| Show THE SALT LAKE TRIBUNE SUNDAY MORNING SEPTEMBER 14 J 930" 5 NTEMOWifM! 1MK&8 SILVER PRICE lRouin° Tra(inS 0cculics NEW YORK MINING EXCHANGE OPENS Stilt Like Stock Exchange PASSESCRISIS r Many V Observers and Tew Mine News Small in Volume Reports Show Conditions Unchanged in Metal Marts Believe kite Metal Due for Slow Stabilization Silver whose downward course dur- ing the past year has caused so much anxiety In both mining and business circles seems to have passed Its crisis At least such Is the view of many competent students of the alike metal situation Not that any Immediate or any ipectarular reaction from present low prices Is expected but these observers believe that bottom levels have been reached and a semlstabllized price around 36 or 38 cents may be ex pected with a subsequent slow but upward movement for the future months The price Increase must esnie as buyers throughout the world are Impressed with the belief that silver has reached Its lowest level these observers say and declare that from nqw on there will be a gradual Increase In price low price of silver has put a handicap upon production that cannot but help be shown soon In the total world output and this factor alone should have some stabilizing Influence France Is reported to have entered the market and is now buying the white metal India Thought Routine trading w 1th few and un- - the chief news event of ths week The Important fluctuations occupied the disbursement will be paid October 1 to stockholders of record September Salt Lake Stock exchange during the 20 out $183 The company w 111 past trading week Mining news w as 070 05 to stockholders pay scanty and there waa little that had Shipment of a carload of high-graore with another one In prosany effect on the market Metal prices also stayed the same pect for this week was reported by Although there was the unfavora- the Bonanza Mining company ble report of both larger copper Higher-price- d bsuea on the exstocks and larger production for change weie exceptionally quiet and as compared with July this changes were made wltlun narrow portion of the metal market showed limits Silver King Coalition closed greater activity and between 10 000 the week at Us high $7 JO Tlntic and 11 000 tons of the red metal was Standard ranged between $5 50 and reported sold during the week $5 55 Walker Mining eased off at 11 cents Park-Uta- h the end from $2 20 to $1 17 Despite quotations 10 4 sales were at the lower figure and also showed an easier trend and reclosed 8 week and 87 the at $1 Engineering Mining Journal points y ported that there was small Justifica- under the period high North tion for the 35 once $1 at Lily responded figure Lead had a moderate Improvement In the more speculative Issues in buying and Indications were that East Tlntlo Consolidated was active September consumers were yet to be'and climbed to 42 cents Big Hill heard from The price was main- ranged between 34 and 35 cents tained at 5 50 cents The zinc mar- Chief Consolidated responded at 99 ket continued dull but Improvement cents and Eureka Lily went up to Is predicted because cents buyers have not 39 been In the market since last May New Quincy evidenced uncertainty Silver has shown a bit more but flnully turned heavy and closed strength and a firmer undertone be- the week with sales at 4 4 cents cause of a more active Interest In Park City Consolidated responded at the market Purchases for China ac- 31 and 30 cents Paik Konold counts were reported during the was active at 21 rents and Park Pre eek cents mler at 18 and 15 Park Ill local mine circles the declaring Nelson sold off to 13 cents Tlntic of a dividend by the Silver Lead closed at $1 25 Its high for the King Coalition Mines company was week de st 3-- six-da- nt re CUT MELONS Price Changes Unimportant M i -2 r t- - rsfa 1- Floor of new exchange which will provide an eastern ? trading center for western mining issues Four trading' Mine Market Opens for posts are part of the equipment but will not be used until Trade Utah Listings the listings increase At present 60 mine companies' stock Total Fifteen is traded on the floor The exchange had its opening last Wednesday 1- -2 li-cr- nt To Have Unloaded India always the dread nightmare of western silver producers is said to have disposed of all Its stocks which she planned to sell and the fears that the hoarded supplle of York Mining exchange her people would find themselves on the already overcrowded mart now seem to have been unfounded trading of western mine Issues Observers are also predicting a the present time 60 