OCR Text |
Show V,. 7 V-VT'Z nrl?vA- r - tt r OF VTA Vi ;tf tn?7 tw'tl olt-- V. in tTRllART T SALT ULYU UU VALLZX rucss LIAO, (nr1MM. OOLD (ftf m) oorruin UNO (Mr M . SKXLTU hImA) MIN ISjH MJti .S4.MZS ..MAN IN) Features Mining, Oil, Financial VOL. 18, NO. BJ. Salt Like City, Utah, September 19, 1947. Mining Problem to be Discussed at Convention Bimetallism WASHINGTON, D. C., September 19 Problems of the metal mining industry ranging from operating practices to economics and labor relations will feature discussions at the 1947 Annual Metal Mining Convention of the American Mining Congress when it meets at El Paso, Texas, October according to a preview of the program for the meeting released here today. Government For World Ills 27-2- 9, History does repeat itself regardless, people refuse' to view 1 . officials dealing with mineral policies, headed by Interior Secretary J. A. Krug and U. S. Bureau of Mines Director James R. Boyd, will play leading role in the meeting and are expected to describe the postwar mineral programs that the Government will pursue.List Subjects , Taxes, tariff, the Act in relation to the mining industry, mine mechanization, manpower problems, and mining and milling practices are all scheduled for thorough consideration by the more than a thousand mining, men who plan to attend the meeting. Chairman Fred A. Hartley of the House Labor Committee, one of the key men responsible for drafting the new labor act, will outline to delegates his ideas as to what further is needed in a sound code of labor law. A highlight of the meeting, which will be held in conjunction with El Pasos famed International Mining Days celebration, will be addresses from key officials and industrialists of our sister republic of Mexico. Senor Senador Don Antonio Bermudez, president of Petroleos Mexican-o- s, and Senor Don Gustavo P. Serrano, president of the Mexican Chamberof Mines will mining conditions in Mex the future and live in the present from lessons learned in the - past, says George H Watson, . veteran prospector and Scribe of the Great American Prospectors Association during an Interview in Salt Lake today. "The long years of experience mean much in projecting a mining development or exploration program or in effecting an economy or in successfully beating out any job .to a worthwhile conclusion, Mr. Watson' said, as be pulled those long ears of experience and explained many of the details involving the present monetary situation and just how it is linked with the past, present and future. .Gives Solution Long an advocate of a bimetallic monetary system, the renowned .Mayor of Romantic Alta,-stilargues with the best of them and bases his beliefs on facts rather than politics. "Solution to the present world monetary crisis is wrapped up not in the redistribution of United States gold but rather in establishing a set price for gold and silver on an equitable basis governed by the proper ratio, Mr. Watsoi said and gave the following reasons for his belief: "The silver question is not one of local importance alone, nor one that should be solved by the mining industry only, but one that is of vital importance to the entire nation and the world as well. This, ., he said, because a strong, monetary system, based on gold and silver at a fixed ratio, is of major' importance to every person, not only in this country, but in the entire world. Explains Ratio . Discussing the ratio at which coinage should be fixed, Mr. Watson presents evidence to show that unearthings of ancient graves disclose that, at that time one unit of silver was valued at ten units of gold. Since . then the position has radically been reversed, for today the ratio between world gold and silver is about .1 to 90. The change developed gradually. In the early middle ages the pro portion was 1 unit of gold to 10 of silver. Until A.D. 1600 it was about 1 to 11. Two hundred years later, in 1800, it had grown to 15. By 1900 it had further increased to 25.3, but during the World War, when the white metal experienced its last glory, the proportion had diminished to 22.5, while. today it actually exceeds 90 units of silver to 1 of gold. . Collapse In Silver Prices . "With these basic facts before us, let us now consider the! real causes of the .collapse of silver prices. . These are here being enumerated in the sequences and importance which I personally, as well as many others, attach to their fate. "1. The extra supply of huge stocks of silver derived from demonetized coin, a movement (Continued On Page 2) . - . I -- 3 Taft-Hartl- ey . l - . . . , . . A GROUP OF UTAH MINERS 'stopping work for lunch in one of the mines now facing an uncertain future. Important to them is whether or not their company can continue to profitably operate thus ensuring them continued employment and security. Laws and prices detrimental to the operation and future of the company giving them employment are , among their first interests. . Workers Interested in Mine Industry's Future escribe. ico. The human side of mining is an important part of mining. It is a big job, the job of strong men to daily put on rough clothing and go deep into the earth to start metals on the endless rhain Of. industry. Theirs is the job that starts the ball rolling for so many other great industries. Miners are proud of their jobs. It requires skill and experience to make a good miner. It requires and quick acan emergency. has a fascinato him and he stamina, courage tion in event of The underground tion that appeals likes it. Work Must Go Oa The workers are interested in the overall operation; he to particularly interested in the costs. He kno&s that if the total of them becomes too high, the operator will be forced to close down the mine or some of its workings, and he and a lot of workers will be forced to seek other employment. He does not want this to happen as. he knows this would be a serious blow to his family as well as himself. Miner A Vital Cog Many of the top men in the industry began,' as miners or muckers, others have become independent leasers and operate for themselves. There is opportunity for young men in mining; the ranks were badly depleted