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Show u. S. BUREAU OF MINES MR. R. !.. HEAD CITY- O. OF U. 1 -- SALT LAKE VALI.KI SMELTER KICKS l.ftAO, per pouad SAM (OriKR .. . GOLD ZINC SHAKE (per is. new niad) 8ILVKK (pee WESTERN MINERAL SURVEY m. pot) Il.lT3c It.Mc tlJtSc Features Mining, Oil, Financial Transition Completed Oc-tol- er - . Plate . orders, continue heavy and some producers ire booked through October, with some requirements not yet filled, .indicating .that full production through the year may be completely covered within a short time. Efforts of War Production "Bofrdrtd'OOtiftTlafgeiflte output during the remainder of the year are caused in large part by need for more plate tonnage, for shipbuilding and other war purposes. Steel production last week fell ca6 points to 92 per cent of coal . of the as a result pacity since stoppage, the lowest rate the first week of July, 1941. The largest factor In this drop was the Pittsburgh district, which declined 21 points to 76 Vi per cent of capacity, ehtirely attributed to lack of coal for coke. Other declines were small; Cleveland, 4 points to 90 per cent; Youngstown, 3 points to 94; Cincinnati, 3 points to 92; New England, 2 points to 93; Birmingham, 5 points to 95 and Wheeling Chicago advanced point to 8G. Vi to 98 per cent and Buffalo 2 Vi points to 93. St. Louis was unchanged at 95 per cent, eastern Pennsylvania, 93, and Detroit 92 per cent. Sheet deliveries are tightening, despite numerous cancellations, though the latter apparently have ceased. Recently a considerable tonnage of galvanized sheets was taken off mill books because of a change from lifeboats to life rafts. In spite of this, galvanized sheets are increasingly difficult delivto obtain for third-quarte- r reare makers sheet Some ery. cusfrom regular ceiving inquiries tomers for post-wa- r delivery. These are not being booked and are regarded simply as feelers to discover what is being planned in the way of special products after the war ends. On the other hand, sellers are Interested in discovering what their Clients have in mind for that period, when more normal consumption starts. Narrow, strip deliveries are being maintained close to schedule in alloy and carbon grades, to rerollers and cold finishers. Annealing equipment is a choke point in many instances. Little capacity is open in fourth d strip and quarter for some sellers are filled to the year end. Wire products arc assuming a more important role in the war effort and producers of heavy tonnage lines are booked to the end of the year in most cases. Specialties requiring long processing are in much the same position. Few mills have fourth-quar- . ter capacity for these products and an increasing number of orders is appearing for next year. Wire mills booked more tonnage - -- hot-rolle- d cold-rolle- Black Metals Bonanza Mining Bristol Silver Bullion Cardiff Cedar TSlisman 02 .01 Chief Consolidated Clayton Silver Colorado Consolidated Columbus Rexall Combined Metals t Comet Coalition Commonwealth Lead Crescent Eagle Oil Croff Crown Point .01 -- 02 .36 .41 .03 ,04 .01 .01 .07 .15 11 18 . 4150 7300 15000 29000 34000 3100 ,.oi .11 Except that the drive for obtaining increased production of copper is still on, conditions surrounding the market did not change during the last weel;. Domestic copper is moving on the basis of 12c Valley. Foreign copper wag purchased by Metals Reserve at unchanged, prices. To increase the supply of copper and copper-bas- e alloy materials urgently needed for war uses, the War Production Board last week announced a program for the recovery of idle and excess inventories of such materials in the hands of plumbers, building contractors, and their Two types of materials are sought. One includes copper and copper-bas- e alloy pipe fittings and tube fittings. The other includes copper and copper-bas- e alloy building materials, 'including primary forms. C. D. Howe, Munitions Minister of Canada, recently told members of the House of Common that Canada is producing about 12 Vi per cent of the United Nations supply. of new copper. ' ' - .18 .01 08 Vi .07 18200 --- Dragon East Crown Point East Standard E. Tintic Coalition East Utah Empire Mines Eureka Bullion Eureka Lily Con. Eureka Mines : Eureka Standard Gold Chain ..... Great Western Horn Silver ' ; .01 15 Vi 19 .00 .14 .18 90 01 ; . . 