The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-10-08
THE COPPER MARKET
NEW YORK COMMENT
ANALYSIS OF THE SITUATION
WHERE THE PRESENT Ex-
PORTS ARE GOING.
(New York SUM

(NeW York SUM
Good sales of electrolytic copper
were made during the past week, ac-
cordin9 to statements made to The
Sun by important producers. The
hulk OF the business was done at u
cents q pound. but toward the end OF
the week still lower prices were re-
corded when the metal was pressed
for sale.
Electrolytic copper broke through
the ~ cent mark on Friday with cash
sales down to II "a cents pound. A
faw hundred thousand pounds were
involved in the transaction, which was
booked by the selling agent Of pro-
ducing company and not through Sec
ond hands. The copper will be ship
ped shortly to the Naugatuck Valley.
The thirty day or regular equivalent
Of this new low price would DE 1925
cents.
Inability to finance extensions and
new projects at the moment continues
to be the greatest retarding factor
with consumers of copper, although
some new orders have lately been
placed, and further inquiry now In the
market has called for submission OF
bids in wire.
The wire manufacturers already
control a part Of the South American
trade, in which they have had to COM
pete with both German and British
concerns.
Shipments Are Hazardous.
Movement of copper to continental
Europe continues hazardous in various
ways. not the least Of which has been
inability In many instances to secure
payment for shipments made from this
country. On this account some of the
producers refuse to listen to queries
from other points than Great Britain
at the present time.
All classes Of consumers IN the
United States have entered the market
for copper and their demands extend
over the end Of November 1t has
been generally known that stocks OF
copper at consumers yards nave
been at the vanishing point for many
weeks and operations were kept alive
only through hand to mouth buying on
the scale down to the present price
level.
A dual influence has barked at con-
sumers' heels in the low supplies OF
raw material and the exceedingly low
price of copper Both have had their
effect on the manufacturers. AS 10
whether they have experienced an i'm
provement in demand for finished ma
terials consumers refuse to state, but
the producers believe that the manu-
facturers for practically the first time
in history realize the cheapness OF
cooper metal and have decided to stock
IN at least a month in advance.
Rates Of Insurance.
Several steamship companies have
notified copper exporters that they
do not care for new business unless
some assurance be given relative to
neutral ownership Of the metal con-
signed for European ports.
War risk on copper to Holland holds
at per cent, which rate was put into
effect on Mediterranean ports several
weeks ago, To British ports, however
owing to the guardianship Of English
cruisers along the Atlantic highway,
the war risk has been but " per cent.
England takes more American cop
per than ever before, judging from re-
cent clearance figures, while the snip
ments to Dutch ports have dropped
very materially and to German ports
have entirely ceased.
Producers believe, however, that
consignments for various other coun-
tries not hitherto among importers OF
the metal will doubtless find their way
into German consumption.
Shippers Of copper have been re-
ouested Of late to retain ownership OF
the metal until it has actually reached
ports Of destination and then, II de-
sired. sell to any Of the belligerents
they may choose.
Where Copper Goes.
The bulk Of copper cleared from the
United States continues to be con-
signed to ports in the British Isles.
One OF the features of the export
movement of late has been the ap-
pearance Of Christiania, Norway, as a
port Of consignment for copper,
most unusual occurrence. Last weeks
clearances from New York totalled o.
4o2,722 pounds, as compared with 49,
45sS11 pounds in the preceding week
and 7,20s,6 pounds two weeks ear
lier.
Liverpool has been the chief taker
Of American copper Of late. as evidence
ed by last weeks clearances OF 21S5'-
262 pounds for that port, against "a
700,1OS pounds and 4,942,6S5 pounds IN
the two preceding weeks. London has
taken more than 100000 pounds,
while shipments to the continent have
been very small
TO Christiania there was consigned
last week 250,172 pounds and 1Oo,o16
pounds two weeks ago. To Glasgow
there was cleared 246,4S7 pounds; to
Havre, 7s5,O7S pounds; Liverpool q
1s5,262 pounds; London, 1,47s,l4o
l., -