OCR Text |
Show ME ROO Per Tew. L-- lOe , .Ftr A Complete Review of the Copy Trom Ntwtdeiten Mining Operations and Newsboys. Volume XXI of Tiutie. UTAH, FRIDAY, DECEMBER 24, 1920. EUREKA, JUAB COUNTY, ' V Number 8. 4 Tintio Paymaster Co. Has Assessment Work Qeasore Is Passed 0 Should Buy Economically But Don't Stop Baying Quit Work For Present -- Time for doing annual labor on mfafag clainu has been extended until July 1, 1921; much work done in Tintic. e Development work has been suspended at the property of the Tlntle Paymaster Mining company In the Officers of North Tlntle District the company say that the shut-dow- n Is bat a temporary one and that they will be going again early In the new year, but It Is understood that regular assessments would work a hardship on the large stockholders and that future operations will depend to a great extent on general mining conditions. The Tintic Paymaster drifted out Into the lime formation on the 426 foot level and then sunk a distance of about 100 feet The recent assessment will be delinquent on the 17th of this month. This money and perhaps all that an-wother assessment bring in is needed to take care of outstanding obligations of the company, A bill ex trading until July 1st, next, the time (or doing the annul labor on mining claims has been passed by both house of the rational government at Washington, D. C., and has also received the endorsement of the president This menu open to relo- that no claims wfll Most of the cation on claim owners of Xho Tlntle District have already performed their assess- mrat work for 1010 and others who have not done so will have until July -1st to complete the labor. Hereafter Lehi-Tinli-o Company Is the mining year will end on July 1st Busy Sinking Main Shaft in the of January 1st, ' i those who have already, Lehl-Tlnt- ic comof the Officers completed their assessment work for pany are entirely pleased with the claims the year 1110 can hold their that Is being made In the util July 1st, 1111. without any ad- progress main working shaft, which this week labor. ditional passed the 100 level. It la a matter of satisfaction that the company has been able to continue developCity Council Held Short ment work notwithstanding the difSession Last Friday Night ficulties which surround mining operations and if It Is possible to acquire primer depth with the main Coundlmra Bourne ud Mayor . Bunnell, Lee, Fullrabach, Downey shaft the future of- the property ought to be assured. Developments and Hanley were present at the . lag of the city council held on Friday In the upper workings Indicate that additional depth Is U1 that Is need- evening of last week. An adjourn- make a producer of the Lehl- - p Janur(st concerns, from business mcr. and from commercial organizations, in-- J dlcatea that the very worst thing! that can happen la for people to stop buying goods under the impression that prices are going to drop sudden- ill in order that the m might tu. attend the Tercen- members . tenary Celebration at the Elks' Par vllion, but the council returned to the city hall to complete the business of the evening. It was reported that quite a number of business men are careless In the payment of their city licenses and a resolution was passed Instructing those who have this matter In hand to enforce payment at once. Vacancies on the library board were filled, mention of this being made elsewhere in this Issue of the Reporter. , In view of the fact that no Is now employed kt the Gemini mine the Chief Con. mine whistle will hereafter be used for (be alarm purposes. The same signals will be used to designate the location of the fire, v. Eureka people, having relatives burled In the city cemetery, have for some years tried to devise a plan for the proper care of cemetery lots and the council will employ a man for tuia work providing a sufficient amount Is contributed by those who own lots there. All who are Inter-- . os ted should communicate with the city recorder at once. . night-watchm- an Lessees Shipping From Two Levels Of Sunbeam sent ,and have limited shipments fTorn Mg East Tintic bonanza; trouble temporary. Tbs Tlntle Standard mine, which has bora smashing all previous records In the nutter of on production, has bora forced to slow np shipments on account of an order from the smelters. This Information was given out during the week by Manager Raddats, who says that the smelter people j stati'that the output of the mine wfll Aave to bo reduced ora will bo stored slightly or for future usd As ths mining company could nit expect settlement on ora that was not treated at the smelters Mr. Raddats decided to curtail production to soma extent Recently the Tlntle Standard has bora shipping at the rate of nearly 10 carloads n day, the output for last car-loaweek amounting to sixty-nin- e and under the present arrangement the mins will ho forced to drop down to approximately throe hundred tons a day. Mr. Raddats feels sure that the orders trom the iw ds E. R. Hlggenson and associates, who for some time have been operSilating the Sunbeam property of minver City under lease, are now ing some very good ore from the ISO and 460 levels. This ore carries silver, lead and copper and under ordinary conditions would be good for substantial profits but with copper and lead at present low prices the warnings of the lessees have been cut down to some extent By careful joining it is possible to take out regular shipments trom the old Sunbeam but a lot of material which was "pay dirt" but a few months ago must now be left underground. -4 . -- b Utah Freight Rates President Walter Fitch of the Chief Consolidated Mining company returned early In tho