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BUDS M STOGt MARKET
BROKER GIVES AN INTERESTING « .uiTinu etc "ft moot" EXPLANATION ui- anon i OPERATIONS. <*» 8 JbSST , o'TSL, b S'; erage department of O. A. Olin Co.)! Brokers and professional traders who sell the market short and then .,„dhop.».«»■.....p«.. of the securities they have sold short ARE A NECESSARY EVIL called ''bears." The "bears" of the are market can operate only in one way. They depend on a decline in stocks to make their profit, for it is obvious that one could make a profit by buying stock in the anticipation of a fall in its value. The public as a rule does not speculate on the short side of a market or buy on a falling market, so the brokers and professional traders are more frequently the "bears." The methods by which the "bears" operate is known as selling "short." The rules of most exchanges prohibit a man from selling a stock which he does not possess, nevertheless this practice is carried on very extensively. no i A Short Sale. In order to understand a short sale let me give you an illustration. Sup pose a man believes that he has inside information that a certain stock will not pay a dividend that has been an nounced. He argues that as soon as this information reaches the public the market value of the stock will immediately decline. He also knows that the market is very quick to learn of every favorable or unfavorable news. So this broker, we will say, sells 10,000 shares of this company's stock short. IWhen he goes on the open market to sell this stock he knows th^t he does not own or even have It in his possession, so he either makes ar rangements with the purchaser to wait until a future date for the deliv ery, which is called a "seller contract" or else, which is the most common way, he borrows the stock. Profit in Loaning Stock. There are firms connected or uncon nected with all exchanges who make a business of loaning stocks to brok ers who desire to put through short sales. For example, in the New York stock exchange, these firms who bor row and loan stock have a trading post on the floor of the exchange, around which brokers desiring to loan stock or to borrow it can gather and effect their transactions. It probably seems strange that anyone should loan his stock, especially when be knows it is to be thrown on the mar ket, which tends to lessen its value, yet such a transaction Is not without its advantages. The borrower of the stock must deposit with the lender a sum of money equal to the market value of the stock at that time and if the market advances after that, the borrower Is obliged to put up more in keepirife with the advances money the stock may make. The lender also In most cases, unless he is in need of money, charges the borrower of the stock interest based on the stock's market value. In other words, lender charges the borrower interest the money left with him as secur Novv the on ity for the return of the stock, if the lender was in need of money and instead of loaning the stock had to take it to the bank as collateral on his loan, Instead of receiving its full market value, be would perhaps celve about 80 per cent of this amount which he would have to pay inter est Instead of receiving Interest when he loans the stock. re on as It Is for short" broker these reasons that a can usually find a large number of stock lenders in the market, other hand, if the "bear" had made a seller contract, he is On the hlrt sale on obliged to deposit money with the pur chaser equal to any advances the stock might make over his selling price. Practical Operation. to where the cer Now we are down "bear" is short 10,000 shares of a tain stock; or In other words he has sold 10,000 shares of stock he does not but which he hopes to buy at a own, later date at a lower price. If his ex pectations come true and the company does not pay a dividend in accordance with his forecast, the value of the stock declines, and he is now In a po profit by his perspicacity and the risk he has taken, for he can go Into the open market and purchase the 10,000 shares at a lower price than that at which he sold it. delivery of the sition to As soon as 10,000 •he secures shares, which he now buys, he takes it to the lender of the stook and re the amount originally deposited, and the difference between Ills purchase price selling price is his celves a check for money and his original profit, less any interest he has paid. •Local Example. A good example of the above