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Show September 5,1958 The Western Mineral Surrey, Salt Lake City, Utah Industrial Minerals Of U. S. Steel Anaconda Big Osceola Northwest Area Inventoried ' Pushes Weed Mine To Be Reports Drop Continued from Page and Montana are of Washington earth show Oregon second and potentially commercial, even Rehabilitated Work Washington fourth. though production has been In Heights Earnings The report says that of the per small to date. have been 1 85 Some cent of the Nations phosphate praphite produced in Montana rock reserves are in Idaho, and compares favorably with that that the deposits of barite in imported from Ceylon. that state rank with the largest Potentially important deposits found west of the Mississippi of garnet, corundum, asbestos, River. feldspar, and the sillimanite Gem materials, although group of minerals are found in classed at semiprecious, are Montana. In Washington, defound abundantly in Oregon, posits of olivine, dolomite, and Washington and Montana.. The massive cerpentine have colorful thunder eggs possibilites. nodules) of eastern The nventory was compiled Oregon have attained national from all available literature on recogntion. among collectors of the subject and from informaminerals. tion furnished by many The talc and praphite deposits com-meri- al (chal-cedon-fill- ed Southeastern Honest Money Utah Scene Of Held Need Intense Work Of Nation Continued from Page 1 Roosevelt Pool in SE NE, Sec. Total depth 9592 feet. Moving out rotary tools. H. A. Peterson No. 1 (located in Roosevelt Pool in SW SW, Sec. Drill-ste- test m No. 13, between ft., open 135 minutes had gas in 20 minutes, burned with 4 ft. 8 in. flame. Recovered 405 feet of fluid, 240 feet of green, high pour-poin- t oil, 165 feet mud. No. Core 21, at ft., 55 feet. Core No. 22, recovered at 10,033-08feet, recovered 54 Drill-stetest No. 14, befeet. tween 10,017-08feet, open 2 30 minutes. in had gas hmours, Recovered 200 feet oil, 90 feet t mud. Crews are coring at 10,122 feet. Joseph Smith Xo. 1 (Flat Mesa wildcat well located in center A drill-steof SE SE, Sec. test, No. 9, between feet, open 2 hours, recovered 9445 feet of fluid, top 270 feet slightly gas-cumud, 180 feet of heavily gas-cu- t mud, 225 and heavfeet of slightly oil-ct mud, 270 feet of salt ily water, heavily gas cut and slightly oil cut and mud cut. test 10, Gas was NH4. Drill-stebetween feet, open 2 hours, had no gas, recovered 300 feet reavily oil, gas and salt water cut mud, 300 feet of oil gas and mud cut (salt water) t water. 330 feet heavily Oil was dark drown, gas had Drill-stestrong NH4 odor. test 11, between 5223-5-5 feet, 90 2 feet recovered ouen hours, t 270 feet of slightly gas-cumud, oil, gas and salt water cut mud, 855 feet of slightly oil gas and mud cut salt, water. Crews drilling at 5478 feet. Elmer Moon Xo. 1 (Antelope wildcat well located 50 feet east of center of SW SE, Sec. 84S. test 12, between 3W) Drill-stefeet, open 60 minutes, had gas to the surface in 6 min. fluid in 14, bluid mud, water and scum oil to end of test, inch THC, flowed through recovestimated 1,000 MCF, gas ered 500 feet water, heavily 1089 feet mud, oil and gas-cut water gas-cuof water, heavily with scum of green, high pour-poioil. Core No. 22 between 6105-6feet, recovered 59 feet. Drill-stetest 13, between feet, open 2 hours, had gas 12 in minutes, 81MCF, recovered 140 feet gascut mud. Core No. feet, re23, between covered 56 feet Crews drilling , at 6398 feet. - Government 1 Xo. Canyon lowell wildcat (Jack Canyon cated in SE NE, Sec. 13-Core o. 23 between 9746-5feet, recovered 10 feet. Total ' depth 9802 feet. 9970-10,03- 3 9978-10,03- , 3 - 8 m 8 oil-cu- m ) 4766-495- 2 ,t ut gas-cu- m 4933-511- 7 he added, inferring that the price paid for the precious yellow metal must be boosted to a figure yet to be determined by a board of economic experts. Dr. McLaughlin in his short talk also praised the Cripple Creek area as a "young mining camp with a tremendous future. The discovery of gold in the Black Hills was made about 75 years ago compared with 61 for this camp. stay in the During the two-daGold Camp members of the AIME toured the district, were taken through the Carlton mill and down the Ajax mine. Making arrangements for the highly successful session was Ben Slothower of Cripple Creek. gas-cu- m y m 6080-610- 5 nt 3 6149-628- 2 6282-633- 8 1 2S-14- E. 9 j 2, Idaho Phosphate Ida. Idahos reserves of phosphate rock and phoSphatic shales are probably the greatest in the United States today, J. G. Miller, manager of Food & Chemical Corporations Westvaco Chemical division plant at Pocatello, Ida., told mining men at the recent 1952 Pacific Northwest Metals and Minerals Conference sponsored