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Show .SV i k. A i , SILVER corns GOLD IIL Hyur Features: Mining, Oil, Financial VOL 18f NO. 20, : TALLKT TRICES (m1HM. Bill mv lLWt of the pioneers, July . - con-siderat- ion - Encouragement Of Private Business Urged The C. Importance of encouraging rather than discouraging, privateenterprise by. the Federal gov-ernment was stressed by Louis Ware, president of International Mineral & Chemical Corporation, in testimony before a Senate committee. Mr. Ware appeared before the . hearings on a bill to establish . a government fertilizer plant as provided in the proposed National Soil Fertility Act of 1947. This country is most fortu-- and nate in being having large reserves of potash and phosphate, the two most valuable of all minerals insofar as supplying food is concerned, Mr. Ware stated. MIt would be a mistake to discourage the initiative and. resourcefulness that has . been evidenced in this development by erecting unfair subsidized new expansion which will ' lessen the opportunity of private profitable operations. . . . . ent Coeur d'Alene Output Lower . WALLACE, IDAHO. Mines . ty assessor. The reports show the assessed valuation of the mine production in 1946 to, be $4,650,812 comr pared with $5,040,374 in 1945, The reduced output reflects the acute shortage of labor in Cour dAlene district mines, as was the case in 1945, Oil world is watcMag this spot on sap Utah's Uiatah Basin. Major Firms Drilling to Formations Explore the Deeper of oil over a vast' area in the Stimulated by development Rangely Field, Just across the state line in Colorado, intense interest is being manifest in the possibility of adding Utah to the list of important oil producing states.' A drilling program being, watched with interest is that of the Carter Oil Company, one of the nation's largest oil firms, which is drilling a structure a few miles southwest of Vernal in the Uintah Basin. , - -- - Grab Ground Oil leases covering virtually the entire basin from the Utah ELY Nevada President line to beyond Roosevelt have been taken up and results of the Chester Dudley Tripp of ConCarter wildcat test wjill have a solidated Coppermines, recently bearing on future activity appointed to replace the late John A. Payne, announced from throughout the region. The new Carter test well is his New York offices that the net Income of Consolidated located on the SWV of NE of Sec. 18, T. 5 S; R. 21 E. and Coppermines corporation for the is some 5 miles southeast of the first quarter of 1947 was more Davis No. 1, which was recent- than three times that of the ly abandoned following report of same period a year ago. an explosion at the well, accordHe reported that the net ining to information received by come of Coppermines, less exthe Roosevelt Standard from ploration and development exJohn O. Campbell at Billings, penses, totaled $429,361.08 durMontana. The Davis No. 1 well ing the first three months of is reported to have reached a this year as compared with depth approximating 8,000 feet $153,096.39 for the same period prior to the accident. The cir- in 1946. cumstances necessitated a delay in moving equipment from the Add Holdings abandoned site to the new locaUntil the entire holdtion. Preliminary work, how- ings ofrecently Consolidated Copper-min- es ever, is said to be now .underwere its holdings at Kimway. berly, but a few months ago Another wildcat which is be- the corporation bought the ing watched is that of the Pa- Titan Metals Manuf acturing cific Western Oil Corporation on Company in the east the Gordon Creek structure, 15 The new president said the miles west of Price. The well has Company spent $18,801.01 in exreached a substantial depth and ploration and development duris one of the deepest wells ever the ing months ending three, drilled in Utah. March 31; amortization of mine Objectives of the drilling are development, depreciation and the first productive sand, the estimated federal taxes brought Coconino, expected at 9,000 to the net income for the quarter 9,500 feet, and the Weber formabefore depletion to $323,004.63. tion, at greater depth. The figure for 1946 was Oil in commercial quantities would be a welcome addition to Utah's long list of minerals. Coppermine Shows Large Income Gain Wrong Re-Acti- on The very young bride and her groom just returned from their European honeymoon. The minute the boat docked, the bride gave the old man the slip and rushed up to the office of her husbands doctor. Doc, she began, just before we were married, you performed some kind of an operation on my husband. I must know exactly what you did to him. Oh, it was really very simple, replied the doc. "All we did was to fix him up with a new set of monkey glands. "I thought it was something like that, complained the bride. "During the whole darned trip all he ever did was sit around and eat peanuts and scratch his back." - Earnings of Insured At High CASPER, iw A recent study made In the Coeur dAlene mining district parallels Utahs experience and points out very clearly the importance of silver price in lead production, according to a recent issue ' of Management Digest, published by the Utah Mining Association. The article continues: Silver Pays Way From 1884 to 1945 the Coeur dAlenes produced 10,824,178,000 pounds of lead. Accompanying this were 419,516,106 ounces of silver, having a value of or 2.6c per pound for all lead produced. Also during this same period dividends amounting to $196,689,174 were paid, or 1.8c per pound for. all lead produced. These figures show, therefore: that the silver in the ore paid ' the 1.8c per pound of lead in dividends and an additional 8e per pound of lead on 'operating costs. The result is that consumers of lead had the benefit of almost eleven billion pounds of lead at a reasonable price, much of which would never have reached the market if it had not been for the silver in the ore. The American consumer enar joyed an average price of Coeur dAlene lead of 5.4a as a result of silvers help. Without silver the price to consumers would have had to be increased 2.6c per opund or 48 per cent to maintain an active and healthy lead mining industry in that area. . $278,-388,8- 73, 60-ye- Hourly Earnings Top War Peak Ac- February,. 