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Show f -- tl8- ItKE TRIBUNE THE SALT - SUNDAY M0RNrNG, 4 JAKEARY-15,-192- 2. Outlook for Copper Industry Analyzed ot Silver For 1921 Only Half of That of 1920; Copper One-thir- d Large Stocks of Metal- Following ' Starting of Large Hyff5gTKfnPfdjeefs in Foreign Countries. A , Absorptiorf - ... - (The following article by R. X Agaaai, president of the Calumet A Steels Mining company and president of the Copper and Brae Research society, la reprinted from the Mew York Tribune of January 1, 1922, for which paper It was specially written.) No, Dividends Paid by Prop- - All American Industries have had prob- produeer and consumer present a united Due , lems more or loss grave to' face since front. This has been dona without the of the termination of the world war. NatuProfit-takin- g Show Tend- rally those- - dealing -- In the eeaejillale ef coopprise. The association rapreoents Eleven Months of 1921. our national life are recovering more erative I Good. largely educational, to fcney Sags quickly. Those whose return to normal bring a effort, more widespread understanding whose and continued development depend ot tha manifold uaea to which oopper, 7 In some measure on the resumption of brans and bronge can be applied, to the Spret.l to Th Tribune, conditions abroad stlli advantage and profit of tho user, economic stocks Tho general ton manifested WASHINGTON, Jan. 31. The valua of healthy have ahead of them. On the Ii) every country there are certain upon the local mining exchangeby yeeter-da- y th gold, eilver, copper, lnad, and zinc whole, struggles priIndustries our 1 ha think which, although however, showed buoyancy. Although a few country a great never In its entire history witnessed vately owned, are so important a par stocks showed a slight tendency to recede finer exhibition of Industrial courage of tha national fabrlo that the collapse from the preceding days level reces(itfrry of of American 'any one of them would be little short sion were the exception rather than the than that presented by of Vnlted States geological survey, men since the armistice, of disastrous to the whole. Our Amiri ot tnuMiyg wa broad nils, and tha can ' trwnt of 1h Intortor.wsa aljout' $16,211,-.- .. when they facedthea'day trends represent one Of these. for Saturday. naqge out sadly 'flattened la Steel which tn another. rehabilitation the of Copper The firmness represents world, manifested COO. a decrease by Alta Tunfrom ths value of $6) nel, 'which yesterday held for ah sales " 73,947 In 1979. Poor market conditions they knew they, had to play a leading third. me to estimate la It not for - and the at 19ei occasioned commendatory compossible of copper, part. unusually low The experience of coptxsr and Its prod- tbs amount of Invested capital that the ment Michigan Utah, wkh trading toft lead and sine resulted Inprices the closing of ucts be brass copper producing and copter and during these trying years may taling 4990 shares, receded from a high ,'i the large copper and sine mines at ijutte said to be typical of the sort of battles fabricating and manufacturing industries of 80 to a close Of $7 14$ 35c. In April. Thouxh there aa some ae our American.- leaders of Industry have represent, but we may safidy place It at Alta stocks were easuiy the leaders In ! .Hirity In mining ether and silver-lea- d al Several hundreds of millions of dollars. Interest American Metal advanced to -- oral ar ths. output of all the melala WAV- bed to flghr- Copper nnd Its chief matnrmwr-Ires- there are ol Tar Baby to 4c, balls to IV4 and brass arid 219c, TojsT hronse, actually far Oeiow hormal. the its part In ths development de-of Kennebec to 8e. The value of the output of gold do'- sentiala, yet thetr development over with . a so when was enjoyed by Tin tic American that Fair genius, s period beginning j creased from 1,J1,165, in 192'), to about ISjJ of what cheaper activity stocks. brought about an Investment of eap- - mand fof copper far In excessmanifested 31,340,009 In 1921. The production of Ital In Of the expensive