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

change. the membership of which takes
in essentially the entire metal interest
lis membership list.
When quotations are based upon sales
sixteen tons, which is one car load, makes
the basis.
This, we believe, covers all of the in
]. H. HOLMES.
The United Associated Presses,
Gen. Office, Western Union Building,
Fred \. Bassett, General Eastern Mgr.
New York, Sept. q, 1896:
/ Z. a. Mcdaniel, Esq, Manager, The
Herald, Salt Lake City, Utah:
Dear Sir.-A copy of your letter of the
18th instant addressed to Mr. Phillips was
forwarded to our Mr. Holmes, who CUP
pies US with quotations of lead, with a
I request for the information you desire.
Mr.. Holmes has just sent me the enclosed
/ communication in reply, together with a
! list Of members of the New York Metal
1 exchange, which 1 trust will furnish sat
! sfactory answers to your questions.
FRED n. BAssETT,
General Eastern Manager.
The above speaks for itself, and dem
onstrates the fact chat
THERE is SUCH AN INSTITUTION
as the New York metal exchange in
existence; and also that the brokers
exchaI Se exists only in the imagination
/ OF men in the west who are the dupes
Of certain New York manipulators VINO
Undoubtedly are in close business touch
with the lead trust; and one would not
go far out Of the way in making u
guess thar these two or three men, who,
as Mr.. Holmes states, are furnishing
THE ALLEGED. QUOTATIONS
to the Western Union, are the agents
and representatives OF the trust, which.
from al information obtainable, would
be The greatest gamer by the contin-
ued depression of lead quotations.
The book sent by Mr.. Holmes con-
tains list of the officers and mem
bers Of the exchange, which is located
at che corner Of Burlington slip and
Pearl street, New York.
According to the list the officers of
the metal exchange are as follows:
Robert NJ. Thompson, president;
Adoipn Lewiston, vice president;
Charles S. French treasurer, and c.
Mayer, secretary, While the board of
managers consists OF William II. Da-
vol, Spencer q. Jennings, George Mis-
sin, julius II. LobdeIl, L. Nachcnann,
Clifford 3. Hendricks, B. Eochschild
and G. E. Behr,
ALL WE'LL KNOWN MEN,
or another in the metal markets of the
country. The list Of membership in
cludes the names of 355 brokers, whose
places OF business are also stated, SO
that if anyone doubted the exiSenee of
the exchange, or desired to get infor-
nation regarding the transactions ON
its fiocr, all that would be necessary
to secure enlightenment on these sub
jects would be to write to the address
given.
Upon the receipt of the letters. as
published above, a Herald representa-
tive sought an interview with some of
the ore buyers of this city.
From one of these gentlemen it was
learned that the quotations furnished
by the Western Union Telegraph COM
pany were sent out by a man who
SIGNED HIS NAME DEALEY.
This man, it is stated. is supposed to
base his quotations on actual sales of
flfty-ton lots; but no guarantee is given
that these sales are genuine or that
they were made on the floor of any
metal exchange. 1t is a we'll known
fact, however. that the Dealey Oh.
Western Union quotations are from Is
to 90 or even IS cents lower on lead
shan those furnished to the United
Press by the metal exchange.
Major J. z. Jackson, the resident
agent OF the Consolidated Kansas CITY
Smelling and Refining company, states
that the lead trust is
THE LARGEST PURCHASER OF
LEAD,
ara he is of the opinion that this or
garization has a great deal to do in
modify; in fact, that he believes that
the trust is largely responsible and di-
rsctiy Interested IN what is known as
brokers quotations., although ne
does not know this to- be fact.
All our contracts said Mr. Jack
son, are based on Western Union quo
tstions, and we have relied upon them
for yeaTs, believing them TO be correct. |
The metal exchange has ALWAYS been
regarded by me as a myth. The smell
ters here
BUY AND SELL
on the WESTERN Union quotations, SO
that no advantage accrues to them. |
under present conditions and the state
OF the market, other than what might |
cccur in the way Of carrying stock. IF |
they bought and sold On the United |
Press quotations they wou1d not be |
any more the gamer; in fact, the only
ones to be benefited by this change |
would be the ore producer"
Mr.. Hanauer, jr., of the Hanauer
snelter, wslen interviewed by The Her
aid representative, stated that he was |
we'll aware Of the existence of the New
York metal exchange, which, in fact, |
was the
ONLY OFFICIAL MARKET
in New York City. "Tfe lead QUOTA
tons furnished the Western Union"
said MIR. Hanauer, ARE based on sales
made on the floor Of the metal ex-
change, but these sales must comprise
OTIS of fifty tons or over, and this quo
tafion stands until another sale OF fifty
tons is made. It may be that sales of
ear load lots Of sixteen tons are made