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H r rJ P J T Mini Mining g Matters II if LO 4 h hh JL JL f. f f. f uSuA AJAi t ret T 1 ZINC PRICE CLIMBS CLIMBS- S- S SUAD LEAD LEth STILL STRONG The non-ferrous non metal situation con con- continued continued I to show sho Improvement imp last week with lead still strong at 14 cents New NewYork NewYork NewYork York and a a. one half cent rise in the price of zinc making the market price 19 0 cents East St. St Louis according to toI I the tho th weekly market report of Engineer Engineer- Engineering ing and Mining lInins Journal McGraw-Hill McGraw publication The Tho market for domestic copper on the basis of 17 8 4 cents Connecticut Valley was firm for the week ending July 20 I I but somewhat quieter than the preceding ling tag ing week The Tho volume of export sales i was considerably above that for domes domes- domestic domestic tic sales I In commenting on the tho lead situation ithe I the article notes that some sellers transacted future business at the aver aver- averI nj j I ago rather than on a fixed price basis Sales of common lead lend were mado made on the the- i I basis of 14 cents New York and 1380 I cents St. St Louis Sales for the wee week totaled total d tons not including Gov- Gov Govi Government Government i stockpile purchases I Major sellers of zinc have been doing a a. good volume of business at the new price of or Prime Prune Western East St. St Louis the tho article says sn s 's Because of the firmness of the market at this level sellers are I limiting the amount of price fixed-price busi busi- business business I ness nose ness preferring to sell on an average price basis i The Tho increase In price was due to low inventories on the part of or consumers and the tho th fact that the recently eel averted steel strike promised uninterrupted pro- pro production for the galvanizing Industry I the publication explains Demand for forI galvanized products Is still strong The demand for die dlo dI casters and brass mills I has also been strong The article adds that although it Is assumed that the tho th Government will not I need zinc for stockpiling considerable i amounts of or concentrates on hand for I stockpiling purposes will have to be treated treated for the Government Therefore lit it is expected that an appreciable part I of smelter capacity will be diverted to handle handl Government zinc and thus re remove se- se remove move this production from commercial outlets I Tro Tre article also notes that operations Of of the American Zinc Co at ot Tennessee which were suspended on July 1 for fori I Ii i i vacation purposes and because of or econ econ- economic I conditions were resumed on July July- 19 I MIXING MINING INDUSTRY LOOKS TO FUTURE How the mining Industry Is preparing for the future through constant expansion stan slon and renewal of ot its sources of supply I at a a. planned Investment of half halt a billion I dollars Is explained in July Issue of Engineering and Mining Journal Mc- Mc Hlll Graw I Graw Hill publication I The Th magazine which devotes its entire current Issue to tp t the future aspects of OX I mining points out that Industry has begun its projects in the face of ot dis dis- discouraging disI dis- dis discouraging tax burdens and and falling metal I prices In a a. series of feature stories the publication explains how Industry is do- do doIng doling doing ling Ing its utmost to see that future min mm- mineral minI eral era I supplies are adequate I Heres Here's how the magazine says the Job has been done I 1 I By finding new ore bodies such as those found by Hanna and Hollinger in Labrador Labrador San Manuel in Arizona and Calumet and Hecla in Wisconsin I 2 By re developing old mines as Walter Valter Scott at Silver Plume Colo Cob or orI orthe ithe I the new Arizona open pits I 3 By Fly E technological Improvements that I turn waste rock Into ore like tac- tac taconite onite treatment or the Greater Butte B tte I adaptation of mass mining I 4 4 4 By By building new plants as Chuquicamata ChuquIcamata Ch In Chile In Utah the Bradleys in Idaho and A A. S. S S R. R In Texas 6 5 5 By Joining with foreign companies in the same manner in which and in Africa were formed 0 a. By producing new metals and helping to find uses for them like ti titanium ti- ti or uranium The article notes that to carry out I these projects and hundreds of others the mining Industry has pledged or planned an Investment of about half a a. billion dollars I I In commenting on the future of min mm- mining lug ing abroad the magazine notes that America I as the largest reservoir of ven- ven venture Iture ture capital has both the opportunity and the obligation to play a leading part in world-wide world mineral development At the same me time the article points out that the entry of capital American-capital into foreign for ign mining enterprises