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Show THE CITIZEN 14 iiiiiiHiiiiiiiiiiiiiniiiiiiiiiiimiiiiiiiuiiiiiiimiiuiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiNiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii and Utah counties each exceeded Weekly Mine and Oil Review I B Kiiiiiiiiiiiiiiiiiiiiiiiiiuiuiuiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii"iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiii3 BINGHAM GALENA IS WEEK'S SENSATION ON EXCHANGE It will be recalled that the State Securities Commission, less than a month ago, issued a permit to the The weeks big event on the Salt Lake stock exchange was the listing Bingham Galena to sell its stock at 75 cents a share. This is three times the amount at which the original 200,-00- 0 shaies were sold, fully double the present stock market price,' all oi which is conclusive evidence that Moderation is the middle name of one George Graham Rice, who straightened of the Bingham Galena Company's committee voted stock. The listing unanimously to list the stock and later the board of governors also unanimously approved. This happened on Thursday and on Wednesday the stock was officially called for the first time. It had a wild opening. First sales were at 31 cents, a rise of G cents over the subscription price of 25 cents, at which 200,000 shares were disposed of in a few days to the public. r of about 45,000 Under a cents. shares the price rose to 32 On Thursday the stock opened at 32, sold up to 34, and enjoyed a close of 33 bid and 34 asked. About 30,000 shares changed hands with the market closing buoyant. Yesterday the stock sold at 34 and 35 cents and offerings were sscarce at top figures. turn-ove- The Bingham Galena company received during the week from the underwriters of the treasury stock, a sum in excess of that which was required to pay the companys outstanding indebtedness, and in addition a sum ample for development purposes covering a period to come. The entire sum vvhich the treasury received was close to $75,000. Mine Manager Eugene Grutt of the Bingham Galena reported yesterday that he had opened up a big chamber of ore. The vein on which this ore is found lies almost fiat, just above the bottom tunnel level, at 538 feet depth, and has 1,500 feet of backs. O. K. out the companys obligations after Salt Lake mining' financiers had failed to come through, refinanced the company for steady development and placed it on its stock and mining feet. Stockholders of Bingham Galena and Silver Shield have much to thank Mr. Rice for. Just before Mr. Rice agreed to finance the Bingham Galena, Silver Shield was weak on the local exchange at 10 cents a share. It is now selling around 30 cents and some believe it will go to more than three times this figure in a short time. It is an old adage that a lie never sticks and that the truth will prevail in the end. Touching on and applying to the same subject, Abe Lincolns trite saying: You can fool all the people some of the itme, and some of the people all of the time, but you cant fool all of the people all of the time has its direct application in this Bingham Galena affair. The attacks made on George Graham Rice, when he first came to Salt Lake at the solicitation of the Bingham Galena directors, headed by R. E. Miller, president of the Intermountain Milling company, evidently came from disgruntled and disingenious itnerests, which the attorney general of the state aptly remarked had an afe to grind. The editor of the Citizen secured a few brief moments with Mr. Rice the other day and touching upon this of himself, he said: "Most of these skeleton diggers have skeletons in their own closets rearing to get out. What they have said needs no reply from me. The Investing public of Utah has never yet failed to show their- absoltue confidence in me in buying the stocks I sponsor. The answer to the falsehoods printed about me, is now being expressed on the blackboards of the Salt Lake stock exchange. Lies never hurt, hence I am not suffering. vil-lificati- on The Utah State Securities commission visited the Bingham Galena property last Thursday in a body, and members of the commission expressed astonishment at the splendid ore showings. For more than a mile the Bingham Galena property adjoins the silver and lead mines of the U. S. Smelting company, and as the ogy of both properties are the same, B'ngham Galena possibiliteis may be said to be really prodigious. $100,-000,00- 0 V- - It is an open secret that several of the engineers, superintendents and other employees of the U. S. Smelting companys adjoining mines have been steady buyers of Bingham Galena and Silver Shield stocks. Silver Shield is an integer property of the Bingham Galena. Secretary Hicks of the State Securities Commission issued a report during the week covering