issues are lncl more stable economic and political ed In the trading list but this numcondition In China and this leads ber is expected to be materially In to the belief that that country will once again become a purchaser Although the recommended plan for China to assume the gold stand- Industry Leaders of West Mine Expected to Produce securities commission ard may become a reality there Is Included In the list called oi to Cather at El Paso Hundred Million no danger that such a change may floor are 15 Issues repreexchange come Immediately It will take many Utah mining compan Texas senting Tons to achieve this goal and when years Under present arrangements the It Is finally realized It will not mean change is using the call board s the displacement of the white metal Attention of mining engineers and LONDON— It waa In September tem but as soon as more listings but only that silver’ value will be those Interested In the mine Indus- 1928 four years ago that drilling of made Mr Hicks declares that a tn stabilized on a gold basis lng post system will be Commenting on the situation The try Is being directed toward El Paso the Roan Antelope ore body in Afri similar to that used In lnaugura all of Mining Congress Journal official or- Texas where the annual meeting of ca started The property la now gan of the American Mining congress the western division of the American wtthln a year of production declares: “A stable currency Is es Though sulphide ore had been four trading posts sentlal to Increasing business and In- Mining congress Is to be held Octo- proved before that In the N’Kana 15 14 13 ber and In the River Lode at N'Changa inand from an business Engineers demands creasing creased circulating medium The In- all over the United States are ex- It was the first hole drilled at Roan crease of civilization which always to attend and there will also be Antelope that cleared up all doubts follows in the wake of a destructive pected concerning the character of the trie ter it is Mr Hicks’ a expectation large delegation coming from war gives promise that silver Is now deposits and made capital that sevetal companies from Oklaavailable across for border from Its the Mexico worst day and that the large scale activities seeing homa Texas and California will ask future will surely bring about a conMembers of the board of governors At the end of two years September listing for their oil shares which will dition In which the vast amounts of of the western division Include A G 1928 construction was seriously start- augment the activity of the exchange silver will be turned Into the chan- Mackenzie of Salt Lake who Is sec- ed both on the property and on the Establishment of the new financial In four years approximate- market came as a result of nels of trade as subsidiary coinage retary of the Utah American railway the desire ly 100000000 tons of ore has been to have a centralized and that vast advances in civiliza- Mining congress chapter mine trading in- tion which means increased needs The American Institute of Minim proved by drilling shafts have been and Increased consumption will add and Metallurgical Engineers will hole sunk and 35 000 feet of underground the America mining lndus made: B Pilot plant erected cording to Mr shortly to world trade through which sessions October 14 and there will also exchange's every important nation will be ben- be meetings by cooperating organize t8t'd : P" llh t mhilng mar- and forStlve employees efited” kets of the country will be tlons Including oil and geographical for one of co-- a built domestic water service and operation and the societies of It and Mexico Believed e sewerage system In the other markets operation Various problems of mine operaIs expected to be To Have Decreased tion will be the theme of most of the stalled a hospital has been com- of mutual benefit to all One of the sort points In slowing capers to be given before the meet-ng- s pleted and schools established the Regulations of listing and those Most Of these will deal with power and some other other plants dealing with trading ere such Mr Up world production of silver has are been Mexico but reports from the the problems of the southwest and approaching completion and the Hicks that all financing will concentrator Is nearly ready for In- comply says southern republic would seem to show Mexico with the laws of the various stallation of the now even source felt has states that this machinery Under proper supervision In 1932 Roan Antelope should pro- the the effect of the steady decline of exchange will be the means