The St. Louis Republic., 1902-08-04
Decline in Price of Ore Causes a
Heavy Run On Railway
Facilities.
MARKET SETTLED TO S35ATON.
Last Weeks Raise in Price Was
Deliberate Move to "Squeeze"
Firms Who Sold Futures at
Low Figure-Lead Market.
REPUBLIC SPECIAL.


Joplin. Mo-. Aug. 3.-An increase in the
shipment of nearly 1000 tons of zinc ore re-
suited from the decline in the price of the
ore during the week just closed, and this
would have been augmented but for a lack
of cars to meet the demand
The recent furry in zinc prices has blown
over, and the market has settled down to
$35 for ore assaying 60 per cent zinc. The
highest bid in the past week was $50 per ton
for two bins of ore. but as high as s40a0 was
paid in settlement of some ore purchased
the previous week and shipped last week.
Every purchasing agent was complaining
about the shortage Of cars during the week,
but the supply was increased the last two
days of the week enough to increase the
shipment 963 tons. The scarcity of cars is
attributed to a demand for them for ship
ping hay and grain.
Now that the market has settled down
so that an inventory can be taken of its
course during July, a study OF the situa-
tion reveals the cause of the high prices to
have been, apparently, an understanding
among several of the larger concerns to put
the price up purpose. because one or two
other concerns had sold metal ahead a
low market. 1t was game of squeeze, and
1t was played in such way that the smelt-
ers who had sold futures had to pay about
$40 per ton for 81 considerable part of the
ore needed to fill contracts for metal sold
at price nearly 81 per hundred less than
the current market price OF the metal The
burden of the effort was borne by at least
four smelling concerns. first one entering
the market and advancing prices. then an
other raised them still higher, third showed
them up again, and when the fourth came
in with a further lift the concerns that
had sold metal ahead were caught where
they had to have ore at any price, and en-
fNr
find that there was no ore to be obtained
without going the limit.
AS soon as heavy purchases were made
the four companies engaged in the squeeze
unanimously declared that the ore was not
worth so much by from g to 81 per ton.
As n consequence, zinc ore has declined
in two weeks from a top price of $l TO
top price of s39 the past week, settling
down the latter palt of the week to the
S35 base. This will mean that the top price
next week will not be above SSS. The lndi-
cations are now that the ore has reached
bottom and will hold steady for u while at
the quotation of SO for 81 per cent zinc
This refers, however, only to ore or 60 per
cent ziEc or better. Lower grade ores sell
on another base which is quoted at Si
A year ago zinc sold at $3.50 top and lead
at $6.
The zinc shipment of thirty-one weeks
of this year now shows an increase over.
the same period. of 1871 of 4,072 tons. and
the value is $S12,S42 81 eater. having reached
$5,545,514. The lead sales are 1913 tons less
greater | by SIS, ,32i than for the correspond;
ing week of last year. the shipment of
zinc being Ill IONS, and the sales Of lead
preceding, week the value was $A,7S
greater, the shipment of zinc 963 tons more
and of lead twenty tons less.
Following are the sales in pounds from
the various producing tracts of land in the
several camps of the Missouri-Kansas dis
trict, for the week ending August 2 1902: