OCR Text |
Show 4 DESERET EVENING NEWS. t r t i Millions Paid In Dividends During the Year Makes New Record For State Reports Show Unprecedented Activity In' Prospecting and Twenty-nin- e Development. Mining Exchange Sales Fall Off During the Year, Investing Public Putting Money In War Emergency Funds to Assist Government In Carrying On Forest of Oil Rigs ;w Beginning lo Grow In Utah Fields In Search for Liquid Gold War Against Germany. , f ner v It bn rnr ., it " test-In- v m low-gra- -- the.-mtner- w atao-bllf- ty . ' r-- , Ukell-boo- . , 1 aJ coun-mone- j" ad !h',u.t I -- , , N To obtain the oil from shale it is neceaaurt. na a geological report, to sHE outlook (or producing oll wells In the stale of Utah U heat the ahale in .great retort. The considered by those who have oil i the result of destructive d 1st illamade a study of the situation., tion and Is dfien off in the form of 0 YOU KNOW that Utah mining companies, exclusive of vapor and I iater condensed by coolThese people leasers and cloths corporations, whose distributions of highly to encouraging. This process ha beer, ing the fact that In certain parts! point used in this coumpybecause of the profits are known only to those immediately concerned, of the stats the geological structure I lark of neceaaii, 'but now that our Nistble oil supply is rapidly being expaid in dividends during the year 1917 something over is Such as to make the presence qf oil J hausted because of the great demas d certain. Others again base! absolutely of millions of dollars? Are you aware the fact that such twenty-nin- e made upon it due to the warand the discoveries! on early-d- y universal use of the motor car tbu in addition to these payments millions more were paid for sup- of a,cuniendin that where this 1st method, it would seem, will have to be resorted to in order to make use of you found, wub nay froat amount of pres-su- re plies and running expenses generally, including wages? th vast resources 1!ng dormant and behlhd It, oil will be encountered are then you realizajto some extent at least what the mining ind- with pro pefv de p th . Acting on such an supply the ever increasing demand for I this product. to this state and that without it, despite her varied ustry-means number of companies uroptlon In the Vintd basin numerous com-- f formed to explore panics, principally from the east, are 'resources inagriculture, manufactures and other lines of indus- - for!eoil In DavuC said to have acquired Immfnso holo-inand along the county of these lands and are preparing trial activity Utah, rich though she may be, would be poor lake shore, and il are confident of to work them on an extensive scale. success once .. the required depths are indeed. Joseph W. Muitser, who recently re . turned from that section, report rereached. Other , A hurried glance at the achievements of mining companies have also coma part ef the state newed Interest in the outlook for oil in for their share ef and ea tfre country is being taken throughout the state cannot but convince even the most skepti- attention, notably Millard county. In up for mile around Rome are drillcal that the state is fast making a record of which any common- the vicinity of Fillinors.wher exten-- ! ing iii the hppe of striking oil in the, regular-- way, white other, fl Is a(d ve drilling -- , la now going n;-also are wealth might well be prouiL.,.. Oif every - haDd are seen evidences figuring strongly on resorting to points In the Uinta basin where there the newer method bv erecting plant of faith in Utah as a producer of the sinews of war. From all are Immense deposits of gileonitw and wresting the oil from the shale in this way. By thoe well informed sections of the state come reports of unprecedented activity,' of elaierite and snch minerals; the presthe Uinta basin is looked upon as one ence of which, geologists claim, points of the most likely oil fields in the signs prospecting and development work unparalleled and with conclusively to the existence of otl state, because here, a stated above, of increasing prosperity and expanding recognition of Utah as a augurs well for the future of tbi are vast deposits of giftsovtite, elaierite and kindred minerals invariably found mining state. Eastern investors have long since discovered the operating in that vicinity. Bat tb' in an oil country. value of Utah mining stocks and by their investments have not developments are all yet in' their inMake Encouraging Keport. fancy and what the future has In In a report recently made on the exonly enriched themselves but have built up gigantic enterprises store for them, from a commercial istonce of oil in the Uinta