of duce 100000 000 pounds of copper reand official that coming on original financing and price General Pickup Will and three years later that output ca- carrying this will mean Mr Hicks says an ports will show smaller output from pacity probably will have been dou- addPd asset to the western the world's greatest white metal proBring 'Copper Bach bled country in the ducing country It Is expected that the reoord set up sourcesdevelopment of Its mineral resecAlthough the United States Is NEW YORK— "The copper busi- by Roan will be beaten by Muf ultra ond In the production of stiver and Besides Mr Hicks as president the the low er prices have of course been ness Is running along like any other The first hole was drilled there In board of governors includes George June business 1928 will and the with an most A felt improve In circles reached the railway greatly mining Washington of New York vice of the United States mines are not upturn In general conditions" Chair- property In September 1929 and the president and attorney for the ex- known only for their production of man John D Ryan of Anaconda Coplsfow Panned laid out and change William B Randall Security silver but have produced this metal per Mining company stated on re- rmw going ahead at full Transfer and Registrar company on the Homeric from vacaa as secondary or at least on equal turning spaNew York E L White mining engl- tion abroad °f zinc This basis with lead and copper l!ie fpveloIntnt nd heer Guaranty company New York Is doing better than the eomtpnii?11 “Anaconda where true Roan in at Utah is particularly Antelope and Harrv s Thaver consulting silver although more Is pioduccd average copper company because of ftilhiCh? ®eifctlon and Mu- - engineer Colorado Bpring Colo electrical business and Its diversi- nURtJ-than in any other state in the Union !Pa '1 thp h"nri' 01 A Following is the present 100 Ncatlons as an Pllf:lnee of Using 9 per cent In the production of de and list- Aladdin Divide Miningtradinge ty a a of Anabusiness year exceptional Who Cnme from pany: Amfrlcn ther metals rom- conda is now operating on about 70 fln MetaI eomPany to be pany Amulet GoldExploration Mines Co Ltd per cent of capacity" he said haS MINES CRIPPLED bePn B&rry HollinKfr Gold Mines' elrSd 1rJ?nn‘Tr' director of each of Base Metals Mining Corp Lid Ltd MOSCOW — About 30 000 members Bed- the three ford Mines Ltd companies of the Communist Youth league were Old Belmont Metals Mine to May to Belmont In Corp Osborn Mmlng Co : enlisted Donetz Basin coal work Big HU I Mining Co Bristol Sliver mines In desperate effort to fulfill Start Ore Shipmentt I Mines Co Central Eureka Mining Soviet mass production plans cripCo : Chief Consolidated Mining Co pled bv mass desertions of miners Cabined Metal Reduction Co At the old May mine seven mllesiW Names of persons refusing to Join the campaign to relieve the mining southeast of Elv Nev shipments wrlll Grand Teton OU Mining Co Dix Butte Mln- i an Nurrka Bullion Mining Co IP Co situation were published in the press start m the near future according to tn LUt Mining Co: Eureki was Veoftllsi Coal as a blacklist Information received In Salt Lake Ultlng industry rnrne than 2 500000 tons behind the Moore and Peterson are operating company ea1SRovfZmor Consol Mining Co Fal- ®a!!ard chief of eonbrldgc Mine Ltd scheduled plans which also has af- the old property and it is said they Genii Mining Gold Hill Development Co fected seriously the other Industrial have 600 ton of 70 per cent lead ore plating negotlatlonLforlh? purchase Co Granada-Rouy- n ready for shipment production dependent on coal Mining Co Ltd Howev Gold Mines lil Ltd: Idaho Blei lnsdNol Con‘'?1’ Mlws Co- - Iron 8n-!- l RE 4 33 SNWort to Th Tribun Shipments have been returned at Kf’f‘pv Silver miles northeast of Idaho Fall Hole—” MOSCOW Idaho —Quarterly divi- the properties of Mineral Veins and is bottomed at 3304 feet hi a black dends of $45000 have been declared Columbus Rexall Mining companies Aspen shale presumed to be about 260 feet below the by the Sunshine Mining company ac- according to an announcement made Frontier Asnen A O Jacobson contact Drilling operations are suscording to an announcement from Its by The tramway at Mineral Veins has pended during pending changes In In d Alene Coeur the headquarters ben put Into condition and two carfor rotary installation preparation district This Is at the rate of 3 cents loads of ore have reached the smelter A imp of 6 cailnj? hu brrn a share on the issue of 1500000 'According to Mr Jacobson the gold completely nulled and about