The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1924-01-31

part Of October, although the ST.
Louis price from the middle of Sep
TENDER had been slowly falling The
condition was unusual, for, as the ST.
Louis price fell the London price
rose sharply
For nine months the curves OF the
st. Louis price and OF the London
prompt price, reduced to dollars, had
been almost symmetrical, with u nor
mai spread. On% November l, the
spread was only slightly over 1sc per
pound and all avoilable bonded lead
was being sold Tor export at large
premiums This condition did not
last as American consumers started
bidding for foreign lead, and Tor that
reason American prices on November
10 moved upward. The exports of
bonded lead had so reduced the lead
available for domestic consumption
that an apparent scarcity was eXper-
fenced during December and the
price rose rapidly to Use, New York.
The menace of a possible Interrupt
ton Of Mexican production on account
of the political situation in that re-
public added to the uncertainty con-
corning supplies for the nearby posi-
lions, and 1928 closed with a market
even stronger than the last days Of
1922.
Lead Consumption.
The consumption of lead for paint
pigments during the last few months
of 1928 indicated that the record year
of 1922 would be broken. This condi-
ton changed greatly at the end of the
first quarter. and it is doubtful if the
tonnage used in this industry exceed
ed So per cent of that for 1922 Good
business is expected during 1924, but
even with a large projected building
program the new year will probably
fall behind 1928
The manufacture of storage batter
les and lead covered cable exceeded
expectations in 1928, and more lead
was used for these purposes than in
any previous year The outlook for
the first half of 1924 is excellent. Both
Industries are growing rapidly and
should use more lead unless the gem
eral business situation of the country
experiences a serious setback Some
authorities seem reluctant to forecast
conditions for the entire year. The
consumption of lead for the manu-
factue of bearing metals, ammuni-
ton, plumbers supplies, foil, and 9TH
generally heavy for the past II
months, and good business is looked
for in 1924.
Lead Production of the World.
When we consider the lead produc-
ton of the five important producing
countries, it is not surprising that the
London market price should greatly
exceed the pre-war average,
The American production of pig
lead in 1928 was greater than in any
year since the end of the World war,
and probably reached 100000 tons, an
amount that in normal times should
be ample to supply the American con-
sumers. The expansion of the battery
and cable industries, at a time when
the other lead consuming trades were
well above average. caused the &c
mand to exceed the supply
An average price for 1924 at the
present market level would possibly
increase the production 10 per cent;
coo 900 tons is about the highest pro-
duction that can be expected in this
country from the present known ore
bodies even under the most favor
able conditions.
Spain has produced in the past over
100000 net tons of lead in one year.
The Spanish production in 1923 will
hardly reach 100000 tons. The cur
rent production of Germany including
Upper Silesia. is only about one-half
of its pre-war record of over 100000
net tons Australia in 1923 is estim-
ated to have produced about 10000
net tons. as against $4,000 in 1918
The production last year in Mexico
was the greatest in the history of
that country and may be conserva-
lively estimated at 100000 net tons.
The increase over the pre-war per-
iod in lead produced in North Amer
lea was more than offset by the de-
crease in the production of Europe;
anu NIllI lne WoiIu plOuuNti'n "a
ceeds the average of the five years
the war. the price will have
to average above the pre-war price
ven in years of moderate industrial
activity; and while the United States
continues to use more lead than it
produces. the New York price will to
a large extent Deepen don the foreign
price.
o,.no,No