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Show ZTBBJItr MT Vi. .j & rr' 'itv nr : ... ) r r4 i j - W: ' I ALT LAKE VALLE tMXLTCR ' t t ' v a f v i Features Mining, Oil, Financial VOL. 18. NO. 6 Salt Lake City, February 7, 1947 One Year $1.50 Salt Lake Stock Exchange January Transactions Listed Stocks: Listed Stocks Bullion ... Cardiff xColorado Con. xCommonwealth Lead ......... Croff Crown. Point xDragon E. Crown Point xEast Standard . . Coalition xEast .Utah Empire Mines xEureka Bullion xEureka Lily Con. .......,i. ........... 1946 was $8,900,000,000. Establishment of the new record, ' which surpassed the 1945 total valuation of $8,143,000,000 by. 9 per cent, resulted largely Trom the general advance la the prices of mineral commodities in .. . - Eureka Standard .. in ........ c .......... Victor Con. West Toledo xWestern Alloys xWilbert xYankee Con. Keystone xLakeside Mon. Leonora . . . ... ... . . . .'. ............ ... . ........ .. . 2uiAa Little May nomics and. Statistics Branch. Increased demand was also an important contributing factor, requirements expanding as the tempo of industrial reconversion to a peacetime economy accelerated during the year. New production records were recorded for petroleum and natural gas, among the fuels; and for potash and phosphate rock; of the fertilizers. Building materials were in strong demand, and outputs of many were substantially greater than in the preceding year, reflecting activity in the " construction : industry. Increases in the production of cement, clay and clay products, sand and gravel,, slate, and stone ranged from 15 to more than 80 ................... ...... ...........a....... ......... ........ ..................... ...... Utah-Wyomi- ng , Kentucky-Uta- h . Sugar Com. . .. . '.J . xUtah-Idah- o Sugar Pfd..;..', . . Unlisted Stocks xAmalgamated Sugar Pfd. .... . Con. Wagon St Machine. xUtah-Idah- ...... Magnolia Lead ; xMammoth sasasseea y'a mam Miller Hill sSssasstoaeaaeaae . xMiners Gold Assasseeasaasaoe xMissourl Monarch xMosctfw : . . ; . . v. .'. . . ...... ; i xMt. City Copper .. xMountalft View . . v. tisildrivefn. .Vf. .. . . - o the-growin- g ....... . . - me . . Value Sets New Record The total value of minerals and mineral products produced in the United States and Alaska in 1946 reached an all-tipeak, exceeding the. former reeord of 1944 by 6 per cent. Secretary of the Inferior J. A. Krug announced today. On the basis of preliminary estimates prepared by the Bureau of Mines, their value . Comet' Coalition' ........... ........... ........... - Last Sale Sales , xChief,Con. Gold Chain Great ' Western xGrand Deposit xHorn Silver xHowell i ..... Indian. Queen Low High xNew Park .... xNorth Lily ... North Standard xNew Majestic xOhio Copper ., Park Bingham xPark City Con. Park Konold . Park Nelson ... Park Premier ., xPark Utah ... Pioche Bristol xPlumbic Mines Plutus xPrince Con, xRico Argentine xRoyston Coalition xSilver King Coalition Silver King Western xSilver Shield .xSilver Standard.. :....' Sioux Mines South .Iron Blossom ....South .. Standard Swansea Con. Tar Baby ... Tintic Central .V......... xTintic Lead Standard .. .Union Chief Utah Coil Con. Oil. . U. S. Mineral xUtah Fire Clay xUtah P. &L. Com.... ., ... i xZ. C. Hi I. .. . v . ... . x Indicates operating comp ..... percent , Of the three major classes of mineral products metals, fuels, and other nonmetals only metals showed an over-a- ll decline in value of output in 1946, this decline amounting to 4. percent Value of the fuels increased 9 percent, and that for nonmetals, other than fuels, advanced 36 percent Gold was the only one of the principal metals to show a gain in 1946. . Details on mineral production in .1946 follow: ; . -- - - jo Discuss Discovery of New Ores Features Work at Alfa SEC Changes Conferences between those inIn addition to development work conducted in the Dwyer terested In the financing of Tunnel, Alta United Mines Company completed considerable mining 'and oil. enterprises and rehabilitation' work and general1 repairs to surface buildings representatives of the Securities by the jflrnf located and Exchange Commission from during. 1946, at propertiesof controlled Alta ; District, Utah, acthe section Mining Cottonwood in tie Philadelphia will be held Denver- Thursday and Friday, cording to the company! annual report to stockholders. Feb. 6 and 7, to attempt to out- Exploration line changes in SEC rules that The U. S. Bureau of Mines ex- ground workings. There has been will liberalize financing of these to, date. from the prop:, drift produced now owned by the Alta enterprises. The. meeting was tended the native copper erties planned for. . Philadelphia, but southerly from the Kate. Hays ore United Mines Company approxithe change was made to. make zone a distapce. of about 150 feet mately $7,000,000.00 'worth of possible the getting ;of complete st cut five gold,' silver, lead,- copper, bisrecommendations from ..the- min-in- g and, in so doing, and zinc ores from shallow muth fissures iii Ophir shale. One group.