The sun., 1915-06-27
TIN LEADS IN SHARP
ADVANCE IN METALS
All Go Up on London Exchange
From About S5 to $40
a Ton.
NEW INQUIRY FOR LEAD

There was a distinct Improvement In
metal markets as the week drew to
close This was first evidenced by
sharp recovery IN prices on the Lon
don Metal Exchange. where on Friday
all metals were up from one pound ster-
ling to four pounds per ton. Tin
showed the best recovery, with spelter
prices next in line The week was gen
orally quiet in this market FOR metals.
although some inquiry developed for
lead and spelter showed an improved
tone. with sales at between II and is
cents a pound.
The sensational advance in spelter
prices last month, 1t Is believed, was
brought about by concentrated buying
by American manufacturers. acting In
behalf of a foreign Government one of
the Allies.
The heavy buying movement in spell
ter lasted about three weeks. During
that time between $4,000 and 100. 900
tons of the metal changed hands at
prices ranging from 10 cents to 81
cents pound. The buying began
about tho m ddle OF May and ceased
with the end OF that month. II has
been learned that American manpfac-
turers never before known to have been
big factors in spelter began to inquire
IN the trade for supplies. and with
their excellent credit bought heavily.
scattering their orders presumably
among all the producers. Prices began
TO move upward from the 13 cent level,
but with each advance these manufac-
turcrs continued to buy. With such
concerns as the Gorham Company,
manufacturing jewelry concern, going
into tho cartridge business, producers
did not give a second thought to the
heavy purchases by the other manufac-
turers.
While tho spelter market in this
country was advancing the quothtions
for the metal in London were kept well
under control at a low level. In fact
1t was not until after spelter had begun
to react here that the London market
commenced to advance in appreciable
amount. English stocks OF spelter were
far below actual requirements and there
was no way in which TO increase them
materially except through importations
from the United States. Had open buy
Ing In that market been attempted the
price. in the belief OF producers here,
would have skyrocketed far above the
maximum quotation prevailing here
three weeks ago.
IL took producers In New York some
time TO solve the real meaning of the
buying movement In spelter and TO learn
that they had for about three weeks
been selling into bag for delivery
through the end OF tho year. That ba,
held ostensibly by American manufac-
.urers in question. WAS in reality held
Tor consumers abroad.
Now that requirements for ammuni-
ton purposes have been largely salts
fed for the time being. both here and
abroad the market has naturally started
10 work lower. new basis between II
and lS cents pound has been found
at which there has been done some
business this week over the end of the
year.
italy has entered tho lead market with
an inquiry for 1000 tons. This has
developed since tho market reacted 10
its present level from tho high prices
OF fortnight ago
The 54 cent quotation named last
Saturday by the American Smelling and
Refining Company has been mainta!ned
by that producer. This has given cour-
age TO buyers. who in mo past day or
two have been inqu!r,ng more freely
for lead. although their purchases have
not been heavy.
The Spectators who were prom,nen.
IN the rise which carried lead prices up
to "a. and cents pound have been
sellers and they continue TO offer this
meta! AT 5ia cents. Until these holdings
have been disposed Of the producers can.
not entirely dominate tho market
Belief that bear clique was at work
In copper metal was based on the trend
of prices on the London Metal Exchange
( Against a recent high price Of f9GIa fsr
elec,rolytic in London Il was depressed
20 fsi, while tho speculative demand
warrant market Was also und-r attack
/ Producers In New York have not We:
, definitely learned the Identity OF TIE
/ prime movers in the attack on copper
| prices. although they feel confident tha,
I some OF the large London metal firms
/ have an interest in the attempted de-
/ preston.
! E!ectrolyt!c copper was offered a'
/ 1919 cents cash by one small producer
I although tho larger interests maintain
nominal quotations at 20k and 2OA
/ cents a pound.