The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-02-17
METAL MARKET IS DULL
FOREIGNERS FIX PRICE
PRICE OF LEAD FAR BELOW THE
COST OF PRoDUcTIoN-HoW
RELIEF MAY COME.

1t seems that the foreigner is
now fixing the price Of lead in the
American market. According to ex-
per testimony before the ways and
means committee, it costs the lead
producer of the middle west 6.S cents
to place pound of lead on the New
ork market including depreciation,
depletion and per cent on the in
vested capital, and it doubtless costs
the western producer more, though
he has the advantage of the silver
content to offset his loss on the lead.
It is claimed that lead can be shipped
from Europe and laid down in New
New York at a cost of As cents per
pound, a fact which evidently operates
to fix the price of lead which for many
weeks has been AIS cents and has
now dropped to $50 cents. From this
it appears that no improvement may
be expected in the lead market until
there is a foreign demand for lead
that viii absorb that which now men
aces this country or until a tariff
law is enacted that will fix the rate
of duty at a figure representing the
difference between cost of production
i'm this and foreign countries. In its
review of the metal market for the
week ending February Q. the Engin-
eering and Mining Journal says:
No Change.
mo real change can be noted in the
attitude of consumers during the last
week, though the copper and lead
markets have been governed some
what by outside influences. Most of
the metal now on the market is in
fairly strong hands. so that sharp and
continued declines are not to be ex-
pected. On the other hand consum-
crs show no inclination 10 take ad-
vantage of existing low prices to lay
in stocks and are not therefore likely
to start any heavy buying movements
which would cause a pronounced ad-
vance Most of them have no surplus
cash to finance such buying.
Lead
when all was going smoothly in
the lead market. certain interests in
st Louis found, apparently, that they
had more of the metal than they could /
handle. and on Monday began to take |
strenuous measures to unload. The |
price was depressed. and yesterday
business was done at 1859 The cred (
&c situation is reported to be more |
acute in the middle west and the |
banks there are apparently refusing /
further to advance money on metal !
stocks Just how much of this lead /
is to be thrown on the market we do .
not know. One rumor says close to
5000 tons Some sales have been
made i'm New York above the price
which we quote: in fact. we have re-
ports of lead sold last Saturday at
4 soc on the other hand we have
heard of good corroding lead which
commands IS points pre-
MUM selling for 4675c. AS rather
large tonnages have been marketed at
4 COO. we consider this a fair price. At
present there is little if any difference
between prompt and forward deliv-
sry. It is unlikely that the depressed
ST. Louis price will affect New York
inless the difference exceeds so points
which is approximately the freight
ate between the two cities
Zinc.
mo perceptible change can be not O
d in the zinc market, which contin- G
les dull. with many producers out of T
he market The majority of Ameri C
an zinc smelters are closing down. I
Ugh grade zinc is in fair demand at n
c." D
o