Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-01-06
METAL MARKETS
DURING THE YEAR
Production Scant and Dis
position Allocated by
Committees
FEDERAL. PRICE FIXING

Copyright 1918, Nc,c YORK EucHiH9 Post. Inc.
The story OF the metals in 1918 may
be told more briefly than in previous
years owing to there being no markets
in the ordinary sense no cross currents
and uncertainties, except in two or three
that are Of only moderate importance.
Several OF the metals were under gov
ernnental control, with fixed prices or
fixed maximum prices; production was
scant, AND distribution was n!located
fore. the usual human interest OF at
tempts TO forecast conditions, the con-
flict OF different policies, and in general
the exhibition OF the fsllibility OF tho
human mind. Even the sudden advent
OF the armistice did not materially alter
this condition. Nevertheless, the ac-
tions OF the bureaus IA Washington
their policies and the attitude OF the
producers toward them furnish subjects
for review
ne results Of price-hXing are known
We'll enough by those VINO were con-
cerned, but not 80 well generally. Nor
is II appreciated that WashinEton had
no well-determined policy in this mat
/ ler but as opportunist acted in the way
tlat seemed easiest and best al the
moment. The record of its perform
anccs exhibits the danger of interfering
with economic laws. even in such an
extraordinary time as 1o11-1s. The men
who could have been experienced ad-
vtsers were too often left sitting on the
side-lines. But bureaucratic ignorance
and sterllity was offset in good measure
by patriotic endeavor on the part OF
both producers and consumers, and we
muddled through.
Copper
A maximum price OF 93'Y cents for
copper having been fixed on Sfptem-
Der 2l 1917. TO prevail until February
|. 1918, it was the latter date re
|. 1918 it was on the latter date re-
newed until June |. when II was again re.
newed until August 10. but on July
IL was Unexpectedly advanced TO &c
cents, which price was TO prevail until
November T. Just before the latter
date it was extended to January t
! Thus briefly. may the course Of the
market be reviewed Throughout this
period until November II, 1918, there
was no copper sold for any more q.
,
sequently at 26 cents. This created
the popular belief that the Govern.
ment, through tho war industries
board, had fixed the price. What &
really did was TO say that neither the
producers nor anybody else should
charge any more than the stipulated
price, and the producers assented in
an agreement TO that effect. The Gov.
ernment did not agree 20 pay the
nominated price If it could get TIE
copper for any less But there wa.
never any to be had FOR any less. this
signify!ng that there was never
enough copper 10 AL the wants OF
everybody al the price. In fact, cop
per had to be allocated The United
States GoVernmeI.; took what it
wanted. then gave the Allied Govern.
ments what they needed and eft
ordinary consumers to he rationed The
ALLEGATION was left mainly in the hand,
Of the copper producers committee, and
the merchanics Of the business worked
very smoothly through the intelligence
and experience Of the committee
Al the beginning of 1878 there was
stll free market in lead and the
/ price was relatively low--6tl cents
/ New York which marked only 4
! moderate recovery from the deba c,e
( Of 1917, following which there had been
a severe curtailment Of production. The
! natural effects Of the latter We're be,
! ginning 10 show themselves in a dis,
! tiNutly stronger tone of the market
, Furthermore. there We're obscure fac tors
in the economic situation in this meta
that created considerable concern and
led experts TO give warning of sCarrit!
Of supplies and difficult situations that
were likely 10 occur later. bat these
warnings passed unheeded IN Washing
ton. The factor most Immediately acute