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Show Jf j bf. i' v .. w .11 : ! ' i . . iwi .j.' 7 I i -- t-' Features Mining, Oil, Financial VOL 18, NO. One Year $2.50 Salt Lake City, May 23, 1947 18, Stocks Substantially Below Year Ago Price Levels New Strike Big Hill Bingham Metals Bonanza Mining xBristol Silver Bullion . xCons. Eureka At Goldfield .xClayton Silver Colorado Con. Nevada The GOLDFIELD, mining spotlight was back this week on Goldfield and residents of this famous old-tiboom camp were basking in its rays like a veteran theatrical trooper called back on stage for an unexpected encore. The thrilling cry of high grade gold that rang out from headquarters of the Newmont Mining Corp. here last week continued to echo through Goldfield streets that may once again throb to the footfalls of hundreds of mining men, stock promoters, shills and ladies of the evening as they did shortly after the turn of the century. Cant See it There was hope in the air again honest, tangible hope that stemmed from a dirty-gra- y rock bursting with needles of gold ore that had been torn from its ageless resting place in the Florence mine by a blast heard round the mining world. You couldnt see the precious metal, and you couldnt pan it, but in the crucible it bubbled forth so thick and rich your eyes bulged at the sight. Yes, it was high grade gold ore all right, some of.it worth $1200 a ton. How much more remains above and 'around the crosscut knifing its impatient way into the footwall and pointed toward the old Whiterock shaft only 30 ft. ahead, is open to speculation. But, veteran mining men of this district are confident that Newmount, which took over operation of the Florence from the Deep Mines Co. last fall, has shouldered its way into a massive mineralized area that 'will yield not only high values but vast amounts of lower grade ore that will make erection of a large mill at least of 500 tons daily capacity inevitable. Newmont Continues Crosses! Temporarily, the new find has been left virtually untouched as (Continued on Fake Four) Causes Stir Cardiff ...; x Chief Con. - Colb. Rexall xCombined Metals x Comet Coalition xCommonwealth Lead Crescent Eagle Oil . . . Croff Crown Point Central Standard .... ... xDragon East Crown Point ... xEast Standard East Tintic Coalition xEast Utah Empire Mines xEureka Bullion xEureka Lily Con. .. Eureka Mines Eureka Standard .... Great Western xGrand Dep xHorn Silver xHowell ; Indian Queen Kennebec me . Kentucky-Uta- h Keystone xLakeside Mon xLeonora .'. . xLittle May Magnolia Lead xMammoth Miller Hill xMiners Gold Missouri Monarch ... xMoscow xMt. City Copper .... xMountain View .... Metals xNevada " -. xlndicates Operating Companies Thb WwullM MitkiMl ta thU UMi b Seriral tnm wium m itliiHi. Mt pitMlMi, tat tatter a t ha aanaat. r f Coordination Shale Plant Shares Reaching Mining Mine State Of May Increase is Claim Point, Buying Oil Reserves The successful stock trader is one who buys when prices are Groups Sought but it takes This sounds are sells when Representatives of federal and state governments , combined with, prominent citizens from Utah and Colorado last week placed the new plant near Rifle, Colorado, into operation. Extensive Flans On the U. S. naval reserves, 7 miles west of the town of Rifle, the new demonstration plant is the first of two demonstration units plan- oil-sh- ale oil-sh- ale oil-sh- ale ned under a , five-ye- ar $30,000- ,- 000 program of synthetic liquid fuels research and development The objective in both the plant and the coal unit to follow is to prepare a blueprint for private industry, demonstrating the processes and costs for obtaining gasoline and lubricants from new sources to supplement the nations limited preserves of natural petroleum. First Production Coincident with the dedication May 17, the new plant produced its first shale oil. To obtain oil from oil shale, the shale is mined by methods similar to those used in coal mining, crushed, and charged into a retort where heat is applied. This breaks down the organic material and liberates the oil. A ton of high, quality shale will yield 45 or more gallons of oil. Products' closely resembling those commonly producede, from petroleum, such as gaso-linDiesel fuel and waxes, can made be by distilling and refining the shale oil. - Oil shale reserves of the United States are estimated to contain about 92 billion barrels of oil, roughly four to five "times the known petroleum reserves of the country and enough to supply the nations needs for more than 60 years at the present rate of use.. Most of this reserve is concentrated in the Rocky Mountain states of Colorado, Utah, and Wyoming. oil-sh- ale . : low and easy high. they not only good judgment but also a knowledge of market condi tions to place into operation. Following the continuous declines over a period of several months on a majority of issues, the experts are indicating that prices are reaching a point where good buys are in order. List Drops ' The above table gives some indication of the substantial reduction a