The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-08-17
DISCUSSION OF THE METAL
MARKET BY AN AUTHORITY
CONTINUED from Page u

(Continued from Page u
labor. The refiners have no stocks
and are finding it difficult to keep up
with the deliveries that they have con-
tracted to make. Were it not that
copper manufacturers are to con-
siderable extent in the same fix there
would be serious trouble. The prin-
cipal producers have without excep-
ton sold all of their expected output
up to about October /. There has
been no large buying since about the
first of May. Even the French and
British governmental contracts do not
run generally beyond the end of this
year. There is reason to anticipate
that large buying of copper will soon
have to take place. The expected de-
mand will come in market that Is
already firm. The situation is we'll re-
Elected in the sharp rally in copper
that occurred in the latter part of
July A precisely similar rally hap
pened in the market for iron and steel
products.
with zinc the situation is quite diff
ferent. The high price for that metal
was direct invitation to Tom, Dick
and Harry to produce it. The condi-
lions of the zinc business permit of a
rapid increase in plant lor the pur-
pose of production-such rapid in
crease as would be impossible in cop
per and steel. The statistics of spell
ter production in the first half of 1916,
just issued by the u. s. geological sur
vey throw light on this. The output
in the first half of 1916 was 316,255
tons compared with 272,9S7 tons in the
second half of 1915. eve use the
Washington figures for the latter In
order to have an accurate comparison
These figures represent only the spell
ter derived from ores, and do not in
clude what the smelters get from drOss
and other waste products).
"The increase in production in the
first half of 1916 was less than what
everybody was prophesying early II
the year. We find the probable explain
alton in the knowledge that both the
. shortage and increasing inetficiency o.
labor have been restrictive factors
One large new plant that was expect
ed to be running at full capacity ear
~ in 1916 is not yet up to rs per cen
of it's capacity, owing to inability tt
secure the requisite number of smelt'
ers. On the other hand, numerou.
plants that used to make So to 80 pei
cent extraction are now getting mucl
less, while some of the small new
; plants are simply butchering theil
ores.
However, although the production
e in the last semester was not as large
as expected, it is manifest that 1t Wa'
larger than necessary, for stocks OIL
hand increased from about $4,000 tom
at the beginning Of 1916 to $4,000 tom
: at the mid-year. 1t is obvious, there
{ fore. that the market in declining re
: Elected correctly the conditions.
an lead the statistical position ap
, pears to be almost as good as is tina
of copper. Early in 1916 there was al
II acute position in lead to which the di
version of the output of an importan
Occur d'Alene producer was a con
tributory factor. That producer, hav
ing decided to smelt its ore on its ow
= account, was obliged to deprive tn
market of a large supply while 1t wa
stocking up it's bins and saturating 1t
smelling and refining system. Tha
having been done, the lead from tina
4 producer began lately to come on tn
market again in large quantities, an
n in order to effect a disposition of 1t
Y very sharp competition was institutes
Is which produced general nervousness
Ell and something like a temporary de
Is moralization. At all events this con
II petition was the direct cause Of tt
ct recent reduction in the price of lead.
,r 1.-THE prices for anthony and tunt
s stem have declined to relatively 10
Of levels. Instead Of being from to
g. times above normal, they are now OF
ne ly one and half to two times abo'
w lit. The high prices were direct II
at yitation to everybody to produce &
70. they could, and the plants requir'
D. for the production of these metals b
he ing relatively easy to provide the co
e. receive conditions came quickly in
X operation"
NV |
da The hand that carries food to t