stocks, but 109 share mining properties that - oould not tho countryso could supply gold from copper ores was great ly many years ngo American of Tintlc (Standard at 32 were sold. Lehl earn a decent living foe Iteetf Itself not and the output from sif.ceous ores possibly ware find and to brains ways Tlntlo traded at 31c, North Stundard at prompt of a without foreign steady maintpnai.oe , i and placers was pinch less than In 1930. means of msstlng It. demand. and Colorado at f The Bamee King Mining company p. Quotations had folk Kven if domestic eonsumptlon much gold from the Shannon mine did , ft which roturned to normal, Rapid. Progress apeedlly in Lewis and Clark county, but less ,1 havo been grave To this we owe the great advances (hat Jt than in 3929. Much gold was produced not. there tostill would tape, because it must be have been toads In the li s from the Conrev piaeer Mad, son problems mining and metin cannot work mind great that you kept f near from Iron ore which make It possible Southern county, on a fragmentary basis allurgical art ores that to work Cross, and from silver ore from Butte. mining properties profitably In 'Park county the Jardine gold mine without so greatly Increasing the cost ot twenty-fiv- e years ago no man would was active only In Deoember, but the production that It Is not possible to mar- think of bothering with. To- this ws also ows ths prtaent-da- y Barton Gulch and Missouri mills, in Mad- ket your metal at a profit. development of ths ison county, contributed to the output electrical Industry. Reason for Closure Given. ' gold. waa rrn aimpla maucr do' dose down "It x The mine .output of silver decreased It was Is not a chari- the copper mine of the country. Tho copper ounces In 1920 to about table Institution.Industry a momentous decision, carefully thought from 13,579,37 Neither Is It a mendireout the effect In ,233,000 ounces In 1921, and the value cant. carried iwltk Into and a of copper Having of the output decreased from 13.7ll.30( fined state fur plenty any domtsUc or foreign greatest reluctance. to about 0.19, 000. In past year most demand that was Hkcly to materialise, It meant loss of enfpioyment to thouof the sllvgr icame from copper ores, but it closed most of the mines, and today sands of men for an indefinite period, In 1921 many of the copper mlnea and only a fsw eatually are op- a class of men, unfortunately, who are properties j other large producers of stiver were Idle erating. JIow 'soon the mines will again least able to stand up against such re; , 7he greater part of thq year. Tha Butte open la a question I shall not attempt to verses. Many of the men thus thrown A Superior Mining company, a (large answer. It Is a matter that must bs out of employment hau spent their Uvea producer of s.i r from s'nc ore, msdo atudlad, keeping In mind, the in ths oopper regions, had built their no shipments in 1931, and other (liver--"sln- c onrsfully If a reopening of tho vast homes and raised tbetr families there. If that mlnea at Butte were operated only thought producing properties anticipates ft de- there bad besn any possible way to avert part of the time. mand which Inter fails to manifest Itself ths situation It would havs besn followed, The principal producers of silver were the industry is In danger of again cre- but there was net. I the Aneonnda Copper Mining company, ating the yrry condition that U has been There bed to bs shutdown if- - ths nr' ltiborma. ' Enst; Buries Oolo- - wrestling with for the last three years. peculiar conditions facing the copper Gran rado, Chimplon This condition has been referred to and brase ry were to be met. Phlllpsburg. Nelhart Consolidated, and from time to time as one of overpro- found themselves almostCopper entirely supTuolumne ot a condition Is It prooerties. ,Tho Kim Orlu duction. at close of ths Actually tbe war, not E planted t.W BBiU mine produced no coppeb ore and a com- underconsumption. In part brought any fault of their own or Emerald .. .08 pare riva- l- small amount of sine ore, but shout In this country by the substitution through loss