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Show , , - Ex Spry plains Operation of Law Postponing Annual Work Commusioner r ; Required Improvement Must Be Under Way by July 1, Is Purport of Statute, Special to Th. Trlbnna WASHINGTON, May 23. Comralaaiotier Spry of th g&ieral land office wu aaked to pas on the question Sf whether or not mining assessment work tor the year 1920 must be completed by July 1. 1921, in order to protect the claim, against adverse location. Congress at the last session passed a special bill granting a postponement until July! of the time in which the 1920 assessment work might be done. The reply of Commissioner Spry, which -follows, makes clear that the -- iand itself does not ordinarily eon sider the question of assessment work, as that is a question which affects the as. between adverse right of possession claimants and over this question the courts have full jurisdiction- - Letter Explains Provisions. The statement of Commissioner Spry follows: Reforrlng to your letter relative to assessment work on mining claims for 1929, I have to advise you that the act of December 31, 1920 S. 4645), extends the period within which the annual assessment work for 1920 on unpatented claims must be performed in order to prevent relocation, to and including July 1. 1921, so that if no assessment work is dons by 12 p. m., July I, 1921, the ground embraced in such claim would be subject to relocation the same as if no location thereof had been made, provided that the original locators, their heirs, assigns or legal representatives h&vs not resumed work after failure and before such reioca. lion.' Section 2324 Revised Statutes, Is Matter for Courts. Notwithstanding the fact that activity the Salt lake Stock and Mining exchange yesterday was transacted upon a narrow base, due to the selling of expen-slv- e stocks, the total volume of 57,340 shares sold, with a markettrading, valuation of 89969.49 was fair, especially for the opening day of the week. Sailing of Silver King Coalition and Tlntlc Standao was, in the main, responsible for the part of this total, for during the but eight stock were active nd but nine on the last call. Prices, as a whole, were weaker than Saturday,- - Sliver King Coffin ion, " Vl fli 1850 shares sold, reacted from Its recovand slipped back two and ery of a half Saturday point to a close of $1.72 VI. Tlntlc Standard, with 800 share sold, traded around $2.40, seller ten day. Walker was two and a half points stronger, to a closeadvancing of $2 5248. Oil stocks were quiet with the exception of Bay State, which was more active than it has been for daya With 8100 shares sold, thi stock held at 30 cent throughout , Alta stocks were quiet. Emma, with 5000 shares sold at 244 cents, Alta Tunnel upon Cter Ounce for Foreign Silver Expected by End of Year highly productive area and twenty-fiv- e edge" tracts, each having an approximately equal valuer The tracts will be sold to th bidder who offers the largest bonus. No one person, association or corporation may purchase more than 640 3 acres, A base raoyalty of 33 per cent on the oil produced Is fixed on the Inside'' tracts, and of 25 per cent on th edge tracts. Th base royalty on gas ts the standard royalty fixed by th secretary of the interior on December 20, 1920. One-fifof the bonus must be deposited in cash or certified check by th successful bidder on the day of the sale, and- - the remaining must be paid In four equal quarterly Installments, subject to the condition that the successful bidder- deposit bank certificates of deposit, Liberty bonds, or corporate surety bend 4n Abe amount ef the deferred payments. Ail the above lands lie within the "geologic structure of the Salt Creek oil field ae outlined by the United States Th geologic survey on April 2, 1920. principal functions of th geologioal suract ore to vey under the outline the productive oil end gas areas, to include them in formally defined th four-fift- - American "origin, seTotal cured