Coppers’ a Buy, Says Babson
*By ROGER W. BABSON
[j Copper stocks have been show
| ing more life of late and evidence
j|j; a tendency to act quite independ
I ent of the rest of the market,
y Roger W. Babson accounts for this
' change by calling attention to a
'4 shift in the conditions which con
| trol the copper industry.
“The copper stocks,” says Mr.
Babson, “like any others are
governed by a combination of the
conditions in the security market
ji and the factors that control the
l production and consumption of
| copper.
| “The industry,” continues Mr.
?; Babson, “is now in a better posi
\. tion than it has been for the
past four years. In other words,
' it has taken the industry prac
tically this length of time to re
cover from the abnormal produc
ing conditions and heavy stocks
built up during the war years.
Due to the continuance of heavy
stocks which, at the high point in
T919, amounted to over one billion
"pounds, production has been radi
cally curtailed. Prices have
slumped from the war-time price
of 38c for electrolytic copper to a
low point of 12c reached about a
year ago. The industry has suf
fered in the present period of
readjustment to a greater extent
than probably any other import
ant industry.
“The fact that copper in its
manufactured forms has excellent
wearing qualities has worked to
the disadvantage of the industry
during the past two or three years.
For example, in the case of am
munition abroad, all of the shell
was destroyed except the copper
cartridge. This, as you remember,
was used again and again and at
the end of hostilities, large stocks
of unused brass and copper cart
ridges went for industrial pur
poses. Reclaimed supplies are
now greatly diminished so that
the demand for new copper will
gradually increase from now on.
“Production has been gradually
increasing since the first. of the
year. Production during the war
years averaged well over 150
million pounds monthly. Com
pare this with an output during ]
1921 averaging under 25 million j
pounds monthly. In fact, even ex- i
ports last year were materially j
heavier than the total United
States production. Production at
the present time is averaging
about 85 million pounds monthly.
Exports have tended to increase
and are around 65 million pounds
each month. Domestic consump
tion is also increasing so that the
statistical position of the industry
is relatively strong. This does not
promise any radical come-back
but rather that the worst is over
and that the long pull outlook is
much better than it has been for
a number of years. This change
will bring about better profits for
the larger, low-cost copper com
panies.
“The producing capacity of the
industry is still large so that any
increase in price tends to stimu
late production. This, in turn,
causes the market to weaken. The
reason for the slump jin most cop
per stocks around the fist of No
vember was clear enough. The
rate of importation from South
Frank J. Dock
Electrician
CONTRACTING and JOBBING
113 N. Dorsat Avans*
J. MATHIS & SON
Builders
Guarantee Trust Building
Atlantic City
When You Want the
Best—We Ask Your
Consideration
America for a matter of months
has been increasing. Our south
ern neighbor can produce at low
cost, much lower than domestic
companies, a fact that has been
holding the domestic price down.
Their producing capacity, how
ever, is distinctly limited and as
demand increases they will no
longer set the market. The price
of electrolytic copper has been
fluctuating around 14c for a num
ber of months. Demand during
1923 should tend to strengthen the
market, although production will
be sufficiently large to supply this
demand. In the event of a good
building year in 1923, the demand
for copper will improve. It should
total at least as much as this
year, and considerably better than
in 1921. The European demand
will also be slightly better. Al
though there are still various
bearish factors in the situation,
the bullish features are of domi
nant importance. Hence, I am
distinctly optimistic for a gradual
recovery in profits.
“I am distinctly bullish,” con
cludes Mr. Babson, “on the stocks
of the large low-cost producing
companies.”
* » *
General business continues its
sidewise movement in spite of the
recent election. The index of the
Babsonchart shows activity 5%
below normal. Figures indicate
that car shortage is the largest in
history.
CUT PRICE DRUGS
AT LONDON’S PHARMACY
5215 Ventnor Avenue Phone 7487
Where Quality and Service Counts
ALSO
LONDON’S COLD AND GRIPPE TABLETS—Most efficient in La Grippe,
Colds, Neuralgia, Acute Catarrh.
