Show around the state the mason valley mines company earned net during the year 1925 according to the annual report of the company just issued the utah ore sampling company has moved its downtown office at salt lake city from 17 newhouse building to continental bank building the change was made early in the month local mining stocks sold on the salt lake exchange the past week at the following prices silver king per share daly west ontario anchor daly park record april 1901 the bingham mines company is getting timber and materials at the farragut Farri gut mine in north tintic gintic ready to commence a campaign of exploration the property was recently purchased from mrs C C hansen of eureka bad roads into north tintic gintic has slowed up the work of hauling the timbers and other materials to the property the chamber of commerce mining committee plans to have some of the meetings in the future given over to speakers on various subjects of interest to mining men this means is taken it is explained to arouse more interest in the meetings and assure better attendance committee has been appointed including professor R S lewis A F cardwell and A B greeson the first consolidated statement of the copper corporation since absorbing utah copper company shows net income of for 1925 after interest depreciation and federal taxes but before depletion this is equal to a share on no par value shares operating 0 revenues were total income was 22 surplus after dividend of was 16 the work of installing a new transformer rack at the E ureka eureka lily mining companas Comp anys property in the eastern end of the tintic gintic district was completed early last week and that mine now has a connection with the lines of the utah power company A small hoist and compressor have been put in place at the property and within the next ten days everything should be in readiness for underground operations A definite statement as to the amount of work that D will be performed at this mine has not been made by the officials of the chief consolidated mining company which a owns the eureka lily as well as various other claims in to the same part of the district F ureka eureka reporter ab it the bingham mines company according to preliminary 2 estimates earned an operating profit before depletion depreciation and taxes of approximately during the 0 first quarter of the year this is equivalent to a share 04 on the shares of stock compared with operating net in in the first quarter last year of or a share on 4 the equivalent amount of stock outstanding in the march 1 quarter of last year the earnings were unusually large because 9 of the combination of high grade ore shipments and thigh high price for lead in the one month of january the bingham properties earned approximately with lead at its highest point since 1917 averaging 1017 cents per pound for the entire month and during that month reaching a record rd peacetime peace time high of over 11 cents in the quarter just closed lead averaged cents harold shriver secretary has just sent out notices of nother another assessment of three cents per share on the stock of the ie independence mining company of this district this being assessment no 17 says word from tintic gintic the com banys property is in the eastern end of the district and mr shriver states that two shifts are busy driving an important heading on the level the independence is controlled by the silver shield mining company which also has other mineral tracts in this district the independence group of claims is located to the northeast of the tintic gintic standards standard since work was taken up on this ground under the direction of the silver shield officials the main working shaft has been sent down approximately feet and considerable drifting has also been done with geological conditions quite favorable for ore the present plan is to continue the development campaign on the level A very promising strike of high grade silver lead ore has been encountered at the north maxwell mine located in weber canyon according to word brought to salt lake recently by olif cronquist president of the company which controls the property the strike was encountered on the foot level at the breast of the 1600 foot tunnel the ore is is cube galena and is said to run 30 ounces of silver and 68 per cent lead officials of the company are very optimistic over the strike and a number of extra workmen are being put on to determine the extent of the newly discovered ore body the property has been developed under the direction of mine superintendent J H marshall a nevada mining man who has had charge of the work other officers of the mine company are J A maxwell vice president willard hansen jr secretary and treasurer tests which may result in the electrification of the entire rail system of the utah copper company at a cost of are already started according to L S cates general manager of the company as reported in the daily press in the general plan for reducing operating expenses at the bingham properties the electrification of the rail lines has been looked on by officials of the company with favor and two types of electrical locomotives have been ordered for tests of operating efficiency one locomotive which has been ordered and will be delivered within ninety days i is a horsepower diesel electric locomotive which will cost and will handle sixty tons this type runs on electric power furnished by self contained generators operated by diesel oil engines the other will be a combination storage battery and trolley locomotive which will handle seventy five tons and will cost about two machines will be operated for a year against each other for checking efficiency they will be used on the J and K stripping lines tor for the tests the large shovels used at bindham Bins are arc already electrified and the tentative plans would mean that electric power will operate the entire machinery of the utah copper and the bingham garfield railway companies |