Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1907-03-23

On aecoaat d aezy IL 1sg GOV
erEnaeur settlements
Became u me fze thai a5o-t 10
per cent Of the worlds copper oztE1t
ls proaaced in North America the
New YORK mzrkes is tn ezdlEg and
governing one In this metal. although
Il il always strongly nfaenc=d b. the
London market. izzzl1eh zs = large
part q the American w0dzesiOn Is
vas killed. thO1ght the Dsmoerzts
sold for export Practically al d
the copper pro5aoed IL North
America Is sold b. seven concerns
but q these two are extremely small
factors On the other hand the
great bulk u the domestic c0nsump
ti0n Is By . few manufacturing con
Germs Under these Circumstances
the transactions are generally in
large lots on q uontrzet zsE There
- ID business to speak 81 done On
any metal exchange and little or no
speculative business done in any way
Small requirements for copper are
supplied b. brokers Eho purchase
from the large selling agencies, and
Do = retail business 50 70 speak
which Is quite distInet from the great
wholesale business
The quotations Ehich are reported
II the Journal represent the bulk Of
the transactions as made Eith con
sumers. basis. New YORK cash The
quotations are based On transactions
which represent : very large proper
tion II the totsl copper sold No dis
tinction Il made among copper sold
al spot prompt. or future but
an the sales are taken as made for
consumption and averaged ar nearly
As possible. The small lots sold AZ
premiums figure almost disappearing
~ small when averaged in the great
bulk Of the transactions. II IS aimed
to represent the average actually re-
ceiyed bY the producers for their
whole output. as : shown Al the end
Of the year b. their official reports.
II Is 4 common practice nowadays.
for copper 10 be sold on the basis Of
thirty DAYS. delivered which means
that the seller pays the freight to the
point 81 consumption and waits for
the money thirty days after delivery.
or else discounts the bill for cash.
This is commonly ignored iu many
casual and Inaccurate reports Of the
price 81 copper
The smelter market is quoted in
the same name az the copper mar
ket. In The quotations for copper and
spelter. two prices are commonly
given. in order 70 represent the
range Of the market but the full
range IS seldom shown precisely. be-
cause the mean Of the figures given
Is intended 70 represent the average.
which would not always be practica-
bic b. giving the extreme ranges.
Upward Of 80 per cent Of the lead
produced from domestic ores Is re-
fined and sold BY three interests,
chief among which is the American
Smelling & Refining company. The
market for pig lead Is largely con-
troiled By the latter company, and
at present the price IS controlled BY
It. inasmuch as the selling price fixed
b. It is adopted By the other large
producers The price established By
the American Smelling & Refining
company is for nearby shipments Of
desilverlzed lead in 50-ton lots. or
larger. The bulk Of all the lead pro-
duced goes into consumption on that
basis. the large making
contracts for their supply and pay
ing for 1T al the average OF the
settling prices for the month. A
small amount Of lead has been sold
during the last year out Of warehouse
BY independent dealers at a premium
giving rise to quotations higher thar
those OF the trust, but the total vol.
ume Of this business is insignificant
in comparison with the great produc.
ton Of lead which is marketed on the
terms stated above.