Show I lV I NEWS r 43 COPPER MINES SHOW SHUI HEAVY INCREASE IREASE MINE MIME AND REfiNERY I I T. T Last It year ear th the a erttle price of oC was as 29 27 7 j cents per pound pl In spite o othe of oC the 23 cents which obtained during I the lie la last i t three months of oe the year ear Do no- liveries contracts contract d th the on oui plu placed prior to price fixation account for this high I average e largely 11 Producers mana managed to ho mAke all 11 the lie wa a way from 7 i to 1 12 cents cent I per pound profit era t averaged ed from Crom each of fir the four CUI our largest lanest mining districts This Thin yeAr c r the lie average vern 1 price of oC copper coppe will ihl range around 2 25 ii cents cent pei pound and ei are likely I to b be bc hl higher her than lower r than In 1517 Since the drastic curtailment curt of ot th the copper production In this country li lithe In Inthe inthe I the summer of or 1917 the lie government o lia has be been n mn t careful to encourage le la labor la- la bor her Due to this strike the tho production I of oC three forty leading unities mines fell of off II rein from around pounds a n month to l I less ss s than OOOO pounds at t i p time tune when the demand for tor copper metal J i a was I never I more urgent nt 1 says 5 the Roton Ro- Ro ton Transcript A general fIl r 1 In Increase ii In I wages a es was as as the lie outcome of oC the thc strike but capital was forced to accept a 1 do de- de III In the price of or copper from fron rom around 30 cents cent a n pound to 3 cents Drastic BS us this seems ems when the story stOl li is related thus the fact that under conditions then existing the mines were wen still able for or the most port to continue to 10 operate with a fairly substantial mm gin of oC profit Th The only nl produce affected was s tim mar marginal producer whose cost cust of oC production per pound o copper then was dan dangerously near th the market price b cents Since then conditions have hu become practically In Intolerable Intolerable intolerable In- In tolerable for such producers and man many small mines especially especial In the th lake diet have ha been closed larl Early In Juno freight rates were ad ad- ad about 25 5 per cent on the lie aver J. fiSt Xo No o complaint against this thin action I Is justified The railroads had h been n starved d for or and am wc c absolutely entitled to an nn adVance In rates What hat did not occur however how how- over ever was wa a i corre corresponding Increase In Ii prices s which are now no under government govern govern- ment regulation and ond not nol subject to natural natural natural nat nat- ural economic laws The resulting pressure bore heavily II on the copper producers Practically all supplies s purchased purchased pur pur- chased b by the tho copper mines wore ere ad advanced advanced ad- ad In price when this charge was wai as passed p along to the consumer r The point ha has already tl been prominently nth ex exhibited ox- ox that the additional freight r charges e Involved an Increase In th the thea a average rage co cost t of ot producing copper of oC a a t. t full Cull cent per pound Labor Smelting and suid Charged Charges During the past eight or ten Hn months month labor employed In copper mines line hat been receiving recel a wage based on on a 1 26 cent ent price for tor copper although the producer producer pro- pro ducer was a obtaining only 23 H cents centA for foi hi his output Even en this thin price was not nol fair In competition with Oth l' l Industries Industries industries Indus Indus- tries especially with those thoI operating under the pernicious plus cost system ss s's tern tem which were enabled to PS pay any wages under the sun SUII merel merely charging charging- the thc amount up to costs and obtaining incidentally a t lder margin of or profit under such euch contracts A great deal of oC labor abor In the mines gravitated toward the he Pacific coast shipyards This week it was reported 1 that labor through Its ItsOn own On wn representatives was throwing its support In with the producers in the tight fight for or a high price for tor the metal In order that It Il might obtain an advance In n wages In all probability therefore labor abor advances ances and the increased price of oC f materials since last September will consume most mOlt of oC the remaining 11 it 1 i cents lents left after the railroads ds have h received re- re their due And nd this is without reckoning the Increased charge in smelting and r refining n a fair fraction or of f a cent per pound which Is pow now In effect It is understood that lint the pro pro- claim when the tho cost sheets for tor or recent months are compiled the they will be bo In a a. position to show sho that an average a Increase In the cost of production production pro- pro since ce last September of oC 4 cents per er pound has occurred This data could not DC e submitted to the lie price price- fixing committee of oC the thc war wat industries board oaid this week ec however ever and the theal ni al'- was WI weakened correspondingly ny By 3 the time tinie the present price of ot 26 cents expires August 15 Hi it is barely po that these statistics may ma be available but It docs clots not necessarily follow ollow that the board will order an nn Increase increase