basin. here that are the admiration of the world. . A few years ago the viewpoint, is more than one la able Prof. J. D. Owens, for yeans leading to tell at the present time. field man for a large California m state was little known as a mining center; but today she is known It win be remembered that about gave it as bur opinion that this section will develop into one of almost universally, and known too as the home of legitimate activi- 24 yean ago considerable excitement the largest and greatest oil fields in was censed through the discovery of ty, the place where men may put their means with high confidence the west,. Continuing be Mays: l gas a few miles north of Salt Lake have referred lo the recurrence of oU of rich return. That Is why, some of ear largest producer are controlled was while boring for artesian wells It in the Green river shale (existing by eastern people and why mold of snch concerns conduct their affairs from that these discoveries were made and menin the Uinta basin) and hav eastern headquarters. tioned the fact that where the shale as the wells for the most part were have heed highly altered the oil disUTAH'S GREATEST MINK. , shallow it was then thought that with tilled from them was forced into the dikes or fissures Ln the vicinity. More By far the largest mining enterprise in the elate is the Utah Copper greater depth gas in commercial than 19,000 feet pf cretaceous strata which from a comparatively email beginning la now one of the biggest quantity, and possibly on, would be beneath thes shales, and all are lie copper producer In the world. The story of Its beginning reads Hke a gone Into. For some time the wells ction experiments havk been going rich tn carbonaceous materiala I romance and Is so well known to thoee who have endeavored to keep pace emitted a promising pressure ef gas on for semwOMuMwastAgn' capital wed wot enter into any discussion of with the time, that little need be eaid concerning It here. The history of and by some it was believed It would 1st, it is said, having spent in the the origin of oil in these rocks: it B of f 500.444 locating sufficient to say that 24,944 feet of D. C. Jackllng, tts managing director, la the history of the Utah. Copper. be possible to pipe It into Salt take neighborhood g continuous sedimentation ought to be territory, erecting rigs and Be went into Bingham little more than 14 yean ago, when the camp' was for commercial nsa. 'But after a while likely out the country round about-- This sufficient to create an ell deposit of fimed for tts production of Oliver and lead, and discovered that the great the Weils played out and the' erstwhile concern, beaded by Col, Charles P, Immense value, and when we find evfield has lain dormant, ee Tasker, once a member of the-firery condition necemary to produce hills surrounding the Old Reliable- ,- were practically a solid mass of premising A Ca., pipe manor such result It Is not unreasonable to SO fee output to concerned. It facturer,"of Tasker was those who had been with the ' tbf copper ore. lt thought by which look for result in such a field. I bePa, rit,shur. was practically without was the belief of geologists then, and later absorbed by the National Tube lieve and hav little hesitation In camp through all tie history, that dvsr a more been ever mads locations or has hu that company, aiiieo, tat that when this field I develvalue, that the coat of treatment would far outweigh any possibility of extending into oped it will surpass anything which some day oil wells would be diecov- -' T1 ranF waa It as te have been many ana other and turned down, or good things four profits different counties, has been found and when California Is this vicinity; but not until a thrss thl field will still prepared to no at the work exten-feturned down, tm a proposition hardly worthy of eerions thought But not wells are long month once the government release a be productive. dry when the fever oil aro, shrely Nothing approaching o with Mr, Jackllng. As a struggling mining engineer be reported to of coal or mor acres milUon dikes supposed became ee prevalent, had there been sand asphalt or gUsonit some tht been found thoee with whom he waa associated that he thought the venture was worth lands withdrawn from has anywhere. any attempt to demonstrate the feasi- - year ago and later found entry to be ar oil and while, that with the expenditure of a vast amount of money and the Other expert geologist of the echeme Now, It I re- - lutely worthies for the production of said to have, examined this section handling of A vaet tonnage, the copper deposits could bo made lo pay and ported one or more lhL connection it