Document 1QmozRna6vY1N9oXDNorzJ07j

m ^ KiiiujijitiiiiJjMMBW LIA24890 I8*"" ataiAv..,iia^.>i---. ------- - J ............ J u u ij u mi gM' JJ n. u .mw ^PIPPSPPPIP IP .iwwiumn t'MWPi ' W !*jfim|>WWW*iefei^^ l i ^a891 For Immediate relsase April 8, 19U9 Lead Industries Association ti?0 Lexington Avenue New York 17, H.T, 1 V 0 c 1 At the annual bullness meeting of the Lead Industries Association held at the Drake Hotel, Chicago, on April 8, the members unanimously re elected the Board of Directors, as follows Norvan Hickman K. C. Brownell Clarence Glass S. A. Easton A. E. Bendelarl J. H. Schaefer E. L. Newhouse, Jr. L. E. Hanley J. P. Ruth J. A. Martino 0. N. Friendly F. E, Normser James Ivors J. V. Made George Fixter The American Metal Co. Ltd. American Smelting 4 Refining Oo, Anaconda Sales Co., Agents, international Smelting 4 Refining Co. linker Hill 4 Sullivan Klnlng 4 Concentrating Co. Eaglo-Pleher Co. Ethyl Corp. Federated iktals Division of American Smelting 4 Refining Co. Hccla Mining Co. lhe Olldden Co. National Lead Co. Park Utah Consolidated Mines Co, St. Joseph Lead Co. Silver King Coalition Mines Co. Tlntle Standard Mining Co. United States Smelting Refining 4 Mining Co, Inc. Officers ware reelected and are as followsi F. E. Foroser, president K. C. Brovncll, Vice President J. A> Martino, Vice Prcrid-nt . The Executive CoccitUu, appointed by the Board of Directors, Includes the officers, as veil as Lt L Hanley, president, Hecla (fining Company and Ocorge Klxtor, vice president of the United States Smelting Refining 4 Fining Co. Inc. Prominent representatives of the lead Industry met yesterday In Qiicago to discuss the load production outlook it well is the outlook for sons Important lead products. This timely review of lead's position in the rapidly changing metal mirket wis tho subject of the Plat annual meeting of ths lead Industries Association, rw.ii .yep;, urn .y.i.-,i; iif,uji.t t o N 1784.01 m. i jwi.U'iw; uuiippu-iija ..mijpy L IA 2 A 89 2 i -2- . Tn his opening remarks, Felix E. Tormsur, president of the Association o and rice president of tho St. Joseph Lead Company, Mew Tort, pointed out that "A free market, operating in the American system of free enterprise, has brought about a swift correction of the serious world-wide lead shortage#" The first session at the one-day closed meeting held at the Drake Hotel, at which sllgntly over one hundred members were present, cowered the domestic and foreign supply position of load. This session was presided ower by F. S. Mulock, vice president, United States Smelting Refining A Mining Co. Xne., Salt Lake City, Utah. The first speaker, Mr. J. B. Heffner, general manager. Bunker Rill and Sullivan Wining and Concentrating Co., Kellogg, Idaho, stated that, "It is doubtful if any year exceeded 191*8 in the amount of capital invested in new mining or milling plants. In rehabilitation of old plants and in intensified and widened exploration in the northwest aroa, all of idiieh were directly due to the high price for lead. There are drawbacks now facing the mining industry of tho northwest in the form of almost punitive taxation, declining metal prices, high cost of labor and supplies and the tariff situation. Mr. f. A. Mardlaw, Jr., general manager. International Smelting A fining Company, Salt Lake City, Utah, fi-lt that the srrtet condition In load is rapidly reaching a point where mine production in the Utah and southwest area will bt ap preciably adversely affected, particularly with respect to the maintenance of proper exploration end development wort. He also cited figures to show tho sub stantial increase* in mine production between 191*6 and 191*8 in virtually every stats in the area under discussion. Mr. Francis Ciswron, vice president, St. Joseph Lead Company, Mow fork, re viewing tht lead production figures in the mldwcatcra and eastern states, stated that if they can look forward to a period of profitable metal prices, there is little doubt that their mines can continue to sustiin for seme y.iars to c o m their present rate of production* W* ijMiimwaMMijjf JijjJjjupByut- m fapgpw mm.1w ppq bw w mm ^ 1*2489 3 ieS*aHa -3Jtr. R. f. Ooodwin, vice president, American Selting & Jbflning Company, o New fork, (poke on the international In id production outlook. Reviewing world lead production, he pointed out thit Increased production now in prospect should