In- In crease then This rough portrayal of ho tho forces Influencing the expenses of or nine mIno however is sufficient to give gl a n rough ough estimateS estimate of oC the probable In- In crease The country countr should achieve a bl big benefit from this advance ance In to price of DC copper opper metal Probably pounds pound and possibly pounds of oC if copper will be added to the annual output of oC the country countr accordingly I The producers producer will as al' a class clas be put back where the they were last laet September so far an as earnings s are conc con- con c and nil any increases Increase in costs cosh that in the future will but repeat he this story ston o of the situation between last and July Juh 2 So far Car as the th market et for copp copper r stocks Is concerned they thc have ha been heen generally liquidated to tot toa a t price which has ht discounted the lie worst wor Dividend DI after dividend di has Ius been reduced re- re or passed During the first half haIC halff of oC f the lie current year only was as dl distributed ed b by thirty eight leading companies where over was paid aid In the same period of or 1917 To be nrc this Is II better than the G 0 odd dd paid In 1916 but the copper boom had ad broadly started at ot that time MAhATTA WHITE HITE I CAPS AMII I Iare Conditions In the camp of or Manhattan are recounted In a I letter Her went sent out by bythe the fh chamber o of commerce of the camp from rom which the tho following follo Is la taJ taken n i From the tho third l level cl of or the White WhiteCaps Caps a 1 new raise ralle No 0 07 has been I started to exploit the lie u nosY new V om ori hod body Just discovered ered In the th han n wall ivall f of th the main vein I This work Is showing shoring a 1 very good grade of f ore going oln Into the hangIng hang hang- han hangIng In Ing wall wail The Tho ore has now no been licen I cn to be approximately feet crt between tet walls salts Prom From the this fifth level le east talt ore oro body bOlh Interesting developments I Iare ar are expected from rom work now nor being I from the tho east last face of the lie thrift drift alon along the cast enst fault null of or the White Cups the furthest cast of or orn any n work work- work work-I In logs In the mine Sloping hns lins started from froni rom raise Ol fifth level le and the present work worl chows a vel very favorable ra Indication Indica indica- lion Ion for Cor a big bi body bOlh of ore to be de deel de- de e- e el n p ed Exploration work worl ha has been ben r re resumed re- re from the upper levels le In the east tRet woi workings kings as ns It Is expected to develop still more than is shown at present ent from the 5 levels Most Io t of or this work wilt will bo te In cross cros cutting Ih the formation The fact that lint additional additional ad ad- ore bodies have ha r recently been exposed paralleling the lie main ore- ore shoot hoot t f om th the tho fourth levels le ln cast t of the shaft Is considered d a very strong tron indication for Cor moro more ore to be found from Crom tho the upp upper levels le The mill Is making It Its usual r regular production Another r bl big up clean-up is 19 now being made and the gold brick has reached Tonopah There Ther has been a a. ch change ne In the mine superintendents O. O 0 McCraney who has ha haul had charge lot of C mining operations for Cor over a year ear car having bavins resigned to accept a similar r position ith the lie th Tonopah Belmont company In the operation of oC their heir property th the l Eagle flagle mine In Tuolumne county c California This Thill Is the third largest mine In California C and nd It speaks well sell for Mr 11 McCraney's ability that ho should be given I en the superintendence of or the prop Ht erty The n now new w mum superintendent of oC the White Caps I Is W W. L L. L Taylor of oC SIler Silver SIl- SIl er ver City CIl Nev Nov He has been In char charge e of oC several ral largo large properties s and comes to the White Caps most hl highly recommended rec rec- Mr lr Taylor has been connected connected connected con con- officially with the Copper company compan Alaska has had charge of ot properties In South Africa and also has hal specialized specialised In examining and reporting on properties Consolidated The event of oC outstanding Importance importance tance In connection with Uh the mining operations In the thc Consolidated curing our cur ing the week weel Is the opening up of the high grade free milling ledge hedge In Inthe Inthe the lie raise from Crom the th rd level west of or orthe the mud fault Th The ore was encountered In the raise about thirty feet Ceet above abo e the level le anI and has Just been un uncovered uncovered un- un covered ered so that nothing Is known as asto asto asto to the ext extent nt of ot th tho ore oro except that the tho rock Is cd with free gold that Is now no showing in ln n the roof of ot the raise t I This hl high h grade r de l. e was a worked from above the second level to the tho sur sur- I face foce The Tho ore as developed eloped In these old workings s is from three to eight feet wide and the oro shoot Is about Cort forty fact In length The vein is a atrue atrue true Irue fissure running north and nd south across the formation the balance of oC the ore bodies