The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-09-23

Engineering and Mining JournaD
The present abnormal relation be-
tween the St Louis and New York
head market is due to exceptional cir
cumstances and is a condition that
rarely arises In fact. the only similar
occasion in recent years was record
ed in the spring of 1916, when the St
Louis lead price ruled higher than the
New York quotation This instance,
however, differed radically from the
present one, and was due primarily to
very large demand for export lead
from the orient, buyers being I'M
willing to pay prices high enough to
justify shipments of lead from Oma-
ha and st. Louis to Pacific coast
points. Consequently the St. Louis
market was placed on equal terms
with New York, and to compete for
the Asiatic expert trade the New
York price necessarily was lowered to
allow for the freight differential from
New York points to St. Louis.
The Difference Between the 1916 and
1920 Markets.
The present situation is in marked
contrast to the one prevailing in 1916
and is due to lead coming into the
United Statesmen leaving it-plus an
acute domestic shortage of prompt
lead supplies. Expressed differently,
the combination of demand and supply
for spot lead is so strong, and has
been for weeks that domestic produc-
ers have been unable to fill require
ments and have therefore had to al
low foreign lead of Mexican, English
Spanish and Australian brands to
come into the country. This impor-
tation would have been Improbable
were it not for the low London metal
market quotations by which lead can !
be laid down in New York, duty paid, ,
from SC to $500 per pound to compete =
with domestic lead Naturally, ir |
there is a scarcity of lead in the mid
die west, imported lead which is used !
for western requirements must stand |
the freight charge to the west, and
hence rule correspondence higher in
price, in western districts.
Protection of the Lead Industry.
OF all the major metals pig lead has
the greatest tariff protection, with an
i'd valorem duty of 25 per cent Raw
copper is admitted free, and imported
metallic zinc must should a duty of Is
Der cent Yet in spite of the COM
'aratively splendid protection render
d the domestic industry, it is paying
Importers to buy lead in London, and
Jay the commission, delivery, insur-
nee, transatlantic freight, lighterage,
oss of interest and miscellaneous
harges. This condition is most I'M 9
sual.
There can be no complaint about i
he price of lead. Compared with a u
re-war price of 4.5c, which was con- a
idered satisfactory at the time, &c Il
lad is highly remunerative, particu-
,rly when the price is considered in a
elation to the debated prices of 9TH o
r metals. a
Why the London Market Has Not Re- q
sponded.
The failure of the London market to 81
Sc only slightly to meet that of New Il
ork is a singular feature of the stu n
ion. and is ascribed to a number of a
'nditions, but principally to the lack
demand in England on on the con- OF
nent-a direct contrast to the eager II
SIS with which supplies of lead are nj
ilized in this country Also a little lie
ve-and take element is introduced ID
the delivery of American lead to at
lgland on old contracts Further 19
ore there is the influx Of Spanish pc
I'D in England, material which for pa
srly found its way to France. The Of
tier country is evidently trying to at
come Independent of Spanish lead
sources and it is reported that the
calette works are drawing raw ma
'ial from Morocco in preference.
1t should be noted in connection
tn the imported lead that about rs EST
r cent of the lead consumed in the ca
ited States is based on average w
&c and sliding scale contracts and eve
" the excess requirements are fill ori
by imported lead or contract re- sto
rements which can not be met be- ito
Use of a shortage of domestic sup aft
IS. the
Labor's Attitude. pos
he summer and fall seasons are to
'ays trying upon the mining oper- exl
ons of the country. as labor has a uni
dency to migrate to the farms and ed