The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-02-13
THE M ETALS.

metal market for the week ending
February 5:
/ Things started coming TO a head
this week, but in no very favorable
way. The eyes Of everybody became
wide open to the copper situation
The official revelations from Wash
ington that were made public this
morning were of course only what
was well known in the offices of the
copper producing companies. Both
lead and zinc exhibited further weak
ness.
Our adyices from London reveal
about the same situation in England
as here, viz, large surplus of sup
plies and slowness in resuscitating
industrial consumption. Furthermore
there is blindness to the danger of
delay, which exhibits itself in at
tempts to hold up the market in or
der to dispose of stocks without loss,
instead of forcing the issue, /. e.,
stimulating consumption by offering
low prices. Good opinion favors the
cutting of the price for copper from
los to ESQ M95. One thing that
seems certain is that Great Britain
and France will not be buyers of the
American metals for long time to
come. The stocks of virgin metal are
huge, and including what is in semi
manufactured forms and in scrap they
are alarming
Copper.
In our report last week we said
There has not been and is not vet
any market in the broad sense, but
az this writing there are signs that
things are coming to a head and that
there will soon be conditions ap-
the natural We referred
to the impending recession by the big
producers from any position of aloof-
ness that they had previously taken.
During the current week more than
one of them has been willing to talk
business, and the copper market ac-
luired a broader character than pre-
viously existed. For the first time
since December l are we able to say
that there is a real market, although
it is still only small one and is
by irregularities, as
naturally would be expected.
ON February / a transaction of A.
100000 pounds at 1880, fob. REIN
cry, was consummated. On February
considerable business was done at
1917 01SBc This did not reflect any
Use of the market as compared with
February l, but rather was an ex-
ample of the sort of irregularity to
which we have referred as being nat
lral. On February 4 several transac-
ions were made at 1Shc On Feb
'uary no business was reported to |
Is, but there were firm bids at 18c |
md firm offers at 1SAc., and there
we're indications that copper would be
obtained in quantity at nearer the
over figure than the higher.
With the reopening of the copper
market business is being done in the
main on the basis of net cash, fob.
but there have been some
transactions on delivered terms, with
small allowance of time for paw
nent. However, the old pre-war ba-
is of delivered, 80 days. no longer
Xists. We hope that sellers will
,dopt net cash, fob. refineries, as
ne common basis and will stick to it,
Lead.
ION January Fl the American Smell
ing & Refining company reduced its
rice to SAC, but that was merely in
ne course of following the market
own, the open price being already
round &c. The business reported for \
ne week was much less than in the
feVlous week. In some. ways the
ad market exhibits signs of demon
Ilzatlon. There are rumors of i'll
iVlsed, uncoordinated attempts of
,vernment bureaus, acting indie
EVIDENTLY, to dispose of government d
ocks at sacrifices. and unfortunate >
there seems to be something in l.
ese rumors. 4
Offerings of Mexican lead in Lon q
IN compelled further reduction in II
e official price, which came down
$50 A
Zinc. A
The little squirt of activity that we A
ported last week was short Lived. A
lie demand from galvanizers ceased c.
ruptly, and the trifling rally in the y,
ices disappeared with it. On Feb ~
airy 8 spelter was offered in tom CT
ges at 6.35c at the beginning of the Cl
and at case at the end, transac- ~ =,
ms being made at both these fig hi
IS. On February the market H
ened at 625c and went down to n
C. On February 5 spelter was of TIN
ed in large quantities at 620c Fl,
bout finding buyers, and the mar HI
is quoted at 61Om615c ia