The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-05-04

No apology is required for referring
again TO this subject, for it is one that
concerns most of our readers. Dis
crepancies in the quotations for met
ais. especially copper and zinc, have
caused irritation and created suspi-
cion among those who are engaging
in the mining and selling of them. In
particular, we have received letters
commenting upon the discordance be-
tween the official prices published by
the New York metal exchange and
those quoted in the technical press
for example in our own columns. ON
careful inquiry we find that practic-
ally no metal is sold ON the so-calied
metal exchange in New York, the
quotations issued being largely ficti-
tfous At rare intervals a sale Is re-
corded as having been made on the
floor of this exchange, but when 1t
happens the assumption Is that the
transaction Is performed for some sim
lister purpose, as when spelter was Of
fered by broker, not regularly en-
gagged in the trade, for the alleged
purpose of breaking the price then
preyailing--a price considered excess
sive in certain quarters 1t Is fact
that this broker was deputiZed to
make the offering at "a price lower
than the outside market Again, spell
ter hes been sold on this so-called ex-
change In small lots and at low prices
for the alleged purpose of obtaining
quotation that could be telegraphed to
the west with view to influencing
ore prices. Only the other day, April
5, a dealer in tin made bid of 55c for
spot tim receiving no acceptance, and
later in the day he offered to sell at
53c, the inference being, of course,
that the high bid was made merely to
boost the price. AS regards copper
only the so-caled standard variety Is
sold on the exchange, on those rare
occasions when there Is a sale. This
material Is of no value to the consum-
err of refined copper. AS far as we can
learn, this exchange serves some pur-
pose in the collection and distribu-
ton of sundry statistics; it is a re-
ceiving and distributing point for the
daily cablegrams from London; and
when united action is demanded, 1t
serves to bring the members of the
trade together and furnishes a medium
for the expression of their policy.
Thus the habitation and the name
may be useful on occasion. This hap
pened recently when protests We're
lodged with the British authorities by
the tin committee of the metal ex-
change, thereby securing a modifca-
ton of the drastic regulations gov
erning dealers in tin. Years ago a
good deal of real business was done
on the exchange and some of its
members still cherish the hope of
revival but it is clear that unless
there is some assurance of bona fide
prices, 1t were better to give the thing
first class funeral. AS now con-
Quoted, 1t is sham and snare, as is
evident from the confusion ii has Gre
ated among mine operators. a dealer
rises and asks " What shall we make
copper today" to which another So
called broker replies, Il bid 26," and
third, Il ask 2S," whereupon the
average is called the market, Even
this hollow mockery is enacted irreg-
ularly The Official Daily Market Re-
port of the New York metal exchange
the name is long enough to be pre-
tentious-ls a publication supposed to
give the quotations. We have before