weak after spending some time In Washington, D. C, where he went on buelneu for hie company and particularly for the purpose of attending and giving testimony In the freight rate- hearing conducted before the interstate commerce commission. It will be remembered that the pnblle utilities commission of Utah refused to permit the railroads to raise their rates on ora and coal handled within tho state, after it had boon shown that additional freight charges would practically put the metal mines out of business, rad the railroads then carried the case on up to the Interstate commerce commission at Washington. Mr. Fitch says he is confident that the Interstate commerce commission will uphold tho action already taken by tha Utah pnblle utilities commission and that, tho present freight rates on' ore and coal will be allowed to stand. He states that the case was presented In a moat able manner, H. W. Prick ett, manager of the Truffle Service Bureau of Utah, representing the mining Interests and submitting figures and exhibits to show that railroad rates In Utah have. always been higher than In most of the other sections which are similarly situated and that If an Increase should be granted . nt this time It would result in the dosing of practically every . mine. Mr. Prlekett also had figures showing the earnings of the rude operating In the Intermountain country and his statements regarding the difficulties under which mining le bow being carried on were substantiated by prominent mining operators of - the state. Before Mr. Fitch left Washington nil of the evidence had been submitted and the matter Is now In the hande of the Interstate commerce commission. While It is impossible over-supp- ly . . nunc nn-Uat- od Le-iva- Total dividend u j . Sale Of Extracts Must Stop, Says Federal by cember were $11,384,827.40, com- pared with $8,348,872 during approximately the same period lut year. However, few of the companies which made disbursements maintained them regularly throughout tha year. Twelve companies paid dividends with only five of them making regular quarterly disbursements. An equal number of companies paid dlvldendJut year but there are changes m the list this year. h More than of the dividends for the year were paid by the Utah Copper company, which paid a total of $9,746,940 In four regular quarterly dividends of $1.60 a share. The Tlntle district furnished the largest number of dividend paying companies with a total of six but only the Chief Consolidated maintained regular quarterly dividends. Ite disbursements were 10 rents a share per quarter. It has paid tour dividends this year but the payments were made In the first part of each quarter and are only for of this year's operations, the first disbursement in January having been the dividend posted for the fourth quarter ef 1911. The fourth quarter dividend Is not posted until later this month. Tlntle Standard paid the largest sum In dividends from Tlntle mines with disbursements of $489,880, but the return to the stockholders was 10 cents a share per quarter, the rams as the Chief Con. rate, a difference In capitalization requiring the larger total from Tlntle Standard. Payments were suspended by Tintic Standard during the third q narter but a special Chrtstmaa dividend of 10 crate n share made the total tor tha year 40 crate a share. three-fourt- three-quarte- - rs o Utah Copper Second Largest Producer In The World Utah Copper, showing a deficit of more than a million dollars for the last quarter, and costs running above 17 cents a pound shows to what extremes the copper mines have been going In their endeavor to keep their properties In action that their mining forces might not be disorganized. This company has the largest ore deposit of any kind In the United States, and the largest copper deposit in the world with the probable exception of that of the Chill Copper company a t Chnqulcamata. South America, controlled by the Anaconda Copper company of America. Dna to tho enormous tonnage of ore handled In the day very low costs have been achieved, and big profits earned, but under the after-wa- r high pressures and low efficiency, costs ran np rapidly, getting above 17c, whereas they need to he as low aa Cc for the ponnd of blister copper proAgent duced. The company most reduce costa, or there must be a better pries for Its metal If It Is to make expra-It- s H. H. Tuesday morning Mayor Bourne received u telegram from G. E. Keenan, federal prosecuting agent at Balt Lake City, stating that he had received information to the effect that Eureka merchants, or some of them at least, are selling extracts for beverage purposes and that unless the practise stops prosecutions will he ordered. Under the new ruling of the state officials extract! can be sold only to housewives and any merchant, or clerk, who sells to men or hoys places himself open to prosecution and Mr. Keenan promisee to mete ont pretty severe punishment Marshal Cronin made a trip aronnd to the local business houses and served them with thle final notice. The stores have promised to obey the order from the state officials and if they do the alleye of the diy will probably not he littered up with extract packages aa they have been during the past few months. -- disbursements Utah mining companies was increased slightly during 1920 as compared with mm despite the depression In the industry. Total dividends posted during the year to early in De- erything possible has been done to convince the commission that It would be a grave mistake to place additional burdens on the mining Industry of this state.' Tho mines are now carrying a tremendous load and many of the richer, properties