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Show Pare TIIE WESTERN MINERAL SURVEY 2 Friday, March 21, 1958 Kennecott Copper President Reports 57 Net Income Below Previous Year cent of our copper was sold in the foreign market and only 60 per cent in the U.S. The domestic demand for copper in 1957 declined substantially. Our deliveries to fabricators de1957.) TO THE STOCKHOLDERS. . . creased by 19 per cent. This was Net income after taxes in 1957 due to reduced buying of copper was $79,251,667, as compared with by a number of the most im$143,154,210 in the record year portant copper consuming indus- (Editors; Note: Followinr is the text of a letter to stockholders by Charles R. Cox, president of Kennecott Copper Corporation, as it appears in the annual report for this report the important improvements in operations and in manpower and materials utilization that have been accomplished. This effort has been essential to counteract the effects of rising costs of labor and materials. . Fer share earnings for the tries, including the electrical, contwo years were $7.32 and $13.23, struction and automobile indusrespectively. The amount dis- tries. Whereas cash and government tributed to stockholders in 1957 was $6.00 a share versus $9.25 in securities shown on the balance 1956. sheet amount to $231,907,457, we The average price received for have committed approximately our copper in 1957 was 28.9 cents $100,000,000 for the companys a pound, as compared with 41.6 program of integration of its copcents in the previous year. per producing facilities and for In 1957, we operated at capacity expansion. This amount includes except at Ray, Arizona. This was provision for the new smelter possible because we were able not and additional mine and mill faonly to dispose of our Chilean cilities at the Ray Mines Division, production in Europe, plus a sub- the new electrolytic refinery in stantial carry over from the prior the East, increased power faciliyear, but some of our domestic ties at Utah and Chino and acproduction as well. We stopped quisition of the mining properties selling domestic copper to Europe of Consolidated Coppermines Corwhen the European price fell be poration adjacent to the properlow 25 cents a pound, in the belief ties of our Nevada Mines Divithat the copper was worth more sion. Further commitments not inin the ground. Total sales of cop- cluded in the above amount to per in 1957 were 552,944 tons, as approximately $29,000,000, the compared with 495,219 tons in largest item of which is for addi1956. The increase was due en- tional investment in Titanium Corporation. Thus, tirely to increased foreign sales. we sell monies committed to date total Normally approximately 20 per cent of our copper in the amount to approximately foreign market and 80 per cent in the United tSates. In 1957, this You will notice in reading the sales pattern changed, and 40 per review of operations section of By order of the Board of Directors, C. R. Cox, 1956. Allied-Kenne-co- tt $129,-000,00- 0. President Rureau Discloses Cause of Rlast Ignition of a large quantity of gas by mining equipment or an electric arc or spark from a cable caused the explosion that killed Il men in the No. 31 mine of the Pocahontas Fuel Co., Inc., in Taxe-we- ll County, Va., last December the 27, Department of the Interior, Bureau of Mines said today in issuing a formal report on the disaster. The mine straddles the West border, but all 1958 MOBILGAS ECONOMY RUN POSSIBLE ROUTES The exact route of the WHICH WAY WILL THEY GO Mobilgas Economy Run will be kept secret until three days before the start to prevent practice runs by competitors over the actual course. 1958 Mobilgas Economy Run to Start April 13th The longest and toughest Mo will be awarded the Sweepstakes trophy. working areas are in Tazewell bilgas Economy Run in history from trek a day The winners are the cars chalkMcCounty. Mine offices are in the Pacific Coast to the Gulf of ing up the most ton miles per Dowell County, W. Va. was announced today gallon of gasoline. The ton-mil- e Mexico Salt in Lake City by F. L. Kirk-ma- formula equalizes competition A detailed federal report of the district man- Specificially, it shows how many exposion which occurred deep . of the ager sponsoring General miles one gallon of gasoline drives within the mine, said that ventila- Petroleum Corporation. on ton of car. tion before the blast was not sufThe 1958 Run will start in Los The General Petroleum execuficient to dilute and carry away Angeles April 13th, and it will tive said the sponsors this year methane, an explosive gas fre- end farther east than ever before have thrown the door wide open of Texas. Details at quently encountered in coal the Galveston, women drivers. for They commile 2,000 mines. The mine is rated gassy. route approximately will not be revealed until peted for the first time in the 1957 Run, but only on a restricted basThe federal investigators are just before the start. The purpose of the Mobilgas is. Even so, Mary Davis of West of the opinion, the report comHolloywood, California, beat out ments, that the disaster was Economy Run, Kirkman said, is six men and three other woto determine the efficiency of caused by the ignition of a large to take the winners trophy men quantity of methane that accumu- American stock cars over the in the low price class. With unlated in the Nos. 3, 4, 5, 6 and 7 same, city and country driving wothe restricted competition, entries of the & left airways dur- conditions encountered by the men are expected to make it