OCR Text |
Show 1 OF 1 U LIBRARY CITY 1 i ?&': METAL PRICES 16c Lead (per lb.) Gold (per oz.) $34.9125 - .- E:$at !'ir57 Features Mining, Oil, Financial VOL. 23, NO. 36 Sat Lake Copper 24.2c 14c new mined 83.25c Zinc (per lb.) Silver (per oz.) One Year August 29, 1952 . $20 Mine Industry Spends Huge Sum For New Development A total of 436 expansion projects to boost domestic production of needed metals and minerals, not including new projects in the aluminum expansion program, were sfpproved by the Defense Materials Procurement Agency during the Fiscal Year that ended June 30, Jess Larson, Administrator of DMPA, announced today. While earnings of Federal Mining & Smelting Company were lower for the six month period of 1952 compared to the same period, in 1951, the company has declared a dividend of $1 per share payable September 2nd. Shown above is one of the companys properties, located in the famous Coeur dAlene, Idaho, region. The 436 projects all in the United States and its possessions and territories involve an, industry outlay of nearly $672,000,000, Mr. Larson said. Nearly all the projects require the allocation of controlled materials copper, steel and aluminum. Priority ratings in connection with the projects were issued during the year for $196,233,000 worth of production machinery and equipment and for $32,564,-00- 0 worth of construction equipment. In addition, DMPAs Mining Requiements Division assisted the American mining industry in obtaining approximately $50,000,000 worth of machinery and equipment on a basis, Mr. Larson added. It should be emphasized, Mr. Larson said, that this is not just a government program. industry It is a government program. In my estimation, the expansion that has been accomplished so far represents one of the finest demonstrations of teamwork government-industrthat the country has ever seen. Project by projet, the nations industrial might - is being brought into full play- to meet the great challenge of our times. Where necessary, the government is assisting in this great expansion program with floor-pricpurchase contracts, accelarrangeerated amortization ments and loans. And it has projects speeded agreed-upowith necessary priority ratings and directives to channel equipment and machinery to the places where they can do the most good. But the job itself is being done by industry, and that is the way the still bigger job that lies ahead will be done. Iron ore topped the years list in number of projects with total of 96 for a production expansion of 30,736,140 tons per year. The list of projects includes 53 for copper, 29 for the ferro alloys (chromium, cobalt, manganese, molybdenum and tungsten), 92 for lead, zinc and cadmium, five for tin, three for titanium, and 131 for a dozen materials or more The 436 projects also include 23 that provide for improvement of existing aluminum plants The Defense Production Administration represents the government in the main aluminum expansion program. Mr. Larson said that projects Continued on Page 2 Results Of Steel Strike Now Told (Editor! Note: Benjamins F. Fslrless, chairman ot the board of directors of United States Steel Corp. fives the following resume of Industrial repercussioiM of the recent! settled sttej strike.) j The longest and most disashistrous strike in the endSteel tory of United States ed on July 26. The strike lasted 54 days. During the strike and the stoppages in April and May. Ui S. Steel employes in steelmaking and other operations lost about $150,000,000 in wages an average individual loss of more than $650. U. S. Steels production losses, including those in April and May, are estimated at 7,000,000 ingot tons of steel much of which was vitally needed for defense. The tonnage lost four times the 1,800,000 annual output in ingot tons anticipated at the hew integrated mill on the Delaware River near Morrisville, Pa. Meas51-ye- ar day-to-da- y Solons To Address Mining Clayton To Resume Work Convention In September It As Strike Ends , strike at jthe property in the Bay. Horse district of Custer county, Idaho. Settlement of the work stoppage, which began May 3, over the problem of wage increases, was reached last Friday, Norman Smith, general manager, told the Wallace Miner. Terms of the settlement provide a wage increase of $1.02 per day for miners and millmen, raising them from $12.52 to $13.54 per shift! The company increase had offered a of $13.44 a shift on January 21, when negotiations opened. The union had demanded $13.54 for miners and $13.94 or millmen. There are eight men classified as miners and four as millmen at the property. Five muckers and one crush-ermawas raised 86 cents a day from $11.88 to $12.74. Under the original company offer tiiey would have received $12.80. Wages of two hoistmen were lapped from $12.60 to $13.79. The union had demanded $13.94 and the company offer was $13.60. The settlement agreement ex-- . tends the present work contract from December 31, 1952, to June 30, 1953, but permits reopening on January 1 on wages and 92-ce- nt n . , , . : Participating in the final ne- gotiations were Louis Ziman, resident commissioner for the federal mediation and concUi-- , ation service, and Harold Raris-delassistant labor commissioner for the Idaho state depart-men- t of labor. Union negotiators were R. W. Hanson, international representative of the International , Union of Mine, Mill and Smelter Workers, and John Farley, Edward Jones, J. Rovetto, E. Verbeck and D. J. Bricker of local 911. Smith and R. J. Legard, resident manager, ' represented the company. Production at the property will be started this week Smith said. The company has a suf- l, . 