In merit or reputation, Eureka Mini .05 any through a large itpnt of silver was mads from of cheaper metals and materials during but solely'btoauss their need In inani- Eaat frowm Pt .02 silver or concentrated at the Timber the war terlod. when copper, braes and tions forced them out of oommeroe for East Tintlc Coalition 00 .01 - .00 Butte mill. iironxe were not to be had for commer- several years, and then sent them back East Tliitfc Consolidated '.oo)4 cial purposes, and In Europe by a lack heavily stocked with expensively pro- East Antelope e.. Eureka Lilly .. , Hibernia Output Increases. of funds wherewith te buy our metals duced metal to battle with the substiEureka Bullies ,os Domestically the situation Is ateadlly tutes which had Invaded their fields Gold The output of silver ore from the Hi.04 Chain .. while they were In War service. bernia mine wae igreatly Increased, -- nnd Improving, ..Slowly but surely, copper, .48 Grand Central .98 genVery naturally the copper Industry Is Galena , regular shipments of s tver concentrate brass, bronze nnd copper products .01 .08 were made from the Champion mine, in erally ana coming back Into their ewn, looking for an expansion of Its domestic Hamhurf Mines ..0094 $$ Deer Lodge county, where a new mill Europe will buy when Europe - has money. markets pending the time- when Europe HeweU .. .93 .00 Was active. The old KikhOrn dump, in Meanwhile, bs Is well known,- thoCopper Is again In a position to- lake tte share Jefferson county, was being treated bv producing Interests, through the agency cf American copper. We are not at all have pesrimletlc about the future. the Western Metallurgical company and of the Copper Export association, We not only feel that our own coundone all that thev could to help out the 4 yielded flotation concentrate and precip" . stricken nations across the water with try Is approaching Its normal condition, itate containing silver. of their some with great building and elsctrloal enterThe output of copper decreased from the raw materials to start 1 1T7, 969, 20 pounds In 1920 to about M.- - Industries moving. prises to bs undertaken, but we feel that Europe will In time work out tte In 1921..-- The Anaconda 606,000 pound ,1 and Plttsmont smelters during January, Substitutes Discussed. . problems and once more enter the Amer- , February and March produced fbr Its share of th copper ican an aver--- i In enterprises copper and whichmarket It must have If its natural needs age of more than 11,090,000 pounds of brass building have a place that cinnot profitably are - to be taken care of. copper a. month. After the copoer plant be taken by substitutes, just as other "wat Anaconda was closed, the Pittsmont metals hav places In comand materials plant was active on ore from the Pavl-l- y mon senss ronitructlon work that copper and East Butte properties, but In nd lie products would pot expect to fill. November the Colorado mine of ths Davis Tide la gradually coming to be under-oo- d Daly company was closed, Hhipmcnt-frotheir money Into bv those who the North Butte nnd Tuolumne, budding enterprises, putand It 1s one of also Were discontinued In March, and many of the encouraging development the Butte A Duluth and Bullwhac-teeighteen months. mines were idle throughput the year. laat of cheap substitution seems The orgy The closing of the Anaconda. Copper to be disappearing, and not onlv in buildMining company's mines and smelters ing, but In other forms of Investment, was a serlons hardship to tho people of our are reallz'ng that there Is no Butte, but later In the year unemploy- real poop's In short-livemaerlals ment was relieved In small part by the which economy constant tipkeen and require o aome sllvermining and treatment of charges, no mat ge how r.rirac-tivginrors:mins and tempting the alightlyluwer inl- ,The production of lead dscreseed mar bo. from 31.2i316 pounds In 1920 to about rial cost New Directors The electrical Industry Is regarded 21, 674, 090 pounds in 19?t, and the value bv experts as being In Its Infancy) of the output decreased from 22.500.313 of the