The Washington herald., 1909-02-07
METAL MARKET DULL
Prices Remain Firm Despite
UnfaVOrable Conditions.
IRON AND STEEL ARE STEADY
Quotations Nominal for All Grades
of Pig IrOn-StapIe Steel Products
Unchanged Domestic Copper Sales
Not Affected By Fictitious Rates
QuOted by gpeeuIators.

The international metal markets are
dull and no Improvement is anticipated
for month 10 come Here and there IN
the domestic netaI-consuming districts
q few large tonnages Of pig iron, crude
and semi-hnished steel, copper, lead.
spelter, and zine were sold last week On
account Of industries which early In Feb
ruary viii begin the manufacture OF pro-
ducts for which contracts were entered
IN December.
This was notably the case with the
manufacturing interests which supply
the steam railroads. Car builders. who
booked a fair amount OF business late
IN the autumn and the early winter. are
Just about receiving at their works the
materials for undertaking the execution
Of contracts; they hoped by delaying
manufacturing on account OF recently
booked orders TO be able 70 get IN much
more business and thus be situated 50
as to start up at nearly full capacity OF
OF works
AS little business has come TO metal
workers from the railroad interests dur
ing this month, car works and many other
=
consumption VIII have a dull February
and March. Considering the bad state
OF the markets, prices for al kinds OF
metals are well sustained The reports
about daily cuts IN pig iron, steel, cop
per, and lead that are used by the lower
orders OF spectators IN manipulating
oh-coior stocks are made 70 order by
disreputable news and agencies
Df- Tro, or1 GfeaI
Pig iron producers are well advanced
toward the completion OF most OF the
large tonnages sold 50 and 50 days ago.
New business is for small tonnages and
IS OF little account. except from the pipe
makers and founders engaged for ths
hardware and building trades So many
mechanics IN the building trades are IN
bad circumstances that they are bidding
against one another 10 get work
This Is bringing about activity among
builders n inducing real estate owners
20 build or improve structures and Is
inducing a general inquiry foT bids upon
building contracts that may bring about
q recovery Of trade 70 normal conditions
IN certain foundry lines in which prices
are being cut very close 10 bring orders
/ Prices are normal for all grades Of pig
/ iron. Northern foundry No Il is a. Sls,
Southern foundry No. 2 S1275Q{I3 for
furnace deliveries Steel-making iron =
dull az SI5GdSl5-5, st Shsraugo and
Mahoning furnaces.
Prices Of staple steel products are un-
changed. Standard sections IN steel rails
are moving only IN small tonnages for the
few Western and Southern minor sys-
tens which are doing a little work IN ex-
tensions and improvements. The forth
g
/ Central lines aggregate $500 tons and
viii be entered up next week There is
a little squirt OF buying in light rails for
electric roads. East and West 10 be
( shipped in April and Nay. 4 slight I'm
prOvement in demand fer consTuctionsi
steel is noted in the principal Western
and Eastern cities for deliveries during
the summer
Copper Remains Unchanged.
The domestic copper markets reflect
/ conditions virtually unchanged from
those which have already prevailed
among producers and consumers for ten
days Executive officers OF the copper
/ producing corporation which controls IS
per cent OF the product OF North America
say that they are not selling eIectrolytic
] copper under ~ C. f14lzc., lake al 1850
/ 10 1l.c. and casting at I4c- dIFsc- These
quotations are for very large tonnages.
I Fictitious copper prices. issued under g
concert Of action by certain refiners OF
( junk metal and others. in order 70 de-
/ ceive sellers Of ore IL small way as 20
market prices. are given forth through
+ the subsidized publicity agencies OF these
F interests at anywhere from 13c 20 1si-c
/ One OF the principal officers OF the
{ American Brass Company. which works
: up 80 .0o00 0o0 pounds Of copper and brass
I 2 year. went into ore OF the. agencies that
manufactures copper prices the other
/ day and made a prof1er OF spot cash for
+ all the electrolytic and lake and casting
copper the concern could deliver at the
prices they were quoting. The operators
+ of the Joint admitted that they had not g
pound Of good copper with which to back
I I'D their prices. Three local and two
/ Boston metal jobbers went 10 the same
place last week to Try 70 get some copper
at the advertised prices. There was
nothing doing
Small Improvement Abroad.
| European agents for domestic copper
I producers report a small degree Of I'm
| provement in the electrical and marine
engineering trades Of Great Britain. Ger
many. and France and the prospect oS
Z On early Improvement il tlC copper ana
/ brass foundry interests which export
/ largely In the Orient Contracts now
I in hand by European builders Of naval
and mercantile marine crafts VIII require
l IS, coo. 600 pounds OF lake. electrolytic, and
casting copper not later than August
/ The strength OF the North American
/ copper producers IN their community OF
interest is manifested IN their ability TO
go right ahead with the enormous out
puts IN the face OF q dull market The
I financial strength Of three Of the great
domestic copper-prodGcins corporations
exceeds by far the aggregate capital Of the
Bank OF England and the Bank OF France.
/ The directors Of one Of these great copper
/ companies could well undertake 70 carry
/ BY their own financial resources the bur
/ den Of the copper production OF North
I American for two years without selling
a pound. These copper men are playing
/ a game against the cabals OF European
! spectators, who long ago lost their grip
on the copper and iron and steel trades,
{ that VIII turn out much 70 the profit OF
the men on this side OF the water who
know the copper business from the ore
heap 20 the manipulation Of copper shares
on all bourses and exchanges
4