10000 .01 121 .03 .15 .19 .00 .10 05 .01 08 00 .03 .00 .05 .03 00 ...... -- 01 14 .05 .12 03 J03V4 -- .00 . -- 10 18 .00 .08 .17 .00 3500 1000 36000 01 .08 .17 00 .00 .02 .35 -- New Premier Quincy North Lily No. Standard ;... Park Bingham Park Park Park Park Park 07 City Con Konold Nelson Premier Utah Pioche Bristol Plumbic Mines Plutus ; .' Rico Argentine .... Royston Coaln. . . . Silver King Coaln. Union Chief Victor Con . Walker Mini: West Toledo Yankee Con Utah Id. Sug. Com. Utah Id. Sug, Pfd. Unlisted Storks Atrial. Sug. Pfd Con. Wag. & Mach Nat. Tun. & Mines Utah Fire Clav Utah P & L $6 Pfd Utah P & L $7 Pfd C. 51. I. ; 10,-00- . Olivine Deposits Studied in research Several hundred million tons to develop a gaged of olivine, a common mineral low-coprocess for extracting regarded as a possible source of magnesium oxide 98from olivine. per cent of magnesium metal now used in Heretofore, about all olivine in this other and produced fighting warplanes equipment, are known to exist in country has been used for refracfor thg United States, according to tories and the remainder a report just published by the magnesium chemicals. Recently Bureau of Mines of the U. S. metallic magnesium has come into heavy demand as a structural Department of the Interior. cent 49 to 45 material in war production. per Averaging .Olivine, which has a higher magnesia, the principal reserves of olivine are in the eastern sea- magnesium content than any board states of North Carolina other mineral except brucite, is and Georgia and in the Puget a member of the group of minSound region, of the .Pacific erals consistirig of forsterite, olivine, tephroite and Coast, the Bureau lias reported to Secretary Harold L.- Ickes. with olivine being the The North Carolina and Geor- only common mineral of the at group, according to the paper gia deposits are estimated about 230 million tons, but the compiled by G. Richards Gwinn, most extensive and best quality of the Bureau's Nonmetal Ecoolivine occurs in the Twin Sis- nomics Division. The commercial ters mountain region about 90 mining of olivine in the United miles north of Seattle, Wash., States began in North Carolina in the report states. Geological Sur- 1930 and most of the current vey, another agency of the In- prod uc ton comes from North estimates Carolina and Georgia because of terior Department, into their favorable location to powthat the reserves run millions of Ions. Another large er and transportation facilities. Research a iso is under way in deposit estimated at 50 million tons is on the southeast corner the Bureau of Miftes laboratories In Budget to develop an acceptable substiof Cypress Island, Sound some 80 miles northwest tute for commercial talc by fusof Seattle. ing mixtures of olivine and clay. In announcing publication of Talc is used in the ceramic inst Tar Baby Tintic Central 2.80 1400 7.85 7.80 100 1.87 Vi 1.75 1300 57.50 59.00 52 50 58.50 ... ........ a......... .... l)9.O0 a 2.70 2.70 10.50 fay-alit- e, - 7.85 4.15 1.75 75.00 51.00 57.50 59.50 Steam Shovel Zinc Mine CRIPPLE CREEK, Colo. Jess Vetter, local contractor, Iras accepted a contract to load and haul the output of the Monte Cristo which will operated !roperty Golden CyclebeCorp. for ore. tire production of zinc-lea- d Mr. Vetter expects to employ six or seven trucks and to haul about 100 tons a day. The ore is being hauled to Divide, where it will be e,. mon-ticellit- - Sec STEEL on Page 2 See SEC on Page 2 ' Swansea Con. ant, follows: See MARKETS on Page 4 Silver Standard Standard series regarding the treatment of premiums paid upon the redemption of preferred stock. The opinion indicates that if the redemption price exceeds the amount paid in on such shares, the excess should ordinarily be charged to earned surplus. The opinion, prepared by William W. Werntz, chief account- General Inventory Order Schedule A, has been amended to facilitate the movement of lead over crowded transportation lines during the months of lightest traffic, WPB announced on June 28. The order waives Inventory restrictions on lead so that the metal may be moved from production and stockpiles into consumer channels. Large consumers are expected to add to their reserve the summer during supply months as a result of this rubng. However, little domestic lead will be available for this purpose, according to members of the industry, as most of the current output is going' into consumption. With July