Show 1 EA R UREU 4 That Price Agreed on for the Rest of the Year BOTH SIDES TO IT ARE FIRM They Wanted to Keep the Agreement Secret but the Failure to Apply Regular Rule to the Price Led to Inquiry Which Developed the Facts It Remains to ba Seen Whether tho Producer or the Smelting Smelt-ing Company Will Profit Most by It Compact Was Voluntary In the metal market yesterday the week opened with tho settling price of lead at 1 per hundred pounds notwithstanding not-withstanding the fact that during the previous one on the New Torlc exchange ex-change the average that under the rule adopted last December was to determine the price of the metal during dur-ing the ivcek following was steady at 125 That under this oftrepeated rule voluntarily prescribed by time American Smelting and Rellning company com-pany the pegs were not advanced and the settling price fixed at 5425in conformity with the rule was a PUK zlcr to not a few and an investigation investiga-tion was begun This developed that the old rule had been abolished on August 1st and that It had been replaced re-placed by an agreement between the American Smelting and Refining company com-pany and the producers of Utah whereby the latter Is to receive the balance of the year Si 1 per hundred pounds no matter about the flue lions In lead market during the period embraced in tire agreement The metal may advance to S5 per hundred or It may recede to 3 1 In the open market but until January 1st next the lead producer will receive Si 1 for his output out-put THE NEWS VERIFIED This Is the story of the agreement to which the producers who were Interviewed In-terviewed reluctantly confessed and whilelion T n Jones district manager man-ager for the American Smelting and Refining company pleaded that both sides had pledged themselves to silence he finally verified tho news Yes said he under an agreement to which practically all the producers have subscribed they arc to receive SI 1 during the remainder of the year for lead Indeed the agreement took effect ef-fect on August let and if under the law of supply and demand there are any disappointments and lead should go below that figure It Is a loss time American Smelting and Refining company com-pany and not the producers must suffer The figure was not agreed to until both sides had consulted the record and 1 per hundred pounds was lpoked upon as a fair figure NEITHER SIDE GLOATS At all events neither side is exulting exult-ing over it for there have been some very wild fluctuations In previous years during the period covered by the agreement The producers generally view Ijf i as a reasonable medium between be-tween the extremes and Manager Jones iays it remains to be seen whether or not there Is money In it for the smelting company However theman who raises lead In the State knows under the agreement on just what he may rely for his crop the remainder re-mainder of 1900 |