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Show OF ,J ' CITY U LIBRARY 1 C ap METAL PRICES 19c Lead (per lb.) Gold (per oz.)$34.9125 . Copper... Zinc (per lb.) Silver (per oz.) new mined . Features Alining, Oil, Financial VOL. NO. 29, NO. 13 24.2c 19.5c 90.16c One Year $2.50 Salt Lake Ciiy, March 28, 1952 Stock Trading Booms On Salt Lake Market i ( .1 1 tJ ' Stock trading zoomed into the upper brackets this week on the Salt Lake Stock Exchange as extensive buyer demand moved price levels of a long list of issues higher. Stock trades for the period etween last Thursday and hrough Wednesday of this week topped the million, eight hundred thousand share mark. Monday was the best day, with over half a million shares changing hands. At press time ' trading was continuing at a brisk pace. Reason for the suddenly acBuffalo Consolidated Mining celerated interest was not conBuildclusive; however, it was deter- Company, 529 Newhouse mined that the bulk of the buy- ing, Salt Lake City, has recently ing was originating in the east. entered into a contract with the Observers were of the belief Walker Corporation leading tothat many of the lower-price- d issues had been selling at be- ward operation of the Ward low their potential value, hence mine, located some 17 miles prompting the increased buying. south of Ely, Nevada. Most of the stocks drawing The Walker Corporation, greatest demand, with price in- headed by Mr. R. T. Walker, creases following, were those n Utah and Colorado or interests. oil uranium having mining man, holds a lease and For some time an increasing option on the Ward mine, which trend has been noted on the in early days was a producer of ore carrying values in part of listed mining companies lead-zito versify their interests with gold, silver and copper. oil, gas and uranium holdings. U is that past proThose in close touch with the duction reported the property, at from situation express the opinion presentday metal- prices, inthat with Utahs oil develop- volved around- $4,000,000. Due ments and progress in uranium to the then existing low metal mining fast bringing the state prices, it was necessary to sort national recognition in these the surface ore, which is in the tw6 fields, public response to oxidized zone, and stocks of companies with such long distances to the transport railroad. interests was long overdue. Much of .this ore that was then Some of the stocks recording can now be notable price advances and also mined profitably and first obposting heavy buying volume jective of the new operation is were the following (first figure to move these ores to market. is for last Thursday, March 20, In addition, plans call for We and. the second for Wednesdays cleaning out of the old tunnels of this week): Bonanza, 4 so that the sulphide zone dan 734i; Chief Con., 1.121.20, be penetrated where the pri1.301.50; Commonwealth Lead, mary ores are expected to be Crescent Eagle Oil, encountered. 5 10 East Standard, 4 13; Provisions have been made to Grand Deposit, 3 4 secure adequate mining' maGreat Western, 1415, 2225; chinery to begin activity, and Leonora, 37; Little May, 2 Woodville J. Walker, son of R. 5; Madison Mines, 1923; MinT. and an engineer of WJalker, ers Gold, 45; Mountain States has experience, Dev., 6344: Nevada Metals, and will be in moved ofto Ely charge 3t-43- 4; North Standard, 2 Roy-sto- n, 3943-45; Oil Securities, 4; 1519; Silver Shield, 2 Silver Standard, 4 Union Chief, steady at 13. Phelps Dodge New York, N. Y. Phelps Dodge Corp. produced a record 250,692 tons of copper from its From Water Copper Mont in 1951, compared with Butte, Every day, at mines 244,876 tons, in 1950, and the waButte, Mont., 30,000 tons of former high of 246,725 tons ter pumped from the mines of out in 1948. turned ComAnaconda Copper Mining pany is passed through six For the year ended December launders or basins that contain 31, 1951, the company reported shredded, detinned cans. There net income after all charges, incopper sulphate, carried in solu- cluding depletion of mines, totion, is precipitated by the iron taling $42,977,434, equal to $8.47 in the form of cement copper a share of capital stock. This which has a 75 per cent copper compared with net of $40,112,-60or $7.91 a share, reported content Every month 750,000 1950. for recovered is of copper pounds that would otherwise flow into -- H the headwaters of the Missouri Buffalo Con. To Share In Ely Project t ,x Work is expected to begin this springon the new Petroleum Engineers Building at the sl.ited for 1953. Above is shown an artists' conMontana School of Mines, with completion s three-story structure. ception of the . . frr -- Plans Progress For New troleum Engineers Unit Earnings At Federal Record DrofK Lower production and increased income and excess profits taxes reduced Federal Mining & Smelting companys net earnings for 1951 by nearly 12 per cent, according to the firms annual report released this week.