inoo vames will make possible continued feet of the Corpora- - shares pulled" The P1lra’i0)n casing Is hole Consolidated to b reamed down with the shipments despite lower prices of on will merit be made Pa ’ Mines Co SeptemPark Konold otoer Co metals One control axsay Mining Hilary to 3304 feet and Sdnch cas- Park Premier Mining Co Peterron ber 20 to stockholder of record on showed 293 ounce gold 119 ounce Cobalt Mines Ltd Pioneer Mining September 10 This will increase the silver and 12 5 per Cent lead gold Ltd Corporation Plutus Mining grand total of pamenta to $815000 amounting to $5 88 a ton Mr JacobRico Argentine Mining or at the rate of 55 cents a share It son said companv The other control ifwav Co Round Mountain Mines Co will have paid In the last three years showed gold 55 ounre silver 8 85 Rherrltt frordon Mine Lid Silver and seven month IlltJe Grev River Idaho Falls ounces and 7 2 per cent lead A preThe Midwest Refining coihrmny Is King Coalition Mines Co Simon 81I- The reduction In the dlv idend rate mium Is also paid for the 40 per cent Leod Mine again making hole at about 2400 Inr 8L Anlhonv from 5 rents a share to 3 cent Is due Iron In the carbonate ore A ship- at Us I archer No 1 southeast quar- - °nIl Mmes Ltd 8)lvanli Gold to the extremely low price of silver 'ment of copper concentrates Is now 75 miles southeast of Mines Co Ltd Tamarack ic Custer that has prevailed during the last being sampled Idaho Falla after having suspended Consol Mines Co Tlntic Lead several montlis" stated R B Ken- At the Columbus Rexall a fissure In Co : Tlntic Standard to run 6 e Is being followed showing Mining Co yon secretary casing for water shutoff Drilling now proceed- - Treadwell Yukon Mining Co Ltd The last previous dividend of the values A car shipped showed 03 lng In the "red beds" (Thaynes Vlnond Consolldaled Mines Ltd: Sunshine company aggregated $75- - ounce gold 52 8 ounces silves 32 7 We maintain a fully equiped laboratory for testing all mate- o n t g o m e r y 000 or at the rate of 5 cent a share per cent lead and 1 75 per cent tials used and for anal zing all steel and Iron heals before Ltd Western Royalty Corp A development program of major and according to Mr Jacobson Arlmo No: ton Falls— Idaho A: Gas portanoe that of atnklng 400 feet Into another car is being prepared for tapping UU company Is making hole In the Stocks of slab zinc on hand mav prove to be quartzite hasi shipment which wul showr higher iMadison lime at Its Norton No 21temb-- r totaled 122 635 short tons beep started lvalue The company plans to de- 7 southeast 75 miles amiinst 117381 on August The possibility of opening a bodVivelop the downward extension of an 1 and 064 on September south of Idaho Falls last year the 'of high lead content Is considered ore bodv recently found and from & Idaho Natural Gas compan Is also American 71ne Institute reports good there by people identilied with which shipments will come when 3 Imakmg hole at Norton No lvlng a Production of zinc in August Was 41- - the company With the sinking wilLmetal are better 70 So 4th West Wasatch 2860 Salt Lake City 'short distance northwest of Norton 029 tons against 40 038 tn July andbe a program of crosscutting and Plan prices are nlo being made for a 55708 in August of 1929 iNo 2 drifttng on the prospective levels (campaign at the West Toledo Mine Congress Roan Antelope Plans Meeting Nears Production di-iS- r i i aedl-menta- ry ottr whr ' SHIPPED BY BONANZA Companies to Pay Out Over Another Carloatl of Ore Three Million for to Be Sent Out Tins Week Third Quarter Over three and half million dollars will be paid out to stockholders of Utah mine companies during the third quarter Disbursements which will be paid at the end of the present month will total $3707713 05 Each of the “big three" mining district Bingham Tlntic and Park City wlU be represented In these payments The Utah Copper leads the list with payment to be made September 30 to total $3 248 980 This payment Is at the rate of $2 per share the same as made by the company the last quarter and will be paid to stockholders of September 13 In the Tlntic district there will be two dividend pavers Tlntic Standard whose grand dividend record now totals over $13 000000 has ordered a payment September 30 to stockholders of record September 18 The dividend will be at the rate of 20 cent per sliare and will call for a total disbursement of $230 863 The other Tlntlo company I the Eureka of Standard whose stock is owned by the Tlntic Standard This operator which Is mining ore bearing approximately one ounce of gold