The Washington herald., 1909-02-22

Domestic metal markets reflect degrees
Of dullzess that Dy the logic Of tra6o
conditions facing spring trade viii con-
soIidate in increasing lethargy IN a num-
/ Der Of channels Of metal consumption.
Most OF the larger metal refining and
working corporations are within four
to six weeks Of final shipments on ac~
count Of the orders for large tonnageS
that were booked just after the autumn
elections.
This applies 10 pig iron. steel, "copper"
lead, zinc, bronze. brass. and white metal.
The only bright spots in the metal trades
are reported from agricultural districts
where sthe good effect from bountifuE
crops saIable at prices which give fai9
returns TO the producers are the basis oe
fair amount Of business going to maxi
ers OF metal goods In several OF the
larger cities Of the country the conges~
ton Of artisans in the building trades
and the low rates for money wanted By
real estate operators have brought abouS
| the abolition Of labor union wages. fol-.
lowed by a scramble OF mechanics 70 get
work at any wage that assures a livings
and a revival building together the i'm,
/ provement Of old structures BY owners
Of real estate
| To meet these conditions makers 0f
metal wares for the building trades sTS
/ selling al prices whitfield down TO tbs
vanishing point Of profits Taking the
country over, the makers Of metal wares
are not working 70 more than half O
I fun capacity. and there IS no prospect 1
for better conditions before midsummer,
( according 10 the best Informed men in
the trades.
Pig Iron Very Quiet.
The international pig iron and steel
markets are quiet Export business from
Germany and Great Britain is on th5
mend in a few lines The bad condition
/ OF the steeI-wcrking trades in England
IS shown in the low prices for tin plate,
Of which very large tonnages are coming
| 70 this side. that are known 10 be made
from steel sheets rolled from Pittsburg
Il steel sold Al cost OF production by dOmeS-
I tic steel mills IN order 70 find work Tor
good hands under conditions when tbs
home market was taking little steel
Men wise in the ways Of this world eX-
press the belief that good deal OF tn
plate imported IN bond IS likely 10 turn
I'D in a mysterious way IN factories
which work for home trade only, n
place Of being worked up for export
trade in oils vaTnishes. vegetables. and
other food products. Domestic pig iron
producers all tell the same stOry-very
dull conditions and poor prospects
Stocks at a number OF Eastern, Vest
ern. and Southern furnaces are larger
than in six years. This accounts for the
reduction IN prices first quoted by the
Wall Street Summary early last week.
II For prompt wants pig iron consumers
can get all they need on the basis OF Sl5.59
for No. * Northern foundry Southern
pig iron Is from $3.50 10 SO for foundry S
No. .. These Northern and Southern :
prices are for furnace deliveries IN round
parcels. Little business Il being taken
BY blast furnaces for shipment beyond
April. Steel-mazing iron is quiet and az
unchanged prices Owing 10 bad trade
conditions a number Of blast furnaces
are 20 be stopped AZ the end o. this
month
Steel Market DiscOuraEinE-
IN the steel trades there IS nothing en-
couraging 10 mill owners. For sDecula-
tive purposes only a number OF vensI
. news bureaus keep on issuing canards
about the large sales Of rails, steel cars,
locomotives. and other material Some
recent sales Of rails have been reprinted
a score Of times by these agencies Bot
from all the large steel working corpora
tions here and elsewhere. no encouraging
reports about business are received Buy
! ing for the railroad interests IS Of smaller
volume than az any ether tine within
twelve years
Copper Prices Steady.
Foreign copper markets are in better
case than domestic While the volume Il
domestic copper going abroad Is small,
there is a steady movesnent at prices that
Weld a good profit. and there Is the Ger
tainty that the larger copper consumers
of Europe are circumstanced with suf-
fcient business % assure increasing
/, copper requirements well into next Au-
: tumn Never before was there anything
Ike the large degree Of work going n
copper consumption abroad for naval
and army purposes. ard the amount OF
; hydro-elec1ric work going on in Europe
IS more than treble the volume under
way at any previous time.
Switzerland and Bavaria are doing moro
in hydro-electriC power than all the
, United States and Canada. Domestic
copper markets are abnormally dull. and
stocks are going on accommodating AZ
record high figures. Prices are wholly
nominal. at 125sc. .G15Ssc- for lake, and AZ
Ig5tc aISizc. for eIectr9lytic- Casting COP
per Is in fair demand and large supply az
1Sc. to I31zc., according to the grade.
i Copper producers and consumers are
far apart in their views. > number q
the producers profess 10 believe that
something Ike a miracle viii occur that
viii enable them 70 sustain prices. OF
maybe advance prices On The Othe-
hand are great producers Of wide ex-
perienCe who say that every sign IN the
markets indicate no improvement in this
country so long as the tariff question IS
unsettled. and that there IL no likelihood
Of an Increase in home copper cOnsump-
ton until well into July. Operators Of
copper and brass mills. wire-msking IS
well as tho metal jObbers say thar coz
per viii ne down TO 11lz cents Per pound
within month.
silver In Good Demand.
1 The Improvement in the buying OF sIl-
yer for. consumption that began several
weeks ago stIn continues The business
/ though not Of large volume is widely
scattered for ports in Asia and for ac-
count of several European mints France
| and Germany are about 10 buy silver for
much-needed coin for account OF traders
in Africa and the Straits Settlements
and Holland viii soon be in the silver
market Bullion merchants here say that
silver IS going to move up slowly 10 -
cents and viii hang there. in ali llzeli-
hood for some tine.
Just about as many siIveT-yielding
mines as are making dividends at pres
ert prices can do very well with silver
or 6o-cent basis, which is several cents