long list of mining stocks have taken. The highs and lows as quoted are for' March a year ago compared with last month. Some stocks have dropped even more during the past few weeks. An idea of the drastic decreases occurring can be had from a few comparisons. For instance: Big Hill was quoted around 30 cents a year ago and is now quoted at .08; Bingham Metals was .23 and is now .04; Bristol Silver .36 and .10;. Clayton Silver $1.55 and .48; Chief Cons. $3.25 and $1.25; Combined Metals .63 and .20; Commonwealth Lead .21 and .06; East Utah $1.00 and .55; Eureka Bullion .48 and .18; Eureka Standard $1.15 and .35; Horn Silver .69 and .25; Indian Queen .08 and and .01; Leonora .08 .15 and Missouri Monarch .03; 03; Moscow .19 and .05; Mountain City Copper 5.00 and 1.75; New Park $2.95 and $1.50; North Lily $2.00 and .65; Ohio Copper .49 and .14; Park City Cons. .80 and .38; Park Utah- $6.25 and $2.50; Plumbic .35 and .09; Prince Rico Argentine .75 and .25; Silver King $3.60 and $1.30; $13.90 and $4.25; Silver King Western $1.50 and .55; Silver Shield .12 and .05; Silver Standard .21 and .03; Tintic Lead .60. and 37; Tintic Standard West Toledo $5.25 and $135; .10 and .04; Zuma .18 and .06. Whether or not current quotations represent bottom prices is anyones guess. However, . they are considerably below those of a year ago and several of them are probably exceptional buys. - WASHINGTON, Comstock Up v. Output Ne VIRGINIA CITY, Production of gold and silver is the gradually increasing on Most of the Comstock Lode. men employed are veteran Virginia City miners and . present activities are largely restricted to mining of surface deposits. Resumption of underground operations is planned by a numthe ber of companies when becomes manpower situation more satisfactory. Cons. Chollar Gould & Savage Mining Co. is milling approximately 500 tons of gold-silv- er ore daily and is the leading Comstock Lode gold proAn extensive surface ducer. mined in open pits is deposit with two power shovels at Gold The company was . NeHill. vadas largest lode gold producer in 1946. Reconditioning of its properties for major operation is being carried forward by Dayton Cons. Mines Co. Diamond drilling is proceeding in virgin with the purpose of exbearing tending known ore areas. Development work on the 600 and 700 foot levels of the New York shaft has disclosed good milling ore. The cyanide mill at Silver City will be operated at approximate capacity as soon as sufficient ore has been blocked out. - - ?r-rit- ory . Calumet & Hecla Calumet & Hecla Cons. Copper Co. and subsidiaries report for the quarter ended March 31: Earned per share, 1947, 42c.; 1946, 5c. Metal sales, 1947, 1946. $3,949,816. Net profit, 1947, $376,793; 1946, $98,-92- 3. $6,-327,8- 38; . . D. C. For- mation of the. National Minerals Conservation Council, comprising state and regional mining associations, has been announced by Dr. Edwin R. Shorey, professor of mining engineering in the University of Wisconsin. He will serve as president The council seeks to coordinate the activities of various mining associations toward the expression of a national minerals policy without duplicating activities of individual associations. Dr. Shorey said. The purpose of the cbuncil is expressed in its preamble which reads as follows: It is the purpose of this council to encourage the conservation and development of strategic and and critical mineral resources as Mur defined by the Army-Nav- y nitions Board. It is the further purpose of the organization to contribute to the creation of a national mineral resources policy which will assure that American mineral resources, in peace or war, will be unfailingly responsive to the re- and to auirements ofof industry the national defense. This program recognizes the incontrovertible fact that true conservation means unabated exploration of known ore reserves by experienced mining men and technicians as expressed in the timeless axiom that ore begets ore, and does not mean leaving known ore reserves in the ground on the theory the ores can be mined at any convenient time. They can not Copper Firm Shows Profit ' BOSTON, Mass. Copper Range Co.s net profit in the March quarter was t $265,240 against $100,540 in the like, period last year, Morris F. Lacroix, president, said at the an- nual meeting. Net 1946 profit was equal to 47c a share compared with 18c a year ago, on the 564,928 shares of capital stock. Lacroix said prospects for the current year depend to a large extent on the. amount of copper available to fabricate. The sithe said uation is touch-and-g- o, in answer to a stockholders question, and as a result it is difficult to figure ahead. , Emerald Isle KINGMAN, Ariz. Lease of the Emerald Isle copper properties, 15 miles north of here, to eastern interests was announced here. A crew has started- to work. The 500 ton a day leaching plant on the property is being prepared for operation. The property has been idle for several months. The mine will be operated by Robert Payne, its former resident production superintendent - WNttlMIKti |