is ac accompanied ac- ac accompanied companied by neither the attempt nor northe northe Ithe the wish to subjugate local Interests or obtain undue advantage explains that there is a a. I The magazine I growing tendency in certain countries to put a tighter rein on return of invest- invest investments Investments ments meats in dollars i It would be the most sighted short-sighted 01 of I policies to let anxiety over a a. shortage of dollars choke off oU completely the flow low I of or of dollar Investment into a a. country the article observes observes' Yet that Is 15 ex exactly ex- ex exactly I the effect of excessive restrictions on dollar exchange Since Sinco extremely high tax rates and other regulatory measures have put an I increasing burden on potential Invest Invest- Investment Investment ment meat abroad the article notes that no American company is willing or able I to operate without profits adding Only through tax laws and other measures that encourage not discourage age private Investment in mining can cai any government secure full and efficient use usa of its mineral raw materials DREAMS IS PERIL WEST IVEST WI S1 MINES MINDS i The Tho Th wide eyed dreams of the do do- doI have played havoc with th thI the I I western mining Industry James K 1 I Richardson secretary Utah Mining told the Salt Lake Lions club I Thursday In Hotel Utah Modern American mining equipment I and experts have bave been sent sent sent-nt at taxpayers taxpayers taxpayers' ers ers era expense expense to to help foreign nations nation chieve the tho th same high productivity as asU U U. S. S mines Mr Richardson said I The result has been that cheap for for- foreign eign labor an unnatural currency ex eX- eX eXI 1 I change chango and lack of protective tariffs tariff have shave enabled hungry dollar-hungry foreign na- na nations na I to undercut the domestic market he said Since March 7 1949 1919 the price of Mead ead has hns fallen 35 zinc 45 an and copper 25 i This situation has not raised th the l living standards overseas but it is fore fore- o e eng TT T Ing ng the United States to lower its own declared the tho mining executive Can anyone be so naive as to believe hat that once the foreign producer has hns torpedoed an American raw materials Industry that he will continue to supply those thos materials as cheaply as we wo were producing them ourselves he added In I addition to cutthroat foreign com corn competition competition petition domestic mining has been hurt by local do whose rosy plans have resulted In a a. state and local tax structure above that of neighboring mining states said Mr Richardson Fridays Friday's Tribune LEAD J.E. AGAIN ADVANCES IYA CES fI A leading custom smelter Wednesday raised l d the price of lead lend yc c a pound f. f So 14 New York basis according to press ress reas dispatches i t. t The Tho price was advanced a mOUnt on Monday so the t e total Increase since the upturn from the postwar low began on July 8 Is 2 C a 0 pound Lead has been the strongest of the major nonferrous metals marketwise over eVer since the pickup In demand de- de eloped more than six weeks ago Howver How- How Aver Iver ver metals spokesmen said the price would have to climb at least another Cent ent or two before operations in many mines nInes would be restored to the volume prevailing before the cutbacks that fol fol- followed followed fol- fol followed lowed the market slump last spring SILVER KING MINES REPORT NET LOSS Silver SUver King Coalition Mines Co Wed Wed- Wednesday Wednesday Wednesday reported a net loss horn of for the second quarter ended June 30 1949 The Tho decline was attributed to the parity between metal prices and rages paid at the Park City property lb e o firm suspended operations there on une QC 30 because of these factors The net loss was figured after all Poxes and depreciation but before depletion depletion I tion and was equal to per share on shares of 5 par value common stock outstanding Net loss sustained during the year ended Juno June 30 was or per er outstanding share Salt Salt Lake Tele- Tele tram gram ram TOCK STOCK SALES S. II THURSDAY Sliver Silver King Western at at t at j t New York Exchange New Park at Silver Sliver King Coalition 1000 at y iJ FRIDAY New York Exchange p 1 Park Utah at f TUESDAY Y k EC Clayton Silver SUver at 1000 at met Coalition at Commonwealth Lead at 1000 at Eureka Lily at lie lic at lie Hc Moscow 1000 at at lc 1 c at lc at lc l c. c at at at New Park at Silver SUver King Western at Tintic Central 2000 at fcc I 1 c at l' l 1 y c. c Wyoming Utah Oil at iDe Curb Sales Moscow 2000 at 1540 l c. c Park Utah at New York Exchange New Park at Park Utah at Silver SUver King Coalition at Vi WEDNESDAY Park City Consolidated at Sliver Silver King Western at New York Exchange New Park at at- Park Utah at Silver Sliver King Coalition 1200 at 2874 SHIPMENTS Park Utah Keetley l |