balance decreases due to exhaustion of known nines and the suspension of operations of marginal nines unable to operate profitably at lvwer prices. Foreign lead for the next two or three years should approximate 850,000 tons, the sane as the estimated world production for 1?U8. Itr. Ooodwln described the precarious position of the American Investor in nany foreign countries, pointing out the onerous taxation and unfair exchange regulations employed by many of then which served virtually to stifle many potential sources of lead. While many nations have failed to respond to the overtures on the part of this country to develop their resources many others, in cluding the British Colonies and Dominions, have encouraged foreign investments by not placing barriers on the payment of dividends or interest in dollars. In same cases, tax concessions were nade to foster the investment of nine capital. $ According to Uarc S. Goldsmith, president. Goldsmith Bros, Smelting and Refining Company, Chicago, the importance of secondary lead production is Indicated by the fict that in twenty years, it has grown from under one-third to over one-half of the entire domestic lead production. Despite recent indications to the con trary, the secondary market price is not beeoeiinr independent of the primary market, hen the lead market eventually finds a balance between supply and demand and a mors normal price level, the addition of a timely calculated stockpiling program should again find the primary and secondary markets working interdependent!/* At the present time, according to Ur. Ooldsdth, forces are at work which in dicate that the future secondary lead market will hold closer to the primary market price and will, like the primary market, gradually develop a more steadying Influence oo price. The two main reasons for this srv, (1) that better scrap distribution channels have been organised that will not be as exposed to speculative hoarding or dumping, and (2) that secondary lead will not be so exclusively dependent upon the fluctuating destand of the bsttury industry because a much larger percentage of soft . TW SWW! et -Bumti'* ivusa. ati laypw.jpi.WM'1 WWW1" "'"P h Hi^ri-i W LlA2A89 -blead and corroding lead of highest purity are now being produced directly froa scrap battery plates to mt the demand of moat other lead consumers. Therefore, with a steadier scrap supply and a more varied consuming demand, secondary production should not be exposed to such market extremel as It has in the past. This means that there will eventually be a more harmonious relationship between secondary and primary production and price which will Inevitably benefit the entire load Industry. Dr R. B. VeCorsdck, Chief of the Nonferrous Metals Division of the Munitions Board, Washington, D C., spoke about the functions of hit office In the defense pro* gram and particularly about the part played by lead. Operations of the Oovernmont Stockpiling Program were described, along with an outline of the viewpoint of the Munitions Board on subsidy and related legislation. The afternoon session covered the outlook for acme Important lead products and was presided over fay Mr. D. k. Uerson, vice president of the Rational Lead Comparr, Mew York. Discussing the outlook for lead In cable sheathing, S, K. Spofford, purchas ing agent. The Okontte Company, psssalc, W.J., stated that "Constant changes In the requirements for electric cables has resulted In most cases In a rediction in ths amount of lead sheathing necessary," He also went on to describe several newer dovelopwAtits which are being tested and whieh require no leal covering. V U [ -- I WJimLJHM gm *i iiiiiiiw jityj,1wi111-"1111 -J !iRiw-y.i<^ww EMjjggpg 'pMpipn LIA24895 i ' i } lAtirrtn *&*i*-**~*r**~+ -- -- > MMfet - 5- Nr J. H Schaefer, vice president, Ethyl Corporation, Baton Rouge, La., Hated that when the demand for gasoline la lase than the production capacity, then competition, together with automobile engine Improvement*, forces a toady in crease in the antiknock quality, resulting in an Inert.aie In the demand for tetra ethyl lead which In a period of lesa thin twenty years has grown to be on* of the five or six largest lead consumers. To cope with the Increasing demand for tetra ethyl lead, the Ethyl Corporation plans to expand Its production facilities very substantially during l?ii9 and 1?