OCR Text |
Show C OF U LIBRARY CITY 1 V f' vn T ' tr - METAL PRICES Lead (per lb.) 19c Gold (per oz.)..$34.9125 24.2c 19.5c Copper. (per lb.) Silver (per oz.) new mined Zinc Features Alining, Oil, Financial VOL. NO. 23, NO. 14 One Year $2.50 Salt Lake City, April 4, 1952 Volume, Prices Increase On Salt Lake Stock Exchange X Nevada Monarch Tha information contained in this aneet la derived from eourcee regarded aa reliable, not guaranteed, but believed to be correct. New Majestic New Park -New Quincy North Lily No. Standard . Oil Securities . Park Bingham Park City Con. Park Park Park Park 90.16c .08 .07 59,500 U. S. Mines .07 Neglected Says Senator Mining has been a political football a forgotten segment of the national economy for far too long, Representative Walter S. Baring said at Welser, Ida., this week following a two-dahearing conducted by him as a subcommittee of the house mining committee. Small mine operators have been particularly neglected while practically every other segment of the economy has benefited from federal assistance, he contended. Jess Larson, administrator of the Defense Materials Procurement Agency, has no desire or intention" of helping the small miner, he said, pointing out that the federal official has completely ignored his (Baring's) program setting up a system of incentive subsidy payments and a liberal exploration program. Baring also said he favored establishment of a department of mining in the executive branch and consolidation of some 40 agencies now dealing with mining into this department. This should have been done 50 years ago, he said, and added that he now has pending a bill to create such a department. ft Konold (D-Nev- Nelson Premier . .) y Utah Plumbic Mines Fliitus Prince Con. Prosper Mng. Rico Argentine Il-po- int The hearing was by the recently formed arranged Snake River Miners & Prospectors Association for the primary purpose of presenting evidence of the need for establishment of an g depot and custom ore-buyin- mill in- the Snake River area. The association has estimated that there are 94,000,000 tons of ore in the copper belt, which extends 120 miles downstream from Welser. In his 1951 annual report, George McDowell, state mine inspector, points out that this area of Washington County once had two blast furnaces in operation and was a large producer of silver, but for many years now has been dormant and has almost reverted back to its primitive condition. Some 200 mining men attended the hearings and several on Page 4 - Indicates operating companies. Total Shares Traded 4,417,949 . Utahs Oil Development List of Mine Booms Salt Lake Stocks Loan Grants By CHARLES J. PARRY Manager, Mining Department, J. A. Hogle Improving the oldest mining exchange in the United Will of its mine Since & Co. inauguration loan program about a year ago, the Defense Minerals Exploration Administration, formerly the Defense Minerals Administration, has entered into contracts with 218 mining companies for exploration and development programs involving expenditure of $11,388,943, it was announced last week. The contracts, 70 per cent of which are with small companies and individuals, cover different critical minerals and metals in 24 states and Alaska, agency officials said. The federal governments share of the cost is search projects on 19 $6,-760,8- 10. To date there have been two discoveries of strategic minerals certified by the agency under, the program, but certification of half a. dozen more, including minerals highly essential to the national defense, is expected in the near future, officials said. The first discovery certified was on Westmoreland Manganese Corporation property near Batesville, Ark., where sufficient manganese has been opened to justify a large-scal- e operation. The company has now un- dertaken: another project to termine the extent of the de- States beThis question is being asked by those who have followed the operations of the Salt Lake Stock Exchange during its 63 years of existence. . Apparently, the Many companies that were in mininghere-abofosfor organized to further the mining climate" surroundopUtah and in mining independent tering Industry ing states have been idle in erations has not been too favorpast years awaiting a revival able due to heavy demands by the tax gatherer1 and the high labor and material costs. With growing interest in oil explora 1952 tion in Utah and adjacent states Week Ending March 30, overshadowing mining activBINGHAM DISTRICT Combined Metals Reduction ity, many of these companies are being used as vehicles to Co., 770 tons. foster speculation in oil. U. S. Mines, 7414 tons. DEMAND GROWS Utah Copper Co. (Kennecott) cars daily average. 1002 85-tThe heavy volume of trading EUREKA DISTRICT UTAH on the Salt Lake Stock ExChief Consolidated, ore, 52 change for the past week incars. dicates the possibility of a boom Dragon Consolidated, clay, 82 period not unlike that of 1945-4cars. It is starting out in a manBullion Beck, ore, 5 cars. ner similar to that of seven PARK CITY DISTRICT UTAH years ago and the cause might New Park, 1700 tons. reasonably be attributed to the individual who aroused considPark Utah, 1548 tons. Silver King Coalition, cone., erable buying in one or two issues as he did in 1945. The 120 tons. PIOCIIE DISTRICT NEVADA principal difference is that the Combined Metals Reduction present activity seems to have Co., zinc cone., 5 cars. Lead its basis in oil speculation rather than in metal mining as was cone., 2 cars. Perlite, 3 cars. MARYSVALE DISTRICT the case in 1945-4The more active mining comUTAH 1 panies on the exchange have Deer Trail Mine, lead-zin- c, not been afected by the flurry car, , & A. Continued on Page 2 J. Co.) Hogle (Courtesy come a trading mart for oil stocks? uts Ore Shipments on 6. 6. Dollar Value $468,985.09 Production Best Yet at Sunshine Con. Production from the vast Big Creek, Ida., mineral holdings of Sunshine Consolidated, Inc., in 1951 was the largest of any year In the companys history, President W. M. Yeaman states in his annual report to stockhold- ers. Mining operations last year, by the Sunshine Mining Company, which works the properg basis, ty on a tons of ore, the 13,003 yielded report states. This compares with 8280 tons in 1950, 5252 tons in 1949, and 7032 tons in profit-sharin- 1948. The increased output resulted in a substantial profit amounting to $68,323, Yeaman states. In 1950, costs exceeded revenues by $30,195 and 1949 operations resulted in a net loss of $28,025. Last years mine production yielded 388,220 ounces of silver, 204,319 pounds of copper and 19,548 pounds of lead, for a gross value of $357,330. Half of this amount, or $178,665, represents Sunshine Consolidateds share. Deduction of mining and milling costs of $99,957 leaves an operating income of $78,708. Three stoping areas on the 3100 level of the property yielded 9133 tons of ore averaging 39 ounces of silver per ton. The balance of production came tes-Contin- ued New Montana Firm HELENA, Mont. Montana Copper King Co., Inc., was incorporated by J. E. and G. D. Hall of Ogden, Utah, and J. W. Warren, Butte, with authorized capital of $250,000. It is reported that the company will operate properties containing copper, gold, platinum, and silver ores in the Revais Creek Mining District, near Dixon, Sanders County, and not far from the properties of the former Green Mountain Mining Company, the latter nov being operated by the Kootenay Mines, Inc. from development drifts, the report says. Development work during the year ncluded. iextending the 3100 level 857.4 feet westward on the Yankee Girl vein and 147.9 feet of miscellaneous drifting and crosscutting. The Yankee Girl vein has now been exposed in the companys ground, on the 3100 lev-- . el for a distance exceeding 2900 feet in length, and continues into unexplored ground beyond the present westerly heading, Yeaman states. |