the Bingham Galenas financial condition and mine showing. It was convincing on the point that Bingham Galena is entirely - MINERAL Victor PRODUCTION SHOWS INCREASE. Heikes of the U. S. logical Survey has just made public advance figures regarding the mineral production of the various counties of Utah during the year 1920. Fourteen of the Utah counties are in the list as producers of gold, silver, copper, C. Geo- lead, nr zinc. Juab countys silver output tor 1920, according to Mr. Ileikes figures, was 4,650,283 ounces. Salt Lake, Summit, 00. Considerably more than nair of the silver credited to Utah for 1920 was extracted from the ores from Tintic properties. Utahs total amount of silver for 1920 was 13,106,976 ounces or an increase of nearly 2, 009, 000 ounces over the previous year. Salt Lake county, having the big copper properties, naturally mined and treated the largest amount of ore: over 6,000,000 tons. Juab county, or Tintic, exclusive of the Tintic Standard, was second with more than a quarter of a million tons and if we add the output of the Tintic Standard 0 the tonnage will amount to about tons. Gold is a with the copper and naturally Salt Lake county shipped more gox than Juab county, but outside of Salt Lake no other county approached Juabs record for gold production which was 27,048 ounces. Piute had over 10,000 ounces and Summit county over 3,000 ounces of gold. Utah county, which again means the Tintic Standard and other mines of Tintic which are within the boundaries of that county, was credited with 2,163 ounces of gold. Juab countys copper output for 1920 was 2,224,074 pounds, while lead production was 27,902,353 pounds, and with a record of 180,944 pounds of zinc. Tintic mines which are in Utah 337,-00- by-produ- ct county also produced 779,976 pounds of copper and 14,083,144 pounds of lead. Most of the zinc shipments for 1920 were from Salt Lake and Summit counties. It is gratifying to the friends of the great mining industry to note that the total tonnage from Utah mines for 1920 exceeded that of 1919, also that the production of silver, lead and zinc showed an increase. Gold production declined and there was a substantial decrease in the copper shipments. Manager Cecil Fitch of the Chief Consolidated states that preparations have been completed for sinking what is known as the Water Lily shaft of this company. It is a three shaft which was started last year and during the past few months machinery, shaft timbers, etc., have been delivered on the ground. The campaign of work has all the appearances of permanency ani it is barely com-paitme- nt possible that sinking can be eontinuea throughout the remainder of the year M. Firtch says that three shifts will be used, which insures excellent progress with the work. Superintendent Nebeker of the Zuma says the contractors are now making a little better than four feet per day in the shaft, which this week reached the level, and which will be sent on down to the 1200 level with ag little delay as possible. 550-fo- ot Petitions with more than a thousand names attached were dispatched last Saturday by the Salt Lake Commercial club to Senators William H. King and Reed Smoot and Congressmen Leatherwood and Don B. Colton, supporting Senate Bill No. 1491, introduced by Senator King, providing for holding in abeyance mining assessment work for 1921. E.-- 0. While no definite information has been given out it is understood that these is a likelihood of work being resumed at the Centennial Eureka and Bullion Beck mines. It may be another month or six weeks before these mines are reopened but it is hardly probable that they will remain idle for a longer period. The smelters of Utah have pretty well cleaned up on their surplus ore and such properties as the Centennial Eureka and the Bullion Beck should soon have an opportunity of shipping. At the Eureka Bullion property oi East Tintic the teams h&ve commenced hauling another carload of ore, which will be sent to the smelter at once. This ore was mined from the winze, which has been sunk a distance of twenty-fiv- e feet below the 'level, and Manager John says that it will carry about per cent lead and 25 ounces silver, being considerably better than the two cars which were sent out quite rThe showing below the ecently. level is so promising that the officers of this company have decided to again take up the work on the 1,150 leveL 900 Bestle-mye- r 15 900 For weeks past the water in tW Ontario drain tunnel has been excep tionally high, greatly interfearing and the working of the Park-Utamaterially cutting down the ore ship ErTracwrsBgsfisgCTsg h, 71 To Get a Quick Profit BUY Bingham Galena We believe this stock will sec a handsome advance at oine. For information and purchase see RALPH BADGER & CO. 16 West Second South Street, Salt Lake City, Utah i ) |