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Show The Western Mineral Survey, Salt Lake City, Utah t Promising Ore Showing Cut At Tonopah Continued from Report Lower Gross. Incomes Hecla Mining Company and it subsidiary Polaris and Summit mining companies had lower gross revenues in the second quarter of this year than in the first quarter, according to reports released yesterday. Heclas gross income for the second quarter was $313,928 as compared with $327,628 in the first. Estimated net income af-t-e allowances for taxes and operating expenses was $239,519. Polaris reported second-quarte- r gross receipts from ore sales and other sources totaling $540,-84- 6 as against $673,069 in. the period. preceding Net profit after allowances for expenses and taxes based on income was estimated at $171, 367. Silver Summits receipts from ore sales amounted to $333,462 for the second quarter, a slight decline from the $357,822 reports ed for the previous quarter. Net pofit was estimated at $88,579 after taxes and expenses but before deductions for depreciation, depletion and amortization. n, . CHICAGO Dr. 0. C. Nelson, medical director of Cook county hospital here, accepts delivery of two iron lungs, a gift from the Amalgamated Meatcutters and Butcher Workmen of North America. A. F. of L. Earl W. Jimerson, (left) union president, looks on with Harriet Drcher, therapist of the Sister Kenny Foundation, and Patrick E. as Dr. Nelson explains function of Goi'iin, union secretary-treasure- r, the iron lung worn by Mary June Dougherty. In addition to Cook county hospital, iron lungs were donated by the union to the Sister Kenny Foundation, Minneapolis; the Red Cross hospital, Louisville, Ky.; and to St. Marys hospital in East St. Louis, 111., bringing the number of iron lungs donated by the American Federation of Labor to 1.000. -- 0. Officials said the ore tbnnage received this month would be over the 15,000 mark which sets a new record for production. The best previous month to date saw 13,721 tons processed. f( The Ajax is shipping good grade ore from the Bobtail vein o nthe 27th level. This mining is being done on ground owned by U(JM and the Ajax must pay a royalty for all ore taken out. Just recently one lot of coarse settled for 1.40 and another for 2.91 ounces of gold to the ton. From all indications lots of good ore can be mined from this section. Three lots of ore were shipped last week from the Ferguson and Kumetat lease above the 10th level of the Mollie Kathleen mine. The screenings settled for 3.12 ounces of gold to the ton. The other two lots, one middlings and one course ore, averaged close to one ounce. At least three more lots will be sent to the mill within the next week or 10 days. The lot of screenings will probably be a lot better than the previous one. - One table in the report put U. S. demand at 13,700,000 bar- rels daily by 1975 as compared to the 1950 rate of 6,450,000 barrels daily. The same table foresaf U. S. production increasing from barrels daily to 11,200,000 barrels. ' Simultaneously, imports of crude oil and products were seen as rising to 2,500,000 barrels daily two and a half times the present flow. Another estimate placing production of crude domestically at 8,000,000 barrels daily and demand 3,700,000 ' barrels beyond that, seems to indicate imports would climb to that point' to make up the difference. A third estimate puts domestic production at 5,000,000 barrels daily below todays production In that eventuality, the production - demand spread, would be 7,450,000 barrels daily. The assumption is that this deficit would come from imObservers hold it unports. likely, however, that either the industry or the government would allow the country to get into the position om importing more than it was producing if such could be avoided. The report states that: 1. Domestic crude production is far from the end of the road but probably cannot keep pace with rising domestic needs up to 1975. 2. America should keep doors open for Increased oil imports even though foreign oil competes with domestic because this nations future oil position does not warrant any discrimination against imports of crude oil from any quarter of the world. , 3. Tariffs on crude oil imports should therefore be held down, reduced, or eliminated, within the limits imuosed by national security consideratons. - The signing of a floor-pricpurchase contract for copper and molybdenum with the San e 818,000 $87,-40- d Contract For Copper Project Concluded Golden Cycle Restoration Of New Acid. Indian Lands Plant Started Produces Reeommeded At Kellogg acres Restoration of More Bars of unallocated land in the south Construction CRIPPLE CREEK, 'Colo. Three more valuable bars of gold were poured last week at the mill. This jbrings to 63 the number of brocks sent to the U. S. mint since the plant opened in the spring of 1951. The value of the three was Doubled oil demand with imports increasing faster than domestic production in 1975 was forecast in the recently-releasePaley Commission report. The- commission, headed by William S. Paley of Columbia Broadcasting Co., was appointed a year and a half ago by President Truman to study supply and demand of basic raw materials in the next quarter-century- . three-mont- h er. degree angle. They will follow this course until the end of the pay streak is reached. Doubled Oil Demand For Future Seen 1,000th Iron Lung Given by A. F. of L. Mining Firms Page 1 The company will then sink to establish the depth and thus be able to approximate the tonnage. The property being prospected is owned by the Calumet & Ilec-l- a Consolidated Copper Co. and is under lease to the Homestake Mining Co. and Summit King Mines, Ltd., which are participating jointly n the venture. Summit King Mines Ltd., is owned by Bralorne Mines, Ltd, of Vancouver, B.C. I. B. Jorale-.xnomining