| Show THE SALT LAKE TRIBUNE MINING JUNE SUNDAY MORNING 14 1936 LIVESTOCK AND FINANCIAL NEWS Politics May Block Bill Utah Men Push Dairy Industry Coast Mining Utility Stocks Selling May Construction Shows large Gain Outlook Is Noiv Venture Seeks Mines Work at To Create Mining Jobs A t Low Best in Years Earnings Ratio In Boise Basin WASHINGTON (By Daily Mining Syndicate)—Congressman James G Scrugham's bill to relieve unemploy ment In mining districts reported favorably by the house mines and mining committee last week may never become a law at this session f congress It is known that several Republican members of the house are opposed to the measure and will object to its passage when Introduced for consideration The bill authorizing the employment of prospectors by the federal government is now on the house consent calendar Following is the complete text of the house mines and mining commute's report on the bill: "The committee on mines and mining to whom was referred the hill (H R 12374) a measure to relieve unemployment in mining districts and to develop strategic and noncompetitive mineral resources of the nation and for other purposes having considered the same report favorably thereon and recommend that the bill do assessment work Is perannually As long as the program is confined to silver and gold and to noncompetitive minerals it la difficult to conceive of any meritorious objections to the proposed plan "In general the above project will probably be self liquidating through creation of new taxable property and in areas containing available ores of gold silver and the strategic war minerals it is estimated that the relief rolls will be permanently reduced to a marked degree” The bill has the full support of the house mining bloc Members of the bloc are seeking to secure consideration for the measure before this session of congress is definitely ended Supporters of the bill believe it would receive favorable con sideration in the senate once it is adopted by the house 1100 of formed Crescent Mine Develops Rich Ore at Depth tass "It is recognized that tjie relief of the unemployed in mining districts has been regarded as exceptionally difficult because these districts are usually isolated and are almost Wholly supported by mining Agricultural lands suitable for subsistence farming are seldom available In the vicinity of the mines and most of the workers are highly specialized in their training so they know little of other trades than that SAN FRANCISCO June 13 Hill and Sullivan Mining UP-Bu- nker and Concentrating comypany has pushed development of lower levels in its Crescent mine in the Coeur d’Alene district of Idaho obtaining rich silver samples P R Bradley vice president of the company says reports from the mine which adjoins the famous Sunshine mine appear to indicate a continuation of the same forma tions of the lowpr Sunshine work The ore encountered runs ings equal in value he said with the cores taken in diamond drilling tests last year 'The results merely confirm what we have known all along" Bradley said “We are not excited about the ore — we had our excitement when we got the diamond drilling results’ The Crescent and Sunshine mines among the earliest located in the district were pretty thoroughly worked out on upper levels in pre vious operations Lower explore tions in the Sunshine mine devel oped richer ore bodies as well as larger and more continuous ones This encouraged the Bunker Hill group to extend its operations low er resulting in the present development Bradley said Mining Is not expected to prove difficult or costly as the ore is moderately accessible the new development being only 200 feet below the old works of mining "Many who were formerly prospectors and owners of claims discovered long ago which could not formerly be worked at a profit are now on the relief rolls In many cases the better development of communications will now permit the handling of ore at a fraction of the former cost In such instances it would undoubtedly be more desirable in the national interest to give moderate support to prospecting operations in preference to supporting the claim owners on unproductive relief "Many such properties deemed merely marginal are now likely to A few of prove self sustaining many would probably earn substantial profits and the development of auch properties should be an exceedingly effective means of reemployment because in mining the largest number of people are employed at the stage of development and equipment If the mining population now receiving subsistence were so employed valuable facilities for future production would be created from labor