OCR Text |
Show 2 Stability of Silver Price Expected to Continue The .outlook for the foreseeable future points to a maintenance of price stability for silver, according to Handy and Harman, leading New York bullion dealers and precious metal fabricators. We believe that fluctuations in the price of silver will con' tinue to be relatively narrow, with a ceiling provided by the availability of production now sold to the mint at 90.41 cents, and a support provided by Mexicos probable need for at least a major portion of its own production in the coming months, the firm states in its annual review of the silver market. The price of the white metal was remarkably stable during 1951 considering the inflationary pressures exerted in general on prices in this country, the review states. Tiie increasing demand for silver and silver products for industrial use offset to some ex- The U. deal in tin raised the price to domestic consumers 18ft' cents per pound to 1.21 cents according to Ei & M. J. Metal and Mineral Markets. That the price of tin sh would be advanced by RFC was expected. Secretary of State Dean Acheson declared recently that he is hopeful that negotiations with Bolivian tin producers will be suocesful. Price Stabilizer DiSalle has announced that he will resign from OPS to run for the Senate in: Ohio on the Democratic ticket. NPA plans to remove chrome-stainlesteel from CMP. Presss ident J low-temperat- 1 - . Austin, Nev. The Manhattan gold dredge working at the mouth of Copper Canyon, for some time has been dredging ground that is well over 100 feet to bedrock. The dredge works in a pond whose banks are a sheer 50 feet above the water, and the bucket line digs to 80 feet below the water. A Marion dragline lifts the washed gravel away from under the dredge stackers and deposits it at some distance behind the pond. Some months ago, before the Marion was put in use, the huge gravel pile beneath the stackers started to slide in, like a snowslide, and did considerable damage to the bucket line and its operating machinery. The dredge is . now turning around and will work into some shallower ground. At present the top of the dredge can barely be seen above the edge of the pond. Most of the water for operating the dredge comes from a deep well drilled out in Buffalo Valley. self-ma- de tons of zinc contained in concentrates. 273,652 TIN It as stated officially that this country will obtain 20,000 tons of tin from Malaya on the basis of $1.18 per pound, f.o.b. Singapore. No details were available on how this metal would be obtained. However, it was thought likely that a pool would be put into operation in which producers would contribute part of their current production to take care of the tonnage. The British deal is certain to reopen tin contract talks with . Bolivia. The RFC raised its domestic selling basis to $1.21 on January 22, breaking the long dead-basof 19 cents per pound for Prime Western, East St. Louis. In the foreign division, the price situation remains unsettled. There were sellers of Mexican zinc, commop grade, at prices ranging from 23c to 25c per pound, fa.s. Gulf ports, about lc lower than' in the preceding week. Offerings for foreign concentrates have increased.' During November, the United States imported 6990 tons of slab zinc, making the total for the eleven months 80,296 tons. During all of 1950 the United States imported 155,916 tons of slab zinc. Imports of zinc contained in concentrates "during November amounted to 23,679 tons, making the 11 months total 281,059 tons. Imports in 1950 totaled lock over pricing tin. The former quotation of $1.03 was first posted on August 1, 1951. The new quotation virtually is tons. equivalent to $1.18 Singapore. Mexican lead was available at RFC sales last week totaled 545 prices varying between 19 cents tons. and 19 cents, f.a.s. Gulf ports. Standard tin on the London Imports of refined lead in Metal Exchange, first session, November amounted to 17,274 per long ton: tons, making the total for the on 99 per cent tin Quotations eleven months 163,369 tons. To- (tin content), New York, were 1 tal imports in 1950 came to nominally as follows: Jan., 17, tons. $1.02; 18th, $1.02; 19th, $1.02; 21st Receipts of lead-bas- e scrap in $1.02; 22d, $1.20; 23d, $1.20. October totaled 51,841 tons, up SILVER 20 per cent from September. of in lead from scrap Recovery Reviewing the silver situaOctober was 37,925 tons, making tion, Handy & Harman believe the total for the ten months that fluctuations in the price will continue to be relatively slightly under 400,000 tons. ZINC narrow. Supplies in 1952 are Requests for zinc- - remain expected to be adequate." n o t w ithstanding The New York quotation for substantial, some cutbacks in important out- silver was maintained last lets, particularly the automoweek at 88c an ounce troy. Debile industry. The domestic mand was moderate. market continues firm on the London was unchanged at 77d. is 5 ' 120,-00- ed 41,-000,0- on . full-sca- le so-call- $85.4-billi- fiscal year arbudget for rested price unsettlement