OCR Text |
Show U OF U CITTt 1 t'-v. 3 METAL PRICES 19c Lead (per lb.) Gold (per oz.) $34.9125 24.2c Copper. Zinc (per lb.) ...19.5c Silver (per oz.) new mined. 90.16c Features Mining, Oil, Financial VOL. 23, NO. 10 Salt Lake City, March 7, 1932 - --f.ji.Ui. Salt Lake Stock Exchange February Transactions The Information contained In this meet le derived from aourcei regarded not guaranteed, but believed to be correct. u reliable, listed Stocks Big Hill Bingham Metals Bonanza Mining Oil Adequate Supplies of Zinc Seen c - There is every prospect, that for the foreseeable future, zinc supplies will be adequate, Charles R. Ince, vice president of St Joseph Lead company concludes in an analysis of the zinc industry in the February issue of the Engineering and Mining Journal. This, he says, should be assuring to zinc consumers. U. S. zinc smelters may reach an all-tipeak production of 1,000,000 tons of zinc in 1052, if world requirements of zinc concentrates approach a balance this year, he says. In view of recent improvements in imports of slab zinc, and if the zinc allocated to this dpuijtiy by the International Materials Conference (IMC) actually materializes, U. 3. consumers of zinc ought to have available well over 1,000,000 tons in 1952, as contrasted with the 920,000 tons available in 1951. Mr. Ince notes, in regard to the future supply of zinc, that at a meeting of the institute of Metals in London in October, 1951, world reserves of zinc were estimated at 40 years supply. In 1931, a similar estimate gave ar a reserve. Requirements of zinc in 1952, Mr. Ince says, will probably be lower than in- the last two years of unsatisfied demands. Consumption of zinc as well as other such industrial commodi- ties, is refleted quite clearly in Industrial production. Mr. Ince points out that the Federal Reserve Boards index has declined from 223 in April 1951 to around 218 as the year ended. In reference to premium prices paid abroad, Mr. Ince . Securities . Park Bingham Park City Con. Park KonoM Park Nelson Park Premier . Park Utah Colorado Con. Colb. Rexall Combined Mletals Comet Ooaln Commonwealth Lead . Cons. Eureka Plumbic Mines Phitus r Prince Con. Prosper Mng. me Rico Argentine Oil Royston Coaln Silver King Coaln Silver King Wtost Silver Shield Silver Standard Sioux Mines So. Iron Blossom - Groff Crown Point Dragon E. Crown Point East Standard . E. Tin. Coaln. East Utah So. Bntrfne Iflrmn - Eureka Bullion Eureka Lilly Con. Standard Sundance Oil Co. Swansea Con. Tar Baby Tlntic Central Eureka Mines Eureka Standard -- Untie Lead Tlntic Standard union Chief Gold Chain Grand Dep. - Great Western Horn Silver Howell Indian Queen Utah Con. Utah Ida. Sug. Utah Ida. Sug. Pfd. Utah-WyCon. Oil Victor Con. Western Alloys West Toledo Wilbert Williston I. - o. Kennebec Kentucky-Uta- h Leonora, Little May 1 .Moscow Ml States Dev. 22-ye- . ! .04 Utah Fire day Utah P. & L. Com. ... Mountain View Z. . Mono KeaTsarge a M. I. - Indicates operating companies. Total Shares Traded 2,973,707 Nevada Metals Dollar Value $351,620.78 American American Mineral Industry To Co Deeper Projects Huge Expansion Fork Mine The American mineral industry has embarked upon an unAt Morning precedented expansion program Involving the expenditure of To Resume scheduled for dollars on Federal Mining and Smelting companys Morning Mine at Mullan will be the third property in the Coeur dAlene, district to attain a depth of more than 1000 feet below sea level Reports that preparations for g at the property are now In progress were confirmed this week by J. E. Berg, general manager of the Federal firm. Plans call for extending the offset shaft in the hanging wall of the Morning vein from the 5000 to the 5200 foot level, which will be aproximately 1060 feet below sea level. Only two other mines in the district have reached a greater depth. The Bunker Hill main shaft has been sunk to the 27 level, about 1200 feet below sea shaft-sinkin- Lowest working level at the mine at the present time, however, Is the 25. Sunshine 'level Mining companys 'Jewell shaft has its lower main working level on the 3700, which is 1000 feet below sea level The sump of the Jewell shaft is 200 feet deeper, and within the past two years the company has opened a small station at the 3840 level In the sump and extended workSil- ing on this elevation