was worked on the Hecla stock a short of brokers A number time ago. New York and locally gave out reports that the Hecla was going to pay a and the cent dividend for Christmas public bit and forced the stock up The bear brokers did around $6.25. not believe this, but Just the same they saw that the rumor was spread far and wide and all the while thei and selling all When were borrowing stock short they could, time came for the Hecla to announce only 15 cents Its dividend it was the stock Immediately declined. the "curb are advised that even now Is still short of this stock, but shorts are hovering fast and are maft ; ll,at Hecla naa paid this aO cent dividend and the stock had advanced instead of declin ing. In that case the -beers i.l, 1 e V bears " 0,l " l i i.tor to cover their short" sales, They would do this by buying stock in I the open market as speedily as possi 1 r,K '>' «ould of course have to ! ' ay more for i( thiin the amount for which they sold It. They would then bui ' k ; lle ^e original*,he owners and receive the deposits they had put up as security, hut they would have lost the difference between the rr ." w , "" ™ ** the stock, plus the interest and the ; amol ,nt for which they sold. | How Values Are Made. .....„ | ways a considerable short Interest. There is also at the same time likely to be a considerable long interest. The conflict between these two interests. ; ing a nice profit. Suppose, though, 1 together with the influence exerted by selling or buying by the public, is the ' force W'hich largely fixes the prices j of stocks. A very active long interest ] with large buying orders will force prices up. On the other hand, large ] short sales make heavy offerings andjent prices decline. The hammering of j prices of stocks caused by the con-[face stant short selling drives the prices down often to a point where the long interests see a chance to make an ad vance. Their efforts are frequently aided by the public, which, seeing stocks reflet upward, always send In large buying orders. Buying from these two sources immediately ab sorbs all the stock whioh the shorts offer. As soon as this upward move ment begins, in fact sometimes before the advance comes, the shorts or bears scramble to cover and force prices Up on each other, which usually is very j rapid and if conditions are right the ' very | tile j public keeps sending in large buying j orders and we have what we call a "bull" market. Public Hates "Bears. The public at large is of the opinion | that the "bears" are an evil to the stock market and that if it were for them stocks would never go down. not If they are an evil, they are a neces sary evil. They stabilize the market, for they are the chief sellers on an advancing market and are the buyers on a declining market. Without the short interests on a declining market, when buying orders are scarce, stocks often times would go to unreasonably low levels vvhlch would cause great losses to the public and possibly pan ics. The "shorts" also enable the pub-)ent lie to buy securities cheaper. For in stanee, suppose you gave your broker order to buy a few thousand shares of a certain stock and'it happened that on this day no selling orders were in Without the shorts sell-Ion a ii ing to your broker, your stock might cost you an unreasonable price. So as it is, when your broker goes into the market to fill vour order, he can, if the market. your order is high enough, get offer ings from the shorts, which he takes to fill your order. It takes lots of nerve to be on the Every time short side of a market, you make a short sale, you are selling it to someone who thinks it is going The purchaser also might inside information which higher. have some will advance the stock when it is made Maybe there is a deal on to public. manipulate the stock to higher levels. that the life of the So you can see "shorts" is not always a rosy one. But remember, anybody can buy stocks if he has the money, but it takes real nerve to sell them. CRIPfU CREEK NINES GREAT DRAINAGE ENTERPRISE THAT REQUIRED 11 YEARS TO COMPLETE. The Roosevelt deep drainage tun nel in the Cripple Creek gold mining world's greatest district, one of the feats in mining engineering, has been inpleted and work has ceased. Credit for this gigantic undertaking, which took 11 years and cost $812,000, belongs in Colorado Springs, because it was the faith of the mining men ot this city in a greater Cripple at new low levels, plus the cash ni engineering brains