LONDON’S SYRUP OF TAR (containing Extract of Cod Livers and
* Menthol)—For Coughs, Catarrh, Bronchitis, Croup and Whooping
LONDON’S SARSAPARILLA—A valuable Blood Purifier and System
Invigorator.
LONDON’S BEEF, IRON AND WINE—A powerful blood enricher. Recom
mended in Anemia, Nervous Prostration and General Debility.
LONDON’S INDIGESTION . REMEDY—Offering wonderful relief to
indigestion sufferers.
LONDON’S RHEUMATIC REMEDY—A scientific combination of purest
drugs; eradicates rheumatic poisons from the blood, giving positive
relief.
LONDON’S LINIMENT—For muscular soreness, rheumatic aches, back
ache, sprains and strairis.
LONDON’S HEALTH TABLETS—An excellent preparation for Constipa
tion and kindred troubles.
LONDON’S DYSPEPSIA TABLETS—A safe remedy for all forms of
Dyspepsia, Heartburn, Acid Fermentation.
LONDON’S LITTLE LIVER PILLS—For Torpid Liver, Sick Headache,
Biliousness; to keep the bowels regular and the complexion clear.
LONDON’S KIDNEY PILLS—For disorders of the Kidney and Bladder,
such as weak back, congestion of the Kidneys, inflammation of the
Bladder.
LONDON'S TONSILITIS REMEDY—For sore throat, croup, tonsilitis,
sore mouth and hoarseness.
LONDON’S CHEER-UP CORN REMEDY—For corns, callouses and warts.
LONDON’S SPECIAL DOUCHE POWDER—(Prepared solely for us).
LONDON’S SKIN AND HEALING SALVE—A healing nutritive emollient
for all wounds, sores, ulcers, ring-worm, and skin diseases.
LONDON’S PEROXIDE COLD CREAM—An ideal Skin Cream (non
greasy) for cleansing and whitening.
A full line of cigars, cigarettes, candy, stationery, imported perfumes
and sundries.
Our Prescription Department is complete. Our double checking
system making it safe for you to have your prescriptions filled by us.
If you cannot come in person, remember that we are as near to you
“as your telephone.
FOR SERVICE—CALL 7487
The Electric Shop
CROSBY & ELKINS
11 - 13 GARDEN PIER
Displays of
GA1NADAY
HOUSEHOLD APPLIANCES
WASHER . IRONER - CLEANER
HAND IRON
Demonstration* Freely Given - No Obligation
TELEPHONE 1923
EW YORK
THE GREAT METROPOLIS
LOW RATE EXCURSION
£3T See Broadway; Pennsylvania Sta
tion; Central Park; Riverside Drive;
Grant's Tomb; Metropolitan Art Gal
lery; Fifth Avenue; Brooklyn Bridges
and get a glimpse of the greatest city
on the American Continent
Sunday, December 3
SPECIAL THROUGH TRAIN
Direct to Pennsylvania Station, 7th Avenue and 32d Street
Atlantic City (So. Car. Ave.), 7.20 A. M. Absecpn, 7.32 A. M.
Egg Harbor, 7.45 A. M.
Returning, leaves New York (Penn*. Station).7.40 P. M.
Returning,, leaves New York (Hudson Terminal).....7.30 P. M.
Pennsylvania System
2400 Boxes An Hour of
James’ Salt Water Taffy
Reaching a total in mails
alone of over 200,000 a year
-—the largest mail order
business emanating from
Atlantic City.
Only the assured popularity
of a known product can
achieve this phenomenal
growth with a National
public. *
Indefatigable energy
purity of product—and the
appeal of taste have all
been accomplished with
honesty and assured effort
to please and satisfy by ■
IMPROVED
“CUT TO FIT THE MOUTH”
Salt Water Taffy
40 CENTS A POUND
The Most Famous Product, of the
World’s Most Famous Resort I
Sold Only At
1519 Boardwalk
SENT BY MAIL TO ANY ADDRESS