i regard In men of ' and oil have similar companies result, At first they were chary ef his advice, hot later became conad ae a mistaken policy that the gov- - with pay big. acin the Wood standing are (hoping considerablebasin. ef vicinity lands these for should tie up vinced, and the money was soon forthcoming with which to launch the Cross and Centerville and tivity tn locating lands ln the already are an indefinite period when' capital is The Ut OU company, comprising BL tixantlo enterprise. The claim round about the camp were rapidly gobbled ; drtlMac for oL willing to to In there and put money Louis capitalists, ha filed on 154,440 betln pl to help develop the state acre of land and is actively engaged Into schemes up, boarding houses, cabin and other struct ere dotting tho mountain Tim formation surrounding the lake j,unch tntrpr- i- which inIntoa in drilltng. Another group of Chicago (Idea were ordered removed and la a comparatively short time JacUtng had thought to bo peculiarly adapted to tew years would bring thl section of Pittsburg and still earn shovel at work virtually eating away nature handiwork. Now tho production of CoL Tasker, men. another oil, as here and national prominence. another of New Tork men have madeA It J one of the blggeot mining enterprise in the country and ha " ln Kth.vir h paid there ell shale .re found, with occa- - !!:h h Du Queens recent location tn tho territory. years, represents tA dividends to date something like 474,444.944 after paying the eoet of saonal eeepsge which seems to point six representing a the Dee Moines OU com-t- o group ,of Caeper -men association, now operating in tho presence of thl article. equipment, including a railroad, leaching plants, extensive acreage and all pany, the Cerro Gordo Co and tile strong company extensive has holding, and ... Western States Oil company, all of Wyoming, that goes to the making of a huge concern, r p ou r he declare, are ready to go a great deal of capital from California which, 1 to Introduction ahow been Its way Into the what has Thl sketch merely by way of A like' theory ha caused something to work s soon a there is some as-- e and HawaU ia finding oil fields of the baatn. Recently a done and what may yet be done in Utah hi a mining'' way. There are federal surance the that government, a to certain Motion of men. headed by one of through its interior department, will group of Utahbankers doubtless many ether Utah Copper in the state yet undeveloped, but Utah stampede of Salt Lake, county,' the not step in and declare the lands the leading when the magictouch of capital la applied, then and then only win the shores of Utah particularly along locations and some extensive lake, wbere'tn the past withdrawn from entry. A stated. made " " -' in proarcs (or now ar resource be property exposed. Rate acre are million this over in a locality few month, oil claim, hav been taken now md to be thus affected and them active drUHng on this property. WAR IX CREASES PRODUCTION. up. Baed on the belief that oil will seems no gooil reason, it i? guggosted, ; Prospering For OIL be found there, a number of com- - why these lands should not have been From a-- mining viewpoint tht ha I to domain also eome prospecting for rcirtored There Ui?, long public don of war shortly after the opening of spring brought with It the usual Paalee have been formed and they are oil along the Virgin river in Washing-to- n be making preparation i eid uncertainties and for a while at least enterprise Involving a Urge expendi-- ! county, where the outlook while lans of Col. Tasker eeom So that In turn of means. Were more or less up in the air. When tho national policy cUhn more or lm Utopian in character. It to be quite encouraging. belleved'hi ve d itto the all sections of the state ww more definitely defined concerning the carrying out of it. war program. cutore' who thin? the up of opening up oil wells and In It becam ctaarlf apparent that a areal deal would depend open the pro-- i oil supxb that of ex- - other ways contributing to the aancy WOrk outoil uceeaslul!y, ,, f si part tram vaet deposits of oil- - ply of the nation seems promising and during mine of the country and they were manned to the utmost to meet DartiM tmUr urtd ,h,r doD trading sands In the Ban th desired. bo oeocould reasonably Rafael all that bearing th needa of 'the hour. Almost over night metal began to advance and rrad dp;,., to Uon thought, with q.hls would involve- the erection . How Well are Drilled. that rapidly. Silver and lead mounted to new heights and the country dtermin whether or of a distillery, through which process. . 