Show Optimism Prevails In Park City Area I lly Ily KAY Y Theres There's a new air of ot optimism mixing Into nto the gloom above Utah's up-and- up down Park City mining district now engulfed in one of Its worst lows low In 80 BO years an Island of ot depression In Utah's Utah prosperous expanding economy This silver lining above the zinc lead-zinc capital of Utah Is coming corning Into view at ata a timely moment Consider this description description description tion of Park City as carried In the current Issue of Business Week Magazine Maga Mega- sine zine Maga Parts of the thriving once-thriving town already look like a ghost village Houses loUS stand emp empty with their windows smash smash- ed Half Hal the stores stares In town are boarded up Many have been closed for tor some sometime time but at least eight have gone out of ot business since last December The population has bas decreased by a third In Inthe the he past year la is now down to about 1500 Mines Unu Close Clotie Down flown These conditions in a mining district that has produced in mineral mineral mineral min min- eral wealth at stem em from 1952 1953 shutdowns of the th districts' districts two major mines Silver King Coalition Mines Co and the Park Utah Consolidated Mines Co These and other shutdowns resulting from depressed depress depress- ed zinc lead-zinc prices threw miners out of work and put Park City on the th skids Today zinc lead-zinc prices are still depressed de depressed de- de pressed and little optimism Is 1 felt for efforts to persuade Congress to bolster prices with a flexible Import tax Silver King and Park Utah have consolidated operations but remain closed Park City miners are ar on relief or at work else ekes where It stems from two sources 1 Mining men who feel that the recent Park Utah-Silver Utah King merger merger- commonly described as aa the best thing that hat ever aver happened to Park City City lays ays the thu groundwork for large scale large pro pro- profitable operations when metals prices Improve 2 W W. H H. H H. Cranmer Crammer president of 01 the he New Park Mining Co at Keetley Utah where it Is being demonstrated that a mine can operate six days a week and at a profit In the Park City district Future Improved The new United Park City Mines Co formed farmed from the Park Utah and Silver King has nearly acres of lode mining claims and facilities to produce 1800 tons tone of ore a day according to the he Business Week report In addition the company has bas In reserve shares of authorized capital i stock which can be sold to finance new I development I Any development will be expedited 1 I and reduced In cost by the Joint ties les Operations will be supervised by S. S K Droubay one of the Anaconda Mining Cos Co's outstanding mine managers who I 1 recently took over as general manager manager of the merged firm Hence much is expected when the merged properties go back into opera- opera tion ion Mr Cranmer who also shares great greato o optimism for district progress under the the I two big consolidated properties Is fa telling I I all who will listen that Park City district dIS- dIS can produce another billion dollars dollars dollars' In n mineral wealth j Builds Bunds Up Firm I And people listen to Mr 1 Cranmer Cranmer I when he talks about the Park City area I I Formed during the depths of the depression depression depres depres- sion slon In 1932 his New Park Mining I depres-I Co rl has paid dividends for the past 12 13 consecutive years Last year while many I I zinc lead-zinc properties were shutting down I I the he company made a profit of before deducting federal Income tax and exploration expenses I One reason New Park has prospered during these times is that 29 per cent of the company's ore revenues comes from gold and silver sliver However Mr Cranmer Cranmer Cran Cran- mer racy believes that there Is much gold and silver and copper in the Park City area In addition to the zinc lead-zinc minerals minerals mins min min- which go gave ve the district Is ta- ta tion The price of metals win will adjust itself regardless of government action because of the tremendous Increase In the use of metals Mr Cranmer believes This This' future demand combined with cooperation cooperation cooperation tion among the mining companies will restore the Park City area to prominence as one of the country's best mining districts he feels eels SEASON EASON TREND THEN BARS DARS LEAD Ian RICE Lead might be selling at a higher price now DOW If It weren't for the current vacation shutdowns by consumers trade sources said this week They listed three reasons for their statement Lead demand has been good the London price has been firm and a pickup In European orders for tor Mexican lead may cut Into shipments of that country's metal to the United States Tho The good sales ales of lead were the ex- ex exception ex exception exception In the non ferrous metals markets markets mar mar- lIets this week however Copper demand III slowed owed because of ot the Fourth of ot July holiday and the vacation period and zinc sales were only moderately active Lead demand has been running at atgood atgood good levels level for weeks week and producers and customs firms reported doing a good I business on the final few days daya of this I week Meanwhile the price In London rose on Wednesday to the equivalent I of nearly 14 cents a pound on the basis bull bullof of delivery to a consumers consumer's plant In the New York area That compares with the domestic price of 13 a 13 cents a pound And there were reports that sales of prompt delivery lead to European customers customers cus cue I of Mexican mines had picked up Normally Mexican production is le pretty evenly divided between this country and Europe If It European demand should skim off enough Mexican production a trade source said laid It might affect the price Sundays here here Sundays Sunday's Tribune STOCK SALES MONDAY East Utah at 12 Park City Consolidated 1000 at TUESDAY New Park 1000 at I Park Pork City Consolidated 2000 at Park Premier 1000 at 3 c United Park City at WEDNESDAY Park City Consolidated 1000 at 20 Silver King Western at SHIPMENTS TOSS TONS TOSS New Park 1490 1400 |