Salt Lake Telegram | 1928-05-18 | Page 1 | Milion Added to Utah Wealth by Silver Price

MilliON ADDED TO UI UTAH AU WEALTH BY Sit SILVER PRICE Advance to 60 8 8 7 Cents an Ounce Recorded in St State t MINING BOOM S SEEN EN Much New Development Now Under erWay Way WayBy By LEE WILLIAMS The advance in the price of silver to 60 8 7 cents an ounce Friday adds nearly one million dollars to Utah's mineral wealth based upon the states state's 1927 production of 18 ounces of the white metal according to statistics of the Utah branch of the American Mining congress The cent 60 price represents an advance of nearly 5 cents an ounce within the last thirty days and an advance of ot cents over the average average average av av- av- av 1327 1927 price This Increase coupled with the slightly higher price for copper is is sufficient to more than make male up for for- forthe the low price of at f lead and herald heralds her her- aId ald a boom In Utah in the opinion 1 of ot local mine op operators FLUCTUATION TION NOT FELT FEL f When th the price pric of l lead ad dropped to 6 cents In February Utah's largest largest largest larg larg- est silver-lead silver mines Immediately curtailed their production but placed It back upon its Hs previous scale when the price of the metal jumped up to cents a short time later Inasmuch as It takes about three months from the time lead ore is mined until it is placed on the market In its refined state the full fun effect of ot the price fluctuation fluctuation fluctuation and subsequent drop In production production production pro pro- h has s not been felt Tho The steadying Influence gain gained d dby by the better price for silver already al al- al already already ready has hag been felt In Utah mining circles and is apparent in the new development of mining property throughout the state and in the Increased in increased increased in- in creased strength of mining shares on the Salt Lake stock and mining exchange A large larg-e portion of at the new development development development de de- de- de work Is centering centering- in the Tintic mining district where several several several sev sev- eral companies are beginning work which promises to extend the area of the district considerably Extensive Extensive Ex Ex- Ex- Ex development work also is planned and under way in the tIle Park City Star and other districts which until recently were working the old ore bodies and making little or no attempt to open up new ground Aground Sharp advances in the prices t mining shares both In established producers and in unproved ventures on oct the local exchange are attributed to the optimism accompanying the improved metal price outlook and the boom fn In n Wall Wan street