in various commodities because of its inflationary implications. COPPER Sales of copper for January shipment to fabricators now total more than 80,000 tons. Allocations for February have been about completed and it looks as if fabricators will get about 10 per cent less copper next month than they obtained in the current month. Part of the reduction results from the shorter month. Defense officials continue to view the supply situation in copper as the toughest bf all key metals. Custom smelters are getting little scrap and the expected easing in the situation after the turn of the year has not yet materialized. Final figures for 1951 revealed that custom smelter recoveries a total of 56,810 tons of copper from secondary materials, against 117,439 tons in 1950 and 135,052 tons in 1949. There were no price developments in copper last week. LEAD The management of St. Joe Lead has been notified by Local 648 of the International Union of Mine, Mill and Smelter Workers that the union represents a majority of the companys employes. The union will petition the NLRB for an election to certify the1 local as bargaining agent. Employes at the strikebound Herculaneum smelter the Federation represented by of Glass, Ceramic and Silica Sand Workers, CIO union. With the supply outlook improving, thanks to larger importations,' consumers believe that the limitations on use should should be eased, or removed completely, possibly before the end of the second quarter. Requests for lead under the allocation program for next month were large, totalling 0 tons. This, of course, is an inflated figure. The domestic market continued firm on the basis of 19 cents, New York. Sales for last week totaled 1249 110-milli- on - Trumans 1952-5- 3 tent the sharp drop in requirements for sterling by the silverware manufacturers. Approxi- - ounces of mately sliver was consumed in the arts and industries in the United States during 1951, a drop of only 10 million ounces below 1950. Consumption of silver compares favorably with other postwar years. After the invasion of South Korea in June of 1950, a wave of scare buying created an unusually heavy demand for sterling silverware. An accumulation of orders resulted in production by manufac-- 1 turers through the remainder of the first four months to 1951. Thereafter, however, requirements- for sterling silverware dropped sharply, except for a very moderate seasonal improvement1 in the fall. Development' of brazing alloys and silver Solder1 has brought about extensive use of silver In industry. Silver btazing alloys are playing a: part in the' producand tion of defense equipment : materials. ' ' ' Supplies 'in 1952 are expected to be adequate, thei review points but: Cuban supplies would probably be again available on the basis of a published rate of 90.16c an ounce,' assuming there is no change in the decision not to sell 'in he current market possible source of added supsubstantial stock ply of silver, estimated at 50 to 60 million ounces, is being held in that country pending official decision. With regard to Treasury stocks, the review points out that because of coinage requirements free silver acthe count declined from 159,900,000 ounces at the close of' 1951, a drop of 32,900,000 ounces. Silver production in the Western Hemispher during 1951 declined slightly from figures reported for 1950. We estimate, says the report, the total for the year at 130,700,000 ounces, about 7 per cent below 1950. Mexico showed the sharpest drop. That countrys production probably did not exceed ounces, compared with 49,100,000 ounces reported in 1950. Production" in the United State as also lower, being estimated at 40,000,000 ounces compared with 42,100,000 ounces previously. Wte estimated that the silver content of total imports of bullion, unrefined materials, and coin amounted to 114,000.000 ounces. Total exports amount- ed to 8,300,000 ounces. Manhattan Colorado Dredge Active At Mines Show Copper Canyon Limitations On Lead Use Seen Easier 441,-74- 00 ; . . I 1962 February 8, The Western Mineral Survey, Salt Lake City, Utah Gain Output Continued from Page 1 silver concentrate. Exploration was expanded under a Defense Minerals Administration contract providing financing on a basis. At the matching-fund- s near Crested mine Keystone Butte the Park City Consolidated Mines Co. and the American Smelting & Refining Co. carried on development throughout the year; the ore removed in development was stockpiled at the mine. The Crested Butte Mining & Milling Co. (Daisy group), Slate River Mining Co. (Eureka mine), and Evans Basin Mining Co. (Chautauqua) shipped ore. The Star mine shipped (John Lambertson) lead-silvore. The Forest Queen and Carter (Kanarado) mines ore. shipper some Hinsdale County The Standard Silver-Lea- d Mines reconditioned mine workings and the. mill at the Ute & Ulay group. Some ore was shipped from the Gold Quartz lode, Hoosier Boy, and Yellow Medicine mines. Jefferson ' County Placer gold was recovered as a byproduct in sluices at several commercial sand and gravel plants on