El Paso herald. (El Paso, Tex.) 1901-1931, 1915-02-06

more fortunate. although they, like all
the other business interests, were IN
nocent victims of the general depres-
sion caused by the general demOraliza-
tion of business following the first shot
of the outbreak Of hOstiIities.
This loss is important to FL PaSo Tor
the reason that this city is the home Of
one of the largest lead shelters in the
world
No Lead Imported.
When lead was put upon the free list
by the Wilson tariff. which went into
effect January /, 1914, it was generally
expected that the bottom would drop
out of the lead market, but the expect
ed did not happen Contrary to eXpec-
tatiOns, so far from lead being import
ed. American producers found an ex-
port market for every pound Of the
metal they produced and a high level Of
prices was maintained The export de-
mand for American lead was caused, in
a measure, by the shutting down Of
many Mexican lead mines, owing to the
revolution.
Demand From Europe.
During the early days of the Euro
pean war, the general paralysis of bust
ness left a lot of lead in the hands of
producers and the price fell to three
and a half cents per pound, with no
takers. until along about December i.
Japan and Russia which for many
years depended upon Germany and
Austria for their supply OF the metal.
jumped into the market becoming
heavy buyers and sent the price up to
the normal four cent dead line. Rus
sia's supply. since the closing of the
Port of Archangel BY ice, has been
shipped by way Of Pacific coast ports
to VladivOstok. Besides the vast amount
Of lead. needed in the manufacture Of
ammunition, thousand of tons are con-
verted into white lead which is used
for the vulcanizing or rubber, which in
turn is used for automobile tires.
silver Infected.
The European war caused a tempo
rary decline in the price of silver,
which is also Of interest to FL Paso,
as silver is one Of the valuable prod
ucts of Ell PasO's big lead Smelter At
the outbreak OF the war all the bOurses
and financial exchanges Of the world
closed. leaving the market at the mercy
Of spectators, and the condition thus
produced coupled with the high rates
of transportation on bullion between
New York and London caused a great
depression in the market for the white
metal
American Government Busy.
Early in September, however, the
American government agreed to buy
81, 175 900 worth of silver at 81 cents
per ounce on COHdition that the smell
ters would agree to liquidate all silver
owed to miners on that basis. The
shelters agreed to this, the transac-
ton was carried through and silver has
remained at about that level, in the
matter, of price, ever since.
Zine Producers Happy.
Zinc producers were probably the
only producers Of metal in the world to
be directly benefited by the European
war. The opening of 1919 found them
in a greatly depressed state, because OF !
a 10000 ton unsOld stock on hand and /
with smelter lowering around the
> ITO cent mark. There was no cur I
of production. however, with J
the result that on July / the unsold /
stock had increased to $4,000 tons and +
spelter had dropped to 4 rs cents. Eu (
rope. in the meantime. had piled up an /
unsOld. stock amounting to about 100, Z
900 tons which was chiefly held in Ger /
many.
All Rushed to Buy.
When war was declared, England, |
Russia, Japan and South America, be-