that would other Wise be permanently lost Wall Street Briefs “The program will not Interfere NEW YORK June 13 (API— Electric With private business in competitive of 19 major utility systems in the manner and cannot be the target output week ended June 0 ranged from a decrease 6 3 per cent to an Increase of 25 7 of attacks on the grounds that it of per cent compared with the like 1935 constitutes an invalid exercise of period It was reported today In the week ended last output ranged from administrative power under the law IncreasesMayof 30 0 6 per cent to 30 7 per cent or federal constitution over the corresponding 1935 week "That the discovery of mineral de Acceptances of Pressed Steel Car complan of reorganisation are understood posits Serves a public purpose is too pany be enough to make plan operative Hear- well recognized to submit to argu- to Ings “III be resumed ’In federal court” in ment For decadea the public min- Pittsburgh Monday with final decision ex-eral rights have been dedicated to peeled Wedueaday the locator and discoverer of minThe sugar melt of 13 United States refrom January l to June 0 totaled eral on the public domain The law finers 1950000 long tons agairfst 1890000 in allows the discoverer or his as- the like 1935 period Deliveries for the same period amounted to 1055000 long signee to hold the claim as long as tons against 1 700000 agetr ago BOISE Idaho — Following inspection of the Grimes Homeatake Gold Mines in Bolss basin mads this week by officers and stockhold-sr- s of tbs company immediate production of gold from at least four openings on the 1000-acproperty was forecast and the early operation of several mors deposits prere dicted The party consisting of Glen A Finlayson president Ernest C treasurer George E Coxe consulting englheet Joseph Ririe state treasurer of Utah D A Walton and other stockholders drove through from Salt Lake City in automobiles and mads their examinations in company with Laurel E Wells superintendent of the Homestako mines They decided according to Mr Wells that extraction of ore from workings on the German American Gray Eagle and Independent claims can be started without delay Among the other properties of the company from which production is assured when roads are opened and some development done are the Sunset group with three proved veins the Missing Link and the Coon Dog group The Boise basin upon the entry of the Grimes Homestake into Will have at least five steady producers the Gold Hill and Iowa the Corns Back the Moun tain Queen and the K C being already In shipping class Four dredges perpetuate the traditions of the placer days in Boise basin but lode mining is the current mode and an era of deep mining and milling operations looms ahead Grimes Homestake officials contemplate & reduction pian to be in operation before the end of the summer - Construction of a 50-tmill has been announced by President Frank E Johnesse of the Consolidated Mines Syndicate Mc-Gar- ry Clayton Silver’s Earnings Mount wm Public utility tecurities are today That this group is lagging behind in a more favorable the industrials in the recovery extento Preparatory beginning position than any of the movement was recognized by many consistently during the past year sive development of one of Its moat other groups says Fitch Investors traders early this year As a result or so says a current survey by the Service While of Silver-Leathe d the importance Standard Statistics company of New promlaing propertiea ia such ratios depends on the indi- th price rise in this section has Syndicate Inc other groups The enllatlng the vidual viewpoint York Sales in all major divisions a survey reveals outstripped the shows have responded fully to the expan- aid of Utah capital it waa an- that 14 utility stocks with earnings following table among other sion in consumer purchasing power nounced Saturday by J J Beeaon reports available for the fiscal year things that the earnings ratio at and the increased consumption has preaident of the ended March 31 1936 were selling present ranges between 93 and 352 1929 the range for the same company Permis- at an served to hold surplus stocks of average of 17Q times earn- In to aell 100000 shares of the stocks was 75 and 50 manufactured dairy products such sion ings Without going into detail it Many of the stocks given have as butter and cheese to healthy pro- company’s capital stock in Utah at is evident that the average industhe 10 cents a share has been granted trial stock will easily surpass this sharply increased their earnings in portions As a consequence recent years Anibng the backprice structure for these products