developed dev loped In the Consolidated Consolidated Con Con- being shale eon contact tact making Into the limestone The Tho management m plans to start drifting from the third level ol to develop th the thud mud vein from that level le west est of or the haft TUNGSTEN DEAL IS ISE MADE MABE E AT Mill ILL CITY Bit By ny a deal cleat closed close In Lovelock a few days clays ig n. L L. A. A Friedman acquired from Campbell brothers the group of ot claims on which the tho rich ilch tungsten strike was recently made In Polo canyon canon three miles north of TUII Tungsten City near Mill 1111 City says the Humboldt Star The deal was Vas m made after a thorough examination of oC the tho property by Mr 11 Friedman's en engineers en- en Indicating possibilities of oC tungsten production fully as great as those at It the tho big properties at Tungsten City where two reduction plants pants are areno arenow arenow now no under construction Mr Friedman announces that he will immediately begin the development of oC his now newly acquired tungsten tun sten claims The construction of a road to the claims from rom the tho canyon will vIll bo be the thc first t thing thins to be done This will cost fully Cully 10 as practically er c every foot oot has to be graded The road rond will bo Lie finished In Inn bout about n two t weeks when machinery can bo be hauled in and there will be no time lost In speeding up production A compressor compressor com corn plant will be bo Installed and the I property opened up b by a n series of oC tun tim nels The This vein eln I Is about eight feet reet wide and the lie ore are Is III nf ut higher grade than at Tun Tungsten sten CIl City from which stead steady shipments ship ship- uncut ments have ha been made th the past six months month b bv by operators and lea leasers ers Mr 11 Friedman s plans include e the In Installation In in- stall lIon of oC a mill on his new property property prop prop- ert erty as soon a aR an developments do warrant He expects to start shipping ore within withIn with with- in thirty days Resides Besides the hue original orl-inal strike group roup which they the lie have ht sold tho the Campbell brothers own a largo large number of ot claims In the tho Immediate vicinity t The They have let n a number of leases lease on which work I Is b being ely actively prosecuted and nd a number num nuni- her ber er of oC the leasers have ha excellent showing show show- ing 1111 togs 4 M N NH H 1 INNINGS ON AUG 7 1 According to the tho Wall all Street Journal Journal Jour Jour- nal a producer w who ho tt I attended the conference con con- ference In Washington on Tuesday last between the fixing committee and anci the lie copper Inter interests says 8 lila meeting was wai In striking Contrast contrast contrast con con- with that held three or four tour weeks ago ao when the thc Cent 3 cent price wan Wall I named at which lIm time the producers r were Ceo coon coolly cooil informed that the price had been heen fixed before h Core the tho they h had c arrived d In tn Washington This weeks week s meeting mecUm I was IS in evers- evers respect Th j copper coppel people did Iid not ask the committee commit commit- tee to name any specific price and In this I think they thi acted wisely When thien the producers had had their I. I Ha say the price fixing committee retired retired re- re tired and ond after aCter brief Deliberation J re reported reported re re- ported that they the lie lie- had agreed apr upon a ft aprice price of or 26 cents r f. f o o. o b b. eastern eastern rl re r. finera which would hold until AU August Ul 1 15 lG stating that thc they would be glad Iad to i give I e the tie producers another hearing August Au Au- tu- tu gust t 7 b by hl which h time the thc new wage wag situation would bo be clearer rerI I shall be greatly surprised If iC on August 15 a still higher his price price probably ably 27 1 cents P s 's not named although I Chairman stated ted th that the I claims a as to coq costs by the tho copper cop cop- per men were considerably above e the findings of or th the lie federal trade commit commis zion sion 1 With respect to the high cost coat pro pro- the committee Is 18 anxious to Jr grant relief relict It Is Js undecided however as to just how ho- this relief can b be bo an ap ap- plied Piled it dislikes to establish the i pr precedent of oC naming m ono one price to the average c cost t producer and a still higher price for COl the high cost producer This would create all kinds of oC confusion If Ie the same samo policy polley were applied In other 1 Industries The Important fact Is that the corn com millee seems to be convinced that th the producers were retting Letting forth Corth their case cafe honestly and and that th the copper mining In In In- j was not trying to secure for tor It I- I sel self more than a fair Calr compensation RARER METAl PRICES AND PRESENT MARKET i Commenting on the price situation In regard rd to mall many of oC tho ho more uncommon mon nion metals a 1 Journal contains the following ln The tun tungsten p market remains re re- re I mains the thit same with prices ranging from 20 20 to 21 t I according accord i n g to grade Material for for shipment Is very difficult I i to sell and offerings from China have ha been made as low as S 20 20 per par |