that made it pos The tunnel always " ill be to A. E. Carlton, tow- 1 r,. stble. monument Springs financier, whose perseverance and ability put it through, says the Colorado Springs correspondent of the Denver Mining Record. of of this undertaking adventure, in tha'. The history full of romantic every round of shots fired might re veal a new ore body and open up new of fabulous wealth. It wts the general under avenues to lower built ground water level of the entire Crip The total water in pie Creek district, flow at the portal now averages about 2500 gallons per minute. The work successful that mining the tunnel level will has been so operations above again be seriously hampered 50|uie\er water. The tunnel 1907. and Mr. Carlton was contract in beginning The officers of tlie company : F. G. Peck, president; started in June, awarded was to the the first work. that time were Frank F. Gastello, treasurer; W. Waterton, secretary: Arnold Nydeg ger, assistant secretary and Charles Castello, assistant treasurer. Countryman Writes History. A complete resume of all the work done and what Is accomplished is in the following statement prepared^ and the We the .... i t u 1 l ' riss ' b> T R ' <-OUntr> man. ecginecr in charge: The Itooeevelt tunnel is the lutes' and most import ant of the numerous important or tne numerous tmmels driven through the surround ir.g Cripple Creek mining district, Most of the previous tunnels were .driven primarily for exploration pur [poses, but the Roosevelt tunnel has been intended chiefly for drainage, The El Paso tunnel driven through surrounding granite walls Into the eruptive rock or the Cripple Creek volcanic crater, would effectually drain a large nart of the productive ... -»*.. Portal 8033 Feet Above Sea. "Accordingly after many delays and'R. several expensive attempts to lower! s r»pil Roosevelt tunnel was begun in Juno, RIOT. The point selected for the por tal is in Cripple Creek gulch, about live miles to the southwest of the town of Cripple Creek. It is at an elevation of 8033 feet above sea level and the most favorable point for a tunnel of the length decided, was continued with several long tervals of suspension up to the pres time. The total length of the main bore is now 24,255 feet. The is near the center of the Hawk eye claim of the Portland Gold Min ing company on Battle mountain. The section for nearly the entire distance is 8 to 10 feet wide and 7 feet high, The grade is 0.3 per cent or a rise of feet per 1000 for the entire distance, The elevation at face is approxim ately 8110 feet above sea level. A waterway at one side is provided 4 feet wide by 3 feet deep, "The total cost»of the main bore up to August 1, 1918, when work was suspended amounted to $812,000. This included the cost of sinking an inter mediate shaft 700 feet deep and a Work in included ttie cost of sinking an infer mediate shaft 700 feet deep and a raise to the bottom of the Elkton shaft of 160 feet. This would make the average cost $33.30 per lineal foot. The highest cost per foot for any one month was $106 and the lowest $13. "The Roosevelt tunnel has lowered the general underground water level of the dsitrict some 750 feet. Careful measurements of the flow at the ute. the portal have been made every month. The maximum discharge observed was 17,000 gallons per minute, Which continued for several months during the early part of 1916. It has now de clined to some 2500 gallons per tnin The total discharge divided by total vertical subsidence (750 feet) indicated that there was pres in the area drained 40,000,000 150,000,000 gallons of water per verti (cal foot. to "it has been estimated that to low jer the water level by pumping would have cost $5000 per vertical foot. Up that basis the Roosevelt tunnel has saved the mine owners of the district fully $.1,1)00,000 to sa> noth ing of other benefits and its useful ness will continue for many years to *-«. "T. "• tunnel level will never again be stri hampered 'by- water. Shafts come. ously sunk below the tunnel will no doubt encounter considerable water, but will not have to be raised 2000 feet fnore to the surface. The tunnel been connected by raises with the El or The Fuller cross 790 feet Hill drift feet and the Portland has four of the principal shafts, Elkton, 'Cresson and the Port Several important laterals have Paso, land. also been driven, cut in the El Paso ground Raven-Beacon long, the about 300 feet long, the 'Cresson lat 1700 feet long connecting eral some with the