the state securities commission ratio decline appears to has been generally well maintained by 1929 the average ratio of the ward few th In Under a long-terlease and oper- 14 b less sharp Th continued high and Inventory losses largely avoided stocks was 371 At the utility level of electric power production From a legislative standpoint ating agreement with the Estelle present time these stocks are moreover tho outlook for the in- Mines corporation the Silver-Lea- d of the holding together with a slackening demand for rate reductions throughdustry is brighter than for aome Inc controls 1900 acres company act The fate of that leg- out utility tho country is permitting more time In a number of states regu- Syndicate islation and of holdpossibly many of ground in the Cerro Gordo minConsequently latory laws have been allowed to ing companies will be decided at normal operations lapse while in others they are not ing district of Inyo county CaL the fall session of the United States dividend resumptions and arrear-ag- e payments are becoming more being rigidly enforced Also the Since the Estelle Mines corpora- supreme court frequent attitude of federal authorities is be- tion owns the Morning Star mine coming less antagonistic with the PRICE EARNINGS TABULATION of legislation severely and controls the La Deapresiada possibility detrimental to fluid milk opera- mine and the Cerro Gordo Mines tions no longer a major threat company the lease and operating While the soil conservation proincludes all these propvisions of the new agricultural pro agreement NEW YORK June IS— Conditions In the dairy Industry have improved erties Authentic production records are lacking but Mr Beeson says the most generally accepted estimate of the total gross value of the metals mined from the district la $20000 000 Of this amount the Cerro Gordo mine is credited with more than $15000000 and the other mines owned by the Estelle Mines corpo ration or under lease to It contributed the greater pitrt of the re malnder Organized in 1934 The Silver-Lea- d Syndicate Inc was organized and incorporated January 5 1934 It is capitalized for 50000 represented by 1500000 lares of a par value of 10 cents each of which 451209 shares are outstanding Officers are the following: J- - J- Beeaon Salt Lake City president Norman Blye Salt Lake City vice president D S Beeson Produce Market Salt Lake City secretary-treasurC E Trezona Los Angeles vice president A A Helvey Los An BUTTER u $ 34 geles director B S Moffett Los Swotuf grade lb 374 Angeles assistant secretary 35 Sweet cream butter lb In 1934 the work carried on by (Parchment wrapped Aic less) EQQ8 the Silver-Lea- d Syndicate Inc was Large white henneries dot limited to geological mapping and Medium white henneries dot CHEESE more than 400 feet of development 16 Full cream triplets lb Full cream longhorns lb work In May 1935 the company sandwich loaf lb Full cream began a campaign of exploration 18 Jack cheese 5 pounds each lb 22 Wheel Swiss cheese domestic lb and development that has been car28 Block Swiss bricks lb ried on ever since Mr Beeson says 28 bricks lb Limburger 21 Cream brick 54b bricks lb the properties are well equipped lb 65 each 5 pounds Roquefort with compressors hoists buildings Full cream daisies Wisconsin cured 23 and other necessary equipment pound Full cream longhorns Wisconsin 24 Shipping was begun in August last cured lb Full cream triplets western cured year and net returns to date total 20 pound $1215744 Shipments from the Cerro ill cream 18 lb cured Gordo and the La Despresiada were direct smelting ore Ore from the NEW YORK Juii 13 (API— Llv pout Morning Star was milled and the — All try steady freight price unchanged Broiler By express: 1626c other ex- bullion shipped to the United States gram may tend to increase the milk supply this should pressnt little danger to the price structure in view of the reduced number of cows qn farms and the uptrend in con sumption While fluid milk operations con stltute the largest and most stable single source of revenues for the leading units in the trade cheese and ice cream particularly the latter afford a wider margin of profit and are more sensitive to changes in consumer purchasing power Sales of these two lines thus far in 1936 have run well ahead of last year and with economic conditions improving the gains should be extended during coming months In fact given normal summer temperatures ice cream sales promise to attain the best level in several years - er b (84-8- a EBem sa 7 mint Gold-Silv- er ShipsRichOre BOISE Idaho — Ore rich in gold and silver is expected to keep rolling in to the Salt Lake smelters