The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-20
new RUSH AWAITED
AFTER COPPER LULL
Sales Ten Days Of Juno Be-
tween 100000 900 and
200,0O0,O00 Pounds.
SPECULATION IN LEAD

WITH between 100. 100000 and eoe,-
600. 900 pounds of copper sold during the
first ten days Of June II was natural
to look for . breathing spell among
consumers, and that 10 Just what has
happened. Consumption in tho metal
10 greater than svsr before and re-
uulrements for all times have by no
means been placed. The past week die
not witness any big copper business, but
there were soundings from abroad In.
dicating that export buying would o
be resumed. The bulk OF the big busi
ness earlier In tho month was for for
eign account but will be shipped to
domestic plants to be turned Into IN
ished material for shipment abroad.
There were unsettled conditions In the
metal markets during the past week.
but copper was the least affected. Not
withstandins a bea drive in the stand
ard warrant market on the London
Metal Exchange by speculative opera
tors In that city elsctrolync held firmly
here in irst hands. The American
Smelling and Refining Company sold
copper on Thursday at 20h cents a
pound. and there were further sales at
that level on Friday. Not all producers
apparently were able 10 get that price,
for some Of them said that they had
done nothing better h a 20k cents.
Small lots In weak second hands came
out late in the week at 90 cents.
II was recalled by n producer That
after copper had reached 10 cents on
the previous upward move there was
a lull. during which enctal changed
hands down to 1854 cents a pound, in
the face of which the large agencies,
which had sold sufficiently we'll ahead,
did not offer copper below tho 10 cent
level.
A bear clique has developed IN the
London Metal Exchange The chief ef.
forts to date have been directed against
standards. This copper could not come
into consumption 50 hat no real signih.
oance attaches Z tho declines effected
Copper prices. 70 10 believed, will move
higher than before when tho marke,
again sets under way.
1t now appears that there WAS con-
siderable speculation attempted with
tho rise IN lead prices. When this meta
rose from. its lethargy and The 42C
cent level tho word was spread rather
freely In New York metal circles tina,
lead In a buy for 10 cents a pound y
With every advance put into effect hy
the American Smelling and Refining
Company up 10 7 cents a pound then.
WAS buying that has since proved &c
be for speculative oou Some ot
the metal bought at the highest prices
from 7 up 20 3 cents n pound. was tOf
the aocoun OF spectators whose finger:
have been burned" by the sudden re-
action caused by the lowering of prices
ordered by tho American Smelling and
Refining Company. whose quotation hat
been dropped. in two cuts, from ! tc
So cents.
Demand for spe,ter has practically
disappeared and offerings OF nearby
prime Western brands down TO Is
cents. against sales a fortnight ago n
81 cents. have brought out no takers
The buyers, according to producing IN
terests rave apparently decided 20 holt
out as long as possible for spelter a
prices more nearly normal.
W offered speltcr AZ ~ cents 8
pound on Friday" sa!d a producer, 'hu
there were no buyers I'm sight HaC
we offered at II cents there would hav.
been no moro interest shown"
Tho price Of spelter in LoAon ha'
Just caught up TO the American price
and that accounts for the fact that spell
ter quotations IN that market have 10
dropped with copper and lead.
Lead buying Abruptly Halted.
Lead buying came 70 an abrupt hal
IN m,d-week. The action OF the Ameri
can Smelling and Refining Company Il
lowering Its price caused prospective
buyers TO pause in the hope that the!
might be able to place their orders 70
lead at q lower level.
TA- ylt.l Cyt4. o%At Tovz - etN,
and other large Users OF lead had bee,
in the market early in the week and ha'
mad nome p~urchares In some instance
they had not laid IN full supplies. Whe'
II became known that price cutting ha
started tho manufacturers withdrew a.
inquiries to await the result.
Thai there had been some speCulativ
buying OF lead on the advance fror
go cents was generally conceded, a
such buying always follows an Advanc
in metal prices. whether II BE- lead q
copper or spelter. Buying NJ top price
has proved disastrous TO come OF IN
New York spectators. for there hnv
been resales OF lead bought under thes
conditions nj from ~ cents 20 . cent
a pound under the prices originally pat
for tho metal early IN the week.
Buying for Russia" during the pas
fortnight has been TO some extent =
speculative account, Il has been learnet
although producers making such sac
did not question that they were actual,
for use in that country.
The advance IN lead prices IN such
short space Of time was nothing shoi
OF sensational. the rise having been a,
,omplished IN about three weeks fro'
420 cents 10 I cents by N. America
Smelling and Refining Company. Con
p~etitors were getting prices above thes
quotations.
An active metal seller. fguring largel
In copper. spelter and lead, says; :
believe firmly that the same crazy metN
DDS OF buying lead combined 10 put up n
price az prevailed a few weeks ago
spelter and forced that metal far 0huv
copper prices. II was lack Of systel
and the buyers simply bid against eaC
ether. caring nothing for price 70 lor
as they secured desired toHnagcs.
"production OF lead this year In N
United States will establish a new his
level Notwithstanding the CurtailW"r
In production late last year there was a
increase Of 100000 tons IN tho country
refinery yield. and this caused much SUI
prise. or course exports OF tho met
itself and OF Leaf In finished forms We!
on an increasing scale and this pr,
vented tho accumulation OF an enormOl