f T ( 10 0 The Salt Lake Tribune Sunday November 17 1937 7 pml 'Down Up - the Street World’s Interest to Focus On Lead-Zin- c Hearing By Robert V Eernlck " Tribune Business Editor The United States Tariff Commission takes up the important ” 'matter of relief for the domestic' lead zinc' industry Tuesday Jnorning in Washington" DC And it is safe to say that the sessions will attract attention far beyond the direct r zinc camps interest of the insolvent of the West Not only will other segments of the mining industry be watchful of the recommendations of the commission — for they find themselves in a similar plight at this time— but the problems of the domestic miners are attracting worldwide interest As such both future actions of the administration and of Congress on world trade matters aie said to be involved Jn this eight-yea- r Bernick fight of the western miner to gam recognition f his depressed plight on the part of Washington D C iri ' err I lead-silve- ! v v i This view of multimillion dollar uranium mill being built at Mexican Hat by Texas- - is this latter on free the of It (hat our scof course t- ft a V r V Ijt 0 rwv t t - r T S a- JtJk - Stock Market In Reverse Scores Gain and associates in government grants and of Amerrecipients ican corporate investment want to know whether they may expect continuation of the grants as against a policy of protection for Americans by the American government with some exclusion of foreign sales Second at ieast some of the foieign nations correctly understand the involvement of mining relief with the temper of Congress in passage of legislation which would delegate even further powers to the US State Department in the field of tariff ' reduction This situation of course concerns the passage of the bill participation in the “Organization for Trade authorizing US Co operation ” OTC seeks to legitimatize the actions of the State Department in reducing tariffs under the '‘General Agreements By John G ForTest New York Times Writer NEW YORK Nov 16— In a c Texas-Zin- r i i JIt ’ S' ruin “ o i 1 VirfiHiiiE" 1 1 t J j long-ter- ''1 - y - -- I Board I Sales I Share l' Sales (Par Value) Failures Number I Wholesale Prices iBLS Tnd) Elec Power Prod tKWH) Bunk Paper IV Stock Bond Bus ol Ce p 121585700 Clearings Bemand IVeposit Business Excess Reserve Treasury Broker Money Gold Lxian In Slock Circulation Tops §1 Million 250 i ’i imp v "r mm S527 000 OOO 822 771000 000 1792000 000 831267000000 1 1860 821 b 10 117 8 000 OOO 125 0(10 000 000 805 —34 304 060000 84 10 000 000 22 707 OOO 000 1 724 000 000 1 31114000000 e ’ so 39 678 mm 000 000 31141000000 INSURANCE FOR INTERMOUNTAIN BUSINESS AND INDUStRY I - " 7 IIO0 000 8618 21 810 000 000 81158 000 000 t'Qfcascjfm - ALL FORMS — 26 West Broadway Salt Lek City DAvIs Dow-Jon- n e Servic Nov 16 — Amer- DETROIT ican Motors Corp earned 4 net profit well in excess of a million dollars during October tjie first month of its current fiscal year according to George Romney president “The first fiscal quarter ending Jan 1 will showsubstantial profits" he added — 8 AJED UPON DOW JONES AVERAGE OF J(5 UaDING INDUSTRIAL STOCKS ON THE NEW YORK STOCK EXCHANGE IN DEBT? ANO UCtNSIO CREDIT MANAGEMENT 38 W 2nd So II 3761 I -- Colo an- at Mexican Hat is perhaps one of the most unusual engineering ventures in the western uranium picture This has involved: 1 Creation of a new road system from the White Canyon mining district connecting with Utah State Highway No 47 near Bluff 2 conversion of the famous Happy Jack mine in White Canyon to an open pit operan tion 3 construction of a type mill at distances far from and dependent largely on truck transporta4 tion extension by Utah Power & Light Co and in part by the company of electrical transmission lines into a desolate area of the county 5 creation of a new town rear the border rail-hea- since three stories are underground little of the structure is in view at present to sidewalk-leve- l downtown superintendents Executive Sees Doors’ Boom be on separate footings more than 400 steel and concrete piles he added “We don’t want any part of the upper building supported by the vault” This precaution was taken to protect the vault in case the building were bombed he said The building will have 16000 square feet of floor space on each of the top five floors 60-fo- It will have its own emer- gency electrical system powered by a diesel generator A Mr