Cresson main shaft at depth of 1920 lateral connecting with the Portland No. 2 shaft at a depth of 2133 feet and about 2000 feet long. Cut Rich Ore Veins. "Quite a number of veins and dykes have been cut in the tunnel. Of these at least three carry good ore where In the Cresson lateral encountered, a large body of good ore was opened about 400 feet south of the shaft. This shoot is now being developed with very encouraging results. A vein high grade ore was also cut in the Portland ground not fur from the No. ore In the Rose-Nicho] property 2 shaft. a vein was cut about 60 feet east the shaft yielding good pay ore. Many of the other veins opened carry low grade ore and will undoubtedly be ex plored at some future time when con ditions are more favorable. consl(Jered complete , ^ a „ (hat ^ fu ji y justified the expenditure ^ constniction i ^ ^ tunngl at depth 2000 feet or more should encourage deep mining in the (jj str | ct j n this connection it is only fair to state that much credit is due A. E. Carlton for the energy and per sistence with which he has supported thls great enterprise from the begin "The Roosevelt tunnel may now be It has accom expected of was The discovery deposits in the ore INTERNATIONAL 'B ul-iTdoo" .1 ^ v«? HOLDS ALL RECORDS Sizes and Forms carried in stock Exclusive Agency "Lidgerwood" Hoists, Etc. All ... i I lH. llIHliHIlll H -• Hi-HIMU 11/ rCTCDM iMACHINERV and WtD I LnINI EQUIPMENT CO. ' r - * - 1 ' ' M . -- L7 1 ' T ^T^rT TTT TTTTTITTT^PnT^TT TT !n71iilLIilIIiIIlllUiriilll^L'IlAlIIIinjIL ; Ili l JJUIUr: South 5 Stevens Street, SPOKANE 'niiiK 8 . , (Signed) "T. u COUNTRYMAN. Portland Feat Wonderful. greatest feats 1 vrhaps one or tne greatest teat accomplished during the constrtn ion of the tunnel was In the construction jof the 2000-foot lateral driven from the main tunnel bore to connect wlt i the iNo. 2 shaft of the Portland. It must be remembered that this ground had to be surveyed at .depth of 2133 f «et. 1 here was much speculat n among those interested over how near the lateral would come to connecting i*» "»■**"■«* %■ deal of skill and accurate figuring R. Emens, engineer for tlie Portland, Prepared his figures and other data z>«"-«* «•—> n a ;: J study. When the lateral was finally connected with the shaft they con nected in an almost perfect line. The difference In space between where the lateral drive and the shaft connected w " as too small to be noticed, Mr. Em roundly complimented upon on s his work, was NOTICE OF ASSESSMENT. Notice is hereby given that at a meeting of the. board of directors of the Buffalo Mining company, held in the Brunswick hotel at Missoula, Montana, September 30, 1918, an as sessment of ten (10) mills on each share of capital stock was levied, pay able on or before November 5, 1918, to Geo. Dunham, treasurer of said com pany, at tlio Brunswick hotel or 321 Pine street, Missoula, Montana. Any stock upon which this assess ment is not paid on or before Novem ber 5, 1918, will be declared delinquent and advertised for sale at public auc tion, and unless payment is made be fore will be sold on the 4th day oi December, 1918, to pay the delinquent assessment together with the cost of advertising and expenses of sale. J. W. CONROY, Secretary of the Buffalo Mining Com Alder Street, Missoula, O10-31-4t puny, 334 Montana. Notice of Postponement. Notice is hereby given that by or der and resolution of the board of di rectors of the Buffalo Mining company the time for payment of the above as sessment lias been postponed from the 5th day of November, 1918, to the 4th of December, J»18. and the sale of delinquent stock has been post polled from the 4th day of December, 1918, to tlie 4th day of January, 1919, at the same hour and place above de scribed. J. W. CONROY, Secretary of tlie Buffalo Mining Com pany, 334 Alder Street, Missoula, Montana. N7-28-4t Notice of Postponement. Notice is hereby given that by or der and resolution of tlie board of di rectors of the Buffalo Mining company ^e^n/^s^bien" poMPO^d ^trom lhg 4til day 0 f December, 1918, to the 4th da y 0 p January, 1919, and the sale of delinquent stock has been P°stpon s SMtarw* j j) le S anie hour and place above de ; scribed. J. W. CONROY, Secretary of the Buffalo Mining Corn Aider Street, Missoula, D5-J2-5t pany, 334 Montana. Notice of Postponement. Notice is hereby given that by or der and resolution of the board of di rectors of the Buffalo Mining com pany, the time for payment of the above assessment has been