Weekly journal-miner., 1917-04-25
MARKING TIME
 IN THE METAL MARKET
(From Fridays Daily.)

The metal markets were quiet
 throughout the week, consumers and
 producers having assumed waiting attitude The fear that the bottom is going to drop out of the metal mar
 kets through the government fixing the price for the Entente Allies at the
 same figure at which 1t will secure
 the metals for its own use IS rapidly
 disappearing. The fact that pro-
 ducers are willing to provide the met ! ais at concessions to our own govern mcnt for patriotic reasons does not in any way obligate them on outside orders. Such course, in the opinion
 of leading producers. would be unfair
 and work a hardship on American consumers, who, in any event, must
 pay the market price. In other words,
 1t would be a direct discrimination
 against American consumers, which
 is highly improbable.
 While production has been stimu- lated to a point which formerly would
 have been sure to develop weakness,
 yet it is still behind demand, and,
 with outside buyers holding off, the
 markets have fairly maintained their
 recent position. The output of metals.
 too. has been hampered by economic
 conditions and transportation diff
 cultics. which naturally lend aid 10 an already strong position.
 There is a practical deadlock in the copper market, both producers and consumers awaiting the placing of government orders. Prices, although off lHc a pound. are entirely nomin- al, prompt electrolytic being quoted at from 321lc to 33c.
 Spelter showed decline of 1lc a pound in the price of all deliveries to nominal quotations for prompt Prime Western of from 96715c 10 9.921Ec. There were considerable offeings of prompt and April metal during the week, with a consequent narrowing ot the spread between prompt and future shipments. Operators look upon the future Of the spelter market as largely dependent on the attitude of the gov ernment toward price control.
 Lead was firm and unchanged at the close of the week, the Trust continuing to quote % per pound for spot delivery metal, while outside in terests quoted from oHc to 9H C. The | absence of buyers during the week | had no effect on the market. which . as strong as ever. with ten dcncy to advance on the slightest buy ing movement. Statistically, lead IS one of the strongest of the metals at this time As it is, there IS very little metal offered for nearby delivery, and producers are reported as well sold up to the end of June.
 Bar silver was steady throughout the week, closing unchanged at 735Sc per ounce. The gyrations of the silver market last year are now common the price went to 77Ac m May dropped back to 60c, and then slowly and steadily strengthened again until it reached 7oc in February It was pointed out at that time that 10 runaway market could be expected n the metal. in view of the fact that 1 he purchasing agents of the Entente { Allieh were extremely cautious m making their commitments, in order O prevent exactly such a state of .fiairs. The market subsequently, de- ( lined. reaching low of 7l34 at the { nd of March, and has since rallied to ( tS present level The recent weak lcss of silver. according to Samuel Montague & Co.,, of London, was due O the decline in Chinese exchange, which encouraged selling on the part # the Indian bazaars, which have { LOW created fairly strong bear posi- ion in the market-Rice's Industrial ; Mining Age.
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