average motorist. ing normal mining operations. even tougher for the men this Cars may be entered by Gas had accumulated in these dealers, dealer associa- year. working places as a result of tions or private owners. They And this year, as every year g of the ventilating must be 1958 models of American since the first Economy Run in current which occurred when make, and they must have auto- 1936, the Chief Steward will be check curtains in No. 3. entry were matic transmissions. Only four-doo- r the colorful dean of American sedans and two and four automotive contest officials, Art opened or raised and fastened or destroyed while supplies were door hardtops are eligible. C. Pillsbury of Beverly Hills, being procured from the outby Entrants have no part in the California, regional USAC dirlocation. selection of the actual cars that ector. Through USAC the event them in the Run. United is sanctioned by the Federation The gas was ignited by an represent Auto Club officials pick Internationale de I Automobile. States electric arc or 'spark from a piece cars out of assembly linesft Last year 24 cars of 12 differof face electric equipment in No. the warehouse stocks or dealer dis- ent makes 4 entry or from a trailing cable traveled a 1,500 mile to this equipment. Coal dust in plays anywhere in the country. course from Los Angeles to Sun the immediate face areas entered The cars are immediately im- Valley, Idaho. A Crown Imperial into the explosion and aided in pounded and they are kept under driven by Mel Alsbury of Hollyuntil the Run is ended. its propagation. wood, California, won the sweep Winnners will be named in stakes with an average of better All 11 victims were working in each of four price classes: low, than 645 ton-milgallon and the Q left airways section when The class winner demonstrating an actual miles perpergallon score the explosion occurred. Among the most economical performance of 2055. Virginia-Virgini- a four-and-a-ha- lf n, Vitro Reports Record Increases ..Jn fR7 Annual Report to Stockholder J. Colton Ward, Jr., president corporation acquired the, Nems-Clark- e of Vitro Corporation of America, Company, electronics announced record gains for Vitro equipment manufacturers, to Corporation of America in the round out the corporations weapannual report for 1957, released on systems group of companies, today. Net income for 1957 totaled and completed in 1957 a five mil$1,514,517, compared to $617,515 lion dollar facilities expansion in 1956. Gross revenues were program. as against $40,898,531 the InIt was indicated that Vitros year before, a gain of come before taxes was $3,200,192 operations in the field of atomic compared to $1,522,515 in 1956. energy, which are widely spread Mr. Ward and Charles S. Pay-so- from the mining and processing chairman of the board, stated of uranium to the design and enin the letter to shareholders that gineering of complete reactor and the year 1957 has been one of production facilities, were profitmaterial progress for the corpora- able overall. i tion. Income both before and after taxes improved substantially. At Mr. Ward went on to say that the same time, costs and losses in summary, the outlook for due to the establishment of new 1958 seems reasonably assured 'divisional activities have been ab- and encouraging in the military sorbed in substantial amounts. In and weapon systems field. On the other hand, industrial busispite of the increase in shares of ness is influenced by the uncercommon stock, earnings increased to $1.42 from 75 cents per share tainties of the current business on the average number of shares outlook. $63,-137,2- 54. n, . outstanding. Vitros backlog decreased from The president noted that the $114,000,000 to, about $95,000,000 which reflected first, billings long-tercontracts with WESTERN MINERAL against the Atomic Energy Commission running until 1961 and 1962, and SURVEY second, the holdup which occurred NEWS - CIRCULATION in the Department of Defense 431 Church Street Phone EM the latter part of 1957. The current outlook, however, is for inADVXRTI8INO creased activity for those diviEM Box 3608 sions primarily engaged in govSalt Lake City, Utah ernment work which now have Entered aa eecond elasa matter at Balt more opportunity for proposals Lake City, Utah, under Act of March 3. and quotations than at any prior 1879. m 49 Bubaerlptlon ratea: $5.00 for two yeara; 83.00 for one year. Pleaae mention Weatern Mineral Surrey whan writing to advertiser. Adrertlalng ratea on application. L. M. HILL newa Editor appearing In the Weatera Mineral Surrey la obtained from aourcea beliered to be reliable but no reaponalbillty la aaaumed for accuracy of atatementa. Reproduction of any material from thle publication muat hare written permiaalon from the publiahad. All period. Utah-Nevad- a. . man-ufactor- s, short-circuitin- es the 147 men who escaped uninjured from the mine were 14 who had closed off an underground area with barricades to keep out deadly gases that followed the blast. All 14 remained behind the barricades until rescued about four hours later. Bureau Director Marling J. Ankeny, who participated in the investigation of the'disaster along with other Bureau of Mines experts, the West Virginia Department of Mines, company representatives, and United Mine Workers of America, said the 14 likely would have died had they attempted to reach the surface immediately after the disaster. He commended their judgment and their training in barricading '! . I" DONT PRESS YOUR LUCK! 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