Show I Up and Down the Street n Lead Zinc Price Drops Cost 85 Million to Utah Mines 1 t C n By Robert W. W V. V Berick The recent price drops to date of lead and zinc have cost the Utah mining industry up to 8 S- S S. S but it is the belief belef of 5 metal market analysts theres there's teres tere's no need for panic Lead and zinc are now both sellIng sellIng selig sell sell- sel- sel Ing ig for per pound That Is a drop of 6 c per pound for lead from last years year's high point of 21 0 e per pound poud and drop for zinc Approximately per ton of lead has ha been shaved off All An this means a 3 tightening of the belt as far as operations are concerned with wt redoubled emphasis sis Bis on the te part of management in economy and efficiency Price Jilts Hits His Bottom But there is evidence that with costs of mining what they are in inthis inthis this postwar world the price of lead for example can hardly go much below the present level Certainly none nOe of the nonferrous nonferrous rous rotis metals will wi return to prewar quotations The Te industry is facing two buoyant buoyant buoyant buoy buoy- ant factors however howe Domestic rn met metals e t a 1 s consumers have been sitting back baek waiting to see just how low the price will wi go before they tey resume scale full scale ful-scale pur pur- chasing Within the next quarter however however however how how- ever these people particularly the Ule battery batery makers should be back in inte inthe inthe the te market buying again E EGA C A Rearmament On the government side passage and ad approval of the te deficiency deficiency deficiency de de- de- de appropriation bill bi for stockpiling of strategic metals should be assured within a few I fe weeks Marshall Marshal plan pur purchases c has e s through trough the economic cooperation administration and the rearmament ment program should combine to furnish further stability to the metals market market Under the European Europen recovery program as proposed in congress the Marshall Marshal plan countries would increase their metals consumption from 5 to 10 According to Dr Josoph Joseph Zimmerman Zim Zim- merman editor of the tile Daily Daiy Metal Reporter Last year the stockpiling stockpiling stock stock- piling program and the E EGA C A program program program pro pro- gram contributed in a large measure measure measure meas meas- ure to the business boom Now they arc are going to p pre prevent r c v e c n t a aust bust First Shipment Prices First shipments this year from Madison Mines nes Co property in the Bingham district by the te ran a ton with wIh 06 oz gold 2365 oz of silver 5 lead and ad 2 copper Start Mill Mi Construction F. F F. F Hintze Hintz president Arizona Antlers Mining Co reported Friday Friday Fr- Fr Fri Fri- day that tat the Faire Mining Co has commenced construction of a ton on mill mi at the Ule Antler Anter mine Mohave Molave Mo- Mo have ha e lave county Arizona to be ready for operation in July Ore is now being being mined and stockpiled with wih tons in the dump Mr Hintze said zinc and copper concentrates would be prepared prepared pre- pre pared from the ores Utah Oil Reports Profits A consolidated net profit of was earned in 1918 1948 by Utah Oil Oi Refining Co and subsidiaries subsidiaries sub sub- E. E S. S Holt president reported reported re- re ported Friday That Is equal to per share of common stock compared with 21 per share in 1947 Consolidated Consolidated Consol Consol- Consoli Consoli- dated net profits for 1947 were Mr Holt Hol said that some barrels of crude oil oi were re re- re fined The company participated in drilling and completion of seven wells veils at Rangely field Colo Cob and now shares in drilling of one well wel at Ashley valley valey Uintah county and in the Ute Tribal No 1 I Duchesne Duchesne Du- Du chesne county Regular dividends of per ncr share share- were paid during the year ar along with four extra dividends wringing bringing total payments to t the same as in 1947 1947 Attend Stock Meet More than scholars Thursday Thursday Thursday Thurs Thurs- day night attended the second weekly session on investment problems sponsored by J. J A. A logal Co S. S Main Iain st. st Richard C. C Andrew representative ive tive of the firm fr on the Salt Lake Stock exchange spoke on How Howo to o Do Business With a Broker while Harrison S. S Brothers in investment investment investment in- in vestment counselor addressed the group on Aids to the Investment of Stocks and ad Bonds |