under the Pittman act, now amounta to 82,528.197 ounces (May- - 1Q. I 22 20,197 ounces, Total for thia year divided as follows- 17,249,000 ounces for the first three months, 2,190 197 ounces In April and 2,821,000 so far in May. Total silver exports for the latest pereserve federal riod reported by the board, April 80, amount to $17,264,976, Mexico sgalnst imports of $16,868,795. sent us but 8666,256, A bill to estabish a new mint at Chicago has been Introduced In congreaa by Representative Britten. Balt lake men, G. L. Bern is, George Bsgltn, J. It, Walker and C. A. "Walker, left yesterday for the Walker Copper mine fn Plumas county, California. It Is the Intention of the party to remain at the mine several days and make a thorough - 347. Having been extremely frugal with tta war earnings, Utah Copper has been able to continue dividends longer than any other copper properly. But It hag done so at the expense ofsurplus. In 1919 the deficit after dividends was $1,494,644. last year It was $4,822,442, and in the first three months of 1921 the deficit amounted to 81,714.817. In short, in th last two years Utah Copper has dipped Into surplus to the extent of over $3,009,009 In order to continue dividends. It is In the operating results, however, that encouragement Is found in the first 90c. . Bey State, 8100 report. Grade of ore averaged quarter's T5t at le. Demijohn. 1.16 per cent copper or approximately the Emma. 5000 st 2c. same as last year. Of this th company Eureka Bullion, 500 at 10c; 2000 at 1044c; 83.87 recovered cent, with per compared 2500 at He, 81.88 per cent In 1820 and 78.46 per cent Mmsorrlt. 8000 at 1C. In 1919, In 1917 the Company's average biw yulnoy, 12 000 at 4c. In four recovery wae 61 10 per cent. 10O0 at 4c giber King Coalition. $50 st $1.75; 300 at years, therefore, it ha23 increased Its copper cent, or from per recovery nearly $1 7244. 61.10 per cent to 83 87 per cent, UNLISTED STOCKS. Montane Bingham. 9000 at 944c; 100 st 10c. BOO 15c at North Beck, STANDARD OIL STOCKS. e. fmaMnatloe Matala 1000 at (As reported by 3. A Bogle A Co.) Tlntlc standard 500 at $2 40, teller tea daya, . Z. 0. M. I.. - lNDtSTRIAL, 5 at $119 00. CLOS1NO SALES, Alts Tunnel. 0000 at . 800-a- t 10c State. lty Eureka Lilly. 000 at Tc; 18 St $54. Lehl Tlntlc, sons at 444c. hew Quincy. 1000 at 4e Prlnet Con , 600 at 2744c. Silver Kin Coalition, 100 at $1 T244. Tlntlc Standard, 00 at $2 300 at 82 5244. Walker, 6c. 42. TOTAL. Sharea aoM. ST M0. Belling value, $995$ 41. , . , 7. at 817 compounded METALS offlca, MARKET. YORK, May 98 ' b' B13V40. land Copper, firm; elec- 18 ft,hlr .... j & 1 pmlannually will amount to 7.40 INVESTMf.iT SECURITIES -- Hieebartfc-Asa- ,. , , Sola funded debt of tha Company. Safeguarded by strong sinking fund pro- visions and other protect- - It , 4 ' features. Attractive Interest return of ' I Circular on request for j SL-39- X j The National City Comp in of New York Balt Lake, 602 Deseret Telephone j Bank Wtclt 6190 ' , Up. . r-X- The plan, briefly, is. this: You estimate your probable surplus earnings for the ensuing year. Then you obligate yourself to purchase from us some sound, 'interest-bearin- g bonds in this amount at todays-prices- . After making a first payment of 10 per cent 7 or more, you arrange to make monthly payments sufficient to retire 10 per cent of the balance. At the end of ten months you own our bonds, and every dollar you have paid in has been earning interest for you. Let us discuss the details with you toda. , , ' PALMER; Mortgage Cm Bond 411-1- 8 Walker Bank Bldg. " Have they definitely rounded th turn to blghsz levels t Latest development affecting proipectlv earnings sad market . appreciation. , What companies in thia group are in th strong, sat financial position t OarcomprbnsivMiw vy of the industry is . for present . nd prospective holder at oil Kcurldea . ftow rdy T ; Ask for Nof 1 221 Rose & Company JhOMtmmtdanlwr 50 Broad St NewWk THE HAROLD R.SJ100T GQ .. Phone Wasatch 5888. Stocks Bonds Cotton Grain to all leading Members Salt Lake Stock private wire changes. Mauriiii ' Investment Securities . Direct York Central Rsfi- 7 pet. do. way bentureo. At tho market to yield about 7 pet. E. I. DuPont do Nemours A Co, 7Vi pet. gold bonds. At the market to yield about TV's pet. Rapubllo of Chile S pet. External gold loan. At tho "market to yield ' about 8.30 pot. Ohio Power Co.,.30-yr- , 7 pet. First and Refunding Mortgage bonds. At ths change.