OCR Text |
Show Up and Down the Sfreet '50 Defense Act Details Metal Output Program) Rex Brown, formerly a scout at Billings. Mont, for the firm. Mr. Brown la a native of Tulsa, Okie., and a graduate with a degree de-gree in geology from Oklahoma A. and M. He la a veteran of five years service In World War n, having been a sergeant in the 45th infantry in the European theater. Reports Nt Incom El Passo Natural Oaa Co. Friday Fri-day reported net income for the 12 months ending June 30 aa $4,470,-208, $4,470,-208, as against $5,427,350 for the same period in 1948-49. However, net for the month of June was $437,244, aa against' $327,684 for the same month last year. Gold Output Drop The bureau of mines announced Friday that gold production last year totaled 11.991.783 fine ounces, a drop of 1K compared with 1948. California, Utah and Alaska produced pro-duced 72 of the nation's national output of the precious metal. Idaho continued aa the leading silver; la44toei etatav 4VHow44 by Utah. 4 I . I By Robert W. Bernlrk Row does the government plan to spur production of nonferrous metals during the present rearmament rearma-ment period T Otto Herrea, vice president of Combined Metals Reduction Co. here, said Friday that details of the program will be embodied in the national defense act of 1950. now on its way through the congressional con-gressional mill. Both houses have attached similar simi-lar amendments to the legislation (defense production code) authorizing author-izing loans for exploration and development de-velopment of minerals, he noted. Sees Direct Loans Mr. Herrea believes that the government under these provisions will make direct loans to mining companies for development of ore resources principally zinc, lead and manganese. Grants also may be made to step up production of low-grade Iron orea from the Lake Superior district in addition, Mr. Herre betl eves' that tha government probably will fix tha pricea of lead, zinc, copper and aluminum through uaa of its allocation powers. (In short, anyone interested In speculating or running up tha pries of the metals through overstocking over-stocking of Inventories will probably prob-ably and without any supplies. May Take Stand The Salt Laker feels that tha government may take the position that sine and copper pricea have gona high enough. Buck is not tha ease. for lead despite tha fact It saw a le Jump in price earlier this week, however. Price for lead is still to low for economical operation of many do-mestia do-mestia minea, Mr. Herrea noted. Hi views on policies the administration ad-ministration may adopt wera formed as result of meeting he attended in Washington earlier this month between tha metals advisory council of the department depart-ment of the interior and representatives repre-sentatives of that department Mr. Herrea predicts that the National Security Resources board trill direct the defense production program through existing agenclea j In the Interior and commerce de- I partments. , j May Create Agency But he says that If tha scramble for power among the various bureau bu-reau heads, etc. in Washington continuea, some new group or agency may be created to carry out the metala program. In any event "we mining men ware told that the needs of rearmament re-armament for nonferrous metals were very great," Mr. Herrea aald of the conference. And as consequence, he feels that tha western mining industry will soon be working at full capacity ca-pacity to produce the vital ores. So will the smelters of the Great Salt Lake valley. Wins Highest Merit George 8. Kcclee. president of First Security Corp, reported Friday the flrm'a annual report for 1M9 had won the "highest merit award' from Financial World magazine, In the bank and trust company class. Final awards for all classes of industry will be made Oct 20 in New York. Declares Dividend Amalgamated Sugar Co. haa declared de-clared a 35e quarterly dividend, payable Oct 1 to stockholders of record Sept 1. Previous quarterly quar-terly payment waa 25c. Establish Office . Gulf Oil Co. haa established headquarters in Salt Lake City for a new scouting district Including In-cluding Utah, Nevada and Idaho, tt waa announced Friday. Heading the district with office offi-ce in the Newhouse bldg, la |