OCR Text |
Show Of HH What's What and Western Mineral Survey t y f Salt Lake City, Utah Vol. 1; No. 61 P tf Friday, May 23, 1958 1 Green Named Mining Highlights Manager EVENTS of the week emphasized the need for Congress to Of Kennecott. take a hand in the minerals situation. The Eisenhower United Western Bids For NeV Facilites V adminis- trations proposed subsidy plan was criticized by some of the foreign nations it was meant to appease, as well as being lambasted here at home. First quarter earnings reports reflected declining metal prices, with the big Bunker Hill company taking a big loss. a pound. And finally, it The price of lead dipped c to llc was revealed that Russia is upsetting world prices of aluminum, zinc, tin and platinum by selling these metals below prevailing prices in western Europe. . . . With the Soviets threatening Uncle Sam with their giant new Sputnik, tliis is no time for our basic mining industry to be draped over the ropes on the verge of a complete kayo. the President if CONGRESS may get the power to over-rid-e he refuses to boost tariffs to levels recommended by the U.S. Tariff Commission. This was reported to be a part of a compromise plan to which House Democratic leaders- purportedly agreed extension of the to in exchange for going along with a five-yeReciprocal Trade Act . . . Representative Gracie Pfost accused the administration of selling domestic lead-zin- c producers down the river by proposing the subsidy plan instead of putting into effect the tariff increases recommended by the tariff commism - ar (D-Idah- o) sion. LEAD IMPORTS have climbed from an average 30 of domestic consumption from 1946 through 1950 to 44 last year and an estimated 67 this year. Are the and going to turn all of our market over to foreign producers? free-trade- rs NOW there are no lead-zin- c mines in north Idahos famed work week. The last Coeur dAlene District still on a five-da- y holdout American Smelting & Refinings Page mine, cut to the four-da- y week. Some 250 men are affected. Only the silver mines week. are still on a five-da- y BUNKER HILL, one of the nations largest lead-zin- c producers but also a substantial silver producer, reported a first quarter net loss of $341,644 or 22.6c a share. In the same period last year, the firm had a net profit of $567,863 or 34.9c a share. Metal sales were down 40 to just over $10,000,000. PEND OREILLE, in which Bunker Hill has a large ownership, had first quarter earnings before depreciation of $54,585 vs. $221,592 a year ago. Mine production was down in the first quarter also and a further reduction will occur this quarter beweek adopted on February 1. cause of a four-da- y LUCKY FRIDAY fared better than most in 1957, reporting net income of $408,765 or 31c a share vs. $511,298 or 39c a share in 1956. The good showing in the face of falling prices for lead was made possible by the richness of the mines lead-silvore. level has turned out to be the best one yet . . . The new 2,600-foo- t opened . . . Miners are driving toward the vein on the bottom 3,050-folevel from where exploration drifts will be run into the er ot adjoining Hunter and Lucky Friday Extension properties. SILVER DOLLAR and GRANDVIEW climbed to new three-yea- r highs following discovery of the best oil sand to date in their latest Oklahoma well. The score now is four good producers out of five. Results of No. 6 should be known next week. SUNSHINES easterly 3,700 level drift on the Yankee Gir vein in Metropolitan ground is reported to be back in silver-coppore again after going through a fault wrhich offset the vein some five feet. er GLADSTONE MOUNTAIN had a 1957 income of $2,14( from shipments of high grade lead ore by a lessee. Net income was $145. Shipments reportedly will be resumed soon. NORTHWEST URANIUM stockholders ratified their operating agreement with Silver Buckle. The company is issuing to scrip and eventually plans to make a large pay-oSILVER DOLLAR and GRANDVIEW The number five well is flowing over 100 barrels hourly on quarter inch choke. Number 6 at 2,750 feet. ff scrip-holder- s. Alva A. Simpson, Jr., Presi- two companies have concluded a dent of United Western Minerals working agreement through General Manager of the Utah Company, and Merrill E. Shoup, which they will jointly make apCopper Division of Kennecott President of The Golden plication to the Atomic Energy Copper Corporation, has been ap- Corporation, announced thatCycle the Commission at Grand Junction, pointed General Manager, sucColorado, for a milling contract ceeding L. Fern Pett, who reenabling them to construct additired April 30, C. D. Michaelson, tional facilities at the Carlton General Manager of the comMill in the Cripple Creek District panys Western Mining Divisions, for the processing of Colorado announced