developments marvelous to about 1997,000. ExSome of the largest however last two decades msv seem sldto mot producers of lead, such as the Butte A the with run side bv has of u Copper Superior, Anaconda, Snow 8tOrm and American Inventive genius In bringing in Bottom Angelica, were cither Idle or operatedrat this great industry where It Is at pres-tn- t. reduced capacity m 1921. The two sre Inseparable, and we may Mill Resume Operations. a continued large absorption of Directors of 'th Little May- Mining i The Snow Storm mine a Troy returned expect copper as present elsctrloal In enterprises this field company for the ensuing year havo been milling operatlona In November, and the expand and nw ventures a elected at In this regular meeting ot the country, n new mill of tha Boston A Mon- aro started. Not only Is as foltana company at Wise River, Beaver- but In South America nd Europ. we stockholder. Th directorate of lows; John Matson, B. II. Ooddard, H. 4 head county, made Its first concentrates. hear with great frequency nowadavs for V. B. Soovlll E. V. and P. Felt. Glere, elsctrloal power Nelhart Consolidated at Nelhart. new protects having .The A total of $14,984 shares of stock were CLOSING SALKS. block P, near Monarch, Lukens Hazel their base being undertaken. followth Th represented at meeting. Americas Ifetst. 1090 at SHe. t Libby. Evening Star at Elllston and were th officers direcelected by ing 4000 at 19e. Alts Tunnel. were especially Large Absorption Expected. ms Greenback near Adder tors: John Matson, president; B. H. Bullies, 2160 tt 8H,e. i active In producing silver-leaore In was Goddard, announcement month ft Within 11. vie 600 Bill. st 2e. & Olers, Big president; 2921, The emcltlng plant of tho Amerl-- - made that the telephone Interests of the and treasurer. Bay State, 1000 at 8c. can Smelting A Refining company at I'nlted States would spend'. $90,900,900 secretary Galena. 25 Buifbam $000 at' l)4t, feet of driftpast year Fast Helena was active In 1921 and during the coming year for additional ing,Within the Celorede, 1000 at 8 tie. feet forty feet of araises, forty-fiv- e ehlnped an Increased quantity of lead Emma, 2990 at 2kC. a large part of which neces-aari- y of crosscuts and has station , - bullion, working which was made largely from equipment, Emerald, 2000 at Sc. will he corner. been cut on lh laveL. Accard.ng "Eureka or shipped from mines In Idaho. Bunion, 2590' at 4Hc. placed a $7.99.-09- 0 to Mr.' Matsons report, which follows' (hltfw-mkw- g ThS output' or recoverable z.nc In Mon- 1000 at 814c. Kesscbec, for countrv material this In order been equipped with The hat property tana decreased from Vil.S'iT.iSS pounds 6, tono at 10c. Lynu of her a compressor plant, air drills, pumping In the electrification e. 9000 at 1920 to about 2.1,000,000 pounds In 1921. lo be used In Logger, 900 XUnes and other necesrailwavs, and Japan, which hss pipe machinery, kllclilgaS'Ctab, 600 at 89c: 800 at 39 He; 1800 controlled ratlwsy. sary,, equipment , Buildings hav of miles government 1300 at 38he; 1000 at $4e, at 88c; beep $14 931.31 te about 11,155,909. Np zinc began "ft program of electrification' by Berth Standard, 8000 at 02a. ' eoncentrsfe was shipped to. eastern pot up and other Improvements made. zme a $r,000,900 order her. level a drift ten feet O potion go. 3000 at He. .On th zinc plant placing ' SwUserlssd i tilants. out Prince. 900 at 10c. Itslv, know also that We to the west encountered the Cornucopia Great Falls was partly operated on ( P'echa Bristol, 7000 at lc; 10.090 at Ike. to similar 44 Holland are committed o Thla vein, which appears to he a Bens, SOW at 3Hr 2090 at 8)4e. qpls from the Aimcnn.t. enterprises; from all of which we mav vein. true fissure, was followed to the south Tar Baby. 3000 at 4c; 10UO at 3XA ;r couiV'any s mines at Butte. The Butte A infer that before many years 140' feet and to th north 190 feet . T Superior and the Emma mines were Idle reasonably Tlntlo Standard. 100 at 82.00. world vast civilized projects over the all the entire distance. A and the Elm Orlu mine produced facie gam, 1000 at He. nc will be undertaken In which electrical sulph.de or showing Fehi--Thl oro, which carries gold, sdver, Yankee. 