Metal markets hold fair tone as interest improves

Title

Language

English

Source

The American Chamber of Commerce Journal Volume XVIII (Issue No.3) March 1938

Year

1938

Rights

In Copyright - Educational Use Permitted

Fulltext

26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March. 1938 Metal Markets Hold Fair Tone As Interest Improves • Seasonal gains in buying expected to benefit prices: New Deal action awaited (By the United Press) NEW YORK, March 7—Dullness on the non-ferrous metal markets during the early part of February was offset late in the month by increased buying interest resulting from the expected seasonal gains in consump tion at fabricating centers, reports the monthly sum mary of the magazine Metal and Mineral Markets. Modification of the Treasury’s gold sterilization pro gram, generally accepted as “mildly inflationary,” and news from Washington that President Roosevelt had re vealed a study is being made of commodity prices and that some prices are too low and should go up, brought about some improvement in sentiment in the market for non-ferrous metals during the latter half of the month. Demand for copper remained quiet. Lead was in fair demand while zinc and tin were inactive. Accumulating domestic stocks and lower demand have caused the primary producers of copper to curtail pro duction and reduce their quotations. The reduced prices thus far have had little effect in stimulating new busi ness and consumers continue to eat into their stocks in order to fill demands for the metal. Zinc prices declined again, yielding to the influence of lower foreign prices and to continued lack of domestic demand. Zinc is being affected most by the declining rate of operations in the steel industry and the slump in the rate of galvanized sheet output. Copper producers are rapidly curtailing production to meet the present situation. Miami Copper Company, an important producer, announced it has decided to cut production to 40 per cent. The industry hopes copper output can be brought down to 40,000 tons a month or less soon. Producers would like to see copper around 14 or 15 cents. Inquiries for lead have improved, particularly in the last days of February and sales in the closing week of the month totaled 3,300 tons, the best weekly showing since early January. Demand for lead was chiefly for March shipment. Some believe that actual lead ship ments for February and March will exceed those of copper or zinc. TAKE DOME WITH YOU THE PRIDE OF PHILIPPINE^ ’41 X ik.i TABACALE R A IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 Zinc was offered at 4.75 ^.ents in St. Louis during the latter half of February but buyers had no particular interest. Production is being restricted and producers are not greatly concerned about the upward trend in stocks. Some galvanizers displayed a little more inter est in obtaining metal following a long period of in activity. Buying of tin in the domestic market continued quiet but with the dollar inclined toward easiness and a higher tone on London, the situation appeared brighter. Tin plate activity in this country has improved, moving up to about 40 per cent of capacity. Deliveries of foreign tin in the United States in 1937 totaled 83,665 tons as compared to 74,005 tons in 1936. The substantial in crease was recorded despite the sharp slump which paralized markets in the last three months of 1937, and was taken to indicate the increased uses which have been found for tin. Production of silver in the United States was 69,315,000 ounces 1937, compared with 62,842,000 ounces in 1936. Much or the gain in production can be traced directly to the high rate of activity in base-metal opera tions, according to Metal and Mineral Markets. Although world production of aluminum in 1937 totaled 523,000 short tons, the largest on record and a gain of 29.5 per cent over 1936, the price remained steady due to the increasing demand for the metal. AVERAGE METAL PRICES FOR FEBRUARY, 1938 Gain or Loss from Jan. COPPER Electrolytic, Domestic refinery .. 9.775 — 0.250 Electrolytic, Export, refinery ... 9.279 — 0.479 London, Standard Spot...... 39.438 — 0.749 London, Electrolytic, bid .......... 43.500 — 0.500 LEAD New York............................. 4.500 — 0.400 St. Louis............................... 4.350 — 0.400 London, Spot-....................... 15.123 — 0.564 London, Forward ........................... 15.188 — 0.624 SILVER & STERLING EXCHANGE Silver, New York, per oz............. 44.750 Unchanged Silver, London pence per oz......... 20.000 Unchanged Sterling Exchange, “checks” ... 503.500 + 3.750 ZINC St. Louis........................................ 4.750 - 0.250 London, Spot ................................ 13.891 — 0.796 London, Forward ........................ 14.625 — 0.312 TIN New York, Straits ...................... 40.925 — 0.158 London, Standard Spot.............. 184.000 4- 3.000 OTHER METALS Gold, per oz., U. S. price............ $35,000 Unchanged Quicksilver, per flask.................. 77.500 + 3.000 Antimony, domestic .................... 13.750 Unchanged Platinum, refined, per oz............. $36,000 Unchanged Cadmium........................................ 117.500 — 5.388 Aluminum, 99 + % per cent........ 20.000 Unchanged CHROMIUM Chromium, 97%, per pound .... 85.000 Unchanged MANGANESE ORE 52 to 55%, c.i.f. Atlantic ports .. 40.000 Unchanged. (Domestic quotations, unless otherwise stated, are in cents per pound. London averages for copper, lead, zinc, and tin are in pounds sterling per long ton. Sterling exchange, checks, is in cents. New York silver is for foreign metal.) Balance Sheets... (Continued from payt 20} Add—Cost of erec tion and instal lation ............. 117,687.2.1 723,935.32 Camp Buildings ............................... 66,645.06 b loating Equipment......................... 2,044.11 blipway Construction ..................... 4,463.58 Light and rower Installation ........ 154,124.18 Roads, Trails and Bridges.............. 4,942.57 Tools and Engineering itquipiiiciu . 3,038.31 Water Supply Installation ............ 11,040.15 Blacksmith Shop Building ............ 9,863.68 Blacksmith Shop Machinery anu Equipment .................................... 24,135.21 Vvharf Construction ....................... 2,457.88 Hospital and Schoolhouse............... 14,789.64 Miscellaneous Equipment ............. 83,536.55 furniture and fixtures ................. 14,622.41 Leas—Reserve for Depreciation Pl,872,939.63 120,984.11 1,751,955.52 5,829.41 P3,622,050.71 DEFERRED CHARGES .......................................... LIABILITIES CURRENT LIABILITIES: Accounts Payable ......................... . P 58,150.57 Advances—Marsman & Co., Inc. . 144,602.55 Marsman Trading Corporation ... 17,268.30 Notes Payable ............................... 300,000.00 Bills Payable ................................ 11,795.00 Guaranty Deposits ....................... 500.00 Chapa Deposits ............................. 378.00 Unclaimed eWages ......................... 740.06 P 533,434.48 NET WORTH: Capital— Authorized, Issued and Sub scribed— 15,000,000 shares of 10c each ............................... Stock Premium ............... Pl,5Q0,000.00 2,250,000.00 Deduct — De ficit as at 31st P3,750,000.00 Decern her, 1936 .......... Less — Credits to De ficit in 1937 .. P664,212.94 2,829.17 661,383.77 3,088,616.23 There is a contingent Lability for Ma chinery, Parts and Supplies ordered under Irrevocable Letter of Credit amounting to................. P101,694.00 P3,622,050.71 FINANCE & MINING INVESTMENTS CORP. General Merchants — Investments — Loans — Insurance FINANCE & MINING BROKERAGE Stocks & Bonds 2O5-2O7 CRYSTAL ARCADE IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

pages

26-27

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