Show METAL EXCHANGE quotations in ill commenting upon the quotations on i copper given out by the metal exchange of J new york the mining and scientific press 1 of san francisco says the financial columns of the new york papers have had a good deal to say lately concerning the metal exchange in that city and its quotations for copper wholesale criticism has been made and the metal trade is represented as enraged at the quotations of the exchange which are stated to be utterly misleading while the quotations referred to are not authoritative and aai do not represent actual dealings on the floor of the exchange it happens that they are arel approximately correct and those behind the scenes know this to be the case despite the rather loud protestations of several metal selling agencies we hold no brief for or the metal exchange and consider it to be an organization of no particular importance but we give some facts in order that those of our readers who are interested in the price of copper may not be misled by what they read in the daily papers it is true that same some of the large sellers like the united metals S selling elling co phelps dodge co and calumet hecla have not reduced their prices and are holding their copper at 25 cents and above but this un der pres present ent conditions means nothing more or less than that they are out of the market As a result of the sharp break irl in the fhe london market it has been possible for some weeks past to import standard coppet copper and other furnace material from europe refine it here and sell it on the new york yore market at considerably below the quotations of the aforesaid sellers As a 8 matter of fact all business that has been done was effected at the lower prices that is around 24 cents at new york for cash 1110 the quotations of the exchange are made mad by a commit committee committed teb of three two of whom cot constitute duty a deciding majority and the of this committee is to reflect in the quotations place we the actual transactions taking from day to day there is no business don dode on the metal exchange in coppert copper but abe i teresta ite rests involved have always insisted that he e exchange as a matter of record should maintain a quotation for copper that there jj hould should be so much protest against these 1 notations is difficult to understand because fill 11 the large sellers and buyers alike ampre arite lj L a fhe c situation L fully as well as the con brition that have brought it about needless sc to say fay the disparity between the european eam arad and amen american can markets cannot continue indefinitely nde nur fira finitely tely and if the large selling agencies md d producers like phelps dodge co and and alabet hecla will persist in holding heir copper until they can realize the price hey are asking the copper market will ventrally ventu ally have to go back to their figures lecause their copper or at least a good por ion inn of it is needed to fill the requirements how long this state of affairs will entique we cannot fortell but it can only be e a question of time when either by genral eral lowering of values here or a rise in europe the conflicting factors in the worlds markets will become reconciled the in destries dus tries at large have not as yet recovered from the late shock inflicted by the unpleasantness in wall street and buyers throughout the country have become conservative and are inclined to follow a hand to mouth policy this not only applies to copper but to all other metals as well on the other hand there has been a revival in business in europe and export sales have of late been made in satisfactory volume however the price realized has been on about a parity with the quotations of the metal exchange |