8o0 at 3e. am only during January and width Iron A In ptacea shows Lent Ttatlc, 2000 at tlte. copper ahd No dividends were by mining com- Also those who are perhaps better of twelve feet or Much high-gra. panles operating In paid INDUSTRIALS. Montana during the versed f In great problems of economics can be seen all along the vein. But most . first eleven months of 152), Coo. Wagon, 1 at 863.00, , than I feel that If the limitation of on level th still or of th armaments progranL becemee effective It show the effect; of leaehtng, Indicating WHOLESALE DAHtT PBODtfCE. EAJX.K0AD BONDS. will mean the release of many millions- that greater depth 1 necessary to Ob3litiul (As Reported by 3. A. Hogl Co.) (Quotation by Cretaiery Contmny ) of dollars for new commercial enter- tain higher values. lots. C9 r Bid. lAaked. PrlS4l fT"" A three-ca- r shipment failed to give extrt wtmry butter to 68 pound JTrh world's of th such development In any us a sufficient margtn of to jus- Aten Tup A Kan 4a 1096 .... wbe i $ structure copper, brass and tify milling ora However, profit with a little Balt A Ohio cost 4 Ha 1938. Frri xtr rreery bnttrr B carton,. ,Wu .jjjlZ Industrial bronze are certain to pl3v profitable roles, better price on copper, a little lower Can Bat Ryu 7a 1038 Frch extra creamery butter. ptrcLment for copner and Its alloys still are among freight rat and a better treatment Can Nor -e 1946 prtM a..,e fimta creamery butter tn rrfoM. 1902.. the leading metals of commerce, made so charge, which is not unreasonable to ex. 0 2 811 Pent COOT Kreiih firU crexmery but tor. pnrrhiDdflt bv thos .peculiar and exclusive qualities pect In the near future, this or should CHI t e Sta 6)e 1968 ...... 4 Par Trunk Urand 1908.... nature. r , prints el bestow fy .824 be made to pay. tiortklBir bnttor In rube Nor la )9'6 .21 The main work shaft has been sunk (treat Nor ef ('an 6Qa iM6 , ... Alerted freb egf .81 Linked Industries Two of Or th total fifty making feet, depth 7 I960 N C X erg Rch .82 with It cer- shaft 260 feet This piece of work has No Par Or No 6t(e 1986 . Full rrrum rheeo triplet Wars aftermath brought .22 Betroublesome and 4 very Full crem S In expensive, 1926 ................. L prov.ed Amerioe. 0 ... Tfting Industry. tain unusual cohesions Tf'Stt cream cbeeae, 5 pound aqgarea, of the pro- du to caving ground. In places cement Pena 7a 1930 .23 fore tne war th relation were A rheee S L E PL 4a 1950 Order ISk ' fSwl walls St in were of copper nseessary .84 retaining ducer and consumer Cream brick beea do PL Se 19.10 hold th ground. This with an addi.60 merely tho of seller and buyer, nothing to ease 8a 1964 .......... Pee 6 made sinking more. Today, through th organization tional flow of water has da eonv 4a 1939 . ef tix SEED ora. slow. the Copper and Brass Research 4a 1919 do ref "Better headway Is being made at So mxrTff. Minn.. Jan. 14 on track, elation, these two great American Indus Enin Tana 4a 1900.. The ahft should be completed U P IS.OS'.ngja.UH; .rrlfe, $2.08tsfe2 Igi. tries have been brought together, aqd presenu a station cut not- - later than Februda conv 4a !92rT...... da ref 4a 2900 ary- 1, after which rapid progress will be- mad with the drifts. Weet Pac 5a HHd sO 2 ore showing Is A very Interesting 3 to Price Although State During erties juTJituuTlTirvVjwi Tone to - Build an Income Fund bust-n-i- ti -- -- $ 'pHE - twetity-flvs-ye- enough money so that they can retire and live on thehr lncomes Yet the method of accumulation, we have observed, through years of experience i usually haphazard. and all ; too frequently hazardous as ar well to , We have published a book entitled "Building An Income Fund' for the information and guidance of those who are seeking financial independence. It urges the purchase of no particular class of securities in fact, bonds are dealt with in its pages merely as a means to an end. But it does suggest to investors of every class the absolute need of a plan and a goal in accumulating