Hayes said that Stearns-Roge- r Co Manufacturing Salt Lake City and Denver which had the prime contracts on mill construction now was completing qualification runs per cent increase in sales 25 rl predicted by Robert thorn president of the Crawford Door Co troit Mich He De- also be- lieves that hous- Hacka- - A ing starts next year will approximate When performance Is acceptable to the Texas-Zinorganization that company will take over full operations — probably before the first of the year T’exas-Zinhas in mind s'" dedication of the plant in the forepart of 1958 Mr Hayes said Cost of the mill is placed gt seven million dollars However this figure is only a part of the various large investment Texas-ZinMinerals has placed in the development of uranium mines milling and service facilities In the area c 1 1050000 900000 units this year recent s d c THE FIRM has completed some 66 homes as residences for employes of the concentrator where some 120 persons a portion of them Navajo Indians will work There are a dormitory and a trailer court as well meeting NEW YORK Nov 16 (T)-Ne- arly He helieves that the nation half of the foods included can “easily absorb” 1500000 to in Dun & Bradstreet’s wholesale 1600000 new private dwellings food index increased in price last “if suitable financing Is made week resulting in the biggest available" index jump since May 1956 At $629 the index compared with $618 a week ago and was 47 per 500 UNITS cent higher than the $601 figure NEW HEMISPHERE £ in the similar week last year INSURANCE STOCK t i Call me up BUY A FOfcD the concentrator of c as against an brand-consciou- Food Index Gimbs Utah-Arizon- a of garage doors during 1958 is “A Hr Hackathorn Trucks will be able to enter the south side of the building study of the housing maiket by and go down 20 feet to an un- our company shows that about derground truck court next to 65 per cent of today’s home buythe vault r ers previously owned one or The court will be equipped with a turntable to accommo- more houses and are more date the large armored trucks and quality-mindeand the subbasement will have than at any other time a pistol range for the bank’s since end of World War II” Mr guards Hackathorn told Crawford door dealers at an Ambassador Club tor CALL HU A BUSINESS CAREER INCOME UR TO I 3508 FOR MAN CFLFCnD tttwMn ago ii ond 35 with a gsd education and initiative Enjoy workI ing with tha public Thit petition with a largo nationally known comH you pany No traveling required fool you ora qualified writ dating ago butinaii experience education and any ether income requirement! pertinent information All replies will Our employee be acknowledged know of thie ad STARTING £ $550 W ' Sal J- - Per j £ Unit £ 91 Ion Writ LHANII AM Aha jo IN PRIME BUSINESS AREA 4000 Sq Ft— new office tpoc UtilHiei and Janitorial Service Convenient parking availabla Fr Information Call Robert A Feterten Available New— New Wing of PACIFIC NATIONAL 411 Bapco I LIFE Soulh Temple Mesa Booiv Dr Bhlv Big Horn Bi BH Indian 1‘inev Oil Black Hawk Calamity C Carbon i rtbuu 8 Cent dr Mi Circle Chfl — C'lJ U EM Swlding Ando Oil An tie lln Atlas Ur Comanche Conn res i on 1 Ir Dynamic DIAL EK Wa ll 03 01 d05 J7 14 oirHom I 21 00 01 20 oo vi 01 01 '4 OOVf isboiii kioab A 11 i 02 i bran i peal© OM Jto Resro pte 21 Pineco 004 Producer K d irrok 04 024 Pan Rex Renuhlir OO Vi 01 Utah Ma flower 2? 18 02 55 01 V 3 00 1 004 04 Vi 51 01 2 37 I L 2 828 4 89 EirbiDi 3 12V4 I 03 (inti! Kail 0418 01 X oo vt rM 004 OlVi'r (Newt 004: 01 BN Beryl 064 07(4 u Neva CO'i) on jSpetco - e Kin 17 20 (UKi I 044 06V '1 12(4 1 25 1 04 31 I 004I 01 Plata Tldo Lucky Star 05 oo H 44 Marline Mrategic ML Sunburst Sundown Pet Sun Tida Swatlijit Thunderbolt I tint Wvo UKnn O&M t tjl 77 S fvtr — V'h'telorfc rWhtte Can Wv-m- Yellow Cat CROMER BROKERAGE CO IrU bun standard 04 14 01 V Gold Sahara Shfimruck Silv Buck Spencer ij 11 02H 01 03 Lucky Me V4 00 V is Cloutf Great Yeiet Green Rivr Gunsite Homestead Int Oij&Met Jolly Jack hmtf Oil Knapp Uran Bit Horn WaiUtra w 85 Federal Gold 04 034 El Rico e°4 01 23 04 44 00 0 EUUrite Cloud OIL & GAS QUOTES M 1957 "ApproxNovBid15Aiked TOP LOCATION this paper — RfwmnrBirPSwn WALTER LARSOil Completely air canditianod Stop worrying about your bills Wo'll cofttolidato and pay thm for you— without a loan "AONDID Average Price of 30 Leading Stocks at president solvent-extractio- American Motors 0 887 94 