a not very remote way the metal ami slock markets sre nuv both suffering suf-fering from ilia reaction t the run. say markft we had sums tlms ago, e hen ths price of copper soared to -H cents per pound. Ttile was a condition con-dition entirely unwarranted by the phyical condition of the copper Industry, Indus-try, ss wss quickly proved, le the woe of thoee interested. uch an Inflation aa theu occurred must neceaaarllv punl.hed by a very protracted period k of low prices and timidity. although sa heretofore Indicated. It la aa blind end unreasoning a. the Inflatloa which p -reeded It. There Is do question In our nnnd thst eventually the metal situation situa-tion will right itself and a recovery in Ihe price will result, although It Is to be hoped, for the sake of the future In metal end stocks, that thla recovery will be tempered by moderation and the price of copper wlH not be allowed tu go toeyond reason, aa It did heroes. |