1946, the wartime MNmMm - drill I i, Price Noted 54. I n Of Silver NEW YORK Average hourly earnings of production workers manufacturin the twenty-fiv- e ing industries included in the National Industrial Conference Boards monthly survey have risen since the end of 1945. In Wyoming Oil Activity at High Level WYOMING Importance peak was passed, and February, wild1947, average was 13 per cent and fields in tivity proven than a year earlier. On the higher conis cat areas in Wyoming other hand, the average work tinuing to establish new records week during the first two with operators spurred by suc- months of 1947 was much shortcessful completions throughout er than during the war period, the state. although a slight upward trend Of considerable interest is a was evident after the first part I move to test the eastern Idaho-weste- rn of last year. headed area, Wyoming by the Continental Oil Company, which is reported planning to drill a 20,000 acre unit in the Afton area of Lincoln County, Wyoming. Two of the deepest wells ever drilled in Wyoming , those Banks put down by the Mountain Fuel Supply Company on the Level Church Buttes structure, are still in the testing stage past Net profits, after taxes, of In12,000 feet, where one has a sured commercial banks continpipe fishing job with ued in 1946 at the unprecedented twisted off. ; level attained by these hank Several wells with unusually in 1945, Chairman Maple T. Harl of the Federal Deposit In- high Initials v w e r e completed surance Corporation announced during the week. yesterday. He added that net profits after taxes of the large Anaconda Dividend city banks were less than in Anaconda Copper Mining Co. 1945 as a result of lower profits on securities sold; elsewhere has declared a dividend of 75 throughout the country net prof- cents bn the common, payable its after taxes of Insured com- June 25 to stock record June 3. mercial banks' were generally Previously it paid 50 cents in higher. Tabulations of reports March. In 1946 the company covering FDIC insured commer- paid 50 cents in March. June MITAL MINING INDUSTRY cial banks showed net profits and September and $1 in OF UTAH after taxes of $902 million. $63,-374.- I k metallic resources was begun. Their development brought business and industrialization of the state, providing markets for those who came here and settled upon the land. Area Varied Topographically, Utah consists of mountains, desert and semi-deswith some fertile valleys and uplands. The Wasatch mountains and their extension form the backbone. To the east in the northern part and just below the Wyoming line run the Uin-ta- hs and south are scattered mountains and deserts with here and there a fertile spot. To the northwest is found the old Lake Bonneville and westerly rising level of the up from the general terrain are the north-sou- th range of mountains typical of the Great Basin. Nature has left a book a record of tiie rocks which tells of the things she has done that have made the region what it is. Clear Record If we open the record to the chapter entitled Mesozoic Era, we find most of the area now .ocp cupied by the Rocky Mountains and extending eastward from the Wasatch Range was covered by water. A great bay of gulf extended northwesterly to Alaska and at times joined the Arctic Ocean to the Qulf of Mexico, thus dividing North America into two continents. The western continent was a land of high rainfall and rivers, which in turn became the habitat of luxurious plant life. For tens of thousands possibly hundreds of thousands of years this grew and died, became packed down to be succeeded by ..later generations of vegetation.' Thus were formed the great creteaceous coal beds of the west. (The second article in this series will appear soon in these columns!.. ert old of the Cour dAlenes extracted 1,015,773 tons of ore last year as compared with 1,210,950 tons in 1945, but the gross yield was $22,367,532, slightly above the 1945 figure of $22,129,672. These figures are shown in annual mine reports filed with the coun- alfht arUolei oa tha hlatarjr 24,-184- that the development of Utahs . self-suffici- One Year $2.50 for future industrial expansion and future generations. It was shortly after the arrival - - IMP 10) Lashed by prehistoric waters and carved by glacier and wind, Utah was moulded into a state of ' natural beauty and natural resources. Some of its resources have been developed, providing metals for a nation and industry, for a State. Others including a vast storehouse of. nonmet allies remain undeveloped con- - tinuance of premium payments on metals. Need Keep Annual reports of producing firms for 1946 indicate how nec- essary some additional aid is if - the mines are to produce sufficient metals to fill the needs of industry. Even with the aid of . premium payments, last year profits were small and mere were many cases of losses from operations being recorded. Without the additional aid, the majority of mines producing lead, , zinc and copper ; ores would . have sustained losses. " Bill Considered One bill now under considerais the Russell BUI which tion ' provides for the continuance of remium payments on copper, Iead and zinc, and on other min- erals, placing it under the administration of the Department of the Interior. The bill, as reaommended, differs slightly from the orgin- -. al bill, and provides that no development and conservation payment shall be made to a producwhen the market price, plus er such payment, would exceed, for. copper 28c per pound, for lead and zinc 18c per pound and for other minerals and metals the highest market price paid during the war years of 1942 to 1946 inclusive. These maximum limitations would apply unless in the opin- -. ion of the director, special be necessary for the stimulation of exploration or for , the production of a particular metal or mineral. The bill asks for an appropriation of $80 million per year and would be effective untU June 30, 1952. D. mjh S4.S1SS (far m) (EDITOR'S NOTE: Thli la tha flrat of a tcrlaa of of tha metal mining Induatrjr In Utah.) developments of legislation providing for WASHINGTON, hIm) NH Undeveloped Resources Interest of the mining industry end those who have investments centered in mining are , SMELTER State of Utah Contains Watched closely watching UNO ( "Salt Lake City, Juno 6, 1947 Progress of Premium -- . a LEAP, Bar i . . BALT LAKI , , I. I i |