from the Come Back mine in Boise basin for years as the result of a tunnel development being rushed to completion by Truger Brothers 225 feet below the old workings Operating with two shifts the Trugers are making about 150 feet a month on a drive which should take them e under the famous shoots in the Come Back in three months ft ktiMry comes in two wheelbase lengths —i 13 inches sod 125 inches— making a great variety of body adaptations possible The longer size is a ‘special International feature in a half-to- n truck Some other features that account for the International great popularity of this Half-To- n are: handsome radiator with grill and chromium trim valanced fenders instrument running boards airplane-typ- e panel The engine develops maximum brake of 785 Call us and we'll demonstrate this Half-To- n Model G 1 oe a larger International r satin-finis- h full-leng- th hp INTERNATIONAL HARVESTER CO Salt Lake City Utah J A HOGLE & CO tnMku ms Mixiaat diLehigh Portland Cement rectors declared a dividend of company 25 cent on the common stock payable August 1 to stock of record July 14 Thle 1 th flret disbursement on th lent since May 1 1931 when a like amount waa paid Directors of Consolidated Mining and Smelting company of Canada declared a dividend of 50 cent on the new capital stock for the half-yea- r ended June 30 On a proportionate bail! th payment double th regular rate on th old etock which recently wee split five to one The distribution le payable July 15 tw Ton STOCK tXCBAHCt Sdt Ukt Ind InLif mi tilm Utimt MMdaqM 132 So Main Wasatch IT omen SxniLr Biua lAtem Salt Lais lot Aktau Iak On 0din ore high-grad- s ed approximately $135000 of which has been reduced to concentrates and bullion at the scene of operations Indications are that th rich streaks go to great depth The $4000 Before this level is worked out a still deeper tunnel from Grimes creek may pick up the ore "500 or 1600 feet from the surface Like many other Boise basin lines the Come Back is the outcome of a placer discovery Rich float and pay dirt gave the clue to th lode The property was named it is said when one of its locators disappointed in a prospect farther up Grimes creek announced that he was going to "come back” to his first Wasatch 1617 By Associated Frau Hardwire — In the wholesale hardwire market In the past week demand centered In window acreenlmr electric lens garden implement and other summer Items Radio — Receipts of orders for approxi8000 radio Beta by Stromberg Carlmately son Telaphon Manufacturing company has resulted In Increasing production schedules 50 per cent above levels maintained A year ago Rayon — Th first rayon price advances thle year are scheduled for Monday the New York market has learned Th new prices will Include minor Increase! on several types of yarns It was said Transit — Tha Transit Journal reported continuing Improvement In revenues of the traction Industry for th week ended June 6 The periodical's revenue Indicator stood at 10790 compared with the correspondIn th week ended May ing 1935 week 30 lasti tha Indicator stood at 106 90 Commodity Index NEW YORK June 13 (AP)— Th A Modeled Preee weighted wholesale price Index "( 35 commoditise Saturday advanced 71 98 The ' week prevloue dev It waa 71 91 eL7173 month ago 7153 year ago 1116 high Range of recent yearn78 17 193 low 71 3l 1015 high 78 68 1915 low 71 841914 high 74 04 1934 low 81 53 1033 high 69 21 1913 low 41 44 4Th4 1926 average equals 100) Bv Associated Pre NEW YORK June 13 — New flnancin scheduled for next week the Dtllv Bon Buyer reported today totals 817113 898 compared with th revised total of 813 04 373 for the past week Th offering Include one state and 108 municipalities The GMQJUkAD University Graduates ‘Mathematical’ Trio Oje Shipments BINGHAM United Rtatea Smelting Refining and Min-ncompany 8905 tons: American Smelting and Refining company 2400 Utah Delaware700 Utah Metal and Tunnel K'PP- ) 350 Utah Apex 30°: Combined Metal 300: Utah Copper n company dally average of 140 cars TINTIC Tlntle Standard and Eureka weekly average of new offering for the 282 carloads Mammoth 8 U 8 Standard Mines 8 year to data now atands at 824135778 Eureka Lilly 5: Utah Fire Clay c tallica) 3 North Lily 3 Yankee Consolidated 3 Godiv a 2 Chief Consolidated The manufacturers 2 Eureka Hill 2 Apex Standard 1: Chief houelng promotion Consolidated council has been formed by repreientetlve (lime) 1 Gemini 1 plutus of leading producers of building materials 1 Swansea Consolidated 1 to conduct a nation wide for campaign bettor flouting conditions Tht organisation PARK CITY aucccent tha manufacturer! housing Park City Consolidated 198 