Semi-weekly herald., 1914-10-12
SUMMARY
OF METAL
MARKET

The October Ord issue Of the Min
ing and Scientific Press advises in re-
gard to the metal markets rs fol-
lows:
COPPER-Recent events brought
about in Europe by the desire of
Great Britain to cut off Germany's
supply of copper will further curtail
exports from the United States. The
British government has placed cop
per on the conditional contraband list,
and the metal is to be seized unless
It can be shown clearly that its ul-
innate destination is neutral coun-
try. In line with this policy, the gov
ernment has taken over the stock
which was carried in Rotterdam by
the United States Selling company.
The warrants which covered this
metal in the name of a British cor
poration, c. s. Henry g. Co., were tax
en- by the government, the copper
paid fair and removed to London.
Subsequently the government stated
that it would seize couper cargoes
en- route to Holland and not pay for
them unless the copper stored in Rot
terdam was sent to London, where It
would be paid for, or stored for the
consignor until the end Of the war.
Three Dutch vessels with copper
abroad are understood to have been
held up already. As a result Of this
situation. war risk underwriters in
New York have stated that they do
not care to insure copper shipments
to Holland. At the outset Of Septem-
ber dull market prevailed. Sellers
were trying to get higher prices, but
there were enough holders willing to
let go at 12.37hc cash, New York,
to keep electrolytic at that level.
LEAD-Throughout September ths
demand was light. Until about the
middle of the month the New York
quotation was stationary at $3.S7h.
About September Q, the st. Louis
price, which had been $3.72k, weak
ened to $3.70, and few days later
dropped to s3.67h. The New York
quotation responded to this decline
and became $685. on Sept. 16. The
American Smelling & Refining COM
pany, on Sept. "a. reduced its quota
tion to $3.50, st. Louis, and $3.75
New York. In the early part Of the
month there were some exports, but
not enough to offset the slack de-
mand from domestic consumers. Lon
don quotations declined steadily, the
market being adversely affected by
the diverting to England Of metal
originally consigned to Continental
Europe.
ZINC-Prices pursued steady
downward course in September, al
though the month opened with a rath-
er good demand from England, some
of it coming by way Of Canada. It
was estimated that about $500 tons
was sent abroad in August. Authori-
ties explained the decline in prices
by saying that the advance had been
too rapid. Average zinc prices Sept.
"a to 30. inclusive, S4.ss.
SILvER-some mining men look
for rise in the metal for the fol-
lowing reason: India has large re-
serves of gold, and England needs
this for war. This metal may be
drawn on to a great extent, necessi-
tating imports of silver to take it,
place, so opening q good market.
Writing on September II. Samuel
Montague & Co. Uondon) reported
that the trend Of prices in London
wos downward, notwithstanding that
supplies were not plentiful. There
was continued absence of support
from India and China. On account
Of the war large demand for sill
yer coin is likely to continue for some
time to come. One thing is plain,
the character of the market is such
that any real competition can hardly
fail to cause upward movements as
pronounced as those which take place
in a downward direction.
F. C. GILBERT,
Manager Durango Plant A. S. 4 r.