- Bob Palmer of: the workings..1 - ' : ; in-Lit- : - . - . - East-We- - - fissures was drifted.. on westerly 'for' a distance of 106 feet The Quincy drain and transportation tunnel was also' opened so that inspection of most of the working in this tunnel could .be made. 300 feet of diamond drilling ' gave .Valuable information,- the report stated, continuing: Test shipments of ore were made. from four separate places in the mine amounting to 353 tons of dry ore. The gross metal content was 4,270 pounds of Bismuth, 10,673 pounds of copper-21,9pounds of lead, 4.697 of ounces silver and 11.7 ounces of gold.. After the cost of smelting, refining, selling, sampling, trucking, railroad and federal trucking taxes, and federal taxes on metal content, the company re. ceived the sum of $4,456.48. The cost of supplies, power, state taxes, repair to Dwyer drain and transportation tunnel and labor amounted to $5,001.79.. ' . The company, owns all of the property interests of 34 companies, which were operating in Alta Ore Zone, the famous which. is located 25 miles southeast of Salt Lake City, ,Utah, many of which were large producers of high grade direct smelting silver, lead, zinc,, copper and gold ore. There being 200 Lode mining claims aggregating about 2300 acres of mining ground. Development, as of January 1, METAL MINING INDUSTRY 1947, consists of nine tunnels and laterals therefrom, aggregatOf. UTAH ing more than 12 miles of under Colorado Mining. Assn., manag- -. er of the ..mining ' convention, made the arrangements to bring the two groups together, and au interested are invited to the two meetings. , The. Thursday .session will take; the form, of a dinner at Palace Hotel, where the two representatives of the SEC will be present They will also attend the conferences to be held on Friday afternoon. Northwest mining men will be present, as will others from over the West, with ideas they hope will bring new activity ' through the financing of new mining develr opment. of-thes- - . the-Brown- . . . - : - 60 .. . . Proposed development consists of extending the Quincy Drain and Transportation Tunnel to encounter Wellington Ore Body, about a 300-fo- ot drive, which will give 800 feet of backs on Oils ore body and to Greeley ore body, drive. Exploraabout a 150-fo- ot tion below Dwyer tunnel for Wedge Westone ore body. Extend east drift in Kate Hayes Fissure from the Dwyer Drain and Transportation Tunnel. Extend the Dwyer Drain and Transportation Tunnel- to Jones Paddock Fissure, about a 100-fo- ot drive, which will give 800 feet of backs on this ore body. There are several other ore bodies which should ' be further developed which are very important on the Wedge, Emma, Snow, Brooklyn, Brain, Hoboken, Missouri, Martha and Master Key Fissures. Considerable' credit is due to the officials of the Bureau of Mines for their courage and initiative in undertaking to develop ore bodies in a mining camp that was considered to ' be worked out." Much credit is also due to the mine crew who carried out the exploration program under difficult mining and weather conditions during the winter months. The work of the . Bureau of Mines should prove a decided stimulation to mining activities in the Alta district The bureau has shown that the application of scientific study followed by diligent - prospecting can produce results even in districts that have the report long been stated. . - : , - by-pass- ed, - Easterners See Bri Metal Future . SPOKANE; Wash. Competent base metal authorities in New METALLIC PRODUCTS York, Chicago and Toronto, CanTotal value of metallic products ada, with background of many years experience, are looking for one of the most constructive markets in the history of the metal industry, according to E. J. Gibson, head of Gibson St Co., who is back from a trip of about six weeks to those cities. What impressed me was the sentiment prevailing bullish thruout. security circles," he said. Metal authorities emphasized the big point as the technical position of the base metals. The incentive of higher metal rices,- it. Was asserted in stock rokerage quarters, will be reflected in- active metal share market, New. Yorkers and Canadians pointed out The enthusiasm generally which I found, said Mr. Gibson, was distinctly encouraging. Wall Street appeared of' the opinion that the huge housing program now shaping up will call for great amounts of metal, and the future demand for lead, copper and zinc is assured for a number of years. . . . - - - New Quincy Elects Officers , w . , 9 Stockholders of New Quincy Mining Company this week elected the following officers and directors: Nick Floor, president; Jacob A. Kahn, vice president; Harold R. Bowman, secretary-treasure- r; A. Glenny, assistant secretary-treasure- r. The company controls properties located in the Park City Mining district, Utah. The amiable old lady was overheard talking to herself as she left the church along with the crowd that had attended services:. If everybody else would do as I do, and stay quietly in their seats til everyone else has gone in 1946 was $1,900,000,000 compared with $1,975,000,000 in 1945 a decline of 4 percent Outputs of the various metals in 1946, with the exception of gold, were generally at levels 10 to 25. percent below those that prevailed in 1945. The decreases were largely attributable to strikes, chronic manpower shortages resulting from the delayed return to the mines of skilled workers demobilized from the armed forces, difficulties in obtaining new equipment1 and supplies, and . the necessity for assigning a greater than normal part: of the' labor force at the mines to development work. Ore reserves, depleted during the war years, had to be restored to the tonnages required for economic operations. Iron and Steel The steel and allied industries experienced strikes resulting in substantial production declines for all ferrous materials during 1946. Production of steel ingots and castings dropped 18 percent, to an estimated 65 million short tons the lowest since 1939. Output of alloy steels in particular declined twice as sharply as other grades. Pig iron and iron ore ' production decreased approximately 15 ' and 18 percent, respectively. Ferro-allo- y Metals Production of molybdenum in 1946 was at 50 percent the 1945 rate; vanadium output was 65 percent less, and chromite declined 75 percent. High-gramanganese ore (35 percent or more manganese) and low-graore (5-i- d percent) showed losses of about 16 and 43 percent, respectively, but medium-grad- e ore (10-3- 5 percent) made a gain of about 62 per Production of tungsten concen- trates declined for the third consecutive year... (Continued Next Week) , . de de |