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Show I flj OF U LIBRARY CITY METAL PRICES 1 16c Lead (per lb.) Gold (per oz.) ....$34.9125 ,24.2c Copper Zinc (per lb.) 18c Silver (per oz.) new mined 83.25c Features Mining, Oil, Financial VOL. 23, NO. 35 Salt Lake City, August One Year $2JH 22, 1952 Metal Price Cuts Lower Day Profit Preparations Proceed for Mining Meet Day Mines, Inc., produced less ore and made less profit in the second quarter of 1952 than in the second quarter of 1951, S. F. Heitfeld, secretary-treasureinformed stockholders in a letter this week. Net profit before depletion and income foxes during the second quarter this year was $90,478 as compared with $123,982 for the corresponding period of last year, the report shows. Comparable net profit for the first quarter of this year was $268,-93almost three times as much as the second quarter net. Third-quartoperations may show further decline, stockholders are told. Unless the metal price picture changes rapidly for the better, which is not anticipated r profits will be materially reduced as a result of the precipitous decline in the price of lead and zinc during the second quarter of 1952, Heitfeld states. The decline in tonnage miller1 was from 65,071 tons in the second quarter of 1951 to 53, 4S tons in the same period of this year. A tota of 64,549 tons were milled in the first quarter of this year. Results for the first six months of both years were comparable. Heitfeld states. Net profit before depletion and income taxes was $359,414 for the six months ended June 30. This is slightly-morthan the $352,321 earned in the same period of 1951, but the increase is accounted, for entirely by the fact that less depreciation and amortizatipn was deducted this year. Net operating profit and mine production both reflected the general decline. Net operating profit was $521,445 for the first six months of 1951 and $500,914 for the first tonhalf of this year. First-hal- f comas wa 124,260 ast year nage pared with 115,185 this year.Company exploration projects are going ahead on schedule and there are no new developments to report, the letter stats. Shaft sinking operations now in progress at the Tamarack mine should be completed during the Washington, D. C., Aug. 22 A Resolutions Committee or the 1952 Metal and Mineral Mining Convention of the American Mining Congress, to be held in Denhas been apver, Sept Merrill E. Shoup, pointed by Colorado Springs, chairman of the AMC Western Division. Kenneth CL Kellar of Lead, South Dakota, has been named chairman of the committee, and a number of subcommittees have been appointed to give consideration in advance to topics of major importance to be included in the industry's platform this year. These subcommittees and as follows: their chairmen are General Policy, Kenneth C. Kellar, Kellar, Kellar & Driscoll, Lead, S. D.; Labor Relations, Charles R. Kuzell, General Manager, Phelps Dodge Corp., Douglas, Ariz.; Taxation and Government Expenditures, Henry B. 30-ma- n Non-metall- ic r, 22-2- 5, 5, er i third-quarte- e - , present quarter, it adds. Nevada Districts Increase Output Tungsten production is in-e creasing in the Gabbs and Raw-hidjareas southeast of Fallon, Nev., reports from that Church- ill County seat indicate. Ken-meta- l, Inc., has enlarged and improved the mill at the Nevada Scheelite Mine more than doubled the mine crew and is also accepting custom ore. This property has been Nevadans second largest tungsten produced for many years. acquired control of the mine and plant in 1951, from Nevada Scheelite, Inc. Operating a new mill equipped with a crusher, rolls and three concentration tables, Nevada Pacific Development Company is increasing output of tungsten ore from 30 to 60 tons per day. Ken-met- al g piaced in motion this .week for the taking of a strike vote of approxiMachinery was mately 6000 employes of Kenhecott Copper Corporation in four western states as union members gathered at Magna, Utah. The vote is slated to take place among all union members during the later part of this month. Shown above is Kennecotts famous open pit mine at Bingham Canyon, Utah, source of a large portion of the worlds copper ore. be-n- Park Utah Femald, Loomis, Suffern New York, N. Y.; Gold, . source of synthetic liquid ations most promising large-scalContinued lower metal prices fuels, Interior Secretary Oscar L. Chapman reported today. the departments in the face of increased operate Re-stati- ng ing and development costs resulted in a decline in net income of $119,065 for the first six months of this year, compared to a similar period in 1951, for operations conducted by Park Utah Consolidated Mines Company. Net income from activities of the famous Park City District, Utah producer amounted to $4848 for the six month period of 1952 compared with $123,913 recorded in the comparable