$0. Nr. W. J>. Carroll, manager, Petal Departsent, Rational Lead Company, Row York, In discussing the outlook for extruded and rolled lead products cited In stance* where Inroad* were made In the use of lead In the chemical and process in dustries by substitute materials taking advantage of the high lead price. jy com parative teiting and proper education. It la hoped that the nicber of substitutes classed >i competitive from the *tanapoint of Serviceability may be materially re duced. Also, the 33 percent decline in tho load price will help to curtail ths use of such substitutes, particularly In the case of water Service#. Since the' storage battery industry accounts for between ono-half and two-thirds of the lead oxide sales," N. U. Z oiler, vle president, The Eaglo- Picher Sale* Coepary, Cincinnati, Ohio, stated that, *thc well being of the latter is largely dependent on the well being of the forcer. Substitute* for lead oxides have been gaining In th.- Cerente Industry. L-ad oxides hav. been gaining or hold ing their own In tho pottery and insecticide field." Nr. Zoller cited the co operative efforts of the Bed Lead Technical Conmlttc* of tho Lead Industries Associ ation, vhieh r devoted to the development of improving red lead paint. Tha most promising outlet for lead oxides appear* to be shown by the television industry which depends to a large extent on leaded glass, . PjlAumw iigwaffawawwppBWP <i wa y'wp- e^i.^i|w!ff^ti5wyii"." L\M^9b -6In discussing the decline In the volume of white lead usage, kr. A. IU Knight, manager, Euston Lead Company, Scranton, Pa., blamed the high prlco of pig lead for placing white lead virtually out of the paint pigment market. Even with lower lead price*, ho felt that the original white lead market could scarcely be regained In view of the Interim development of substitute material*. ltr. A. K. Call!*, general sales manager, Federated Petals Division, American Smelting and Refining Company, Sew fork, in discussing the outlook for mlxeq metals stated that despite the abnormally high price of tin and load, pro duction In 19VT vnd 1948 was high. In 1946, solder production Increased 2$ per cent over that of 1946 and babbitt 13 percent, while type metal sales declined 18 percent In the some period, Noteworthy is the fact that two-thirds of the in crease in solder costs was due to Increases in tin cost*. The decline In type metal sales was due, Ur. Callis felt, to the printing industry's use of type which normally would ixmaln unused in standing fora, -hen prices rise. Instead of buying new type, the Industry stabilises Its metal cost by utllliing old type In this manner. Kr. 1. A. Harvey, vice president, tuto-Litc Battery Corporation, Klogara Falls, M.T. and president, Association of American Battery Uanufacturers, Inc., In discussing the outlook for storage bctte-rle* stated that expectations of the in dustry until Ally are for low production and silet of replacement batteries, which. Incidentally, constitute 00 percent of sutomobilu battery production. Con siderable progreas should bo made ty then toward the reduction of high Inventories so that pro'h.ctlon and sales will probably be close to the peak years of 1947 1948. Anticipated sale* and production increases, however, would represent a Ce cil n of 20 percent or more for the currnt year, compares! with 1947 and 1948. With plentiful supplies of batteries, the battery industry has gone back to tha old tradition of a flat spring season and a fall peak d-sund which should pull the tatt- ry business out of the slump for the third quarter. Hr. Harvey empha- 1IW ' *!!---'W e!!' wwwpwp W-'U 'W it^umtmrn -fi - ' ...... LI&2A897 +*m - 7died that claima for the cadmium battery are wholly unjustified. It la deflnitoly unsuitable for automobile uao because of the poor performance at low tempera tures and excessive site, weight and cost for equal capacity, furthermore, cad mium is a scarce and costly sietal which is not available in quantitive sufficient for any considerable battery production, Ihe following plants of member companies were visited the following dayi Federated Ketals Division of the American Smelting and defining Company, at Thltlng, Indiana, and the U.S.S. Load Refinery at East Chicago, Indiana, rn ii^'^IH liilftli V a..----- L. ......................................................................... , -" ` - - ^ 0 *? - - f . ^win i iifi