New-York tribune., 1919-05-25
BUSINESS NEWS BUREAU,
Tribune Building
I54 Nassau Street
Foreign Buyers
More Active i'm
Metal Markets
European Countries Open
Negotiations for Large
Tonnages; Arrangements
for Orders Await Peace

Foreign inquiries for non ferrous
metals and metal products are show
ing signs of revival in anticipation Of
the arrangement of large foreign
credits in this market Immediately
after the peace treaties have been
signed
In recent weeks, according to "The
Daily Iron Trade and Metal Market Re-
port" indications of an enormous
world demand for metals and COM
modities Of all kinds, pending only
the signing of the peace treaty, have
been increasing.
"This demand" the trade journal
says, "has been manifested in con-
siderable selling of lead, spelter, steel
and other metals for export to Japan;
improved selling of copper and brass
rolled products for shipment to Spain,
South America and the West Indies;
and in tentative negotiations with
Belgium, Switzerland and other coun-
tries of continental Europe, as we'll
materials TIE details Of financing of
these European orders are yet to be
arranged, but they are only details.
Belgian Buyers Ask Terms
Foreign nations need the goods and
the question Of terms will be settled
after the peace treaty is out of the
way. 1t is a matter of some interest
that Belgium buyers are asking terms
of one to two years, and even English
buyers are asking 90 to 120 days, the
same sort of terms they themselves
used to grant to South American
countries.
ut has generally been expected that
the signing of the peace treaty would
clear the way for a resumption of
world trade and consequently, between
May 8 and May 21, as the date origin
ally set for the German reply TO the
peace terms, approached, the metal
markets gained both in strength and
activity. in this period the price of
spot electrolytic copper advanced
from 1850 cents to 1922 cents. de-
lvered consumers plants; pig lead,
from ATTY cents to sos cents, East
St. Louis delivery. and prime Western
spelter, from cents, East St Louis,
to $50 cents.
Spectators Are Active
But on May 21 the news came that
the Germans had been granted another
seven days to make their reply, and on
the same day the metal markets quieted
down. This was due partly TO the fact
that spectators had been active in the
lead and spelter markets and were not
anxious TO add to their holdings so
lcng as uncertainty existed in the in
ternational situation. In fact, specula-
tors sold some metal on Friday and
tc ok their profits, helping to give the
lead and spelter market an easier tone
as the week closed.
However, there has been a good
consuming demand for lead and zinc,
and especially for copper Consumers
habe bought considerable tonnage OF
electrolytic copper for delivery over
May, June and July, paying up to
1852 nc, delivered their plants. While
the country's stock of refined copper
is large, now estimated in some quar-
ters to be upward OF 1900, 100000
pounds, this copper is held by twenty
or more producing companies which
have ample financial resources to carry
this amount of metal. Supplies in the
hands of consumers had become de-
pleted, and when they came into the
market they were forced to pay the
prices the producers asked.
THE argument presented against an
early recession in prices is that pro-
ducers have supplied their best Gus
toners with copper on scale upward
from 15.50c, and to reduce prices
would be harmful to these customers
and so contrary to their own interests"
More Lead for Plumbing
Revival of building activity is bring
ing about an improved demand for lead
from the manufacturers of plumbing
supplies, it is stated, while makers of
lead-covered cables have been cover
ing their seasonal requirements after
dull period Of many months. Other
lines of lead consumption, such as the
white lead and battery trades, are
absorbing substantial tonnages.
In the market for zinc the galvaniz-
ing and brass Industries have been
fairly heavy buyers. The market for
prime western spelter gained about Is
to 20 points during the week advanc-
ing to $50 cents East ST. Louis for
early shipment, closing at 6.25 cents.