The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-03-16
ENGLAND STRIVES TO
RULE METAL PRICES
NEW REGULATION INTENDED TO
STOP OBSERVATION-DISCLOSURES :.
AND LEAD OUTLOOK.
New York Sun.

A new method of procedure in sell
ling all metals in British territory wa!
begun on March 1 The English gov.
eminent Us war measure declared
unlawful ~. sales in future DELIVERIES
of copr9r in, lead, spelter, iro7 ant
steel in ferro alloys. Business Is new
permitted ony III spot material for az
tual requirements directly between
producer ana consumer at the discre-
ton of tie Ministry of Munitions. All
British exchanges practically suspend
eded operations in all metals, with the
exception of tin, and consequently the
usual cable quotations to the United
States were discontinued The evil
dent intention of the British Admin
istration is to prevent speculations in
metals, which lead to manipulation of
prices at all times.
The contention of producers of cop
per in this country is that prices for
standard copper at London have small
influence on the price of electrolytic
or lake copper sold either in the Unit
ed States or for export. In ordinary
times, however, the standard market is
constantly used to facilitate changes
of prices in refined metal, and most of
the support of the London speculative
market comes from the United States
Situation Radically Changed.
At the moment the situation is radi-
cally changed because of the war. Eu-
rope is dependent upon this country
for large proportion of the supply of
metals used in the manufacture of war
munitions, and the relation between
supply and demand will largely govern
prices while the war continues. Nat
urally, however, there is a sympathetic
influence between the two countries
which will be apparent in trading at
all times. Late yesterday word was
received that after reconsidera ton re-
stricted trading in all metals would
be resumed at London and that quota
lions could be cabled there.
In the last week there was less de-
even some of the largest selling inter
ests reduced their asking prices on
future as well as on near by positions.
For a week or two interest has been
mainly in June delivery This posi-
ton can now be bought at &c to 81 C
from producing and large selling in
terests, while second hands are willing
to shade these prices "A cent a pound.
Spot electrolytic is available at 2Sc,
and March and April at 27%c to 2Sc.
There has been some interest in third
and fourth quarter shipments at con-
cessions which have been made from
previously quoted prices.
Production in February was even at
a heavier rate than during January,
but with two less days the aggregate
output was smaller than for January.
Much difficulty was experienced in
making deliveries to consuming inter
ests in this country, while exports
were smaller-about 100000 pounds.
Surplus of 10o,Ooo,ooo Pounds.
The result was an accumulation of
100000 to 100000 pounds in the
hands of producers, making estimated
surplus stocks today about 100,0O0,O0O
pounds. Melting, however was never
so great-the estimated consumption
in this country being from 100,000,000
to 125,000,000 pounds month. On the
al ho, Of ha In
smelters is enormously heavy-record |
breaking, in fact-with refining cGpa
city being greatly increased. BY fall |
it is estimated, the refining capacity of
the country will be nearly 100000 |
600 pounds a year.
Lead in Strong Demand.
Lead was in active demand, s'rong
and higher with large sales in the open
market for shipment from the west
during March and April at prices
ranging from 6.50c to 6.60c per pound |
at East st. Louis. At the close of the !
week spot was difficult to buy under
$3.50 to 675c Fest st. Louis. Some
large export contracts were placed on
European and Japanese account. The |
American Smelling and Refining COM
pany, apparently giving more atten-
ton to the purchase of ore in the west, |
grudgingly advanced prices 50 a ton,
but the company's quoted price of 640c
is 81 to IS ton under the actual sell
ling market.