Show advance I 1 in n lead quotations ons in commenting upon tile the recent advance in 11 lead quotations the commercial of boston has tile the following to say the worlds production of lead for the year 1913 amounted to metric tons equivalent to pounds exceeding tile the output of copper by nearly pounds approximately 40 per cent of the worlds lead output is produced in the united states this count rys production in 1914 was pounds exceeding all previous records nearly 90 per cent of the lead produced in the united states is consumed here A possible scarcity authorities on the lead market have long been looking forward to a time when the worlds production of tile the metal would fall fail to equal the consumptive demand no important deposits of lead ore have been discovered in this country for many years but notwithstanding this domestic production and consumption have both increased with relatively more rapidity than in any other country in the world the largest producing companies and the big custom smelting smelling sm elting concerns have been constantly on the watch for new lead ore developments of importance but by far the greater proportion of the metal s produced from froin relatively small deposits it is reasonably certain therefore that a price of seven or eight cents a pound will encourage an immediate and relatively large increase of production it is possible however that tile the output may be restricted after it has made a gain of 15 or 20 per cent because of the limitation of existing refinery capacity companies benefiting among tile the companies whose securities are traded in in boston which will benefit most largely from the high prices now being paid for lead are united state smelting smelling Sm elting utah consolidated utah apex american zinc Bing bingham liam mines daly west shattuck arizona stewart eagle blue bell and chief consolidated tile the united states smelting smelling Sm elting company produced in 1914 that from custom ores included pounds of lead with the metal selling at its present price this companas comp anys profits probably will be increased at the rate of approximately a year in addition to its lead production united states smelting smelling Sm elting produces about pounds of copper on which its profits are now showing an increase at the rate of a year as compared with six months ago its annual output of silver is close to ounces and this is the one metal which has been affected unfavorably by the european war the market price at present being about 49 cents an ounce as compared with an average price of cents for the year of 1914 it is reported that utah apex is now liow producing at the rate of pounds of lead annually if it can maintain such an output its profits should approximate a year or 2 a share for its outstanding stock utah consolidated produced pounds of lead last year and in ill 1912 its i put exceeded pounds nd 1 edly this company will increase its T shi ments of lead ore very materially to 5 ta full advantage of the high prices now ilow pr availing vai ling with lead selling at seven or eight s acet a pound utah consolidated can pay all of its operating expenses with j it lead production receipts leaving its copp comi e and gold free resulting in net earnings the rate of more than 5 per share ann ana ally for its stock the bingham mines company produce pounds of lead in 1914 and th ea eagle gle blue bell of whose outstanding out shares are owned by bini liam ham mines produced pounds th taa profits which will come to the binghan mines company from the advance in thi th price of lead therefore should be increase increased i by approximately in a year the bingham mines company has shares of stock outstanding and 58 of bonds its stock has recently ai ad danced from around 5 to above 10 gw 81 ing its outstanding capital a total valuation of about on which its curree earnings must be running at the rate of 2 3 per cent it would seen quite probable tha this company may be able to retire all 0 its remaining bonds in the coming months daly west stock now selling around I 1 at one time sold in tile the boston market for more than 50 a share at the time re ie f erred to this company was mining a de posit of very rich lead silver ore its ship ments to tile custom smelters shelters sm elters yielding 1 1 to 50 a ton tile the high grade ore in the daly aly wes property was mined out some years ago an and since then the company has operated al most exclusively on relatively low gra milling ores with indifferent financial re le suits in 1913 the last year of operations it produced pounds 01 0 1 lead the prevailing high price of thi 0 compan company cause this metal will probably and ver management to force production good profits should result 01 0 shattuck arizona developed dev eloped three four years ago a considerable deposit high grade lead ore in its mine and nia excel few shipments which yielded oat the ole profits with inexplicable wisdon wisdom load lead ill n aei argement decided to conserve its with great P until they could be shipped profit that the it is now wholly I lolly possible OU 1 tuck company will make enough pait edaa to t e of lead ores in the coming coining ye ae 2 per it to distribute an ail extra 1 or to its stockholders g coppag co mining in 1914 the stewart 0 of f 10 dividends paid four quarterly 22 cen cents per share and an extra of cn far Vs ill ing 62 V cents for the year so bo 0 t lias has paid three dividends of 10 cents per abare hare each S alvith lead selling above seven cents per pound stewarts stewards profits provided it is able 1 lo 10 0 maintain its regular volume of production should be more than double what they we pere last year |