The sun., 1916-01-17
ADVANCE IN COPPER
PRICES Is CHECKED
Caused by Heavy Production
Report, Attitude Of Britain,
Freight Embargoes.

Last week three factors conspired to
check the movement to establish record
breaking prices for copper. The report
OF the Geological Survey showing the
output of reiiHed copper in 1915 10 have
peen the heaviest In the history OF the
Industry. the attitude Of the British
Government toward the purchases Of
metal and The embaryoes on freight
shipments into New England we're the
| three potent forces.
Production Of refined copper last
year, according to the Government re-
turns. was approximately l.647, 900 900
pounds and the total supply of refined
! copper availabl a was 100000 900
pounds This enormous quantity was
offset by export. OF SOC. .oO0, 900 pounds
| and domestic deliveries Of $4,000 900
pounds, the latter estimated exceeding
: all previous deliveries on home account,
because of the production OF war NUM-
tons which were or will be exported
| There is reason to believe that full ex-
I port returns have not yet been received.
| PROBABLY 50.0O0.OO0 pounds will have to
be added 10 the total when final reports
! are received. These liberal estimates
! show total deliveries into consimptive
/ channels. domestic and foreign, OF /, ,6OO,-
! 100000 pounds, Indicating surplus
stocks Of 2?o.o00.ooo pounds on Janu-
AIRY I, 1916.
IL Is significant that OF tho $50, ,000. 900
| pounds understood to have been deliv-
cred by the producers. about 1875. 900. 900
pounds went into warehouses on specu-
| lative account dring the first half Of the
! year Much OF this metal Ia reported
TO nave been marketed In the last four
. or hre months. Spectators. however.
! have continued 20 operate extensively,
60. Fh.4r. 10
| were still heavy stocks carried in some
position AT the close OF the year The
( interesting point IL how much OF the sur
rlus Is carried 10y producers and how
: ilucn ny consumers or speculators
Sales by the producing interests OF
course would more than overbsLance
the surplus stocks. but In the mean
time current production must be taken
into account. The latter u understood
10 be more than ample To- meet cur
rent requirements.
tnder tsese conditions It il not sur
. pr!s.ng I. ~ tn" munitions department
oi the British Government should con-
ceiN" the idea that the allied Govern
ments are being exploited by merchant
or speculative metal interests Conse-
quently the English administration has
limited the price Ht which copper lead
anu NtIltT NtttlS may be sold on the
London exc dncc. control is exercised
by requiring permits To- oe obtained be-
lore purchases are allowed by the Gov
eminent. France. Russia ad Italy will
naturally support any action of this
kind taken 10y Great Britain. The out
come is awaited with considerable In
terest. American selling interests, how
ever, are not amenable To British con-
troll except incidentdll,.
The embargo on railroad shipments
INTO New England Was responsible for
email sales of early shipmeu, metal In
the last week. but the New Haven
railroad Is low understood to have
given orders 10 accept .pment of coke,
pig iron aud other metals into certain
zones. which may relieve the pressure
on manufacturing plants Ia the Con-
uect!Cu; Valley.
Bectuse "i the above restrictions SOC
"II 10 .udS Were anxious and even
ur-cn, ~-,,crs uf small .o,s OF lake and
'.c'trO.Sl' copper between % and .3i2
cents. Producing inter- s,s. however,
, remained firm AZ - cents for forward
shipment and e to 20. cents for
prompt delivery. Consuming interests
temporarily We're unusually conserva-
tive In placing contracts for either
prompt shipment or for future de-
: livery
The result OF the fuctua'lons IN
standard copper At London during tho
week wds drop of - %, on spo, and
flutes while American electr5lytic was
no'nntlly held at flli for spot. The
British restriction ~ limited to fl00.
The exports OF copper since the Is
OF January have been ll,05l tons. OF
which s,S0l tons were shipped dur'up
the week ended January 10. I'm.
ports at Atlantic ports since the Isl
2 Of Janutry have been 1850 tons of COP.
1 per. LILO tons OF matte and 1900 tons
Of ore.
d Tin was relatively quiet througnou
the week. with the tendency toward lower
p prices Cables from Europe were un
satisfactory aud often delayed. prevent
Ing any important business In futur,
. positions. Even the demand for spo
metal was light. Nearby tin atloat solo
! at about iuAiC.. while spot was held a
: 4lc. at the close OF the week. No cabl,
y was received from London on Frida,
until after business hours. the resul
being paralysis of business. The res,ll
= of the fluctuations IN London was a de
cline OF los. on spot Straits at London
; ! which closed AT rl76 los. Standar'
. closed fl higher "' futures. while spo
= WAS the sam" ~ week ago. Tn
! Singapore market however, was ad
. vanced to ISL for spot, London equva
a lent, or a premium OF fi los over IN
:, English market.
. Refined spelt.r WAS less active, bu
Il stronger. ON saturday the market Wi
q excited and spot and January AT t.
close ~ the week sold at lsc., t'ebruar
at 17Sc., March at i6il q l5osc,, AM
second quarter delivery AT ii&c. Thi
is an advance OF from lac. to s.c.
| puund during the week.
Lead was heavy, weak and lower
: Second hands shaded the trust pric
!. 10 to 10 points, following the actlo
=, OF the British Government In restrictin
u trading on the London exchange A
Il the close OF the week spot at New Yor
was quoted at 5.75c to 5.s0c., and a
a East -. Louis 56J a 5,7oc. Tie trus
i price remained unchanged at 5a0c, Ne'
ID. n,,I Z sOIun Enst 81 I.nuls