The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1913-03-06
REVIEW OF NEW YORK
METAL MARKET SHOWS
DECLINES IN FEBRUARY
LEAD MAINTAINS PRICES DE-
PlTE DULL CONDITIONS WITH
DEMAND KEEPING UP.
Belief That as Copper Goes, So Go the
Other Metals strengthened BY Trend
Of Quotations Throughout Second
Month Of the Year.

February was a month Of declines IN
metal prices, with copper leading and
seemingly justifying a common belief
that as copper goes so go the other
metals The latter part Of the month
found copper selling below Is cents,
almost the price of February, 1912.
Lead maintained its price despite a
dull market Spelter was subject to
repeated declines, it's price going low
err than at any time IN the prevleus /?
months. Anthony fell off, with alum
mum dropped few points, but only
few. The premium over the import
| cost of tin diminished and prices re-
ceded from the SO cent level.
Copper.
Following a market that had been
uncertain, irregular. with very little
business and steady trend onward
further weakness, the large sellers Of
copper on February IA reduced prices
of both Lake and electrolytic to 15
cents cash for Lake and 1887 IL
cash, New York, for electrolytic; equal
to Is cents delivered cash 80 days. AT
these prices there wa ssome shading
of prices by holders of resale lots.
With the lowering Of price came the
long looked for buying movement.
which 1t was predicted would take
place as soon as the Is cent level was
Preached. Practically every important
copper consumer in the country en-
tered the market and bought, but de-
spite all this the movement was dis
lappointing. The attitude of the con-
sumers was indicated by the fact that
nearly all the copper bought was for
lquick delivery and the purchasers not
only proved thrat stocks were low but
also showed that faith in the market
had not been fully restored. No one
consumed took any exceptionally large
quantity. but in the aggregate prob
ably 5000. 900 to 6O.0O0.000 pounds was
taken. The buying soon subsidized and
the market resumed it's uncertain
course again. It looks as If the large
selling agencies delayed too long the
reducing Of prices. Certainly while
the buying was good. it should have
|been better and the fact was disclosed
Il nf
carry as little surplus supply as pos
sible, Just az the consumers OF pig
iron have been doing with that COM
modify. A further disappointing fact
was that Europe did not take hold to
the extent which had been hoped for
IN the announcement Of the Is cent
price. While foreign shipments In
February were improved. 1t is beltev-
ed that some of the copper shipped
abroad is to be held pending the real
awakening of demand. At the begin
ming of February the sentiment was
bearish, the market dull. and copper
for early delivery could have been had
Ut close to 16 cents. especially from
selling below Is cents. The report Of
the Copper Producers Association, Is
sued February T. showing an increase
" nearly 100000 pounds in stock
was expected to precipitate an abrupt
decline, but 1t did not occur. On the
lay previous to the report actual sales
we're made at 1852 lie cash, New
YORK. for prompt delivery metal
orices lowered around this figure until
he reduction came February IA. De-
spite their reluctance to load up witt
copper, American consumers are busy
and this constitutes the most hopeful
note In the situation. Another IL thai
consumers usually admit that they be-
leve Is cents to be fair price for
copper. Exports from January 81 to
February 81, amounted to 22,9O5 tons
| Lead.
This metal was quoted. between
February and 81, without variance
by New York sellers at $4.Sb. New
York and $42o, st. Louis. Dizziness
was continuous feature in nil thiT
time. An effort was made early In me
month by sellers In st. Louis to get
slightly higher prices and s4.22 IL
was asked, but the move was not sue
cessful, as consumers found they could
get plenty OF lead at the lower price,
Buyers appeared to well supplied and
sellers were satisfied with conditions
, and the market during the greater part
! Of the month was without trend one
way or the other.
Spsltsr.
In February spelter lost over 81
points. there having been declines
u On ~ MAJ. Yoxlx