The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-02-18
HIGH PRICE OF SPELTER
UNMIyED BLESSING
EASTERN PUBLICATION COM
MsNTS ON THE SENSA-
TiONAL ADVANCE.

The Engineering and Mining Jour-
nal regards the present condition of
the spelter market as anything but
wholesome, and predicts that when
the reaction comes the penalties SUI
fered by producers will outweigh the
abnormal profits. The last issue Of
the Journal contained the following
editorial discussion of the subject.
ut has been the invariable expert
ence for decades that when ever the
price for spelter has risen above &c
iper pound, this has eventually proved
Ito be a calamity for the industry. No
matter what may be the immediate
lprofts of the miners of ore and the
shelters of spelter, the losses they ex-
iperience later and the penalties they
lpay outweigh their previous profits.
There is scarcely anybody of long and
conservative experience in the smelt-
ling business who is not of this opn-
| ion now and who does not deprecate
1.-The sensational and extravagant rise
THAT has recently occurred in this
metal.
| "The explanation of the rise Is sim
lple enough BY the end of 1914 the
stock in the hands of smelters had
lbeen reduced to a figure that was small
in comparison with the middle of the
Eyear, although according to the ideas
land standards of only two or three
Years ago, it was still large. During
january the demand exhausted this
lstock and the smeters became prac-
Iticallv sold out, not only for immedi-
late delivery but also for what is nor
lmally called prompt delivery. In these
circumstances a rise In price was nat
lural, but that it should have been car
Tried out of bounds was due to the
fright experienced by consumers.
"There has been talk about a cor
lner in the metal, suspicion that there
Iare concealed stocks and charges OF
manipulation. There is no good rea-
lson to believe anything of that sort
and the sooner consumers disapuse
their minds of such ideas the better
off they will be. The leading smelt-
fling interests have stated repeatedly
that they were sold out. Assuming
that to be the case, anu 1t ought to pt
$50 assumed, there is no use In con
tsumers frantically bidding up th'
price against each other. II ther'
were concealed stocks they might hop'
/, 70 prv them out, and eventually Woul'
do so, of course. but the bidding up
the price to NC, st. Louis, has falle'
n loosen any hidden stocks and prob
ably there never were any, at leas
mot in anv quantity sufficient to swa,
the market
"Of course it is to be remarked tina
E,noIish and American buyers haV
been bidding up the market agams
zach other. If the buyers would re
gain their senses and withdraw tror
the market, they would probably I'm
that they can get as much spelt2r
cent a pound lower as they can now
The present situation Is OF course
bringing into use all Of the idle capac
ity that can quickly be put INTO com
, mission. There is, however so niue
uncertainty in the situation that IN
owners of the morbund works in Kan
cos consider 1t hazardous to restoc
them with ore at present prices an
nut them into commission on the p'
sis of conditions that are likely TO D
ephemeral. In the meantime, smelter
who have sold out all the spelter tina
thew can expect to make up to the en-
of March find it difficult to sell Apr
and later deliveries even at consider
able concessions in price"