today. Front Range uranium ores. Mr. Green first worked for Several preliminary conferhe company' in 1917 and 1918 at ences b&ve been held with the (he Ray Mines Division at Hay. Atomic Energy Commission offiden, Arizona, as a classifier opin cials Grand Junction during Some 1,286 miles of Interstate erator, assayer laborer and the past several months concernforeman. After serving Defense highways are completed with the armed forces in 1918 and approximately 3,143 miles ing this proposal, and the Atomic Commission officials and 1919, he returned to the divi- are under construction, accord- Energy stated have that this sion for a short time and then application ing to a recent survey of State will be given due consideration. the University of California Highway Departments. millat Berkeley. He was graduated The completed mileage repre- The necessity for additional these Colorado for in 1924 with a B. S. degree in sents roads capacity open to traffic. The ing Front Range ores was stated in metallurgy. was conducted by Catersurvey He then started work for Utah Tractor Co. dealers who the public announcement made pillar Copper as a flotation operator, contacted individual state high- by the Atomic Energy Commission on April 2, 1958. subsequently becoming metal- way deportments. lurgical statistician, ball mill The Texas Highway departBoth United Western Minerals forema'n, general mill foreman ment reported that most com- Company and The Golden Cycle and assistant superintendent. In Interstate mileage 223. Corporation have been actively 1939, he became mill superinten- pleted states in the exploration and leading in completed engaged dent for the Chino Mines Divi- Other and acquisition of miles are: Pennsylvania, 118; development sion at Hiirley, New Mexico, and leases and in what is property in 1946 wa3 named General Washington, 140; North Carolina, considered the Colorado Fro(nt 144; Maryland, 120; Michigan, 80; Superintendent of the reduction Oregon, Range Area for over a two-ye91. plant. period. Both companies have been New York, California, Ohio, engaged in uranium ore producMr. Green became General Superintendent of the Chino Di- Rhode Island, Illinois, Wyoming, tion or contemplated production vision in 9147 and Assistant Gen- New Mexico, Minnesota, Missis- in either one or more of the fol-ieral Manager in 1948. He re- sippi, Missouri, and Colorado are states, .Colorado, New Mexturned to the Utah Copper Divi- also among the leaders in using ico, Utah, South Dakota, and sion in 1953 as Assistant General available federal highway funds. Wyoming. The Golden Cycle CorManager. The 41,000-miInterstate net- poration has been the principal Ira K. Hearn, Jr. appointed to work, when completed through- operator in the Cripple Creek Assistant General Manager of the out the nation, will amount to 1.2 Gold District for over sixty years. Utah Copper Division of Kennepercent of total rural mileage in If the above companies are cott Copper 'Corporation, was an- the but is expected to successful in obtaining authorizanation, nounced today by F. C. Green, carry about 20 percent of all traf- tion foi; construction of these General Manager. fic. It will connect more than milling facilities at the Carlton Formerly Chief Industrial En- 90 percent of al U.S. cities with Mill, those Front Range ores gineer of the companys Western populations over 50,000. It is ex- which are now without a market Mining Division, he succeeds Mr. pected to save 4,000 lives yearly will be greatly benefited and the Green, who was promoted to gen- and to reduce car costs a cent a Front Range uranium industry eral manager on Monday. mile. should be substantially increased (See Fhoto Below) during the next few yeas. Frederick C. Green, Assistant 1,286 Miles Set For Travel By Program flo-ati- on en-er- ed ar ng le Commission Tells Listing Request The Securities and Exchange under the Securities Exchange Act of 1934 giving notice of the filing of an application by the Salt Lake Stock Exchange to strike from listing and registraCommission has issued an order tion the common assessable stock of Delta Oil Company of Utah. Interested persons have until May 28, 1958 to request a hearing. According to the application, the stock of Delta Oil has never been admitted to trading on the Exchange since the change of its name from Indian Queen Consolidated Mining Company and the 1 for 100 share reverse split voted by the stockholders on June 5, 1957. The issuer concurs with the Exchanges desire to delist said stock. Kennecolt Sets $1.50 Stock Share . At the meeting of the Board of Directors of Kennecott Copper Corporation held Friday, a cash distribution of $1.50 per share was declared, payable on June 23, 1958, to stockholders of record at the dose of business on May 29, 1958. O |