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Show Til 4 OF CITT 1 4:' W' nut LIBRAS U . rj ? METAL PRICES ' N0.4T Salt Lake City, November 23, 1951 One Year $2.50 Salt Laker Named Head Of Mine Firm Anaconda Co. pf, W; H. H. Kingman, Ariz. Cranmer, president and general manager of New Park Mining Company, Salt Lake City, Utah, was elected president and director of Tennessee 'Metals Corporation, at a recent meeting of the board of directors of that concern. Tennessee Metals Corporation, organized early in 1951, holds leases on several valuable ' mining properties in this section. Among them, the Tennessee mine at Chloride, Ariz., and the Summit and Alpha properties located a few miles south Of Chloride. The directors announced that after considerable effort was made to locate an outstanding and successful mining operator to head the company, Cranmer was selected, due to his long and successful record. He succeeds Ralph Langley as president. New Park Mining company was organized by Cranmer several years ago and acquired several properties in the Park City district of Utah. Since its inception, New Park has added several other properties in the Park City district to its. holdings and has been highly successful in its operations there. Cranmer said that the position of Tennessee Metals Corporation at this time is somewhat parallel to the New Parks situation at its Inception. In addition to Cranmers min-fnoperation,, he .also is operating successfully in the production of oil: in the Rocky Mountain area. It is believed that Cranmers Interest in the Chlpride district through Tennessee Metals Corporation will, result in many mines being reactivated and that the district is due for a long and prosperous period of opera tion. non-operati- ng ! g; & r ..... Features Minina. Oil, Financial VOL. 22, 19a Lead (per lb.) Gold (per oz.) . . . $34.9129 24.2a Copper Zinc (per lb.) 19.5c Silver (per oz.) new mined 90.16a Forbes. Gets Post With Mines. Bureau John J. Forbes, career man in the U. S. bureau of mines, has been named director of the bureau by President Trumao. He has been given a recess appointment to succeed James Boyd who recently resigned to enter private industry. Forbes has. been with the bureau since 1915 and has been chief of its health and safety division since 1948. Born in Pa., he worked for some in the coal mines before time receiving his degree in milling from Pennsylvania Engineering . ; Sha-moki- Enlarging Mine Activity Anaconda BUTTE, Mont. Copper Mining Company, one of the biggest copper producers n the world, is entering the aluminum business. Cornelius F. Kelley, chairman, announced in New York his firm is taking over Harvey Machine Companys commitments for construction of an aluminum m e t a 1 producing Mont. Its purplant chase 'agreement includes the .. contract for power the government-owne- d Hungry Horse dam. The projected plant will cost an estimated $46 million. It will have an initial capacity of at least 54,000 tons of aluminum metal annually, but this may j be increased, Mr. Kelley said. He added Anaconda is forming ; a new Montana, company, in which Harvey will have a small . interest to operate the plant. Anaconda will finance the project without government funds, but it is understood the company has obtained a certifi- cate pf necessity entitling it to accelerate amortization of construction costs. Anaconda will obtain its bauxite concentrate (alumina from which aluminum steel is madel from other companies, in this country. It is not going to construct an aluminum plant, nor is it planning to build ore . boats as Harvey Machine had Harvey from Indicative of problems confronting the mining Industry was the recent report of Federal Mining and Smelting Company. The firms production and net income for the third quarter were nearly 40 per cent below last year. net income, however, was up from to a Estimated federal income and exceses profits taxes $1,918,529. $1,545,032 year ago showed a gain from $545,000 for the first three quarters of last year to $1,185,000 for the .like period this year. ' Nine-mon- Dragon Cons. Recording Increased Clay Output AS&R Sets Increased Stock. Plan American Smelting and Refining Company last week approved the previously proposed stock split of common stock. Authorized common shares .will be increased from 4,000,000 to 8,000,000. There are are. now 2,630,000' common shares outstanding." .' Third quarter earnings of the company .were substantially lower than for either the first or second quarters, Board Chairman Roger W. Strauss told stockholders. The net for the two-for-o- ne . first quarter was $3.26 per com- mon share and for the second quarter, $3.81. The decline resulted partly from strikes at company operations during the third quarter and partly because increased federal taxes, retroactive to April 1, were charged against this period. Fourth quarter results will reflect recent increases in wages retroactive to July 1, he pointed out. Earnings for the full year, therefore, are expected to fall below the $14.19 per common share earned in 1950. With demand for the companys products still far in ex cess of supply and indications that the situation is, likely to continue, the company is going ahead with plant improvements