to the complemore than two billion projects Preparations . are being made tion by 1955, J. K. Richardson, assistant to the general manager to resume mining operations at of Kennecott Copper's Utah Mining Division, told the annual conproperties of the American Fork vention of the American Institute of Mining and Metallurgical Consolidated Mines Company, It was announced in Salt Lake toEngineers in New York recently. day by officials of the company. Cessation of operations at the Our military preparedness a created became necessary during mine has which program, the winter months due to an ripmand for mine products far excessive amount of snow in the beyond normal peacetime needs, of maintenance the with coupled Joseph C. Lynch, well known canyon. the civilian economy at. exist- Salt Lake stock broker died At the present time a Pacific COast ing levels, has made the tremengroup is negotiating with dous expansion necessary, he this week in Salt Lake follow- the company to take over the said. ing an extended illness. large tailings dump at the mine. Government participation has Mr. Lynch, a native of Salt These plans, if completed, will been necessary, he stated, be- Lake, was educated in Salt Lake provide for the moving in of new machinery for the purpose cause of the fact that it is the schools and attended the City reto of recovering lead, silver and a only body in position He Utah. of served IndusUniversity zinc values known to exist in motely estimate ultimate This needs. trial and military during World War I in the the dump. The following information was participation has, for the most United States Navy. Remembered particularly as contained in a report relative part, been indirect, in the form of accelerated tax amortization, a stock broker, Mr. Lynch was to the possibilities of handling exploration assistance and min- first elected to the board of the dump ore: "At the present eral subsidies for specific cop- governors of the Salt Lake Stock time, sufficient development and Mining Exchange In 1939 work has not been done to warper producers. Defense Mobillzer Charles E. and has served in that capacity rant the building of a mill on Wilson has In some instances until the present time. He was proven ore reserves alon, but indicated expansion also vice president of the Salt a fact that cannot be overlooked specific goals, Richardson stated. The Lake Stock Exchange for two is that mill tailings from older terms. and less effecient processes are steel production goal, for on Page 2 Id addition to his broker ac- available adjacent to the present was engaged site. The quantity of mill tailtivities, Mr. a short in various Lynch ver Syndicate fault-vei- n Utah mining and ings has been calculated to be distance to the north. oil projects. in the neighborhood of 90,000 Prominent Broker Dies exam-Continu- ed ' - Yankee Con. Zuma Magnolia Lead Mammoth Miller Hill Miners Gold Nevada Monarch New Majestic New Park New Quincy One Year $2.50 No. Standard Bristol Silver Bullion Cardiff Central Std. Chief Con. Clayton Silver Crescent Eagle . Tt observes: With the United States and United Kingdom accounting for 60 per cent of the free worlds consumption and both countries operating under controlled economies, the premiums paid in the world market were somewhat surprising and may be attributed in part to other than a normal industrial demand. There were indications that zinc, along with other base metals, was be-igused as a hedge against weakening foreign currencies, as evidenced by the fact that the appearant increase in consumption of several European countires exceeded the improvement in industrial activities in those countries. Furthermore, there were strong probabilities that some of the buying in the European market was for the aocount of countries behind the Iron Curtain. He points out that premium prices paid abroad have declined greatly for zinc and have disappeared for lead. n Yon cant believe all you hear when money talks. The greatest of all political bosses is prejudice. tons. The values In the tailings average from 2 to 4 per cent 1 to 3 oz. of silver per ton. In addition, minor amounts of zinc and gold are present. Work done by the U. S. Bureau of Mines and Pacific Bridge Company have proven that these values can be recovered at a profit at this time. lead, and from ' |