postponed from the 4th day of January, 1919, to the 3rd day of February, 1919, and the sale of delinquent stock has been post ! poned from the 4th day of February, 11919, to the 4th day of March, 1919, and place above I at the same hour described, J. W. CONROY. Secretary of the Buffalo Mining Corn Street, Missoula, J2-30-5t pany, 334 Alder Montana. Notice of Postponement. Notice is hereby given that by or der and resolution of the board of di rectors of the Buffalo Mining com pany, the time for payment of the nbove assessment has been postponed from the 3rd day of February, 1919, to the 3rd day of March, 1919, and the sale of delinquent stock has been post poned from the 4th day of March, 1919, to the 4th day of April, 1919, at place above de the same hour and scribed. tion, duly attested f^r^rShH^ an^ in^rest^of t)ig saj( j D ega i Tender Mining Com pa ny, In and to the following describ J. W. CONROY, Secretary of the Ruffalo Mining Coin Aider Street, Missoula, J30-F27-5t pany, 334 Montana. NOTICE OF SHERIFF'S SALE. in my the District By virtue of an execution hands, issued out .... . , Court of the First Judicial District of the State of Idaho, in and for tlie County of Shoshone, in the suit against Legal of James \V. Hutchins Tender Mining Company, a corpora the 13th day led lode mining claims, situated in E\olutlon Mining Dietrict, Shoshone County, Idaho, viz.: "Legal Tender" lode claim, located Junuary 19th. 1891. notice of location of which Is recorded In Hook "L" of Quar[z lj00atlon „ ttt p;l(fe 9!) thereof; c [ almi located October 10th 1S!t9 notice of location of which is recorded In Book of Quartz Lo lode^claim' located October lst 1S9Si notlce of location of which ( i recorded in Book g" of Quartz ^.on^at ^^er j g!)9i not ( ce () j» location of which ls recorded In Book "S" of Quurtz Locations at page 305 thereof; ss js recorde(1 jn Book .. r , of g unrtz Locations at page 177 thereof; "Her schel" lode claim, located October aarwwsit cfltlons at p . l>fe 240 tliereof; "Prank n n " lode claim, located April 14th, 1S9S, notice of location of vvhlch Is caliong a t page* 350 thereof; ''Pacific" lnde 0 | a ( n , located March 19th, 1900, notice of location of which Is recorded in Book "T" of Quartz Locations ut page 176 thereof; "Hewett" lode elaim, located April 2nd, 1903, notice of location of which is recorded in Book "X" of Quartz Locations at page 409 thereof: "Revelation" lode claim, located August 31st, 1903, no the of locution of which is recorded In Book "Y" of Quartz Locations at Iiage 18 thereof; "Thomson" lode claim, located March 21st, 1903, no tire of location of which Is recorded in Book "X" of Quartz Locations at page 408 thereof; "Loring" lode claim, located April 14th, 1898, no tice of location of which is recorded in Book "Q" of Quartz Locations at page 351 thereof; "St. Paul" lode claitn, located April 9th, 1900, notice of location of which Is recorded In Book "T" of Quartz Locations at page 426 thereof; "Admiral Dewey" lode claim, located May 13th, 1898, r.otlce of location of which is record ed in Book "Q" of Quartz Locations at page 397 thereof; lode claim, located and "Bell R." November 10th, Mining and Development Companies of the Coeur d'Alenes -Doings of Assessments Levied, Meetings Called, Delinquent Lieti Companies of Special Intaraet to All Stockholders. ASSESSMENTS LEVIED. Buffalo Mining Co. —Levied Septem ber 30, 10 mills, payable November 5 to George Dunham, treasurer, Bruns wick hotel, Missoula, Mont, quent sale December 4. Postponed to March 4. Delln East Standard Mining Co.— Levied August 9, 2 mills, payable January 1 to C. E. Inskip, secretray-treasurer. Wallace. Delinquent sale January 20. Postponed to January 31. Friend Mining Co. —Levied January 18, 3 mills, payable February 19 to W|illiam Schierding, treasurer, 310 Empire 'State building, Spokane. De linquent sale March 15. Guelph Mining & Milling Co. —Lev ied May 7, 10 mills, payable to A. B. Corby, secretary, Kellogg. Delin quent sale postponed to February 14. Highland - Surprise Mining Co.— Levied August 29, 1 cent, payable to Charles Welgand, secretary, Kellogg. Delinquent sale postponed to January 30. Conslolidated Hamburg-American Mming Co — Levied October 9, 1(4 mills, payable November 30 to John Rock, secretary, vellogg. Delinquent sale De ember 30. Postponed to January 30. Old Vetsran Mining Co.