Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1900-05-19

I've Decisive Drop. Follow the
First Cuk.

As was predicted in the S~ENTINEL's
review Of the lead situation last week
the price of that metal took another
drop OF fifteen cents, following almost
immediately after the frst one, thus
making a reduction Of ~forty-fve cents
within ,one week. This is q severe
blow to the mining industry in this
locality, but u people are by no
means discouraged, and unless the
price falls still lower there will be no
~curtailment in the output Of the mines
Of this camp, nor those in this imme-
date vicinity.
In discussing the causes for the fall
in price Secretary Brush of the Smelt-
ing and Refining Company said /:
There seems to be a general falling
of in prices. We lowered u prices
partly because Of large stocks and
partly because OF a declining market.
We did not consider it good policy to
allow stocks to accumulate when we
thought general conditions did not jus
tify expectations that the goods would
be taken within a short time.
Manager Jones, in charge OF the
Trust SHELTERS a. Salt Lake City, says
that lead simply came in contact with
the law Of supply and demand, and
that no individuals or collection OF
individuals are formidable enough to
overcome that law. He calls attention
10 the drop in iron, steel, nails, zinc,
etc, and hopes for an increased on-
sumption. and with il an advance in
all the metals.
The Salt Lake Tribune Of May IA, in
reviewing the lead market says:
Those who might be disposed to dis
coursgement on account of the drop in
lead should think better OF it. The
price is yet higher than i. was last
year, and out OF sight beyond what it
, was three or four years ago. So far as
the record is known, lead should rule
at 81 32lS this week.
When the American Smelling and
Refining company started out to i'm
/, prove the price plead about one year
ago, it found 5000 tons OF the Mexican
product staring its undertakings in the
face. To remove this ugly obstacle be-
tween the true market value OF lead
and the price to which it desired 10
carry it, it was incumbent upon the
trust 10 remove from this country the
5000 tons, which it did at a penalty Of
s24 per ton.
To accuse the American Refining
and Smelling Company OF betraying
the lead market IS perhaps the most
illogical and most unappreciative thing
that the producer has eve had laid at
his door.
Lead will advance or decline as the
! consumption Of that metal dictates.
The Latest Cut.
Later events have not justified the
|. hope that the price of lead had reach
} ed the bottom notch at the above
quotation for on Monday it took
another drop, and it is now thought
/ it will keep IN descending until the 81
mark is reached. The Salt Lake Tri-
bune of Tuesday last had the follow
; ing:
|, Lead receded to 81 20 per 100 pounds
yesterday, and that figure will rule
during the present week. Not since
May Sth last has it been allowed TO
90 down to that figure, and while the
local management OF the American
Smelling and Refining Company de-
clines to speculate on its future, the
belief is that it will recede to "a before
the present decline has seen its bot
tom. Manager Jones declined to dis
cuss the situation during the after
noon, except to repeat that the law OF
supply and demand was getting in its
depressing ticks. He regrets that
certain persons have taken it upon
themselves to upbraid the American
Smelling and Refining Company
because OF the decline in lead, and
says that no institution will labor
more diligently than will it to restore
the price. The producer does not
believe that the price will be allowed
to 60 below 81, and with that figure
he al see his way to continue meet
ing payrolls.