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Show THE CITIZEN M set the casing to the bottom of the hole lUIUIIIIIIIIIIIIIIIUIIIIIIIUIIIIIIIIIIIIIIIIIIIlllllHIIIIIIIIIMIUUnilllllHHIlUHIIUIUIUUJIlllllllllllllUIUIIUIIIIIIUUIIIIUUIIIIIIUIIIIIIUIIIIUIIUIIlllMHIIIIIIUIIIIIUIIIIIIIIIIIIIIU: as rapidly as progress is made. Weekly Mine and Oil Review SILVER SHIELD BUYS BINGHAM-GALEN- volving upwards of two million A Great satisfaction obtains among mining men over the announced reduction in bullion freight rates from Utah smelting points to the Atlantic sea board from $22 to $16.50 per ton This announcement came almost simultaneously with a decided upward trend in the price of Silver Shield, which is now known to have acquired the entire holdings of the Bingham-Galenan adjoining property in the Bingham district. This recent acquisi- tion gives the Silver Shield 500 acres of contiguous acreageand plans are being laid for big development work in the near future. It was stated on reliable authority that an amicable exchange of stock took place when the Silver Shield look over the Bingham-Galenand that 'his stock will not be divided among stockholders until the expiration of one year. The meteoric rise in the stock of the Silver Shield from 12 to 22 cents the past week, came wtih the announcement of the consolidation with a, a the which mining men hold portends that development work is to be carried out soon on a scale never before attempted on the Bingham-Galen- a, property. It is said that the United States mine holds stock in the Bingham Galena and that this company also expects big development work will carried on this Feason, beginning very soon. stock will be The Bingham-Galenlisted on the stock exchange, according to official advice, this coming week, and a block of considerable size is to be offered the public. Mining men and all who favor mining stocks, it is reported, are awaiting the first formal announcements by the company of its intentions. It is also reported that George Graham Rice, noted promoter and publicity man, is now in Salt Lake to help float the deal. a DISCOVER RICE IN SALT LAKE. Yes, Rice has been discovered in Salt Lake. No, not the kind that you stew into a porridge, or slip into a bottle of home brew to give it the necessary no, not that kind of rice neither does it refer to the California product that they want you to buy four pounds of right soon to keep the rice growers of the Sacramento rice swamps from starving until next Christmas rolls round its George Graham Rice, globe trotter, news writer and publicity man of international fame, who was lost, but has been located at the Hotel Utah. George Graham Rice came to Salt Lake from San Francisco where despite the fog he put over a trifling little deal for a new mining company in dol- lars. Incidentally he is in this city connected with the publicity end oi the Silyer Shield property in Bingham Canyon which recently acquired the holdings of the Bingham Galena. Since coming here George Graham got an A. O. T. telegram from New York friends, who had been frantically trying to locate him. By way of explanation an A. 0. T. telegram literally With you in any translated means: old thing. Not longer ago than last Monday Mr. Rice strolled down Main street and bumped into Ole Elliott, an old time friend. After the usual . exchange of greetings, followed by casual weather observations and a slight reference to the latest scandals, Ole asked Rice what he was doing in Salt Lake. Mr. Rice told him, shooting his stuff at him point blank, just like a Browning said Ole, count me in for $10,000, George, if you say its good. Farther along down the street, Mr. Rice met up with Big Bill" Griffith. Now Big Bill is a regular mining He was raised among the feller. rocks and can tell offhand the pedigree of every ore bearing strata from Utah to the coast. Also he has laid away a few rocks private like, for his own use. George Graham told Griffith why he had silhouetted himself against a Salt Lake background, and Big Bill said right off the reel, If shes good, George, count me in for $10,000. Yes, well tell the world George Graham Rice is now in Salt Lake. gun. Thats enough, The tone prevailing on the Salt Lake Stock Exchange the past week was more healthful and savored more of an upward trend than for several weeks. A greater volume of trade was transacted during the week just closed and many stocks advanced materially in price. Medium priced stocks were exceptionally strong for the entire week on comparative limited trading. Active stocks in the higher priced lists were somewhat weaker, due it is opined to profit taking. Industrials were quiet. Conditions of a most encouraging nature are favoring operations of the Union Consolidated Oil company upon its property in the Big Piney field, about seventy miles north of Wyo., according to C. E. Wood, president. The latest report from Driller G. E. Beaty to Mr. Wood states that the drill, which has reached a point between 1,100 and 1,200 feet, has encountered a very hard limestone forKern-mere- r, mation which carries considerable gas and a fine showing of oil. So promising are the indications that Mr. Beaty reports that, as he is confident the drill is at present