by the American Institute of Mining and Metallurgical Engineers in Spokane. POCATELLO, Sunshine Mining North American Gar Butte Copper, Zinc t; $22,-218,92- $106,-797,49- 7, CRIPPLE CREEK, Colo. Donald H. McLaughlin, president of the Homestake Mining Co., expresed confidentially hee last Saturday that the United States will soon get back on the gold standard. This belief was expressed during a talk at the Imperial Hotel to members of the American Institute of Mining and Metallurgical Engineers. But he warned that if the country did not soon get a dollar convertible to gold at a proper and adequate price the disastrous inflation would continue. He emphasized that we have to stop spending and get honest money a dollar convertible to gold, not one paper dollar convertible to another paper dollar. The nation, he said, must get back on a permanent gold standard. But if we get back on a gold standard with the price of gold at $35 an ounces, there would be a depression, the Homestake mining leader said. The right price for gold would be a price that would keep the gold standard going, 28-1S-1- "The earnings of United States Steel Corporation for the second quarter of 1952 amounted to or a return of 3.7 per cent on sales. As previously announced in The U. S. Steel Quarterly, August, 1952, issue, the directors, o nJuly 29, 1952, declared a quarterly dividend of $1.75 per share on the preferred stock, payable August 20, 1952, to stockholders of record at close of business on August 5, 1952, and a dividend of 75 cents per share on the common stock, payable Seuptember 10, 1952, to stockholders of record at close of business on August 8, 1952. Income for the first six months of 1952 is reported as $65,753,134, or a return of 4.5 per cent on sales, as compared with income reported for the first six months of 1951 of or a return of 6.2 per cent on sales. During the second quarter, operations were adverseyl affected by steel strikes and threats of strike, Culminating in the major strike which began on June 2, 1952, and which resulted in the complete cessation of the major part of U. S. Steels operations until July 26, 1952. As a result of the strike conditions and after deducting $31.5 million retroactive employment costs resulting from the new agreement with the steelworkers union, the second quarter showed a loss o f$20.8 million before any consideration .to tax therefrom. credits resulting oss resulted This second quarter in a reduction of normal and excess profits taxes reported in the first quarter, and also in a tax credit arising from an unused excess profits tax exemption applicable to the first six months of 1952 which will be either carried forward to subcarsequent quarters of 1952 or con1951. After to ried back sidering these factors, the taxes reported for the first quarter of 1952 are $43 million in excess of taxes applicable to the first six months. This difference is reflected as a tax credit in the second quarter. Butte Copper and Zinc company last week reported second-quarte- r earnings of $131,631, equivaent to 22 cents a share, as against $235,944, or 39 cents a share for the same quarter of 1951. Earnings for the first quarter of 1952 were $169,308, or 28 cents a share. The companys property near Butte is operated by Anaconda Copper Mining company under lease. (a241366,iisopoalJn i Anacondas opera tions at Weed Hights, across the river from Yerington, Nev., are stepping right along. Excavation for the crushing plants and ore storage bins has1 been completed. Carpenters have started to form for concrete in the secondary crusher and the first batch of concrete in th ebase was poured last week. Form work is also going oh some .75 feet below the surafec for the ore bins, and the west walls of the leaching vat are nearly finished, the Mason Valley News reports. McNeil, Company, contractors on the job, expect to have their peak enmployment load of 300 men during September some time. On Anacondas housing project, good progress is also being maintained. One hundred and twenty homes are now occupied and it is expected that the remaining 100 units now in the final stages of construction will be ready for occupancy before the end of August. Work has started on curb and gutter construction with the contract calling for some five miles of this work. Grading of the streets is now going on and there is a possibility that all d bestreets wil be fore the cold weather sets in. Included in the curb and gutter work will be two concrete strips leading from the streets to each garage and a sidewalk fro mthe garage doors to the main entrance of each home. The payroll at the project in Weed Height shows 170 employes on the Anaconda roll, and 202 with MjcNeil Company. In. addition is the payroll