Clear Creek. Lake County Lake Countys output of zinc increased 8 per cent from 1950,; lead decreased 8 per cent, copper decreased 7 per cent, silver 4 per cent and gold 12 per cent. The decrease in gold resulted from the idleness of the Mount Elbert placer group in the Box Creek district, which produced considerable gold in 1950; the Leadville district output of gold increased slightly. The total value of the five metals was $5, $835,684, and increase of $958,017 over 1950 and the highest since zinc-lead-silv- er er gold-silv- er 1918. The Resurrection Mining Co. operated Its Resurrection mine group and mill steadily throughout 1951. Since 1942 this mine has been the countys principal producer of the five metals. The company continued to purchase custom ore for treatment in a separate unit of the mill; ore was received from Lake, Park, dear Creek, Summit, Saguache, Chaffee, Gilpin, and Hinsdale Counties. The Arkansas Valley smelter of the American Smelting & Refining Co. purchased and lead, conores and gold and silver centrates from operators in all g districts the active of Cblorado and concentrates, residues from zinc smelters, and other material from outside the State. Receipts of purchased material in 1951 totaled about 111,000 tons compared with 101, 701 tons in 1950. Besides operating its smelter, the company carried on a develpoment camlode-minin- paign at the group of mines at Leadville and shipped considerable ore from this group. Other Leadville shippers of ore to the smelter and the Resurrection mill included the Dolly B, Fortune, Little Alice, New Monarch, and Valley mines and several dumps. The Leadville drainage tunnel, an unfinished World War II project of the Bureau of Mines on which driving was resumed on September 20, 1950, with the Utah Construction Co. as contractor, was advanced during 1950 from 6,600 feet from the portal to 7.440 feet as of December 20, 1950; as of December 4, 1951 it had been lengthened to 10,478. feet. In addition. 291 feet had been driven on a Downtown lateral, 191 feet bn a lateral connecting 'the. tunnel with the . Hayden shaft (which was reconditioned by the Cadwell Mining Co. in the course of an exploration propact), and 36 feet on the Robert Emmet lateral. The peak flow of water from the tunnel was 3,765 gallons per minute on July 5; the flow at the end of November was about 2675 g.p.m., and accumulated water in workings above the tunnel level in the Carbonate Hill and Fryer Hill basins was being drained at a satisfactory rate. LARIMER COUNTY Cherokee Mines shipped zinc ore containing some silver and copper from the Black Hawk claims in the Prairie Divide dis- trict. MINERAL COUNTY Production of silver, lead, and gold in Mineral County decreased in 1951 but that of zinc increased slightly. The Emper-iu- s Mining Co., only large producer n the county in recent its group of years,-- operated ' selective flotation and mines the mill throughout year. Hie group includes the Amethyst, Commodore, New York-Volun-teer-- and Equinox properties. The Solomon Lease and Outlet Mining Co. Honte-Aspe- n, shipped Leadville smelter. lead-silv- er ore to the OURAY COUNTY, The Camp Bird Mine (King Lease), principal producer of metals in Ouray County, operated steadily in 1951 and produced more lead, sine, and copper but less gold and silver than in 1950. The mine is equipped selective Rotawith a tion mill. Small shippers of crude ore to custom mills or direct to smelters included the Altoona, Columbine, Fairish, Governor, Lost Day, Breen Mineral Farm, Mickey Monte Cristo, Robert Emmett, Samar, Stanley, and "Young American properties. The American Zinc, Lead & Smelting Co. continued to buy ore for treatment in its custom flotation mill. The Bachelor Development Co. worked on an exploration project, financed by the company and the government on a 0 basis under a Defense Minerals contract PARK COUNTY The South Platte Dredging Co.,' operating its electrically powered ' connected - bucket dredge on South Platte River near Falrplay throughout 1951; ranked fourth In the state in gold production. The Buckskin Joe Mines, Ltd., continued to work ' the Phillips 'jgroup and to ship the Resurrection mill ait Leadville. Shortage of labor hampered operations. Other small shippers included the Butte, Harrisburgh; Rocky Mountain Diamond Drill Co., Mineral Park group, Shelby, and Wheeler properties." Diamond drill exploration, financed, through government participation (DMA contract) was done at the Shelby-Johnsoproperty. PITKIN COUNTY The Midnight Mining Co. continued to operate Its Midnight mine and ran the mill intermittently. Hiis mine has been a consistent annual producer the past 23 years. Herron Bros, produced silver-lea- d ore from the Durgen - Pioneer group. 125-to- n Gen-eseeTunn- el, 50-5- , 1 Ten-Fort- y, n My mother always told me to say no to everything, she said. Well, do you mind if I hold your hand? No. Do you mind if I put my arms around you? . No-o-n- o. He sighed deeply. Sweet- heart, were going to have lots of fun, he said, if youre on the level about this . |