The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-09-27

on hfty-ton lots, but the official quota
tlon IS governed by the latter, and
HAS BEEN FOR YEARS.
| never knew Of any brokers exchange
in New York City, bur many of the
members of the metal exchange L know
personally or by reputation
L. K. Jones, OF the Germania smelling
works, when asked what he knew
about the New York metal exchange
answered that if such an organization
/ was in existence. that he knew moth
ing OF II, and as to the brokers ex-
4 Change, he was equally at fault. '"I
only know said he, that we are
GOVERNED BY THE DEALEY QUO
TATION,
I as furnished by the Western Union, and
On this l base all my contracts, bolh
i in buying and selling. But" said Mr.
/ JOKES, your work in trying to fathom
the mystery of the difference in lead
quotations will amount to nothing. The
subject has been repeatedly investi-
gated before with the most unsatisfac-
tory results, for no light has ever been
/ Shed upon the matter, and your efforts
will only result in
MAKING THE MINERS DISSATIS-
FLED"
Mr.. A. F. Holden, although not an ore
buyer, has been and still is an ore pro-
ducer, and he has taken some pains in
an endeavor TO throw some light on
the peculiar star chamber manipula-
tons Of eastern lead dealers. Il am
well aware of the existence of the New
York Metal exchange" said Mr.. Hol-
den, land [ know that their official
quotations are based on the sale of six
teen-ton lots of lead. and it is this quo
tation that is furnished to the United
Press. The quotation furnished to the
Western Union, however, is made by
Phelps, Dodge & Co., and one or two
other brokers,
OUTSIDE OF THE OPEN CALL
on the floor of the metal exchange, and
the quotations as made by them are
directly in the interest of the Lead
trust, and in the west this is considered
as the official quotation on which is
based all contracts for the purchase of
ore"
From the above it would seem that
what constitutes the official quotation
en- lead, but one fact stands out as
clear as a mountain on plain, and
this is thai during all of these years
the ore producer
HAS BEEN THE LOSER;
and the most obtuse must be able to I
observe throughout this manipulation |
of lead quotations the sticky fingers Of |
the Lead trust.
There is every reason to believe that /
the quotations of the metal exchange, |
as furnished to the United Press, are |
official and correct, and it must be
equally true that the quotations fur I
nished by the hirelings of the Lead I
Trust are unofficial and have no con-
nection whatever with the transactions /
on the floor OF the metal exchange; al
though to give some color to this shady
business, it is claimed that these are
the official quotations of the metal ex-
change, when, in fact, as stated by Mr..
the official quotations are
based on sales of siXteen-ton lots, and
these quotations, as is well known,
range from 10 to % cents higher than
those given the Western Union by the
brokers representing the Lead trust.
The trust is the largest manufacturer
Of lead paints in the United States. OF
course there has been an advance in the
price OF white lead during the past few
months, but with other prices station
airy and lead bullion
DROPPING OUT OF SIGHT
or being depressed to the lowest notch,
mere IS HllllonS IN IL LOT TIE trust, anu
% enable this institution to aTnass great
wealth the ore producers OF the west
must bow to Caesar" and smile and
ook pleasant while the trust milks
hem.
Yesterdays lead quotations were as
ollows:
Western Union, $260.
United Press S2.75 to $3.50.
The difference between the two quo J
ations, if our miners were receiving
he benefit of it, would open nearly ev- |
cry lead producer in the west. AS it is,
he trust has its iron grip ON the necks /
If mine owners, and trusts have no
mercy. s