tons Park display Utah council Consolidated 1490 Silver King Cos lltlon ( concentrates ) 989 Park City Development company 500 Th freight rate on rubber from Blnga-P°- r New York has been reduced lo 88 (fom 8127 5 a ton by the Strait conference hipping companies The cut la effective immediately and runs to the end of August NEW YORK Juns 13 ( AP)— Corporate earning! reports issued during ths wtek showing profits per share included 193f Treasury Report Four months ended April 30: ' Western Union Tel Co WASHINGTON 'Jtfh 13 (AP)— The of the treasury June 11: Receipts Address Hultigraph Corp Six months ended April 16638-82- 0 45 51497881 expenditures 53 net balance Corp 2840228 313 75:- Celotex euatoma receipts for th month Hst Corp of America 12729Year ended April 30 Receipts for the fiscal year (atnre July Duquesne Light Co 3728441307 41 expenditures Peebody Coal Co 432902 77 Including 3nrf3il - Quarter ended March 31: 756 45 of emergency expenditure's excess MarAndrewi A Forbes Co of expenditures Yesr ended March 31 1054991 595 14- gross 31 86 749 437 48 debt a dtertass of Remington Rend Inc 81 177176 50 under the previous day xxNot available gold class yOn combined assets 810480515463 85 "A" and B shares Preferred Share Earnings " For Your Protection diggings American and Paul W Clement aon of Dean F M Clement of the faculty of agriculture was awarded a bachelor of the science of agriculture degree Professor F Noland university included Thomas Bardon of New calculates the York treasurer and director ef Con- mathematician being solidated Coppermines C K Blan-da- n chances at of"a the record billion to one” of St Paul and M C Lake of equaled Duluth directors Wall Street Briefs Trade Trends West 4th South St o Paying Costs 16c 43S de- partment will submit at all times bids and offerings on Utah corporations and set curities including— TORBC — Director! June 13 of Cleveland Graphite Bronx(AP) company have declared the usual extra dividend of 25 cn and th regular quarterly disbursement of 25 cente on th common stock payable July 1 to stock of record June 25 It was announced Saturday VANCOUVER B C (UP) — A pound heavy old ducks 12c: heavj rare feat which mathematicians young 16e small white ducks lie amal colored 10c young geese 15c old 11c here declare will never occur again 27315 cases firm Eggs — Receipts extra firsts local 2144c cars 22c fresh has been achieved at the University cur cars local 2044c 214ic: graded firsts of British Columbia rent receipts 2044c storage pecked extras 2244c storage packed firsts 2244c Three children of three ' faculty — on 317 track Potatoes Receipts 93 deans have been graduated from New total United States shipments 596 stock : Southern Triumphe beat stock steady the same university at the same with firmer undertone better feeling pretime from their respective fathers’ ELY vailing California market weaker supplies Nev— diSeveral eastern cwt moderate demand better lacked per Bliss Triumphs Arkattaaa U S No 1 rectors of the Consolidated Copper-mine- s departments Thomas Brock U S of the late 82 756310 fair condition 82 65 company visited the property Dean R W Brock son No 2 81756180 Oklahoma U 8 No 1 of the faculty of 8270 6 2 80 U S No 2 8175 Texas at Kimberly last week where they science received his B A U S No 1 82 7 5 6 2 90 U 8 No 2 were met by Harold K Hochchild applied 8185 6190 showing decay 8125 Okie boms cobblers U 8 No 1 82 70 Califor- vice president and secretary of the degree Margaret Buchanan daughter of Dean Daniel Buchanan of the nia Wblta Rom U 8 No 1 83 00 6 3 25 American Metals Old stock weaker Company Ltd faculty of arts and science euppllee light demand was also No U 8 now 1 Idaho director Burbanks russet a of Consolidated light graduated from her father's faculty generally fair quality 82 75 in which LOS ANGELES June 13 (UP)— Butter and eggs: Butter — Extra 3144 c firsts prim 2944c down 44s standards 29c under-grad28c Eggs — Unchanged Western cheese — Dallies Its triplets 15c sandwich prints longhorns 1544c speed-with-safe- QUR Investment Con Wagon & Machine Coppermines good-lookin- UTAH SECURITIES Sugar Utah Oil Refining Co Utah Fire Clays Utah Power Sc Light June 13 (AP)— Butter wes Metals lately acquired a substantial about steady Saturday stock interest Freah — 93 score 2962944c 92 ecore The group shown over the prop2844c 91 score 2844c 90 score 2844c 89 score 27 44 c 88 score 27 44c erties by J B Haffner manager Centralised carlota — 90 score 2844e C-- and Sell Since last August says Mr Beeson net smelter returns have paid horizon almost the entire operating costs including development At the Morning Star recent development and