engineer, is president of Summit King and P. G. obson is secretary and manag- Although the vein has narrowed to three feet after about 20 feet of drifting, values are holding around the $50 a ton mark in the. traditional Tonopah ratio of gold, which Dobson regards as very significant. Crews are no wdriving laterally in a westerly direction along the vein which dips at about an 800 September 12, 1952 half of the Colville Indian reservation to the public domain and reopening of the area to mineral entry has been recommended by Senator Harry P. in an analysis Cain of the chaotic situation which has prevented development of this potentially productive mineral area for many years. The anlysis, prepared for presentation to the 82nd Congress and printed in the appendix of the Congressional Record of August 12, points out that the Colville Indians have filed claims with the Indian claims commission for compensation for lands allegedly taken by. the government and these claims cover the 818,009 acres in question. Legislation to return the land to the tribes, such as has been introduced into the last three sessions of Congress, is, therefore unnecessary, Cainyassert. (R.-Wash- .) sub-contra- ct Los Angeles Exchange Asks Trading Rights . Los Angeles Stock Exchange has made application to the Securities & Exchange Commission for unlisted trading in common or capital stocks of American & Foreign Power Co., Inc., The American Tobacco Col, Ashland Oil & Refining Co., Celenese Corp. of America, Chicago, Milwaukee, St Paul & Pacific Railroad Co., Anaconda Income Clinton Foods, Inc., Dome Mines Anaconda Copper Mining com- Ltd., El Paco Natural Gas Co., Corporation Limited, pany's net income for the first Eureka FeFdders-Quiga- n before iCorp., of this months six year, Chemical and of totaled Corp., deduction depletiori, MoGulf. Robert Gair Co., Inc., an estimated $18,965,219, equal Lion Ohio Rail. bile and Co., as to $2.19 a share, compared with $25,349,432, or $2.92 a Oil Company, P. Lorillard Co., share for the corresponding pe- Merck & Co., Inc., Montana-Da-kotg Util. Co., Raytheon riod of 1951. Not included in this Co., R. J. Reynorlds estimate is the companys equity and St Louls-Saof Tobacco Co., in undistributed earnings Anaconda Wire and Cable Com- Francisco Rwy. Co., and the 5 pany which totaled $1,289,995 per c?nt series A 1952. This eqPreferred Stock $100 par, for the first-hal- f of to for Milwaukee, St. Paul amounted $1,310,077 Chicago, uity Co. & Pacific Rr. of last year. the like period priv-ilegedg- es a e guaranteed the company a ket or 365,000 short tons of marelec-trolyical- ly refined copper and 16,060 short tons' of molybdenum contained in concentrates. The guaranteed price for the copper is 24 cents per pound, cent under, the present ceiling, and 60 cents per pound for the molybdenum concentrates. Development of the big mine will involve, in addition to the equipping of the mine itself, installation of a mill and smelter, construction of a townsite, pow-- . er plant, railroad connections and installation of a number of auxiliary facilities. The contract provides that the mine be in full opeation In 4 years. CROMER BROKERAGE COMPANY Complete Information Furnished on All Stocks We have a limited number of 1951 summary of ' stocks, together with high-loprice sheets that will be sent to you free upon request. w er Manu-factuin- Non-cmnu-lativ- DMPA, Mr. Larson said, has ' Food-Machiner- n' of a sulphuric acid plant capable of producing between 250 and 300 tons of acid daily has been started by Sullivan Mining Company at its big electrolytic zinc plant in Silver ing puch west of Kellogg, according to Wallace G. Woolf, zinc plant superintendent, says the Wallace Miner. The new facility is being engineered in consultation with Singmaster and Breyer, one of the nations foremost firms in the field of metallurgical and chemical engineering, he said. The acid plant itself has been designed by Leonard Construction Company of Chicago under a It will be a fully modern unit utilizing the Monsanto process under which sulphur dioxide gases generated in the zinc concentrate roasting process are converted to sulphur trioxide through the use of a vaqadiaum catalyst Roasting processes at the zinc plant are now being changed to produce a stronger sulphur gas for treatment in the new plant, Woolf stated. Excvations are now. being made and "foundations poured on the hillside just north of the zinc plant roaster buiding, he reported. A great deal of concrete work will be required. Actual construction is being done Construction by Steams-Roge-r Company of Denver. The facility is expected to be completed by late 1953 or early in 1954, unless construction is handicapped by delays in delivery of steel and other materials and supplies. Cost of the big project is being borne by the Sullivan Company, jointly owned Hecla-BunkHill firm. However, the defense production administration has approved accelerated tax amotization on $4,350,000 of the cost. This means that this amount of the cost can be charged off against taxes over r a perior instead of up Such rapid tax to 25 years. write-ofare designed to encourage private construction of Manuel corporation of New York, was announced recently by Jess Larson, administrator o the deefnse materials procurement agency. The action completes the governments negotiations, Mr. Larson said, for development of the companys vast copper and molybdenum holdings in Pinal The property Cocnty, Ariz. contains one of the largest copper deposits ever discovered in the United States. A loan of $94,000,000 to assist In development of the property was approved by the Reconstruction Finance Corporation. ' five-yea- s defense-usefu- l faci-itie- s. THIS INFORMATION WILL BE SENT TO YOU WITHOUT OBLIGATION T f SALT LAKE STOCK EXCHANGE BUILDING 39 Exchange Place, Salt Lake City, Utah , |