1 to stud, millions of barrets of oil ' According to a report Just issued by over there waa a revival of mining activity rach a had not been known for it " ffort ! could be produced, to say nothing of tbs United States bureau of mines -- 5ar" many year. . prospect long since abandoned owing to the demonetisation 0l well In the 'the ammonium sulphate, coal tar and the drilling of oil and gas well of sliver were opened up, production Increased by leap and bounds n, of that I other available and which, not a simple matter, and only a small noonty to y said considerable indeed, it would net the com- - 'percentage of the people of thla mining men generally were ln high spirit became of the double eenrice was spent equipping the prop-- 1 it to estimated, 12 ton of sand .try realise that it costs thousands of per pany probably were to to of able time service they render service their country ln war, and for ni tim it looked as handled. For some time, it to ro- - 'dot tors to drill a hole over half a to themselves hi lncreaed profits attending their operation of the mines thor- - ported, experiments along this line Imlle for the purpose of discov- w wfLI.orev, wonJ1 the University j ering deep oil and gaa Many oil woHe are epth. Oil and ga - .... ........ . .. , -' DOrWiM lOl'illStlOIU car and ae a result embargoes were placed and the ore corning tmn the i tbe desired prod- - showed the .presence of 24 gallons ofi eXiat nrninmni. m below tho surface. varying depths the ! w;;ch-i,?ritmine began to accumulate. 'and im.n?' were waa not if tt With production at top speed It rTU't? possible to drill wells tong tmlism. t token it to said, oil and gas ,n th. same way that until the matter of handling the Increased output bsca.rae a eerions problem, j and the money put into it considered first 44 gallons of gasoline to the ton. , for well are drilled for water. not Bing and storehouses were filled to overflowing. Mineral was piled up101-- Th pipo used waa left in th to estimated that there are 944.944.. be encountered. ' of ton. there .ends and thM 444.944 in driftoand tunnel and so great waa the congestion that entranceto the SUd dtoSidnJf be drilled through can be handled at an immense they formations and through for- mines, say nothing of their development, was wen nlgh lmposaiW! The which will use it ln another field, profit once the property I thorough, ooyjng great quantities of tlmt aa you go ly equipped to do the work. At pres- nationsorcontaining result was that many miner had to bo laid ofT. tbo output waa materially j pressure. water gas under high nas ent the suifnce grmpany only rurtaUed and mining companies limped along aa best they could under th eretoSou a pipe ranging In diameterto from the ground and would have Heavy to Mlngformat"on righto used prebe must 4 24 Inches M to the circumstances. In th meantime metals began to drop and when the! to strongly visible. Tht. they say. to have mineral rights to Justify going vent the caving of the formations and embargo was raised for n few days only, however, for It to still more or ef.gnd Into the Sanpete and Sevier to the expense necessary to demon- to exclude Water from the drill hole. valleys, alaaig the Green river In Em- strate tb feasibility of th scheme. leas in effect, not a few large producers found themaelve thousands of ery There ard two general methods ln county and on down into th VirUnited States for drilling Uinta Oil th Fields. use ln dollar short of the price prevailing at the time the ore was taken out. field in Washington county: gin river or gas well the standard or cable- ' As above stated the territory hi the ' The Importance of the Linta coun- - on v PRODUCING DISTRICTS. tool method, in which a percussion vicinity of Fillmore has long been re- Dr possible oil field man not driu to used, and the rotary system, section in which some day be lost sight While the Alta and Deep Creek districts are contributing handsomely garded a of in a ot ln which, M th name implies, the would bo brought d IfWelle to the state' mineral output, tho leading camp in point of production are valuable as subject. Here are vast mountains drilling Is don by rotating a string of In. And to ahow Its faith by its this of shales estimated to Con- of which to a bit that on the till Bingham, Tlnttc and Park City, ln the order named. ' The works, backed, it to said, by ample tain 54 to 144 gallons of oil to the cuts through,ndtho formation in th former's output ia rather difficult to arrive at aa periodical statements ard capital, what to known s the Old Cap- ton. Bo immense are these deposits manner a drill bit cuts that company, made op that it I retd not made, but with the known ouput of tb Utah