The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-08-26
LEAD At LOW LEVEL
REACTION IS now DUE
SAME IS BELIEVED TRUE OF COP,
PER-ENcouRAeEMENT SEEN
IN DEMAND FOR SILVER.
(New York SUM

NEW YORK SUM
A well known copper seller who has
been bearishly inclined Of late says: Il
have come to the conclusion that the
copper market VIII turn about sharply
one of these days. Consumers who
have steadfastly refused to buy on the
decline from 20 cents may find that
the market has got away from them.
The price never should have been run
up to 20 cents pound, as in June, and
producers then made great mistake
Consumers were stampeded and they
bid up quotations against each other.
But laying all that aside, the consum-
ers who have worked for a reaction,
have seen the prices melt away from
20 and 20h cents to 17h and IS cents
pound and they should commence to
realize that halt will soon be called
to the decline.
"The time to buy is now, and even
II the prices should work a little lower
the consumers would have secured a
good average, as look to see the mar
ket come back again under big buying
Europe is feeling the market and is
buying, but in small quantities It will
probably be repetition of the old
story Europe will get the cheap cop
per and the home users will have to
pay the premiums because Of their
stubbornness"
Lead Outlook Good.
Producers are disposed to believe
that the decline in lead prices has run
Its course, for the present, at least
From top sales Of unimportant guam
titles at cents pound by small pro-
ducers, quickly resold by purchasers at
loss, and high quotation of cents
a pounds named by the American
Smelling and Refining company, the
market has steadily dropped to Az
cent basis.
good export inquiry for lead de-
veloped In the past week. One inquiry
called for 5000 tons to be shipped
one of Europe's warning nations 9th
ers Of varying tonnages have been sent
to producers.
With American production at top
notch and the world depending very
largely upon this country for its lead
supplies. producers believe that turn
for the better is at hand
Although II has not been materially
reflected in price there has come upon
the silver market an improvement that
has resulted in fair sales The United
States government bought 100000
ounces during the past few weeks and
received bids on Friday for an addi-
tionai 100000 ounces, This silver will
be used in coinage.
Improved Silver Demand.
The Cuban government has been
buyer of silver for few months past
and has taken approximately 1000, 900
ounces out of the market. On wednes-
day there was an inquiry among New
York sellers for 100000 ounces to be
delivered in London but considerable
mystery surrounded the incident, pro-
ducers being unable to fathom the rea
son for asking In New York when good
stochs exist IN LONDON.
The greater activity among the con-
per and lead mines of the United
States has brought into refiners' hands
a larger amount OF silver contained in
these ores. particularly in the lead ma
terial.
London still dominates the American |
silver market as to price The daily |
fluctuations abroad, however slight.
cause readjustment in domestic prices.
For several months the silver market
has been dull and weak.
Silver for Domestic Use.
There has sprung up a good demand
from domestic sources. on this sub
1ect one Of the large producing and
selling factors says: 'T do not recall
when the domestic users of silver have
been as active as Is now the case. They
are taking advantage of the low prices
TO replenish stocks which in the hands
OF manufacturers, jobbers and retail
ers have been allowed to get down very
low 1t is going into domestic articles
such as spoons, knives and forks"
what goes up must eventually come \
down" This old adage was applied to
the situation surrounding the metal
markets during the past week. Prac- (
ncaily every one of the common metals
mas been seeking for some weeks n
evel at which buyers may be induced d
o enter their orders. but despite num- s.
'rous Inquiries few Of the expected or. u y
iers nave actually materialized. !,
inc most severe decline has been in N
pelter prices, but this was to be ex- az
,ected' as the advance was greater
nan In any other OF the metals. rang p
ng at high prices to 400 per cent over b
ormal levels. B