The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-27
BUYING RUSH MAKES
COPPER PRICE LEAP.
Jump in a Day Of 3 Cents a
Pound Ends Grip That Held
Trade Sluggish.
LEAD AND SPELTER Up

The big American copper producers
have called the blum Of the large Brit
ish metal agencies in the latter's re-
ported attempt to drive the price "
copper metal below is cents. with the
result that the price OF copper had an
unprecedented jump yesterday to is
cents. a gain OF 2 cents a pound In two
days. Such an abrupt advance has not
been known In years. An advance of
is OF a cent a pound in copper In three
or four days or a week would he a very
bulhsh market in normal times.
In addition to copper. the prices of
lead and spelter advanced sharply. The
big metal clique In London that was be-
hind the attempt to depress copper. 1t
was reported. a aimed also at lead
and spelter.
Lead advanced from $50 to 40 cents
a pound. against the low OF $50.
speiter was advanced to II cents for
ordinary qualities. against . cents last
week.
Ends Peculiar situation.
The big rush upward OF the price in
copper yesterday was the end. In the
opinion OF strong copper interests. OF one
OF the most peculiar situations seen
In the metal market for years. Last
June the price of electrolytic copper
reached the record high price for
several years when II touched 90 Ia
cents a pound. The producers were
deluged with orders at that time and
the copper industry was transformed al
most overnight from a condition OF ex-
treme dulness to one of unexampled ac-
tivity.
The demand OF the makers OF war
munitions was the cause OF the rise. In
the rush to buy metal manufacturers
filed their wants for some time in the
future, with the result that big buy
ing OF copper ceased for the time being
and the price fell Off moderately.
When the price continued to fall be-
yond a point that the large American
producers deemed reasonable these pro-
ducers began to inquire carefully into
the situation. When the price went
below Is cents they began to suspect
that there was hidden cause for the de-
cline. There was still a big demand
for the metal. The manufacturers OF
war munitions were receiving large or
ders for shrapnel and other supplies
that would require great quantities OF
copper. nj they were keeping out OF
the market for copper temporarily,
waiting for a further drop.
Prices Thought ARTIFICIAL.
Several OF the American producers de-
cided several weeks ago that the prices
being quoted below IS cents were largely
artificial. The most prominent
among these producers were the Amori-
can smelling and Refining Company and
the Anaconda. They refused TO sell cop
per below Is cents. The big London
dealers and interests operating through
the London speculative market in oop-
per meantime offered metal as far down
as Is cents. some OF the smaller Amer
lean dealers followed. At the low prices
small amounts Of copper were sold. The
big buyers were still holding OF. look
ing for lower prices. When the two big
American companies were approached
for the metal at the low prices they told
prospective buyers that they were well
to get all Of the copper they could
at such prices from the dealers in Eu-
rope. but not from them.
linen Yesterday and the day before.
the big buyers entered the market. They
were looking for copper in amounts run
ming into the millions OF pounds. They
the market bare OF the metal At
the price they desired. When their bid
ding started The price fairly leaped up
ward. one big producer sold i.25O,OOO
pounds or copper here yesterday at is
cents.
The advance in the price of spelter
from 3 to II cents compares with the
high price in Jun OF % cents for the
ordinary grades, The price OF 40 cents
for lead compares with s cents in June