needs of consumers 75 per cent covered, and books about to be opened for August metal, the week in lead was a Sioux Mines So. . M-16- 1, Mountain View Ohio Copper The Securities and Exchange Commission today had made pul-li- e an opinion of its accounting Inquiry has frequently been made ag to whether a premium paid on the redemption of preferred stock in excess of the amounts paid in thereon may properly be charged against capital contributed by another class of shareholders or whether, when earned surplus is present, the should be excess- lKoitt premium . ngainwf hnwgndThg jfol. lowing case is typical: The A 0 Corporation has outstanding shares of $100 par value 6 per cent cumulative preferred stock which was sold at 105 and is redeemable at the option of the company on any dividend rate at 110. There are also outstanding 40,000 shares of $50 par value common stock which were sold at $60 per share. At the time the corporation proposes to call the preferred shares for redemption, the balance sheet reflects earned surplus of $300,000 and capital surplus of $450,000. The capital surplus consists of $50,000 paid in by preferred shareholders and $400,000 paid in by common shareholders. The case presented involves a fundamental principle of accounting. maintenance of the dis Lead Missouri Monarch New SEC Issues New Opinion sup-plier- 00 .13 -- Howell Indian Queen Kennebec Kentucky Utah Keystone Leonora ..... Little May Magnolia Lead Mammoth 01 .02 00 .00 .36 .43 .03 -- .50 48 1 Price developments in metals during the last week centered in ferromanganese and manganese. OPA came through with specific ceiling prices for the alloys that were virtually in line with established quotations. Effective July 1, the maximum price for electrolytic manganese is 37.6 cents per pound, inventory regulations for lead were eased by WPB to increase the fow of the metals to consumers plants during the summer period of light traffic on the railroads. Better distribution of stocks of high grade zinc has been decided upon by WPB to relieve producers. The copper situation was unchanged. Copper .00 .06 ; Central Standard . .01 06 ............................ 6 Mos. Sets Ceiling Price On Ferromanganese .01 .00 .04 .04 40000 .00 .00 $1 .00, OPA Sales Last Sale LISTED STOCKS Alta Tunnel American Met. M. Co. Big Hill Bingham Metals , Vi-poi- nt $2.00 Year, June Summary Of Stocks On Salt Lake Exchange Transition of steel distribution control from Production Requirements Plan to Controlled Materials Plan is now complete, as of and while some difficulJuly-.lties are being met In application of the new method, most steel users have followed instructions and are well covered, says Steel. Observers believe that once the trade becomes thoroughly familiar with CMP procedure less confusion will result. Some buyers failed to recognize that they no are being supplied on a longer month-to-mont- h basis and .have come into the market to find mills fully booked for the period in which they had expected to get on rolling schedules. That most users have placed orders promptly and much further ahead than permitted under the former system is reflected by the fact that third quarter capacity generally is booked full. Some producers are sold through and also have some orders extending into next year. Impact of the coal stoppage is felt mainly in output of pig iron as blast furnaces are banked because of lack of coke and effect on finished steel production will come later, as supply of ingots and semifinished steel is deplet. 1 Salt Lake City, Utah July 9, 1943 VOL. 14, NO. 28 ed. derated ta the aiiaiag aad ail laduelrlce af Utah aad the WaaL A resame af the autelanding development b carried each week. ic EtN loaded on the Midland Terminal Railroad and taken to Ore Golden Cycle mill. The Monte Cristo property Is located in Summit County near the top of Iloosicr Pass. Tire zinc-loaore here is a surface deposit and will be shot and loaded with a shovel. Operations were begun as soon as power had been made available for the compressor. . d the Bureaus report on the occurrence, geology and economic aspects of olivine, Dr. R. R. Sayers, director of the bureau, also revealed that bureau metallurgists at Norris, Tenn., are en dustries. A copy of lar Information Circu- Olivine, may be without cost from the Bureau oF Mines. Department of the Interior, Washington, D. C. 7329) oli-tain- ed - |