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

Why sllould there be such a differ
ence between Western Union and
United Press quotations on lead? This
is a question that has long been dis
cussed in mining circles in the west
and, 50 far as known, the problem has
never been satisfactorily solved.
1t is q, weli-known fact that the ore
buyers Of the west base their bids on
quotations furnished by the Western
Union Telegraph company, which are
invariably from 10 to % cents lower
than those furnished by the United
Press. That is, the quotations ON lead,
and this difference means a great deal
to lead ore producers. Time and time
again this discrepancy in lead quota
tons has led TO an Investigation which
in nearly every instance has proved
fielitless. The ore buyers themselves
have profesSed to be at sea in the
matter, and have stated that ell they
know about it is that they have always
regarded the Western Union quotations
as official. and that they have based
their ore purchases and bullion sales
upon them. This. without doubt. is
true, but that there is a "colored gem
tienlan in the wood pile" somewhere
along the line. IS apparent, but who it
rs that Is making the ''rake-off," it is
&ifficClt 20 discover. Certain 1t is how
ever, That no attention has been made
TO the protestations made by ore pro
dlceTF, who nave been given no salts
faction Whatever in the premises and
as one CO the ere buyers OF this city
said yesterday: They might as we'll
kick against q stone wall as to try to
change this method Of getting lead quo
tations-"
The concensus of opinion, however.
is that there should be a standard quo
tation which should govern the sale
of lead ores and bullion, and which
should also be official.
The impression has prevailed in min
ing circles Ihat
THE LEAD TRUST Is PROMINENT
in controlling the price Of lead; in fact
that it virtually makes the quotations
TO suit its convenience. and that actual
sales had no bearing on the metal
market whatever. This may be true
10 a certain extent. and ii is believed
thai a tbsroug'h investigation of the
subject viii demonstrate the fact that
the agents CT tbs rust are the manipu-
lators OF the market, and that the QUO
tations sent out by the Western Union
are not based on actual sales.
BY many it has been believed that
there were two exchanges in New York,
0f The floors Of which lead quotations
were made, while others held that there
was but one regular board. and that
this was the Brokers exchange. which
furnishes TIE Western Union quota
tons. On the either hand, it has been
stated that the quotations sent cut by
the New York metal exchange were
fictitious, and N fact, tiTat
THE METAL EXCHANGE WAS A
MYTH.
One ore buyer actually stated that his
firm had sent an agent 10 New York
to look up the concern. but he stated
that the most dilligent search had
failed to disclose the Whereabouts of
such q board, and it was given out
chat what were claimed TO be metal
exchange quotations were but the re-
suits Of curbstone dealings, and there
fore unreliable.
on the contrary, the claim has been
made that the Western Union quota
lions We're furnished directly by the
lead trust. IL fact, that one man.
THE AGENT OF THE TRUST,
stated daily what they should be. re-
CARELESS OF the condition OF the market
or of actual sales made, and these quo
fatlons, invariably, were from 10 to 90
cents lower than the quotations sent
cn,t by the Metal exchange through the
United and Associated Press.
A few weeks ago The Herald decided,
81 possible, to get at the true facts in
the matter. and in order to do this be-
gast a correspondence with it's eastern
rel Tesentatives, from whom ii was as
cer.aineRi that the Metal exchange was
a. reality, and that this was the only
medium OF which official quotations
could be secured in New York, and it
was further disclosed that there was
no such thing as brokers' exchange,
ard that therefore the official quota
lions must be made by the Metal ex-
change.
follows:
SEEKING INFORMATION.
THE HERALD.
Salt Lake City. Utah, Sept IA, 1886.
walter p. Phillips. Esq, General Manager
y United Press. Western Union Building,
! New York City:
Dear S.r-We have had some trouble on
account Of the bullion quotations furnish
cd by the United Press, especially the
rf-jcss quoted on lead. ] have been ad-
visod BY the manager of the Chicago
Office that the quot ltions furnished by
the Unit ed Press are absolutely correct, al
though there is a difference of about %
cents per hundred between the quotations
Furnished by the United Press and those
furnished by Wells. Fargo & Co. which
are received from the Western Union.
AS / understand it, your lead quota
tions are taken from the Metal exchange /
-----------------------
JArlES A. POLLOCK,
IGo sIain street.
stocks bought and sold for cash or on
commission. Weekly market letter and 1