The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-05-10
METAL PRICES
AND PROSPECTS
Mining Worlds Weekly Review
OF the Metals Explains Pre-
vailing Conditions.

The situation in the metal market at
present is peculiarly sensitive to ru-
mors, good or bad, for the reason that
so far this year the consumption gen.
orally has been less than 1907, says yes
terday's Mining World.
In silver prices have been cut to a
point where it is almost impossible for
the smaller mines to continue work. On
May the quotation was 52% cents per
fine ounce, which is the lowest since
December last, and when compared
with the high of 701s cents on Jan. 3,
1907, shows a reduction of 173s cents
per ounce. Imagine the money loss to
the producers of some 81, 10000 ounces
per annum in this country alone.
The dominant factor that caused the
slump in the price of silver is the heavy
curtailment of consumption in India
the largest buyer in the world. The
shipments to India so far this year
show decrease of nearly 100 per cent
To offset this in measure is the re-
vival in demand from China, which,
at latest account, has resold an appre-
clable quantity of its imports of sill
yer. Hopes are entertained that Chi
ma S industrial expansion will eventu-
ally create an unusually large demand
for silver for coinage purposes.
The copper situation has been made
more interesting by the early initial
production Of the lOw-grade mines at
Ely, New, the increased output of the
Butte mines, and the preparations for
more active mining in other sections of
the country. Meantime copper prices,
in the absence of any large demand
are weak, and on May We're 125s to
l2fs cents per pound for lake, 12ss to
l25s cents for electrOlytic in cakes and
wire bars, and 1915 to 1875 cents for
casting. Compared with the quotations
on the same day d year ago there is
shown drop of nearly 100 per cent.
Why Copper Is Low.
One reason why copper prices have
been cut so deeply this year is the
heavy falling off i'm the domestic de-
mand, due principally to the financial
furry, which created an apathetic
feeling among the larger consumers.
The Frightening spot in the copper
market is the increased export trade.
notably with Germany and France.
During the first quarter this year the
exports of fine copper, as metal and i'm
ore and matte, amounted to S122S long
tons, which compares with 25,6S9 tons
TOR the corresponding period in 1907
Imports of copper so far this yea-
because the larger Mexican and Cana
dian mines have curtailed their output
and viii not resume their normal op-
erations until better market prices for |
copper prevail. Indications are that an |
improvement in metal prices will be !
delayed some weeks; but ii will come
before the close of the year
Lead and SpeIter.
VlOr1HGfia Loo &c ~,
tory pecuniary position. From $3.50 to |
$50 per 100 pounds at New York at /
the opening of the year, lead prices
have advanced to $40 to $4.I5 on May |
8. a year ago the late combinations
schedule was Sc
The production of lead ore in the
MisSOuri-K district for the first
four months this year amounted to H.
'29 short tons, valued at 1856, 749 which |
compares with 17,054 tons, 81, 4O4 1904, |
for the corresponding period in 1907. !
The extreme selling prices of lead ore |
so far this year have been S45 to $50. 50 |
per ton, closing May at s5O.5O to |
$3.50. During the first four months |
last year the extreme quotations were |
$50 to $3.50 per ton, closing May 4 at /
sS2
Spelter is selling today at about the |
same prices that ruled at the close of |
January and the opening of February
prices that are 20 cents per 100 |
pounds below the highest for the year
to date. At s4.65 to $40 per 100 pounds
there can be little or no profit for srnGs-
tiers, for the reason that zinc ore is |
worth $39 for top grades and S34 to
$3.50 on the assay basis of 60 per cent
zinc. Shipments of zinc ore from the
Missouri-Kansas district for the four
months ending with April were $3.50
short tons, valued at $2,S39,S23, as
against 107,SS0 tons, $5,129,O3 other
sections also show smaller zinc ore
shipments this year, and unless the
metal market improves soon mining
viii be further curtailed. The export |
trade in zinc ore shows little change,
amounting to 6,061 tons during the first
three months this year, as against 6.071
tons IN 1907. Speiter exports, however,
show marked increase, being 907.743
pounds for the first quarter this year.
as against 1885 pounds in 1907.