Copper, which ha been itol Petroleum could be worked IHn( through a piece of melsL largely of local people, has recently for year, withoutthey any appreciobladimwtthAhe standard method the first Producing dose to 29,004,440 pound of copper a month, and with other gone in there and to now putting down lontion of the supply. The shales drilling to done with a large tool called with more to follow. The are of a bituminous character large propcrtle yielding corresponding amount, the palm for production Ha first well con a bit," which to raised by powerful and to to be company splendidly tain such a large percentage of oil that will readily be conceded to that camp. Among the more important equipped for reported machinery and allowed to drop, grtnd- deep drilltng and will go mines of Bingham aside from th Utah Copper are the Utah Consolidated, 4,944 feet If found nboeeeary in order tbere seems no question that they can ing up the rock. As soon as tho hole he made to pay, especially in view of reaches a depth at which caving beUtah Apex, Utah Metal,' Montann-BlnghaThese to clearly demonstrate that oil exists (he fact that shales with a lower oil and Bingham Mine gins, a heavy string . of outing to ar all large concerns controlled for the most part by eastern capital and there. content have been treated successfully screwed together and set on tho bot- Seek Government Land on a commercial basis in Scotland for In th Green River or Ban Rafael nearly 75 year. (Continued on page 44.) (Coittinued on page 55.) y l ?; In many way this has been a peculiar year for the mining stock business. For a time it looked aa though there would be a substantial iaiprovement in the number of shares sold but with the declaration of war and the mobilising of troops, attention waa diverted ln other channels, the investing public began conserving ln this aa In many other respects, and the rtsali was fewer sales and a consequent diminution in the value of shares sold Then again the output of the mines waa seriously curtailed owing to shortage of rani and smelter' embargoes and thl rendered more or less uncertain the matter of dividends, which also became a factor in shaping the amount of business transacted on the exchange. Early in the year the exchange dispensed with Ks afternoon call and adopted the plan of holding two call in tha forenoon,' the first at 10 o'clock and continuing until all the stocks were called, and the second after a half hour intermission and terminating about 12 o'clock noon. While this plan, has worked to the satisfaction of the member generally, there was a movement on foot not long ago to rerive the old custom of morning and afternoon calls, but it seems to have died as after a petition-habeen circulated and a number of signatures had been secured, the matter was dropped and nothing more has been beard ef It since. r One-Ca- n Flan. While the departure was more or less in the nature of an Innovation, , from the fact that the plan had been In vogue for something like 24 years, it seems to hav worked out to th advantage of most parti concerned. On thing decidedly in it f favor to the fact that it divides the day into two parts, one in which the broker can fill his order and the other In which be can give attention to office business, settling accounts and cleaning up hi work for the next day. Th intermission between calls to regarded as sufficient to give th broker a chance to get In touch with his customer and receive from them orders to mil or orders to buy, as the case may be, before the second call It also affords the exchange governing board an opportunity to settle minor disputes which may arise during tha first call, and announce a decision without unnecessary delay. From a bumble beginning th Salt Lake Jttock A Mining' Exchange has grown ln Influence and poorer until today TT the recognised medium through which prices are fixed which govern the sales of western mining stocks Th exchange had it inception in 1195 and the first call was held in a room on west Second South With Judge E. F. Colborn wielding the hammer. Later the Institution found temporary quarters on Commercial street, where it thrived for a time, when it moved back to Second South street, occupying quarters In the rear of the old Walker Bank build- ing, where it remained a number of year. Familiar Figure In Fit. At that time familiar figure In tb pit Included CoL E. A WalL Jacob Bamberger, Herman H11L H. & Joseph, Charley Hudson, D. H-- Feery, Ben D. Luce, now a candidate for governor of Nevada, Moses W. Taylor, Ed Sheets, J. B. Thompson, '8am Fendergast, James A. Pollock, E. G. Woolley. Jr., Capt. Timothy Egan, DeWitf