per ton has declared Its Initial dividend and will enter the dividend ranks by paying stockholders at the rate of three cents per share The disbursement will total $4504)0 Silver King Coalition operating In the Park City district will pay a total of $183 07005 at the rate of 15 cents per share This brings the company's dividend total to $14 449 001 65 and adding the dividends of the original Silver King Mining company of $10 675000 makes a grand total of $25 124001 65 The present dividend will be paid October 1 to stockholders of record September 20 Following I the table of dividends for the third quarter: Rate Tot Dlxb Company Utah Copper $2 00 $3248 980 00 230 663 00 20 Tlntic Stand 15 183 070 05 Silver King Co 03 Eureka Stand 45000 00 Shipment of a carload of particuore last week from larly high-grathe Bonanza Mining company’s lease on the Park Bingham Is to be followed this week by another carload It was learned Saturday Expectations are that the carload to be will be of week first the the shipped equal to or better than last week’s shipment The car shipped contained ore with 35 per cent lead and running 21 4 ounces silver to the ton 08 per cent copper and 18 of an ounce gold per ton Its value exceeded $2000 The company Is now following ore to the three feet of high-graeast and it is from this body that are This being made shipments work Is going on 940 feet below the Niagara tunnel level A large section of ore going down U still to be developed Ore being mined at the property is now more then paying expenses After royalties the company Is using 50 per cent of earnings to pay on Park Bingham's old indebtedness The company has $2000 In cash In the treasury and Is paying Its bills as they are Incurred There still two-thir- ds t Total pay for remains UTAH DRILLING $3300 owing for the BlnRham ground to the Park of the lease ORE OUTPUT PARK CITY Shipments from the Park City district totaled 6235 tons during the week The mines shipping were Park-Uta- h 3250 tons: Park City Consolidated 840 tons Silver King Coalition 825 tons and Park Galena 120 tons TIN TIC PP1 by the mines of the Tlntic district Those shipping and with their carload lots are as follows Tlntic Standard 31 Mammoth 17 North Lily 9 Eagle and Blue Bell 3 Centennial Eureka 2 Bullion Beck 1 Chief Consolidated properties: Chief Consolidated 6 Chief Consolidated (manganese) 2 Eureka Hill (dump ore) 43 Eureka Lily 6 Grand quai tor $3707713 05 I Central Plutus 3 9 BINGHAM UTAH SOUTHERN OIL COM Skelly OU fcompany et al — Grayson Nos 1 2 and 4 Reagan county Texas Producing ’ UTAH SOUTHERN OIL COMPANY— Government No 3 Garland Wyn Standing as a gas well at 3318 Ore shipments from the Bingham district totaled 142 carloads United States Smelting the mines of for the week as follows: Refining and Mining company 115 carloads Utah Apex Mining company 27 carloads The Utah Delaware Mining company shipped over Its aerial trambo 3700 feet way 645 tons with 480 tons of the Utah Metal and Tunnel company’s UTAH SOUTHERN OIL Ohio Oil company — Coring ore FRISCO Horn Silver operated by the TlnUTAH SOUTHERN OIL COM- - tlo Lead shipped a total of 10 carloads PANY COM-'AN- Y Stochholdert Receive water-born- - ME UTAH MINES Dividend Checks DIAMOND OIL COMPANY— A tring of 6 8 Inch Casing has been MOSCOW Idaho —Stockholders of mded at 2958 feet In the Diamond the Bunker Hill and Sullivan Mining 'ork well Management reports as and oompany stock Concentrating received $163000 as the monthly dividend of the company on September 5 This is at the rate of 60 cents per share on the 327000 shares outstanding and brings the total diviPROFITS GIVEN dend disbursements for the Bunker BAN FRANCISCO— July HU1 to $47365 506 profit The chief properties of the Bunker Hill are Its mines and smelter at Kely taxes development logg in the Coeur d Alene district tn but before deprecation northern Idaho It Is Interested In n For seven months properties In southern Idaho and In 1 Alaska The Bunker Hill also owns profit before and totald $1- - a half Interest In the electrolytic zinc plant at Kellogg 5-- deprecl-depletl- Tnt l 19-- - com-Hv- W I IDAHO OIL ZUndah'i ’ r 2'°Ze TI Mineral Veins Semis Out Ore Voles Dividend Sunshine Mine k" 1 -- COMPLETE LABORATORY v) R ’ ’ feet!r Get the Genuine and Original “CATER- PILLAR” THOSE WHO OWN B 84 high-grad- Brp-iwh- at American foundry quarter-19-10t3- machine co 1 1 49-- TRACTORS AHE V TRY (LAD WITH T fTE RESlLTS LANDES cop-Mln- es bn-'p- er 1 '£ clmpst Mln-drllli- i § "CATERPILLAR" TRACTOR & EQUIPMENT CO 23G WEST SOUTH TEMPLE i3 T1"- SaltLake City Utah u |