- exEx- . , HOTEL UTAH BUILDING Wasatch 4016 and 4619 ' - ar Complex But Simple 10-y- r. 20-y- f. msrkot to yield about pet. United States of ..Brazil 7.40 a pet. noncillebl Gold bends. At tho mar. ket to yield about 8 pet. United State of Brazil 4 pet. Starling Loans. At 200, to yield $395 for over S pet. annual In-- 1 eom 1, 20-y- r. We shall be glad to go-oeach th detail-o- f of thee Issues at your convenience. Sons-- " s - Series Bldg. Ogden, Utah Gold Bonds - Due 1931 ' pet. years. , Per Cent Places todays unusual opportunities in llie great investment market's within reach of V . everybody. , You can begin now to get ahead systematically without waiting for that mythical day when you expect to have a thousand dollars saved Nw 38 West Second South St $2000 In 17 Tobacco Company 8 Our Partial Payment Plan Great Northern Railway general mortgage 7 pet, gold bonds, series A, At the market to yield about ReqlEstqte-Mortgoge- .... . -- American Building to-yi- eld Imestnjcntilnsuwnce 100.00 .... Porto Rican , r, . v. J. A. HOGLE & CO. Main St, Salt Lake City, Utah ' FEW Northern Paclflo Great ' Northern Joint gold pet, l. eonvortiblo bonds. At tho msrkot, about pet. Will purchase th following Investment! , . EdDSioith $484.00 Name, Rate, Maturity, $100.00 Morgan Canning 9 pet. pfd, 00 (100 Kelly Springfield 8 pet., 1931 ..... $100 00 American Power A Light I pot, 1941 109 00 Utah Power A Light 7 pot. pfd $100.00 Dupont De Nemours pet, 1981 -- The following Hat of securities range from ultra conservative offerings to those which, while possessing a good assurance of safety, have some unusual speculative features 53,616. $1,-7- 14 - J J4 Suggestio- n- Nobody expected th report of the Utah Copper company for the first quarter of 1921 would show any profits, says the Boston News Bureau. No one was disappointed, therefore, at the operating deficit For the second time Utah Copper took a loss on a sale of government bonds. This amounted to $705 643, which with a like loss of $535,379 In the last three months Of 1920, makes nesrlv rw uti the company has lost on Ite sales of war bonds in the last six months. After crediting miscellaneous dividends and deducting the quarter's dividend of $1 per shore on the 1,624,600 shares, Utah Coppers final loss amounted to -- By Way of Financial Paper Comments on Utah Copper Report Sait Lake Men to Visit Walker Copper Property Par. Value. tained from the general Wfahlngton, D. C. i - of urm uTn ir ip 1918. ed 169 on JJ< Creek Structure to Be Held in Douglas on June 15th. One-A- pril The general belief that the 'ancients were able to harden or temper copper to a greater extent than Is now posslole is a myth, in the opinion of the United Statesgeological Survey, department of the interior. It Is well known to metallurgists that processes of rolling will harden cop- per to some extent and that It can also be hardened by the addition of other metals. Specimens of ancient ''tempered'1 capper that have been examined have Invariably proved to be no harder than copper that Is manufactured today, or to.be stmplv an alloy of copper , and some other metal, . 