B. Lowe, A. L. Colburn, E. W. Griffith, Joe Bamberger, Kenneth Donnelhut, Morris Sommer, and a host of other ' not now connected with the exchange. . a For a number of years business on the board wa decidedly active, as many of the big mines of th state were then in the making and those who clung to their holdings, grimly determined to stay with it to the bitter end, held on Just long enough to retire to private life with stocks put away', which brought in healthy dividends later oa. This waa hi the palmy day of th M error gold mine at Mereur, th Bullion Beck, Centennial Eureka. Geyser, Marion and many other properties prominent ia tho mak- - . Ing of mining history tn Utah. Member of Exchange. be would make good an tom .The Exchange, tinder ka rules and that occasioned by tb acta of hi repreregulations, to limited te 75 members sentative through tbu medium of tb but at present baa only 44, who exchange. names follow: Many Young Members. Georg T. Badger, Herman BamThe member of the exchange, for berger, Georg Bag tin. Benjamin B. Bryan, W. A. Byers, Ralph A. Badger, the most part, are young men who stand well in buaineea circle and M. P. Braffet, T. T. Burton. H. B. Cole, William II. Child. Wil- whoee dealings generally are of a liam K. Conrad, A. H. Cowie, B. F. high order and above suspicion. They endeavor to play the game right and Caffey. H. W. Doecher. E. CL Davie. J. H. on the square and have many client Doming, B. W. Dixon, A. Davies. J. who have absolute confidence ln their C. Dick, J. L. Denham, F. C. Deni, business integrity. Beats on the ExR. W. Evans. change are now worth from 2544 49 each. g. O. J. Hank. E. A- - Hirtenoteln. W. M. Haven or. C. 8L Herxig, Henry It has been recently proposed that Horn blower, H. C. Hoffman, W. E. the exchange would Improve th tone A. James Howard, Hogl. of it operations by establishing a A. L. Jacob. Tony Jacobson, (de- clearing house through which all ceased), W., R. J one. business transacted on the floor would E. G. Kidder, George Klenk. be required to pass; also that checks C, E. Loose, H. W. Lane, J. D. in payment of stocks be certified In Lewi. M. L. Lerison, A. R. Larsen. order to give greater security to tho Irving D. Lowe. transaction. This departure to being Hay Matson, W. 8. McCornick, Da- strongly urged by many .of the mors vid F. Mangan, W. D. Nebeker, Sam- conservative members and It Is not uel R. Neal. Samuel Newbouse. G. F. Indulging in any flight of the ImagNorton. Henry Newell. ination to aay that such a change-ma- y j 8. 8. Pond, A. B. Pembroke, John be brought about In the new Filigree, jr, V. L. Pingree, year. A. B Rockhlll (deceased), F. R. May List OU Block. Snow. David Spltx, H. R. Smoot. J. Another innovation. If such ft may R. Whitney, O. A. White (deceased), be termed, which promises to be introGeorge H. Watson, Scott Weiler, Ern- duced in the new yea- -, is the listing est R. Woolley, B. M. West, R. W. on the exchange of meritorious oil Wanlace, Fred R. Woolley. stocks. At prevent mining stocks It will be noted that th exchange in exclusively, but the growtng membership Includes some of Salt Interest In tbq oil fields snd the fact Lake' most prominent mining and that many business men are becoming,, buaineea men, many of whom are nev- associated with this Industry, Is er seen on the floor bnt are repre- thought to be ', ample reason why sented by agents who transact busi- thee storks should 'find a on on ness their account. Under the the board. Some of th moreplace promrule of the exchange member are inent broker already abg acting aa held accountable for the act of their agents for the sale of oil storks ana representative and must stand behind this business promises in lbs' not dis- all business transacted tn their names. to overshadow ln a ynas-urThis waa forcibly brought to mind in tant future the Interest manifested the recent unpleasantness occasioned In at least, v si oaks. mining Columbus-RetaIn il through dealings of In the the parlance mining A. F. Palm, who had been stock, wildcaUmg hats ne -- place under suspension Tor some time and ternlty In fact, all stocks on the exchange. who wa regarded as the prims offender ln th matter, was Instantly ex- before listing are subjected to a most examination and mining pelled, while H. T. Hatfield, who wa searching are required to file stateInnocently drawn intd th sffair and companies who waa acting as agent for Col. C. ments fuller setting forth the worth ! E. Loose, had his commission revoked of the property represented by the with .the statement by Col. Loose Continued on page N. ' -- 1 i: . two-sessi- -- . bo-gi- - la-2(- are-dea- lt e, tf 'nr-- ' , ' v f -- 4 5 -V' t- .h i i - |