685 company Junction nounced Saturday The firm Is a joint affiliate of The Texas Co and New — Jersey Zinc Co Its development of a Uranium mill two miles south of the bridge over the San Juan River fru top-cred- Cap ) Production Minerals Corp Is c Hayes Grand i - Just mine completing “qualification" emits brg ticwS00 ton- uranium mill near Mexican Hat San Juan County A L V j i Is n c Minera Is Trics Out Uranium Mill at Mexican Hat Engineer Gets Steetof Reserve Bank Soars MFS Position 3 Storics-Ground Level ( Mill construction near Happy Jack Texas-Z- i Business News reversal of trend the stock mar( (j i t ket scored a sharp rise Friday li Li"-The cut in the Federal Reserve discount rate also was a heady stimulant to the bond market Buyers scrambled for debt issues while yields were still high 'Some stock traders on the other hand appeared to feel that an action on Trade and Tariffs” designed specifically to stimu late the economy could not be viewed bullishly Congress Ignores Appeals by President OTC has been bypassed in two sessions of Congress to date Despite the move by the despite some 16 direct appeals for pasage by President Dwight Federal Reserve the money D Eisenhower market was still relatively Some observers link the refusal of Congress to approve tight this legislation to (1) a conviction on the part of many in the Senate that the State Department has usurped illegally the conIt was thought likely that stitutionally directed authority of the Senate to act on treaties many companies would delay Work is about 15 per cent complete on the Federal Reserve with foreign powers and (2) the failure of this and other admin their borrowing until the entire branch bank building going up at 1st South and State but Istrations to heed the recommendations of the US Tariff Com- interest rate structure had time mission when it finds a domestic industry in need of relief from to settle to more comfortable dumping of foreign goods and raw materials on American shores levels The big New York banks were THE LONDON ECONOMIST a sane and realistic British studying the situation as the publication says that the Tariff Commission and the US admin- week closed but appeared in to istration action on the lead zinc problem may loosen the logjam no hurry to reduce the prime somewhat for OTC legislation rate the 4la per cent they now M McCamish chief Structural steel has now The Economist correctly evaluates the reluctance of con- charge their business Harley Gas reached a height of almost thiee engineer of the gressmen to trade away the interests of their constituency under customers for short-terapproval of OTC without some safeguards money It appears that such a Transmission Pipeline of Pak- stories for the new Federal Reserve Bank of San Francisco Without such safeguards in view of the fact that adminis- cut will have to wait until other istan has been branch in Salt Lake City— and trations are disregarding the “ppril point” features of the present short-termoney rates — com- named manager it’s just up to sidewalk level Reciprocal Trades Acts approval of OTC would merely com- mercial paper bankers accept- of the pipeline The two million dollar buildances and Treasury bills — fol- division of pound the problems of domestic miners and manufacturers ing being constructed at the low the discount rate The first Mountain Fuel corner of 1st South and State What Industry Wants From Commission step in that direction came Sat- Supply Co it : streets is about 15 per cent coma reduction of M was announced with urday This then brings us down to the proposal now before the acplete reports Louis A Redgate bankers in Saturday by W Tariff Commission Not only does the mining industry seek the percentage point associate architect for the buildceptances T Nightingale maximum permissible relief available — about 2 5 cents a pound ing’s designers Ashton Evans on lead and somewhat more than 2 cents on zinc — it asks Import It was perhaps no coinci- president of the & Brazier firm in Salt dence that the Federal Requota control STEEL IS being erected in Now the administration with an apparent eye to its troubles serve’s action in reducing the Lake City south part of the massive the wiH He McCainish make over OTC the Tarilf Commission acts speedily on the increase discount rate came the day Hjr in import duties Nothing has been said of import quotas before Its official report on his