New-York tribune., 1919-11-24
Failure of Treaty
Causes Decline in
Price of Copper
Fear Metal Sales to Europe
Will Be Postponed as Re-
suit of Senate's Action

Copper prices declined sharply last
week upon the failure Of the peace
treaty to pass the Senate and users Of
metals Of all kinds, fearing that the
prolongation Of the coal strike would
tie up industrial operations generally,
were hesitant about purchasing sup
plies. This resulted in a dull metal
market throughout the week and an
easier price tendency in most metals.
The price of electrolytic copper No
vember 20 was 1880 per pound, as
against 2O5Oc on November Ia, and 22c
on October 20.
"This Decline" says "The Daily
Iron Trade" parallels the bitter fight
in the Senate. Until the peace treaty is
ratified, financial arrangements cannot
be made and banking credits extended
of the size required to finance the i'm
mense European requirements for
American material, of which copper is
an important item. The significance of
a continued restricted export trade to
the domestic copper market is evident
from the fact that in pre-war years
the United States exported almost SO
per cent of the metal it produced. Since
the armistic, foreign buying Of copper,
except for Japanese account, has been
spasmodic and far below normal. Total
exports of copper the first nine months
Of 1919 were about 1000 tons, as
against 32S,00O tons in all Of 1918;
493,256 tons in 1917, 36O,229 tons in
1914. However, a fairly large copper
sale was closed this week with France
through the Copper Producers Associa
tion, involving 5000 to 1000 tons at a
price above 2lc, New York. Japan also
has been buying internationally. Lake
copper declined over 1c during the
week to zoe, casting copper to 19c.
The tin market declined about 9, C
during the week, due to the lower cost
of importation, consequent to the de-
cline in sterling exchange rates
Straits tin for future shipment from
London and Singapore was quoted
93.50c on Monday when exchange
opened at about S4.1O, and about SO u c
on Friday. Exchange declined to be-
low dc by Thursday, recovering to
S404 on Friday, making a net decline
of about 6 points A drop Of / point
in exchange is sequal to reduction of
about 1sc i'll the cost Of importing tin.
The London market opened at 1884, los
on Monday, declared to 1884 during
the week and recovered to 1856, 5s.
Spot and future 80 per cent tin de-
clined to 5212c in this market. The
congestion at docks, due to the recent
longshoremen's strikes, continues Sc
rious, but tin is steadily being deliv-
cred. and spot tin in store, while
scarce, could be had at the close of
the week at 53.371ac to $500. 1t de-
veloped that about 500 tons of Chinese
No. l tin has been sold recently at
prices about &c to 12c below the price
of Straits. This is the first business
in Chinese tin in this market in many
months.
Due to the decline in exchange and
the uncertainty of fuel supplies, the
zinc market declined during the week
about l4c. Prime Western zinc was
offered freely as the week closed al
7.75c, East st. Louis basis, for No
vember and December shipment from
the West. Further Improvement in
the steel strike situation was indicated
by the return of one of the big gal.
vanizers to the market, who for long
time had had shipments held up. High
grade zinc sold at S.50c, delivered Ex-
port demand was evident but could not