Show ZINC LEAD MARKET IS RATHER DEPRESSED The operating profits of or the tho American Zinc Lc Lend Lead d Smelting Smelting- company for the I first quarter of this year ear were From this an allowance of or for or depreciation and depletion has been made bringing the final balance down to Tho operating profits before depreciation and depletion were at al tho the rate of ot better than 1 a year or over three times Umes the preferred stock dividend divi l requirements of 6 t 6 per share on shares outstanding inc inc- In In the hands of or tho the public The Tho company Is steadily improving its financial position and md has reduced it Its It notes payable of on December 31 a alast last to O Of this Is du due local banks and represents a note note- not yet ct due on account of settlement settle ment with the Minerals Separation com corn compan pan pany The com company compan pan recently cold the twenty miles of Inch 12 gas bas pipe line referred to in tho the annual report for In cash and In term short notes In the trade trado the rumor is current that tho government has recently concluded a a. sale ale o of grade A speller spelter at 10 cents cenis per pound There is no lie confirmation of this report in local quarters The rho depressing feature o of the whole I Industry is tho the large lare accumulation of ol tons of unsold product While this I is iM largely largel lo grade low prime prima western which by hy the wa way Is quoted at less than tho the cost of production tho the large stock of 01 unsold material sentimentally depresses I Ithe the whole spelter speller market The decision of the government to furnish no cars for or Imports of ot Mexican spelter however er willI will help to improve e matters somewhat I |