New-York tribune., 1919-08-31
Labor Unrest
Casts Shadow
On Metal Market

Market; Low Sterling
Kate Cuts Exports, Though
Foreigners Want Metal
Labor unrest generally and the agita-
tlon among railroad shopmen and steel
workers particularly cast shadow over
the metal markets last week. Many
purchasing agents received instructions
from plant arrangements a week ago to
buy no metal last week. Accordingly
business was again rather small in vol
ume, although spectators and dealers
continued active in copper and zinc.
Since the producers established their
price of $3.50 cents a pound for cleo
troytlc copper for August and Sep
tember delivery says 1.-THE Daily Iror.
Trade and Metal Market Report" there
have been two distinct movements in
the outside copper markets. The first
SWING took place several weeks ago,
"hen, the second hands taking profits,
together with short selling by specu-
lators, brought electrolytic copper for
early delivery down to 215O cents.
Inc market then recovered to 1925
cents on August 10, holding at this
leve! for several days. But by August
y 1T again was declining, dropping
to 2l.oO cents by August 26. This
price also proved to be theAlow level,
prices again recovering to 1925 cents
by August 2S
"Meanwhile the real copper market,
as represented by the quotations of
leading copper producers, has remained
at $3.50 cents for September delivery.
"A cents for October. Producers and
consumers have been buying up some
or the cheap copper offering, but it
mas been noted that much of this
cheap copper consists Of small lots of
special shapes in warehouse which
cannot be used unless the consumer
has need for those particular shapes.
Both England and Germany have need
OF copper wire bars. The brass and
copper product market has not
changed, hot rolled copper sheets re-
naming at $3.50 cents base. The mills
are we'll booked up on standard mate
f!ai, demand having been good from
az parts OF the country, especially
the automobile, small hardware manu-
featuring and electrical lines. Orna-
inentai material and building require
ments have been light, especially in
the East. Export business in conpar
and brass products continues good in
South America. England again is in the
export market, regaining much of her
trade with South Africa, Australia and
other colonies. There has been some
shading of brass rod prices, due to
oHerIngs of such material offered for
resale by the French Government.
rods which had never left this coun-
try.
Efforts of Low Sterling Rate
The low rate of sterling exchange
mas MADE the sale Of zinc for export
to England impossible in recent weeks
Japan has been in the market for small
quantities.. The zinc market has been
domlnated BY second hand sellers, who
nave established the published quota
lons. Producers have made no effort to
meet the prices quoted, as they saw thew
cannot produce at these prices. The
shortage Of cars in Joplin and Wis
consln districts has strengthened the
stand OF the producers, as shipment of
ore to smeiters has been interfered
WIN recently. The market for prime
western zlnc declined from 1865 cents
on MONDAY to 7.45 cents by Friday,
lor prompt and September shipment
from the West. High grade zinc rp-
mains unchanged in price at S-S7lh
cents New York, for early shipment
cents for futures.
George G. Stone, Of the American
Zinc Institute, who recently sailed for
Europe to survey the foreign zinc sit
uation, IN his first report says that
win present unsettled conditions for
'he present and probably for the next
year, England must depend upon the
united States for zinc, unless the price
gets too high. The new English works
are not ready and the Belgian works
cannot handle much, due to lack of
transportation. 1t is probable Belgium
VIII get part of the Australian ore
ne present rate OF exchange almost
lofced England to buy zinc from Ger
many, MIR. Stone says.
"The curtailment of Mex;can load
production, due to economic and no.
lltlcal conditions, together with buyinr
TOT South America and Japanese ac
count IN recent months, has we'll
cleaned up the bonded lead situation
only odd lots of bonded lead are Of
lering mere. AS 4 result OF this con-
dltlon, sellers of domestic lead have
been approached with several exnor+
inquiries of late. Speculative holders
OF lead have about liquidated their in
terests and the outside lead market
accordingly has stiffened up about to
the quotation of the leading interests,
o' Genus, New York. August snip
ment lead is known to have sold at
cents IN the outside market. Pre-
mlums are asked for futures. Some
lead producers have been in the market
TOT lead. Germany is in need of lead
her own production having fallen to-
about 5000 tons monthly.
English Tin Stocks Small.
he tin market has moved in ac-
cordance with the London and Sinea-
pore markets; also has been goyerned
by the foreign exchange market. A
drop of l cent in exchange is eouiva-
lent to reduction of about IA cent
pound in the price of tin. The Lon
don market moved downward this weak
and exchange moved upward. Accord
lngly tin prices fuctuated little. The
asking price for Straits tin for Anoust
shipment from Singapore ranged fronr
3225 cents to $3.50 cents; Septemher
Shipment, 90 cents to 1926 cents Tha
stocks of spot tin in England are
aoouc wiped out, according to private
cables received here, as result ~
heavy American buying. The pros
poets are the only tin which will ar.
rive here from England for some time
10 come is now ahoat. English Lamb
& flagg tin (99 per cent? for AueusJ
Shipment, sll was sold by second hand