during the war and there is room for men to learn this skill and provide-the metals for the future and carve a future .for themselves. Nation's Lead Zinc Output Lead production from United . States mines dropped 9 per cent in July and was the smallest since December, 1946, according to the Bureau of Mines, United States Department of the Interior. Western States output fell 10 per cent and Central States 7 per cent, the former virtually duplicating production in February (indicating a smaller daily average for July, however) whereas the latter was smaller than in any other month since October 1946. The substantial drop in Utah resulted from the curtailment in operations at the property of the United States Smelting, Refining & Mining Co. at Bingham, West Mountain district, and from a decline in the output of zinc-lea- d ore from the Chief Consolidated mine at Eureka, Tintic district, and the Park Utah Consolidated property at Park City, Park City district. Zinc mine production dropped 20 per cent in July and was the smallest since August, 1946. Central States had the sharpest setback of 62 per cent, whereas western states declined 8. per cent and eastern states were virtually unchanged. In the western States the following decreases were noted among the states: principal Utah, 19 per cent; Colorado, 10 per cent; Idaho, 7 per cent and Arizona, 3 per cent; a 3 per cent gain was registered in New Mexico and Montanas output was unchanged. ' Utahs sharp drop was owing to curtailment in operations at the property of the United Smelting, Refining & Mining Co. at Bingham, West Mountain district, and to a decline in the ore from the output pf zinc-leChief Consolidated mine at Eureka, Tintic district, and the Park Utah Consolidated property at Park City, Park City district . - . New Discoveries Bolster Oil Production Wyoming oil barrels over that CASPER . proWyoming duction, bolstered by the discovery of new fields, opening of deeper pay zones in old fields and additional drilling, in established pools, is now at an all-tihigh, with daily output now averaging close to' 134,000 20,000 year ago. If zinc-produci- of a fields receive full development within the coming year, outlook is that production by the end of 1948 may easily reach 200,000 barrels daily. . Giving weight to this forecast, drilling is continuing at a high level in both proven and wild-o- at . barrels. areas. , Average dally output Is about . me recently-open- ed ng - ad T' National Defense Terrible General Major Terry Allen, USA Retd. will speak at the Annual Banquet ' culminating the meeting. His address will feature the nations military preparedness and the role of the mining industry in national defense. At the same banquet James D. Arrington of Collins, Mississippi, renowned as the "homespun philosopher, will present his views on the American free enterprise system. The meeting this year will feature for the first time motion pictures on various mining subjects just preceding each regular session. All sessions will be held in El Pasos Scottish Rite Auditorium. . , 1 One Year $2.50 Development Of New Mines Current Need From many sides continue to come reports of mines dosing down for the apparent reason of inability to operate profitably on available low ores at grade present price levels. Withdrawal of these metal supplies from the Nations industry is important in itself but doubly so coming at a time wh? ederal laws practically prohibit the exploration and development of new metal sources. Change Needed Continuing to remain a mys-tc- ry to the public is the gov ernments insistence on retaining public finandng laws on mining and oil projects both tremendously important to the protection and welfare of the nation, and for that matter the entire world. While many of these undertakings are speculative, they are in no sense, the rank gamble attached to many activities condoned by federal authorities. Each year, millions of dollars of the publics money are taken in race tracks and other gambling places across the entire continent. These activities are certainly not creating any new wealth and nothing is being accomplished toward the betterment of the nations economy nor its protection in the event of an occurrence of another conflict. However, they are being not only protected but encouraged by state and federal laws or the lack of them. Give Em A Chance The greatest criticism against the Securities & Exchange Commission appears to be its indicated attitude that everyone endeavoring to finance a mining .project imposes upon the public. Everyone agrees that fraudulent operations should be dealt with according to fraud laws that have existed for a great many years in regard to the selling of mining issues The belief appears to be general, that the red tape, however, physological effect and wt and time involved has defintely deterred the legitimative financing of development and mining exploration to the detriment of the public and the nations industries. all-power- ful , Develop New Copper Mine Following MIAMI, Arizona nearly three years of exploratory work on one of the largest bodies of copper ore in Arizona, Magma Copper Company of Superior announced this week that an initial shaft would be sunk into the San Manuel property near Tiger in the near future. Exploration work has been done by San Manuel Copper Corporation, a subsidiary of Magma. Only one other copper deposit in the state, the Phelps Dodge Morend mine at Clifton, compares with the deposit at San Manuel. The Morend mine is a known deposit of 450,000,000 tons of copper while the San ManUel deposit is estimated at WNMMm some 400,000,000. anThe Magma Company nounced yesterday that a road from Tiger to the mine is under construction and, when the road is completed, machinery will be on the site to expedite the shaft sinking. Arizona Silver Belt. Declares Dividend Miami Copper Co. declared a dividend of 50ca ahd an extra of 25c, both payable Oct. 2 to stock of record Sept. 18. .The previous payment was 50c on March 31. In 1946 the company paid 25c each in March and October and an extra of 75e in December. METAL MINING INDUSTRY OP UTAH v ' cc.xt:- - l- - T |