500 00 9500 Per Sale of .Tracts 0, Tempering of Copper Declared to Be Myth AX FRANCISCO HININO STOCKS. (As reported by J, A Hngle A Co.) Price of One Dollar. following comment; Dollar silver I regarded as normal and 60o silver as deabnormal cidedly abnormal. In Cobalt The Doily condition prevail at present. Vardan sliver mine in Canada will not produce any stiver this year. While India has received but $1,800,-00silver, from this country since the first of the year its Imports through London are exceptionally large and probably average 800,000 ounces weekly or at th rate of 41.600,000 ounces yearly. Russia racently announced that It would return to a silver currency basis and it la presumed that some of Its raid, which la In coming into the American market large volume, represents repurchase of silver. The department of commerce report showing silver holdings of th banks at Shanghai May -I at (95,000,000, Mexican, ir and compared with- $,600, $88,000,000 one year ego, is regarded as favorable by local bullion dealers In that It shows no especially large accumulations at that Important silver center. The Shanghai banks are doing a much larger volume of business and these reserves ars fairly moderate. - China la not a seller at present and Is likely to reappear at a .buyer. Our estimate of the yearly production this year is 122,000,000 ounces, of which 40 to 45 million ounces would represent American 82,000,600 This leaves not more than ounces new silver for all other demands. On this basis the shortage this year would be almost as severe as In "AS tq ordinary cases, the information desired Is contained In the following, quoted from Coatlgan on Mining Law,1 page 238: A forfeiture doee not reeult from the mere failure to do the annual labor, but from that failure, coupled with a reioca. tlon by others before resumption of work by the person whose interest was forfeitable. No matter how many jears Intervene between the doing of the previous annual labor and the resumption of work, the statute makes the location perfectly valid because of the resumption, provided the claim has not In the meantime been relocated, or, If relocated, the 'relocation does not still exist. The original locators' after resumption are precisely what rights would have been had no default they occurred. , - lio in education. -- A map showing th Balt Creek It field andth block to be leased may be ob- " Citation Made. )nfPcUen".- pA-t- MEW TORE MONET. Prime Wrcantllt 6HS7 per rent. ' Exchange, weak. Bterllng, demand, !.! (15 H; cables, $3.96)6. Franca, demand, 8 SO, cable, 8 34. Belgian franc, demand. 8 86- cable. 8 86. Onllder, demand 25 54; cable, 25 66, 1 ire demand, 5 39 cable. 5 41 Mark, demand, 1 02; cable. 1.63. Orecee, demand, 6 63. Sweden, denl.md, 23 45. ' ' o Norway, demand. 15 MX Argentina, demand, SI 50. IS 87 Braatttaa, demand, 16 per cent discount. Montreal, 10 - Time-lonsteady; 00 days, 90 day, tlx per cent. month, 8 tall "money, easier, hlfh, 7: kw, 0 '4 ; ruling rat, j, closing bid, 6)4; offered at 7; lat ices. 614. Sterling declined further In th late dealing. Sterling, demand, $2.95; cabiaa, $8.95. NEW YORK. May 33. Tin, easier: apot and near by, $88 00(132.25; with 8000 shares sold at 6 OIL PRICES REDUCED. cents. Sell futures, $9 XI. with limited trading at 4 cents, were the Iron, nominal; No. 1 northern. $25 00ft2 00; FINDLAY, Ohio, May 28. The Ohio Oil only cnee to respond to call. New Quincy, No. 2 northers, $24.00894.50; No. 3 southern, WASHINGTON, D. C May 8. Th $21.00822 00. with 12,000 shares sold at 4 cents, was 'Optimism on the world silver situation company today announced further reducwas pronounced during the week. Cobali department of the Interior baa announced the most activ stock on th board. Lead, steady; apot, 5 Off. tion of 2$ cent a barret In the quotation Eaat Zinc, at. Loull detlTary spot, of five Interest In Prince dropped off, but 800 quiet; inspired a press statement to 1 th eale at public auction, under section 4.8584.90. grades of central west crude oil. shares being sold at 2744 oents. But one producers act, of 6480 acre of The new price are; Lima, $2.08; In, Antimony, spot, $5 25. Industrial stock was trailed in and that Z. th effect that before long the white 17 of the IlUnais, diana, 186; Wooster, $2.30; C. M. L, with flvs shares sold at $119. metal will be up to fl an ounce, says land In the Salt Creek, oil field of Wyo$2.08. Montana-Bingha- m, among the unlisted th Financial Review, Continued ship- ming. The sale will b held at the Unit- 12aLONDON. Mar 23. St.ndsnl copper, 75 $2.03; Princeton, stocks enjoyed the greatest activity, ad- ments to India and 76 6d. Sdj electrolytic, ed State land office at Douglas, Wyo gold movements InBAR SILVER, 134 2a 0d. Tin, vancing On the sailing of 4000 shares to A 24 7a 60. Lead, directly from Rjisals are amuch larger June 15, 1921. 