working in the cap rock, precautions are being taken to The Standard rig of the Utah Oil llehning company is on the way to the jD'arnham structure and the site tor the well has been selected near the center of Section 12. A thorough in- vestigation of the structure has Deen made within the past ten days by geologists, who, besides selecting the drilling site, have arrived at the conclusion that the west fault commented on by F. R. Clark of the United States geological survey is not so extensive as was originally believed. The discovery is considered of importance, as it is believed to indicate a greater aiea favorable to oil or gas accumulation. is now located, the locators waiting only for returns from the samples before recording their claims. Mines of the Wood river district, es- pecially those operated by the Federal Mining & Smelting company, are operating steadily and a very guod tone prevails in the camp, according to W. A. Wilson, Salt Lake engineer. Mr. Wilson returned recently from the district, which is situated near Ketchum, Idaho. The mill of the Federal company is operating at full capacity for ten hours daily. In addition to operating its plant steadily, the company, is acquiring properties in the district. . More abundant surface indications of presence of oil exist in Uintah district than perhaps any other place in the world, according to Dr. Earl Douglas, geologist for Carnegie institute. The Western Empire Petroleum company reports that its rig for the Coalville test has been shipped from Texas and should be on the ground within the next week. , interesting rumor from Juab county is to the effect that the Utah On Petroleum company has encountered some promising indications in its well southwest of Nephi at a depth of about 2,800 feet. The fate of the bill introduced by Representative McFadden of Pennsylvania, chairman of the house committee on banking and currency, to save the developed gold ore resources of the nation from loss and wastage due to the shutting dowrn of the mines now rests with Secretary of the Treasury Mellon. The bill involves the treasury department, both as to policy and administration, to such an extent that Chairman Fordney of the house ways and means committee, before which the measure is pending, has referred it to Secretary Mellon for an opinion. A subcommittee of the ways and means committee in the last congress recommended favorable action on the bill. The Crescent Eagle Oil company, near Crescent Siding, now. has two rigs at work. The lighter rig is being used to do assessment work on the placer claims and a new hole has been started with the heavier one. For the time being the hole which was put down about one hundred feet is standing with the casing set pending completion of assessment work. The North Farnham Oil and Refining company of Salt Lake has filed articles of incorporation with the secretary of state, giving the capital at $200,000, divided into 2,000,000 shares of the par value of 10 cents each. Frank D. Warner is president; Robert A. Farley, vice president, and Edward D. Dunn, secretary and treasurer. Price reduction by the Hercules Powder company the first of the wTeek was a decided cause for optimism among mining men. Extra or ammonia grades were reduced $1.25 per hundred or to $16.25; gelatine grades were cut $1.75 a hundred to .17.36; coal powders went down 50 cents to $17 flat; black powder, in kegs, dropped 10 cents to $1.95. The price of No. 6 blasting caps were reduced $2.50 per 1,000 and No. 8 caps $3.50 per 1,000. Electric blasting caps wrere also reduced in price. All prices are f. o. b. Bacchus, the basing point for Salt Lake. The old camp of Freiburg, situated in Lincoln county, about ninety miles nearly south of Ely, Nevada, which was famous for its production of high ore about forty years grade lead-silve- r ago, is again rapidly coming to the front and promises in the near future to become one of the liveliest camps in the state. This was brought about through the activity of Dr. Christos and J. Fetrulas of Salt Lake and Stylian States of Price, Utah, who recently formed the Olympus Mining and Milling company for that purpose, which has taken over the property originally vrorked by the late Judge C. C. Goodwin of Salt Lake City. Pe-trul- as A regular mining rush was started in Mackay, Idaho, and the central Idaho county recently when reports reached here of a discovery of what was thought to be uranium, or pitchblende. Ore resembling that from which radium is extracted was taken from what is known as petrified forest, about fifty miles north of Mackay, and samples were sent to the laboratories for analysis. As soon as the news reached here several carloads of mining men left here for the scene of the reported find and every foot of ground R. P. McFadden, metallurgist for the Lynn Big Six Mining company, aii'.r conducting a series of experiments nn ore from the property, situated ab ut twenty miles north of Carlin, reported to the board of direct rs that the entire tonnage of ore developed can be successfully treated n cyanidation. However, Mr. McFadd also states in his report that before cyanidation will redn-- e cyanide consumption to a considerable N-ha- s conc-a-tratio- extent. |