of the Weichmann Prqbasco Company and the Triangle Rock Company. A year ago there wasn't Anything at Weed Heights, not even a name. Today the big Anaconda project is showing up in concrete forms, and in overburden stripping operations and numerous completed buildings. Yerington is feeling the full impact of the new and strange development on its town economy. black-toppe- comArrangements pleted for the reopening of the big Osceola Mine of the Calumet & Hecla Consolidated Copper Company in Houghton County, Michigan, it was announced today by Jess Larson, administrator of the Defense Materials Procurement Agency. The mine has been closed down since 1931 and is full of water, as is an interconnected mine, the Conglomerate, which was closed down in the late 1930s. has negotiated a conwith the company which for production of 53,000 tons of refined copper the Osceola Mine 'output DMPA tract calls short from by mid-196- 2. In order to put the Osceola back in working condition, it will be necessary to remove approximately 7,000,000,000 gallons of water enough to make a lake seven feet deep and about 5 square miles in area. he unwatering is the biggest part of the rehabilitation operation, Mr. Larson said. One of the problems is that the water is highly corrosive, necessitating the use of special pumps and pump columns. To free the Osceola of water, it has to be pumped out down to the 3600-folevel, about 2200 feet below the surface. Calumet & Hecla engineers estimate that the unwatering operation will take 530 days. Twenty-thre- e pumps, costing ot as much as $24,000 apiece, will be used in the operation. They wil be suspended on cables and lowered into the depths of the mine as the water level recedes. Retimbering and other rehabilitation work needed to put the mine shatfs back in working order will be caried on simultaneously with the unwatering. DMPA has signed a contract wtih Calumet & H6cla under which the company has agreed to rehabilitate the mine at its own expense and to prqvide all necessary facilities for processing the ore. The cost to the company will be about $6 million. DMPA has guaranteed the company a negotiated floor-pric- e of 25.25 cents a pound, s of a cent over the present ceiling, for up to 53,000 short tons of refined copper. Production of refined copper under the contract is to proced Amendment Aimed At Swindlers five-eight- at the rate of $7125 short tons per year until June 30, 1962, or dition treaty between the Unit- until a total of 53,000 short tons ed States and Canada permitting has been produced. the extradiion of a person A recent issue of the Tax charged with the sale of worthless stock became effective Au- Foundations Tax Review gust 1, the orthem Miner, Tor- points out that measures must onto publication, reports. be taken now to meet federal A new article has been added tax and expenditure problems, to the Convention for the ex- as indicated by the fact that tradition of fugitive criminals, federal, state and local taxes are orginally sgned by Canada and estimted to take. more than- 30 the Unted States in 1900, where- per .cent of the net national by swindlers and product this year, as compared salesmen of worthless shares with but 17.5 per cent in 1939. can be taken to the country Government takes in taxes apwhere the complaint is laid and proximately o the avthere face trial on the charges erage annual earnings of a man r bracket. lodged against them. Such per- in . sons are now subject, to extradition in the same manner that is Consumption of 753.820.5S3 An amendment to the extra- - Sunhine Mining company this week reported a net income of $617,807 for the first six months of this year. This represents a drop of almost 22 per cent from the $788,065 income in the comparable period of 1951. Second-quarte- r earnings this were $298,137 as compared year with $319,670 in the first quarter and $386,613 in the same quarter of last year. The company balance sheet as of June 30, 1952, lits current assets of $5,530,250, of which is cash. Current liabilities total $1,431,425, including $878,354 in taxes payable. Earned surplus amounts to $5,397,305. $2,-495,2- 39 high-pressu- re one-thir- d te $3500-ayea- . - provided for persons charged pounds of industrial explosives with various criminal offenses, in the United States during 1951 hhhrr was 5 per cent greater than in The new amendment was 1950 and was the highest an signed by both countries last nual total, according to the BuOctober 26 and was approved reau of Mines. U. S. Department of the Interior. The second by the Canadian governor-genera- l on July 8th. It was made largest consumption-yea- r was in public August 1 and became ef- 1948 . when 725,227,173 pounds fective immediately. were used. |