money. low-gra- 'd Thevarioua chapter in the book arer The building of an income fund .Planning for financial independence How an income fund can be built Tbe Income fund Plan in operation Accelerated accumulation Table of income fund plana Various other uses of the plan Building an Income Fund is illustrated by various charts and tables. The man investing $10,000 or more a year will find it as valuable as tbe per son who can put aaide only $200 a year. VTo will gladly send a copy to you. Fill in and mail ns tbe attached coupon, telephone, or call at the office. -- t- . impelling motive behind the purchase of probably 90 per cent .. Klm-Ort- .. . - PALMER Bond & Mortgage Co. - 411-1- 6 r Winter Bank Building Telephone Wasatch 5888 Palmer Bond & Mortgage Company, Walker Bank Building, Salt Lake City. Kindly send a copy of your book, Building an Income Fund, Name..', -- to Street. City. d t Elected for Year; Mineralization of Shaft posed v m X 750-to- ' d .20)-fo- ot ' - 299-fo- ot P-- sr allver-Iead-zm- ' y 200-fo- ot t 9- !) che, J Light Steel Rails and Fastenings L 20-lb- .- Additions to our Midvale mills have been completed which have equipped our plant to mine and industrial rails. supply 20-lFurther changes are being made to enable us to roll 30-lrails. . b. b. Round Square, Cold Merchant Bar Anel Mins Rail and Fastening Channels - r. O' -- LIBERTY-BON- DS Issue 1st 2)4 2nd 4Q 3rd Qs 4th 4ks Vict4wry tA I , ... 4s ...t Maturity .June 35, 1942 Nov. 15,1947 Sept. IS, 192S Oct. 15,1938 May 20, 1923 our current New York 8tock Exchange quotations. 9 96T -1 W 169 ... I. A. HOGLE & CQ. Specialize in $50 and $100 Bbnds and In All Investment Bonds and Stock in Small Lots. SALT LAKE - OGDEN Main SL Wasatch 77 Ecclea Blca. Tsl. 122 disseminated through th broken ore country rock through which orthe ghaft Is system is being made. As ths main known to be only a few feet from the shaft, th conditions seem to indicate an ore body of larger dimensions near by than on the 99 leveL" Total receipts for dhe year from asor and other shipment sessments, to Secretary Olers' resource, according. 1$. Miscellaneous Items were $26,432 port. $39,469.09. La brought this amount up to was $10.230 4$: bor expense for ths year 23767581 mine expense. miscellaneous $2517.49; machinery, two note totaling $4500, and other expenses made th total disbursefor the year, including $1939.73 ment cash on handk January 10, $30,469.06, according to ths report. 1 (A INDUSTRIAL BONDS. by J. A. Hogt 4 Reports 1947. Am ftaeit HH Oil TWt 1923s Aaantds Copper t 192). Amour A Co T 1920 . Omt 4e Pax is 1U6J 1961 DufMWt TH Goodyear Tiro A fhib 9 1941.. Krai Ceppw ti 1936 Tim to 1981. f,) 8-l- bl Our location in the center of the Western market and favorable freight rates enable us' to render a steel .service of highest value. Our customers effect a material saving and orders are filled promptly. Write, telephone or telegraph for prices. our plant r now blng arranged for to Addition provide the following addition, to our line,: . Baele Pig Iron Forging Billet all Iron grade Foundry Pig . Steel Plates Blue Ann.alod, Blaek and Galvanized Sheets In all commsrclal ,izes and gauges. . - Stl DISTRIBUTORS Pae-Sa- a T. Jl-'l- ' 1 - '12-l- b t. Twlst.d Squ.re. and D.formcd Square. Round, Bquar. and Flat t rd 1 16-l- b; M. f. Salt Lsk. Hardware Co. Gsllghor Machinery Co. Min A Smelter Supply Co. F. C. Richmond Machinery Co. Gee. A. Low. Co., Ogden Park City Co., Blyth, Fargo -Hunt A metes-- , Tacoma- Marshall-Well- s Co., Spokane and Seattle Dunham, Corrigan, Maydtn Co., San Franelsee Berger A Carter Co San Franoleco Dunning Iron A Electric Co., Lot Angele . Inland Iron Co.. Fresno, cal. Montana Hardware Ce., Butte Z. C ' mi Ang1-A- 4 Morris 4 Co 8 Robber $7 I1t )W,.. 7W 1990., Rt OH of Calif 7 1981. t Oilof N Y T 1961, . ftwtft 4 C U 1923 t'sltwt pruf Co to 1911. V Car to If2 Wct Eire ? 102p, WratiRfMnm Te ............ 1931 Utah Steel Corporation WQRXSiMIDVAIE UTA- H- SALES OFFICES BOSTON BUILDING, SAIT LAW CITY, UTAH DISTRICT SALES OFFICES SEATTLE, PORTLAND, UOS ANGELES , SAN TRANCISCO -- I |