period of 1951, according to Mr. Paul H. Hunt, vice president and general manager. Park ' operations have a strike of been 'dosed--byUnited Steelworkers of America, CIO since the latter days of June of this year. According to the report, total ore sales for the period were $1,092,886 and expense of mine operations was $1,000,472, reflecting an amount of approximately $400,000 more than for the first six months of last year. Net workding capital decreased $206,050 from $1,580,361 as of December 31, 1951 to at the end of June, 1952. The company controls extensive mine holdings in the Park City area of Utah and has long been one of the states more immetal portant . $1,-374,3- 11 non-ferro- us Closing Of Stibnite Mine Looms that it would be prudent for. private industry to establish a pioneer commercial plant, Secretary Chapman added: Sooner or later this nation will rely in part on synthetic liquid fuels, and from the standpoint of security it is essential that it be fully prepared when the time comes." Oil shale now occupies a very interesting economic position, owing to recent advances in mining, retorting, and refining, the secretary points out in the introduction to this annual report on synthetic fuel operations. One 1951 section of the redeals with report search at Rifle, COlo., and Lara- oil-sha- two-volum- e oil-shal- e oil-from-c- population gun. Only about 30 men will be kept on as a skeleton crew during the fall and winter. Last year the Bradley companys Stibnite operations produced about 90 per cent of the nations antimony output. The mine, known as the Yellow Pine, is a fully developed open-pi-t operation capable of producing 2500 tons of antimony ore daily for several years to come. With its concentrating plant and modem electric furnace it can turn out approxi- Continued on Page 3 Sil- Francisco, Calif.; Stockpiling, Hariffs, Incentives to Mining, Otto Herres, vice president. Combined 'Metals Reduction Co., Salt Lake City; Public Land Policy, Robert M. Searls, counsel, California Chapter AMC, San Francisco, Calif.; Mine Financing, Carl j. Trauerman, secretary-treasurer, Mining Association of Montana, Mont.; Government Reorganization and Functions, Horace M. Albright, president, United States Potash Co., New York, N. Y. le Stibnite, the Idaho town which Bradley Mining Company built up from a ghost gold caxnp in 1932 to the nations antimony capital in recent years, seems destined to revert to its former ghost status at leasi temporarily. Poor marketing conditions for antimony oxide have forced the company to suspend operations at its mine, mill and smelter. According to John Bradley, president of the company, min- mie, Wyo., and the other with studies at Louisiing operations were halted about three weeks ago, the ana, Mo., Bruceton, Pa.; Morgancrusher ground to a halt and town, W. V., and Gorgas, Ala. the smelter will be closed AuThe Bureau of Mines recentgust 15.. ly made detailed cost estimates of the for a Already about 325 regular employes have been operation, incorporating released and the exodus of the Continued on Page 2 has betowns 1000 one-thir- d Fer-nal- d, ver and Monetary Policy, Donald H. McLaughlin, President, Homestake Mining Co., San Oil Shale Held Promising .... Fuels of Source Synthetic Reports Drop In seven years of cooperative and intensive research, the Bureau of Mines and private industry have lifted oil shale from In Net Income the obscurity of a resource with remote use possibilities to the conviction & Philippine Gold Miners Wages At 2 Dollar Level Manila, P. I. Spokesman for three big Philipine gold mining companies listed on U. S. stock exchanges testified they would have to shut down if forced to boost miners wages 50 cents a day, to $2. The three companies, which employ about 8,000 miners, have petitioned the Philippines wage board to extend the current pay scale beyond the August deadline. The companies are Mindanao Mother Lodes, Benguet Consolidated and Balatoc Mining Co. The minimum wage law was passed by the Philippines congress as part of the U. S. Mutual Security Agencys economic aid program. Te M. S. A. program i sdesigned to check the spread of Communism by raising the living standards of industrial workers and small farmers. (Week Ending August 15, 1952) BINGHAM DISTRICT, UTAH Combined Metas Reduction Co. 440 tons. -Sulphur Development U. S. Mines 7958 tons. WINNEMUCCA, Nev. RejuUtah Copper (Kennecott) -- venated early 1951 by Black 1053 cars daily average. Rock Desert Mineral Company PARK CITY DISTRICT, UTAH following a long period of idleNew Park Mining Co. 1410 ness, the Black Rock property tons. at Sulphur, 60 miles westerly of Silver King Coalition 120 Winnemucca, is developing into one of the nations important tons concentrates. & (Courtesy J. A Hogle Co.) sulphuh producers. 250,000-barreta-da- y Ore Shipments 85-to- n oil-sha- le |