The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-03
THE METAL PRICES,
TRAC|NGQUOTAT|ONS
House Special Committee Trying
to Find Where the Figures
Are Made Up.
BASIS OF SALE CONTRACTS
GETTING AT THE VERITIES
Various Experts Tell What
They Have Been Able to
Learn About Them.

bers added Thursday of Representative
kuchler, chairman, Speaker Harry Jo
scph and Messrs. Robinson, Long and
der House resolution No, /, to investi-
gate the accuracy of ores and metals
quotations as published in the Engineer.
ing and Mining journal and tins Asso-
ciated Press, and to ascertain the
sources or basis for said quotations,
held its second meeting at committee
headquarters in the Wilson hotel Fri
day night a number or witnesses
were examined with comparatively lit.
lie light shed on the subject Of investi-
CATION.
L. s. Smelling and Refining company,
was interogated by Mr., Joseph, rs
were all the, witnesses He was asked
what method his company employed in
obtaining quotations. and replied: 81
can Z tell you anything about it, :"
Asked if he knew what an ounce of
gold was worth he replied; cit is
for goId-$lo, $3.50, $1975 and as
high as S20.15 an ounce. These various
prices are based on. the purity of the
stuff. -
DO you pay different prices to diff
ferent producers7'
Yes, we do. II the ore is desirable
Tor huxing We pay more for gold to
get the ore. We settle for ore on the
New York and Engineering and Min.
ing journal quotations. under instruc-
tions from headquarters, We have
schedules which we give to agents to
purchase ore by. These schedules are
not intended for publication,
Mr.. Joseph called the witness s at
teniion to an Associated Press dispatch
Of February 90, and the quotations In
the New York Sun and the Engineer
ing and Mining Journal of the same
Date which differed in this, that the
Sun s copper quotations were 24la, the
Journal s and Associated Press 2ih on
that day, and on lead the Sun s quota
tions were $6,4O and the Journal S were
SO and the A. p. So TO $3.50 per pound.
Would you consider this to be fair
TO the producer?' asked Mr. Joseph
was an ore seller ten wears ago, ,,
consists with the two additional mem
could get. m buying ore now and
smeitlng on the basis. of quotations as
given out by the Engineering and Min
ing Journal | suppose the higher sales
or quotations are the cash prices The
others 10 be paid for in the future. I
don I know who furnishes the figures or
quotations TO the publications from
which / have read -
The Telegraph Price
A. Fl. May, local manager of the
Western Union Telegraph company.
read number of dispatches which |
came TO the Office here from New York |
on Feb. 10 and other days in Feb !
ruary. in which copper was quoted at
2412 about that time. Some of these (
dispatches came unsigned to the A. 5. |
d Z. Co. and some came To the Office
without signature.
NJ. I. Morris, secretary of the Bullion |
Beck Mining company and the local sec.
retary or the Horn Silver Mining com.
pany, said that "his companies sold |
lead on Feb. 10 for s6 per hundred |
pounds, which netted 81 80, and few
days later sold copper al 21I cents per
pound net. ] have noticed a great diff
ference in lead and copper quotations, -
said he.
Mr., Norris here produced the con-
tratt for the sale of ore products of
the mines with which he is connected
IN which it was stated that quotations
which shall be used as basis of set
Element shall be the average quotations
n |, the Engineering and Mining Journal
assay The contract for lead calls for
the quotation price from the A. S. G.
,aid Mr., Lachmuud, "and took what |
NJ orrls said In answer to question
nat he had never compared notes with
)ther sellers. He further said that ia
selling lead at cents they got net 4.5o
' ;ents' and in selling copper for 24M
,ents the company received here 2l%
,ents per pound. The 3 cents taken
,f the copper is for working charges,
.relght, etc. We understood the
relght charges on lead were Sl.lO,''
Don Z you know broke in Mr.
Joseph; Hthatt it is only SIS cents'''
Il do not. -
Then | advise you to post your.
'eit; which he promised 10 do.
Sidney Bamberger, manager of sew
'ral producing mining companies
ras asked what he got for ore on Feb
9. Mr.. Bamberger said ~ don re.
all that we settled for anv on that
lay we settle after the ASSAYS are
made. We get our quotations from the
S. & r. Co. and check up the
engineering and Mining Journal
Tony Jacobson, manager Of the Co
umbus Con, said: eve do business
With the American Smelling and Rein.
ng company. Mr.. Jacobson read from
he contract with the American smell
ng and Refining company for the pur
'hase of ore; like the others. he settled
m the basis OF quotations in the En-
,ineering and Mining Journal.
~ IL Iohiupel Esl upon Oclng recalled !
aid: BY the terms of his contract the
citing price of copper is, electrolytic
yire bars, less 25s cents as per ouota.
ions in the Engineering and Mining
ournal the week previous. They SET,
led no in lead at 80 per cent Of the
'roduct, receive New York price, less
cent per pound: 'I don't know
9bere the quotations in the Engineer.
ne and Mining Journal come from.
ave heard that they were made by tbe |
Sew York Metal Exchange in lots Of
fly tons; Copper is harder to extract
rom lead ore than from copper ore
he price depends on the character and
uallty OF the ore, treatment. transpor-
alton, selling charges, etc. -
Actual Transactions,
George W. Ritter, manager of the Eu.
eka Mining Operators association
AID that the Eureka Hill sold its ore TO
ne United States Smelling and Refining
ompany ON Engineering Mining Jour
al quotations, In New York, he said. ,