and has- authorized $24,000,000 for these projects, Strauss said. . - n. Sunshine Mining Will Pay Dividend which rofWltiopderszvhrdluue Several other appointments Sunshine .Mining Company In the bureaus minerals divi- will pay a regular fourth-qua- r ter dividend of 20. cents a share sion were also announced or 'December 22, Secretary C. M. of chief Charles W. Morrill, Hull, said following a meetthe base metals branch, was ing of directors in Yakima on named assistant chief of the Monday. minerals division, of which The disbursement, ' totaling Lowgll B. Moon Is the chief. $297,764, will be paid to stockSuceeding him as chief of the holders of record November 23. base metals branch is Charles Payment of this dividend, the M. Johnson. companys seventh consecutive declaration, will raise Waldemar F. Dietrich, heretoto $1,191,956, or 1951 dividends fore chief of the rare and precents 80 a share, as compared cious metals branch, was named chief of the ceramics and fer- with $1,116,616, or 75 cents tilizer materials ;branch, while Richard H. Mote succeeds him Meyer was appointed assistant as chief of the rare and precious chief of the base metals branch, metals branch, Helen A. M. the post vacated by Mr,. Mote. jre-eent- ly. . 20-ce- th SALT LAKE CITY Dragon Consolidated Mining Co., has increased its production of halloysite clay at its Eureka, Juab bounty, mine to 8000 tons a month thanks in part to a cave-iThe destruction of upper lev-els of the mine without loss of Ore Shipments . life or injury to any miners earUer this year led the affiliate (Week Ending Nov. 17, 1951) Bingham District Utah of the International - Smelting Metals Reduction, and Refining Co. 'to' attempt o. mining. open-p- it although the cave-i- n halted work and impaired op? erations of the Filtrol Corp. $3,500,000 processing plant in Salt Lake City, the production from the open pit mine now exceeds - underground extracr tion of the white, hard clay. The clay is used by Filtrol in the manufacture of catalytic agents needed in the refining of And . crude, oil. James J.' Lillie, vice presi- dent : of Dragon Consolidated, reports mining of the clay now is being carried out on four benches. And the open-p- it method produces about 60 per cent of the day extracted at the mine. The remainder' Is produced in conventional underground operations. An electric, yard and one half power shovel is used to load the seven trucks which shuttle between the mine and ore bins. A bulldozer assists in cutting away overburden and in benching. The center of the pit is about 60 feet below the surface of the ground and it is present intention of the firm to take the opencut operation to at least 120 feet. Main limitation on deepening of the pit beyohd that point, Mr. Lillie said, is the vast amount of overburden which would have to be removed on the mountain side of the operation. For the clay deposit. although vertical In formation, is up. against a brow of the hill. share, in 1950. It brings the companys grand total to . 0. $30,-421,61- nt Sunshine, operates the nations largest silver mine, lo cated on Big Creek between Wallace and Kellogg, and mines and develops several adjoining g properties under agreements with the owners. profit-sharin- . 275 tons; U. S. Mines Co., 75811 ons; Utah Copper (Kennecott), n cars, daily average. Eureka District, Utah Empire Mines, ore, three cars; Eureka Standard, ore, 12 cars; Eureka Lily, ore, two cars; Chief Consolidated, ore, 47 cars; Dragon Consolidated, clay, 47 cars. Park City District, Utah New Park Mining Co., 1623 ons; Park Utah, 1091 tons. Pioche District, Nev. Com-)ine- d Metals Reduction Co., zinc concentrates, 10 cars; lead concentrates, four cars; perlite, 15 cars. (Courtesy J. A. Hogle & Co.) 1000 85-to- . : : intended to do. Kalispell is in the northwest section of Montana just south of Glacier National Park. It is roughly 60 miles from British Columbia and about 250 miles northwest of Butte, where Anacondas major copper, zinc, lead and manganese operations are centered- - Hecla Mining Hecla Mining Company, which" has paid dividends each year , since 1903, will increase 1951 payments to $1,000,000, or $1 per share, on December 15, dis- bursement date for the fourth-quartdistribution auIncrease Output thorized by directors in Mil- -, e Tungsten-Carbidwaukee last Friday. StockholdRENO, Nevada 7Co., subsidiary of Mc- ers of record November 20 will Kennas Kenna-meta- l, Inc., of share in the $250,000 disburseLatrobe, Pa., has doubled the ment. One dollar per share has been working crew at its Nevada scheelite property near Raw-hid- e the companys annual rate for and is enlarging the mill the past several years. The Dewithout interrupting produc cember payment will boost its tion. grand total to $34,905,000. 25-ce- nt er -- - "Sometimes .looks are deceiving. Take a business operation for instance. It looks as if four groups are pulling in opposite directions. Workers want higher pay . . the public want lower prices . . . inventors want a return on their money . . and management tries to keep everyone happy. Actually everyone wants the same thing a profitable business. A business that makes profits satisfies all four groups , . labor, management, the public, and investors." ... jam ft Av .1 |