The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-12-07

~ lead IS IN a more favorable pO-
sition than any of the other
base metals and confidently
predict a continuance of the present
high price and probably further ad-
vance. According to reports from
New York it is now difficult to obtain
lead for prompt delivery for less than
725 cents per pound The situation
in the zinc market is also decidedly
favorable, with demand practically
equal to the supply, and with all fore
casts indicating a continuation OF
these favorable conditions AS a re-
suit of the strong market for these
metals together with the fixed price of
silver, the mines of the Occur d'Alene
district are operating at capacity,
earning substantial profits for their
stockholders and bringing prosperity
to the thousands dependent upon the
mining industry for support. The
bright outlook for lead and zinc is es-
pecially gratifying at this time in view
of the termination of government pur-
chases of silver at 81 per ounce some
time dusing the coming summer I'm
less some action not now in evidence
is taken to sustain the price, silver
will certainly drop to the present for
eign price and possibly lower. This
will make a deep cut in the profits of
the Occur d'Alene mines, of which sill
yer is an important product, but which
will have some recompense in the
high prices of lead and zinc
Statement by Smith.
Discussing the silver situation,
Frank NJ. Smith. director of the Bun
ker Hill smelter, recently pointed out
that at the present rate the govern
ment would complete the purchase of
POS. 600. 600 ounces of silver at 81 an
ounce as provided by the Pittman act
about November l, 1928, and that so
far as silver producers are concerned
the 81 an ounce price would terminate
about August 1. as the smelters would
require about two months to recover.
refine and market the silver in ores
purchased up to that date. Further
commenting on the mining situation
particularly in the Occur d'Alene dis
trict. Mr.. Smith said:
Increased Production.
Mining in the Occur d'Alenes espe- [
cially has been greatly stimulated by
the advance in the price of lead. We !
note this decidedly in our smelter re-
ceipts. Other mines are also crowd [
ing production to take advantage of /
the Pittman act 1t is estimated that /
the government will have completed +
its purchases of 2OS. 100000 ounces of /
silver at 81 as required by the Pitt
man act by the first part of next No
vember.
Accordingly, August 1 is the latest .
that silver producers may expect TO
get this price Ample notice will, OF
course. be given by smelters to ship
pers but it behooves all silver miners
to take note. for unless something is
done to sustain the price artificially 1t
looks reasonable to suppose that the I
price. with the government out of the
market. will drop to a level below the
present price of Ga cents, the price for
which silver sells in Canada today.
The silver production of the United /
States is between 5OOO0OOO and Co.
100000 ounces a year, ana dumping
this on the market of the world can
have only a depressing effect"
Silver Purchases to Date.
Purchases of silver by the bureau
of the mint during the week ended
November 25 amounted to 1Ol'5S6
ounces. This brings the total pur-
chases under the Pittman act to 142'-
6O2.412 ounces, leaving approximately
81. OOO. 900 ounces still to be purchased