Salt Lake Tribune | 1919-11-14 | Page 16 | Spelter Quotations Make Steady Gains

SPELTER QUOTATIONS MAKE STEADY GAINS Metal prices as quoted by the Engineering Engineer-ing and .Mining Journal and furnished by tho Utah Ore Sampling company reflect the sluggishness of the copper market and the increasing buoyancy of the spelter spel-ter market. During the week of November Novem-ber 12. spelter closed twenty cents stronger than on the week previous as the closing price of $7,925 siiows when compared with tho close $7,726 tor tie week previous. The average of prices. $7,813 for the week as compared with the average for the week previous, $7.57, shows an increase of twenty-four cents. Tho market for copper reveals no such buoyancy. Both the average and the close show- losses of strength. Copper closed November U at $20,312 as compared with J20.S75 for tho week of tho 5th; the average aver-age price for the last week was ?i0.656 as compared with 221.0375. Tho outlook for copper is described by the Boston News Huroau as follows: Copper consumers have been given opportunity op-portunity to buy nietal at concessions from the recent level of prices named by loading producers but have not availed themselves to any appreciable extent. A mouth ago there was a fair amount of buying down to 21Vi cents but tho business busi-ness was booked very largely by one agency the American Smelting & Refining Refin-ing Co. , Copper may now be bought for 21 cents a pound while Hie smaller interests arc queuing as low as 20ii20tj cents. The country's accumulation of unsold copper will show a Substantial Increase over the stock known to exist on January 1. Every mining company has some unsold un-sold metal on hand against which most of them arc borrowing money. Dividends by copper companies arc being be-ing made also in stone instances from borrowed funds. To cite otic Instance: Tho United Verde Extension Mining Co. borrow ed against its United states go -ernment bonds to pay the disbursement of November l. tin the firs; of October the company held S3,360;000 Liberty bonds.