The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-08-24
METAL MARKETS IN UPWARD TENDENCY
CAUSED BY HUGE MUNITIONS CONTRACTS
RECORDS SHOW THAT EASTERN ORDERS
FOR MORE THAN s12ooooooo MuNTIoN


incidentally makes tne miner Happy
because 1t insures the wage bonus
brought to him by the high price OF
the metals produced in the Occur
d'Alenes. Last week the lead market
began to show signs of renewed life
and soon started toward the 81 mark
with a 25-cent jump and following
this with another advance that car
ried the metal to quotation this NOR
ming of $6.75, with every indication OF
further advance.
Copper is strong, and according to
some of the authorities the red metal
is due for even higher quotations
President John d. Ryan of the Ana
conda Copper company, who visited
the Occur d'Alenes last week, predicts
strong copper movement and says
he expects to see the price of copper
stay above 25 cents for long time to
come. Settlements for ores, he says,
have been made on basis of 25 cents
for some time past, which indicates a
IiSlHS LCiluChSS liiS NopPSh
with the end of the war Mr.. Ryan
states he looks for larger copper ex-
ports when German and Austrian buy
ing is expected to be resumed.
All Nations Want Copper.
Reports from eastern sources show
that the allied governments have
started negotiations which will take
great part of the output of the leading
copper producers over all of next year
These negotiations, 1t is said, call for
amounts ranging from S00,00O,000 to
500, ,00O,0 900 pounds of the req .1etal
Russia has placed an ofdcr for 5000
tons for delivery in November and De-
cember, and is negotiating for an ad-
ditional 500 tons for delivery in the
first quarter of next year. Italy is in
the market for 2400 tons, and France
wants from 1000 to 5000 tons.
Along with the other metals zicn
shows a much better tone and from its
low levels of last week is steadily
climbing to a satisfactory figure. The
tone of the market is good and pro
ducers are of the opinion that the
market is on the verge of another
steady advance.
Silver has responded to the heavy
buying orders and is resting around
66 cents per ounce with favorable in
dications for higher quotations.
Antimony producers are greatly en-
oouraged over the gains made by that
metal, the demand for this ore being
in sympathy with the upward move
ment of lead and spelter Quotations
range from IA to 16 cents per pound
with predictions made for 20 cents and
better when present orders are met.
Law of Demand in Play.
The steady tendency Of the metal
markets upward and the marked in
crease of the past few days is not the
result of any sudden fluctuation but
simply the result of the demand IN
open market Buyers have held off as
long as they could and according tc
the best information from the eastern
markets many of the large consumers
have failed to fill current require
ments hoping for lower prices. Ex-
port business looms high and as re-
suit consumers have come onto the
market to meet their requirement:
while the metal can be secured. 1t II
the law of demand which holds bacl
for neither producer nor consumer
The recent sag in the figures for met
ais reached bottom some days ago ant
higher levels for all ores mined in tn
Occur d'Alenes may be looked for.
Huge Contracts Awarded.
The reason for such predictions ma!
be found in a study of contracts nov
signed in this country for metal de
liyeries in Europe. That the war will
continue over another winters cam
paign is recognized by the warning ma
tions. AS evidence of this the placin
of contracts in America for munition
calling for delivery as late as Marc
and May, 1917, may be cited. Con
tracts aggregating $120,O00O0O are nov
in the hands of American firms, re
ceived during the past few weeks
following a long period Of quiet whe
1t appeared that some solution to tn
worlds unrest might be forthcomin
before another winter set in. Tha
hope now appears blasted and as
result renewed activity is manifest
the metal industry.
Three things have marked the me-
buying movement the size of tn
shells, the raridity with which Irdsr
are being closed and the extension
delivery periods to the spring of 1871
The first group of contracts wa
closed on July 21, and included tn
following orders American Locomo
tive, S-inch shells, $15,OOO,O0O; Amer
can Car & Foundry, 9.2-inch shell
$1s5OO,OOO, and American Brake She