—Levied January 6, 2 mills, payable February 10 to L. L. Brainard, secretary-treas urer, Wallace. Delinquent sale March lst. My Quotations of Silver, Lead, Zinc and Copper Which Are the Actual Basis of Settlement Th* accompanying table glvaa tha juotatlone of silver, lead, sine and | ■opper as obtained by the Englneer ng and Mining Journal and which are generally specified aa th* basis of eet lement In ore contract! with th* imelters. The quotations published In he dally press are usually higher for the reason that they represent sales n smah icta, while the figures her* given are based on large transactions COPPER LEAD ZINC January LLclr, St. L. N. Y. St. L. 7.20 5.60 6.75 101% 9 ©5.70 @6.90 7.15 6.50 5.70 101K 10 @5.75 7.16 6 % 5.60 101(4 11 @5.05 @5(4 7.15 5% • 101(4 13 @7.20 @5(4 5(4 6.95 6.30 5.40 101(4 14 @7.06 @5.50 6% 5.30 6.40 101(4 15 @7.00 @5.35 ' @6.50 4 !. MONTHLY AVERAGE PRICE8 OF METAL8, 1918. Ae Determined by th* Engineering end Mining Journal. Silver N. T. .87.702 .85.718 .88.082 .95.346 .99.505 .99.500 .99.625 .100.292 .101.125 .101.126 .101.126 .... 101.125 8 Copper N. Y 13.500 33.500 13.500 11.500 33.100 33.500 33.500 30.000 30.000 Zinc Lead St L. 6.684 6.899 7.091 6.701 6.704 .7.511 7.750 7.750 7.750 7.760 7.750 6.324 Lead N. Y. 6.782 6.973 7.201 St. L. 7.661 7.629 7.286 6.715 7.114 7.791 MONTH— January . February . March . April . May . June . July .. August . September . October . November .. .. December. (a) No market. 6.771 6.818 7.611. 8.033 8.050 8.060 8.050 8.050 6.564 8.338 1.635 9.093 36.666 8.461 36.600 8.141 7.813 <*> 1890. notice of location of which !• , recorded in Book "K" of Quart! Lo Icationa at page 567 thereof; all rec lords of ShOBhone County, Idaho, to* gether with all building*, milla, ! flumes, machinery and mining equip* ment of whatsoever kind or charac ter now situated upon said lode min [ing claims. Notice Is herobJ p" 1919, at 10:00 o'clock a. m. of said day at the Bank Street entrance to the County Court house. In the City ^ni^l -I th^SSS title and interest of the said Legal Tender Mining Company, of, in and to the said above described property M'waifi.SiMSri'S; United States, to satisfy said execu tlon and all costs, Given under my hand, this 29th " £*••«»». Sheriff, To Whom It May Concern: Notice is hereby given that the un dersigned has lost or misplaced the following certificates: Certificate No. 14290 for 300 shares of Caledonia Mining Company stock, dated August 16. 1918. Certificate No. 17226 for 200 shares °f Success Mining Company, Ltd., dated June 1. 1916. 'Certificate No. 179-9 for 100 shares of Success Mining Company, Ltd., (luted July 6, 1916. All persons are warned against ne gotiating or attempting to negotiate the above mentioned cert Ideates, and unless the same are recovered within thirty days from date hereof, applica tlon will be made to the secretaries of said companies for the Issue of cer titlcates of like numbers and amounts In their stead. Dated this 30th day of January, 1919. By JOHN DOLAN, Deputy Sheriff. J30-F27-Gt NOTICE OF LOST CERTIFICATES. WILLIAM GORMAN, 133S Missouri Ave., Butte, Montana. J30-F20-4t Rainbow Mining A Milling Co. Levied December 19, 2 mills, payable February 8 to R. P. Woodworth, sec retary-treasurer, 746 Peyton building, Spokane. Delinquent e»le March 7. Succett Mining Co.—^Levied Decem ber 20, 2 cents, payable January *7 to Herman J. Rossi, treasurer, Wallace. Delinquent sale February 28. Syndicate Mining A Exploration Co. —Levied January 14, 1 mill, payable February 16 to Louis Stevens, secre tary, Wardner. Delinquent sale on March 15, Tarbox Mining Co.—Levied Decem ber 20, 10 mills, payable January 34 to It. E. Seysler, secretary, Wlallace. De linquent sale February 31. Weetern Union Mining Co.—sLevlod September 3, 6 mills, payable Ootober 15, to Ben L. Collins, 1210 Old Nation al bank building, Spokane, quent sale at court house, Wallaoa November 16. Po itponed to February D«Un 15. STOCKHOLDERS' MEETINGS. Tamarack A Cutter Con. Mining Co. —Annual meeting to be held In the Day building, Wallace, on Wednesday, February 26, at 2 p. m.— Harry L. Day, secretary. Mountain Rote Mining Co. —Annu al meeting to be held at office of D. W. Price, Kellogg, on Saturday, Feb ruary 8, at 8 p. m. — H. Ttelgan, secre tary. and ara generally determined from re* porta made by produoan agencies. Both the New York and Ut Louis prices of lead are given, the dif ference being due mainly to the differ ence in freight between the two points. The quotation* for spelter are prime western brands. To arrive at the New York price add 36 cente per 109 pounds to th* BL Louie price.