'The lands have been diclose of 10 cents. Quotations follow: , NEW TORE. May 23 Bar .liver, ffumeatlc. 23. Mexican dotlsrn. dOkc, , Zinc, and 180 6914c; acres vided foreign, into of each blocks contributing Influence. 9kc, LISTED STOCKS. A Cobalt press statement carries th consist of sixteen "lnaldo tracts In th "The land department does not con. older the question of annual assessment work in ordinary cases, as that Is a matter which affects the right of possession as between adverse claimants to the same mining ground, over which the courts have sole jurisdiction; but as to lands containing any of the deposits made sub1920 (44 ject to the toact of February 25, oil shale, 8 tat., 437), wit, phosphate, oil, In valid claims gas and sodium,to embraced existent prior February 25, 1920, said act provides that such claim may be patented under the mining laws If they have been maintained In accordance therewith, and failure to perform annual assessment work for 1920 on such claims prior to July I, 1921, render such deposits subto said sot of February 2, 1921, as ject In sueh case the claims would not have been maintained in compliance with the -- .mining, lawn., . and to advise th "geologic structure department of the Interior as to the relations" of all applications under th act whether for permits or leases, to geologic structures, producing or Under the terms of the leasing act th United Stales reclamation fund will receive 52 per cent of all bonuses and under this sale, and the royalties state of Wyoming will receive 37 2 per cent of them for us road and xg3 CTtS UTaLT! TZ3i t'13ra Getting at the coal situation is a complex problem if you try to juggle too many details. Boil it right down. Just a few figures. The average monthly production of coal should be, and has been, 46,000,000 tons, or about 500,000,000 tons a year. Today this country is producing only 35,000,000 tons a month, a shortage of 11,000,000 tons every thirty days. Plenty of coal is available NOW. But unless some overnight miracle happens it will be some timt before normal production is reached to take care of the future, , If this did happen a serious would result. Ii always does. cat-short--- ver WHY WAIT? . percent discount on every Cash or C.Q.D. , order from now till June 30. Wasatch 620. I Espe- cially in the fall of, the year, when every resource of transportation is overloaded. 5 Iv dnasG.tuKe OehertilManafler PCD l ,om I?unl liwntsl Suit City Utah 5tT-L(Air- SHORES IDES. SHORES & tPECIALlSrS FOR MEN AND WOMEN 249 Main 6L Bait Ltk Advle free 7 rf -- til- e .,.'4 r" Call Or write Specialist In Btood and all 0011 Catarrhal I I Disorder. Leak Heart, 8tomach, Kidney, Iuiaeasea, r 10 to 9, , and ok 7 to 3; Run chronic 10 to 12 NOTICE TO CONTRACTORS. J Sealed proposals will b received by th undersigned at the office of the clerk of the Board of Kdncatlon, 311 City and County building, Salt Lake City, flats until 12 o'clock noon Wednesday; Me 26. 191, for the design and construction of a 75 foot eteel tru:w bride with con. at btxth bouth Street Crete abutment and Jordan river. instruction to bidder, Specification, proposal blanks, etc., may be had by call of the hoard during th Ing at the office reriilar hour of each fcuslnee day. healed proposals will be opened lit pub. lie at th olfice of the Board f hdu ration at 13 o'clock noon. May 25, 193L The right Is reserved to reject any ae ' 4 all proposals. BOARD OF EDUCATION, ae Balt Lake City,' Btah, ..By. L. 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