29 - Employes of Clayton Silver Mines returned to their jobs this week,' ending a " Prominent members cf the U. S. Congress will be featured speakers at the 1952 Metal and Nonmetallic Mineral- Mining Convention and Exposition of The the American Mining Congress at Denver, September conclave will national be this for mining program participated in by high government officials and industry leaders. On the opening day of the convention, September 22, Senator Henry C. Dworshak of Idaho will be !a participant in a panel discussion of the report and recommendations of the Presidents Materials Policy Commission. This commission, widely known as the Paley Commission, recently assessed the The Spokane Stock exchange adequacy of materials, chiefly continued in the summer dolindustrial materials, to meet drums during July and dosing the needs of the free world in bids varied slightly from those future years and made many of the month. previous recommendations bearing upon July business totaled 353,579 the nations mining industry. Two of the members of the shares with a value of $322,374, commission Arthur H. Bunk- roughly the same as for June, er, president of the Climax Mo- when 352,922 shares valued at In July, lybdenum Co., New York City $346,376 changed hands.was volume 1951, trading and George R. Brown of Housshares aggregating $311,601. this lead will Texas panel ton, d About of the July several and discussion industry was volume share traded in at regtake officials will also part board intersesular and sessions this feature of the convention program. Senator Dworshak sion sales accounted for the balhas been a leading champion of ance. Intersession dollar vola strong domestic mining indus- ume was six times as great as board session value. i try. on Tuessession At a morning Bunker Hill and Sidney again in value of day, September 23, another pan- ranked one-twel dicussion is scheduled with a shares traded, as they did in number of national legislators the previous month. The value taking part. This session will be o Bunker shares changing hands devoted to consideration of pub- during July was $74,106; Sidlic lands policies and their ad- ney registered a total of $41,208. ministration by the federal govLead topped the ernment Senator Arthur V. listIndependence in share volume with a toWatkins of Utah, a member of tal of 39,000 'shares. Grandview the Senate Interior and Insular was second, with 30,430. Affairs Committee and extreme' ly well informed as to public land problems, will act as mod- Callahan Lead - Zinc erator of this pane. ParticipatCallahan Lead-Zin- c company will in' be discussion this' ing this week reported a olss of A. Wesley representatves for the econd quarter as DEwart of Montana and Wayne against a loss of $3848 in the N. Aspinall of Colorado, both same period a year ago. Both Continued on Page 2 figures are before taxes. The Callahan firm cjwns a control-in-g ore broken of ficient supply interest in both the Vulcan Extension above the No. 4 tunnel for 5 companies wfiich years of operation at mill ca- own substanial properties wes of Wallace. Vulcan Silver-Leapacity. for a new No. ground is being developed' un5 level was completed just be- der lease to American Smelting fore the strike started. and Refining company. D. C. August WASHINGTON, 22-2- 5. Trading Slow On Spokane Stock Market 440,-08- 4 one-thir- o t! $31,-94- 2 d Shaft-sinkin- g i i 4 y ured another way, the strike had the effect of nullifying for 1952 the total increase in United e n non-metall- ic . Newmont Mining Newmont Mining Corporation this' week declared a regular third quarter dividend of 50 cents a share payable September 15 to stockholders of record August 20. This amounts to the same rate a sthe $1 per share which was being paid before the stock split las month. Newmont is associates with H ecla and New Jersey Zinc in financing the Atlas deep development project near . two-for-on- e States Steel capacity since 1946. One of the most serious problems raised in connection with the steel strike was the companion strike in the iron ore mines in the Lake Superior region. Based on estimates of next winters needs, iron ore lake shipments to United States Steel mills are 2,000,000 tons less than they should be at this time and will have to be supplemented by rail shipments. Workers idled in the automobile, railroad, mining, construction and other Industries lost many additional millions of dollars in wages. Unfortunate curtailments were forced in the production of defense goods, including army tanks, ammunition and other items. An important portion of the nations perishable fruit and vegetable supply was placed in jeopardy for lack of tin plate for cans. The cost of the strike in terms of lost production, lost wages, lost corporate earnings and in setbacks to the defense effort add up to what is certain to be a very formidable total. But that is not the total cost Many workers and their wives wrote letters during the strike supporting the Companys position on compulsory unionism and expressing a desire to have work resumed on the basis of the Companys offer of June 9. While it may be possible to compute the financial cost of such a prolonged stoppage or to estimate the huge revenues in tax dollars which have been lost to the Government, one can only guess at and regret the privation and suffering imposed by the strike in thoulong drawn-ou- t sands of workers homes. , - |