sampling is said to have shown the presence of about 1000 tons of ore in the stope that can be mined at a profit At present the developed ore is 35 feet long and eight feet thick and extends 90 nearby exchange specials 2544 c: nearby and feet to the surface The Morning exchange standards 2444c marked mediums 23 6 23 4 c browns resale of Star is producing about 15 tons of and ore premium marks 2844 029 44c nearby from daily and Mr Beeson expects to western special packs private sales store 2644 628c western standards 24 44 increase this soon to at least 20 O 25c other whites and all duck eggs tons a day ' "The purchase of shares in this June 13 (API— Poultry live company is at present' a speculaCHICAGO — Receipts 16 trucks: unsettled bens 5 tion” says Mr Beeson "but the pounds and leea 19c mora than 5 pounds Rock management has done and will con18c Leghorn hens 15c Plymouth 26c colored c do Rocks tinue to Whit springs 2544 everythng in its power 25c friers 24c: Plymouth Rock White to give the stockholders a run for Rock and colored broilers 23c harebacke 20 6 22c Leghorn 2 pounds up 20c leu their money” 18c: roosters 13c: turkeys than 2 CHICAGO The Model We Buy Utah-Idah- Directors Visit Kimberly Mine International Model C-- i ire maojr of the features of truck design that provide the stamina for which the big heavy-dut- y Internak tionals are noted The construction of this dependable truck provides unequaled economy handling esse and g The Model Gi is but remember that under those gooalooks r rugged stamina ia every working part and power to spare Put it up truck and you will do your hauling to this half-to- n job with new efficiency— and a new economy that win be a source of ptofitto yowyear after year 00 b la a Hsif-To- a $234-6316- - Amalgamated Sugar 13616c la the NEW YORK June 1J ISP)— The value of May construction east of tho Rocky mountain F W Dodge corporation reported Saturday was mor than 70 per cent ahead of May 1935 In the 37 states the month’ building totaled $216070700 against $126720100 in May 1935 it was said For April 1936 the figure waa m Clayton Silver Mines’ net smelter returns are steadily increasing it was announced Saturday by H B Kingsbury president The company’s properties are in Custer county Idaho part of the Salmon river district which is witnessing a marked expansion in operations this year Clayton Silver’s third car of concentrates for May Mr Kingsbury reported yielded a gross of 3422140 and a net of $393666 at the smelter establishing a new record for this company The first carload in May yielded $373241 gross and 3347482 net and the second yielded preee price unchanged Dressed poultry —Irregular All freah and 3388062 gross and $361080 net This froxen — Receipt is said to be an improvement of Butterprices 15048: firm Cream- extra! 30 'A Gl 31c extra more than $1000 a carload over the ery higher than (88-9firsts 29 630c (62 (core) average value of shipments a few iie aeeond score) 27 628c: centralised (90 acore) months ago Labor costs for May totaled ap- 19t4©19Ac Cheese— Receipts 289869 firm price Mixed proximately $4100 which included unchanged Egg — Receipts 28840 firm considerable development work and color special packs orc selections from and 4 standards 27 25 freah 6 receipts preliminary preparations In connec- commercial atandarda 24 (4c firsts 23 tion with additions to be made to 6 23Vgc mediums 40 pounds 21 WO c dirties No 1 42 pounds 22c the mill and the new hydroelectric 2144 average checks 20 0 2044c refrigerators firsts 24024 44c standards 2444c plant and mtdweetern hennery Whites enrwvaon a ss n IIEnVY Funds in Utah Offers The Highest-Typ- e DIESEL ENGINE T at a new low cost! I he Caterpillar Tractor Co is the world’s largest builder of Diesel engines for one reason Protection!— protection to owners by building only reliable dependable guaranteed products -- Now “Caterpillar” offers a small power unit generating a maximum of 4 4 horsepower — and with all the reliable features of the big “Caterpi- llar” Diesel Power Units ' This new unit can be purchased with as com plete confidence as any “Caterpillar” It is not an experiment— but the result of months of sea soned testing This new unit is now in stock and is available for immediate shipment It is priced f o b Salt Lake at ouly $1509 If you want an electric generator including switchboard add $1009 If ypu want a compressor of any well known make and an air receiver add $1200 If you want a hoist add $1100 Write Phone or Call for Complete Details LANDES TRACTOR & EQUIPMENT CO '' Distributor s" Headquarter— 245 Weal South Temple Sail Lake City Branch— American Falk Downy Malad Trmontoa |
