New-York tribune., 1919-07-13
Germany Secures
Tin From Stocks
Held by Allies
Active Foreign Buying of
Non-Ferrous Metals Adds
Strength to Market Here;
Japanese Purchases Large

Regardless Of large stocks of copper,
lead and zinc prices of these metals
continued to move upwards in the past
week. The domestic demand had more
snap to it, though the volume of pur-
chases was not especially large and
there was considerable foreign buying,
particularly for japanese account. 1t
is estimated that Japan has bought
$4,000 tons of copper in recent months
and also thousands of tons of other
non-ferrus metals.
Exprt demand for zinc has been
particularly active, Japan, England,
France, Italy and Holland having been
in the market. Lead has been sold to
Japan and South America. China made
inquiry for at least one lot of 500 tons
of copper.
No direct buying by Germany was
reported in this market, but under in
ternational agreement it is said that
country is absorbing French and Ital-
ian tin stocks, while British tin sold
TO neutrals is reported also finding it's
pay into the hands Of the Germans.
With regard to the Improvement in
the domestic demand for non-ferrous
Metal Market Report" says:
Consumers Waited Too Long
Consumers who waited until their
stocks were depleted, in expectation of
price REDUCTIONS after the armstice,
find themselves buying on rising mar
kt. Many manufacturers who were
forced to shift to war work are just
getting back into swing on peace
orders. The automobile companies are
large buyers. Lead consumption is ex-
ceeding production, although stocks are
large enough to meet requirements for
facturers are taking large quantities
of white lead and the requirements of
the plumbing supply people are on the
increase. The brass mills and wire
rawers are taking large amounts of
copper, while both brass mills and gall
vanlzers are buying zinc. From the
standpoint of consumption the metals
markets are in much more satisfactory
situation than few weeks ago.
"The present excited upward move
ment in the metal markets is explained
on the theory that the metals are ex-
tremely sensitive to changes in senti-
ment and are therefore highly specu-
lative. Thus, when the armistice~ was
signed, it was taken for granted busi-
ness would work back almost to re-war
levels. Copper dropped from 26c on
November II to below lie; zins, from
7.50c to &c; lead, from above Sc to SC.
But other commodity prices, such as
steel, and living costs, did not drop
proportionately. Gradually consumers
of all classes began to accept resigned
ly the idea of continued higher prices,
based on a much lower purchasing
power of the dollar. Consequently, the
reductions in copper, lead and zinc had
more than discounted the transition pc
riod, and the present movement is in
the nature of an adjustment to new
general values.
Government No Longer Factor
Government participation in the af-
fairs of the metal industry has almost
ceased. The importation of all grades
of tin from any country will be per-
mitted after September 1, thus ending
the restrictions on imports. Free trad
ing in tin now is permitted in this
country, but as there have been no i'm
ports for many months, the supply of
market is much higher than the world
market. Thus spot Straits tin is quot
ed 71c here, as against SIC in London;
spot domestic electrolytic tin, zoe; spot
80 per cent tin, SOC, as against CORE
spending grades for August and Sep
tember delivery from England at SIC.
Straits in for July-August shipment
from the East Indies is quoted SIC, c. i.
f., New York.
"The government stocks of copper,
amounting to about 1OO,oOO,OoO pounds,
which producers agreed to market
within fifteen months. have all been
sold, only three months being required
to accomplish the task, due to uncx-
pected general demand for the metal "
The antimony market responded to
the improvement in other markets last
week and prices advanced about 1sc a
pound. Advices from Shanghai indi-
cate frmness and expectation of high
er prices in the Far East. Spot anti
mony was quoted at 8.5Oc to S.62 y C.
duty paid, New York. Metal for July
August shipment from the Orient was
quoted S5oc, c. i. f., New York, duty
paid.