- - " - Net earnings for 1951, after deducting U. S. income and excess profits taxes, but before deducting depreciation and depletion, was $2,334,132, equal to $9.46 a share, as compared with $2,649,273, or $10.73 a share, in 1950. All taxes amounted to $1,920,139, almost 50 per cent greater than the $1,323,975 for 1950. Ore production from all com- in the pany operations, Coeur dAlene and Tri - State both areas, declined from 667,480 tons in 1950 to 553,183 tons last year. Value of lead, zinc, silver and gold produced was also lower, amounting to $12,753,060 in 1951 as against $13,013,779 in the previous year. Production of metals last year, with 1950 figures in parentheses, was as follows: I.ead, 16,334 tons (22,982); zinc, 23,688 tons (29,393); silver, 697,538 ounces (873,711); gold, 279 ounces (331). The companys Page mine, west of Kellogg, continued to be its most profitable operation in 1951, yielding net earnings of $2,588,320, before deducting depreciation, depletion, corporate taxes, federal and state taxes on income, selling expense and a proportion of general administrative expenses. Similar net earnings from the Morning mine, at Mullan, were $773,058 and from the Frisco mine, at Gem, $386,473. Leaser operations in the Coeur dAlene returned the company $124,071 in royalties. area operations, uninterrupted and on a basis throughout the year, resulted in a total production of 222,840 tons of ore mined and milled, having an average concentrate yield of 2.32 per cent zinc and 0.82 per cent lead. The Gordon mine in Oklahoma showed a profit of $111,827, but the Duenweg mine in Missouri lost $22,300. Tri-Sta- te eek Bids for the construction of the new Petroleum Engineers building at .the School of Mines in Butte have been opened in Helena, Mont' The building is to be erected on the west side of the parking circle which markes the center of the campus. It will consist of two floors with a total floor space of 14,500 square feet. Funds allocated from the $5,-000,0- 00 bond issue were not enough to build three floors which will be needed in the next few years. However, the building is designed for the addition of the third floor when funds become available. The foundation, and all plumbing, wiring and other installations are designed to permit adding another floor with a minimum of expense. The building will be used for all the classrooms and laboratories of the petroleum engeer-in- g division. It also will house the expanded physics department. An electrical machinery laboratory will be set up with motors, controls, and other equipment that the physics department has o nhand. Much of this equipment has not been installed before because of lack of space in the unfinished basement that has served as a labo-- ratory. Dr. J. Robert Van Pelt, presi- dent of the Montana School of Mines, said, We are glad that construction of this important building can start this spring. It will help us to meet our ob- j ligation to Montana citizens our duty to train engineers and to conduct research that will result in better development of Montanas mineral resoruces. All new students, as well as present freshmen and sophomores will have the benefit of these new facilities if construction proceeds as rapidly as planned. The need for more space at the School of Mines has been eviden for many years and since 1945 the late Dr. F. A Thomson former president of the school, urged that another building be erected. Mr. John Bukich, professor of petroleum engineering, said, Recent developments in the Williston Basin area of eastern Montana promise the beginning of a major petroleum industry in our state. It is essential that we train men for this growing state industry. This additional space will enable us to enlarge our petroleum engineering educational facilities for this To Conduct New Search For Uranium Possibilities of another source of uranium ore in a new area were indicated this week with action of the government directed toward withdrawal of 65,000 acres of public lands in northeastern Wyoming for exploration by the Atomic Ener gy Commission. The federal action confirmed reports that valuable new de posits of uranium had been discovered by prospectors in the area. Discovery of substantial amounts of ore would further bulwark the nations supplies of critically needed atomic energy raw materials, experts said. Operations on the Cblorado pla teau, now the worlds largest producer of uranium, have been expanded steadily. The AEC announced it would explore the Wyoming area, comprising 102 sections in Campbell and Johnson counties, and release each section where no uranium is found. Lands, found to contain sig nificant uraniferous deposits .are expected to be made available for development and mining by private interests under lease arrangements with the commission, the government announcement said. The search was touched off, the AEC said, by discovery last uraOctober of carnotite-lik- e nium mineral by J. D. Love of the U. S. geological survey. While making an aerial survey of the region, Love notec that his Scintillometer instruments recorded a high degree o radioactivity, the AEC said. A more detailed exploration of the area now is to be undertaken by the geological survey under sponsorship of the AEC. The department of the interior described the find as important, and said it may lead to a new field with minable deposits of uranium, the fissionable material out of which well-know- nc - - . non-commerc- ial 6; 5) 5;4; 4, 1 1 - river. FILAMENT WIRE THINNER THAN HAIR The elements of vacuum tubes used in the latest models of hearing aids are of nickel filaas ment wire, only thick as human hair. atomic bombs are manufacone-ten- th tured. Officials at Denver said land withdrawals are aimed at halting mineral development during the exploration and do not apply to grazing uses. would hive had you over sooner but it took ns 6 month? tc are op money for the teaks. p |