headquarters' at Rock excavation and form work for concrete for the Yet for the western mining industry the hike in duties industrial production Mr McCamish the pouring of Springs Wyo vault structure has bombproof will not suffice The vast wage differential accompanied by unThe index (1949 equals 100) is a native of Fresno Calif and begun Tolboe and Harlin Conceasing inflation in the past 10 years has dealt a heavy blow at dipped to 142 from 144 in Sep- a graduate chemical engineer struction Co has the general the ability of our mines to compete tember It was the second such of the University of California contract It Is pointed out that the oil Industry operates on Import drop this year Work Is proceeding on sched-— He has had extensive experiule Mf Redgate says The quotas— voluntary at present Another stimulus to business ence In gas transmission and completion date is set for Tan If the US Tariff Commission breaks new ground and rec- appeared in the offing Presidistribution in California Pak- 1 1959 Three of the building’s D Eisenhower dent Dwight ommends import quotas on lead and zinc the issue of the in- balanced budget istan and Italy six stories will be below street dustry will then be bark- again before President Eisenhower stressed that a a was but defense level goal worthy The recommendations of the commission it is THE NEW MI'S official” was hoped will be The below vault acmade by the fust of 1958 Mr Eisenhower then wiU have 60 spending must go up by “a very in of first year opera- tually almost ground three-storcharge He considerable add a figure separate — days in which to act av tions of the pipeed: “Defense in structure the northeast requires line Prior to that assignment corner of the money— lots of it” building is exUrging industry to support a he designed of"and supervised pected to house many of the meter and reg- official and secret records of budget calling for “less butter construction and more guns” Commerce Sec- ulator stations for a number of the 10 state 12th Federal ReIndustrial plants in Cali- serve District Its three doors retary Sinclair Weeks indicated large fornia that Congress would receive a will weigh 25 tons each next year which will ask He is a member of the Amerbudget The wails and roof will he Steel Prod of Cp ) for higher spending for military ican Gas Assn Pacific Coast concrete freight Ca rloadingi two feet thick Mr Who Freight Gas Assn American Petroleum and foreign aid and the curtail Auto Prod Units said Redgate Soft Coal Prod iTonei Institute of and National civilian Associaprograms ing Crude Oil Prod iBbl tion of Corrosion Engineers The vault and building will Engineering Awards of Paper Prod i plant in right rear getting under way View looking north across primary thickener mill also shows the acid at Texas-Zin- d of US the J i i DowJoties— AP— UP— INS— New York Times express their greatest concern world communities' First allies -- J T'-V- Zinc Minerals’ Corp shows ore feeds bins south end of mill and primary thickener Mines-‘Markets- traced to (1) actual government interference through purchasing and then liquidation of supplies and (21 a multibillion dollar expansion of foreign output of metals in postwar period under the direct control of the U S State Department with the sup American tax dollars ’ jf producers of ‘ 1 Price Drops in Wake of Ilcavylmports-- ' This wave of price recession for most nonferrojiSmetals port 5 V V “commodity recession” Prices of lead zinc copper mercury tungsten vanadium manganese potash sulphur etc all have taken a downturn within the last year Some of these declines have been precipitous to such an extent that there is hardly a western raw materials area which has not been affected adversely employment and business wise As wages transportation charges and taxation have gone up in the Interim the profit squeeze has caused declines in mining company earnings meigers consolidations and failures lapsing i 7 On the first score— that of domestic industry — It now Is being: recognized in the world market places that we are In m comes at a time when the industry already was colunder the hammer blows of cyclical dumping of foreign-producemetals on US shores And the dumping can be directly 1 1 IC Laka City Utah 02 0014 00 q 0114 05 15'4 06 '4 02(4 m -o no 64 47 03 00(4 06 '4 02(4 06 174 oo5 00(4 04 4 02(41 21 00 04 OO 01 JUH "IV nni i i f oo1'' 66(4 13 02 02 4 M 21 OOH TWX