have had their profits wiped out during' the past few months. The largest mines of Tlntle are taking out a lot of ore and getting little or nothing in tha way of profits. Mr. Fitche testimony before the commission showed that ore having a gross value of from 13,000,000 to 14,000,000 le being extracted annually from the Chief Cone, mine and First Lot Of Ore that during n good part of tha past rear there were no real earnings. Sent To New Mill Many of the big mines are being operated largely tor the purpose of trying to hold things on an even keel; that organizations may be kept Four carload consignment of together during the reconstruction ore delivered at Tintic mill period and that troubles and hardships will not be passed on to workWednesday; plant should be ing people who are in no position to bear them. An advance such the operating by first of month. rallroadi are asking would increase the operating expenses of the Chief During the past week the first from 120,000 to (30,000 monthly of tour carloads, of ore consignment, and there would bo no other course wae sent to the new milling plant of open to the management hut to close the Tlntle Standard company. The down end await more, favorable mill Is not yet complete, according times. What la true of the Chief la to Manager E. J, Raddats, but the also true. of the other larro mines crushing apparatu la ready and preof this and other Utah districts. are being made for putWhen uked regarding the lead parations eolation tanks into use. In the ting situation Mr.. Fitch said that mining a plant Of tMr character men of this state can hardly expect startingIs up a lot of preliminary work there any Immediate relief. The price of and while the flniulng touches are lead ' has been forced down by forbeing given to tire elevators, launare which eign shipments arriving dries, etc., ore can be sent through regnlarly and at the. present time the crushers end into the solution lead le selling for considerably lees thereby laying the foundation than It can be produced by the Utah tanks, for the operations which will follow mines. Were it not for the fact that the completion of the large milL lead ores carry silver and the latter metal le being protected under the Manager Raddats says that the Pittman net lead production would work at the mill Is proceeding in a manner and that it is stop throughout the satisfactory undoubtedly west. There le talk of an emergency thought that the plant will be in optariff measure which would give eration by the first of the year, alsome protection to lead mining but though It may be some weeks later Mr. Fitch says it la doubtful if such before it le operating at anywhere near ite capacity. legislation can bo secured before the middle of the coming summer. smelters are the result of an to forecast the result of the hearing of ore of the character that mining man and others who we and been has shipping tho Standard present In Washington have reason within that conditions will change to fed optimistic. At any rate ev He Is. ..confident a week or two. ' of tho first after that Immediately the year hit mine will bo able to market Its regular tonnage. Tha doting of one of tho big mines nt Bingham and tho slowing up of operations at many other min of Utah and dajotnlng states is being felt nt tho smelters of Salt ' Lake Valley and it appears that" the Unlisted Stocks Will Be The Reporter extend the Be aeon's Greetings. logical thing for these plants to do Traded In On Exchange would bo to reduce treatment The old year, new fast drawing to a close, has been .. one of pence and happiness and while the great mining Such action would bring charges. industry, on which Tintic people depend, has suffered Beginning today unlisted stocks, out a lot of ore. which cannot bo well as min-- mined profitably under existing eon- greatly the operators of this section are optimistic and Including industrials are looking forward to better times.. Other industries lug will bo traded In on the Salt Lake are passing through a troublesome period and It la really Stock Exchange (Or half an houri surprising that this mines of Tintic have hem able to rack day and between the regular mis ALVIN SHERWOOD OF weather the storm in snch n rpleadid manner., fa most DIED THIS wjUUL opening and dosing calls. . cases earnings have been swept away aa the remit of low o ' At tho conclusion of Wednesday's prices for the metals and high operating costs hot If lead ceotoa tho hoard of governors held Sherwood, 15 la given some sort of tariff protection and the national Mrs. Dora a meeting and adopted a part of the yean of age Jhnd the wife'' of Alvin government eontinnee to hay silver at the present fixed price Tintic mining camps are sure to prosper. report of a committee which recom- Sherwood, an employee f the Balt ' The Reporter wishes to exprcs appreciation for the mended the trading In unlisted inRoute At TlnUT Junction, died business of the past year. Not only has our advertising on that with tha SalULake change one hospitals the of dustrials, at patronage Increased but the paper has grown in popular mining stocks also bo Includ- Tuesday o! thlorcek. Death came ity and for this liberal rapport and for the confidence between sud(lsnlr and was caued by ed, the trading to be done of the mining men and general public we are truly thank quite fbL regular calls. The committee which perltonltlaVmn. Sherwood lec A Joyous Christmas to all and may tha New Tear presented the report wae given un- her. husband and two mull children.a hold tor you all that you Uked la the rid and more of It. til today to prepare a list of stock to Tho remain were shipped to tor tunaral eervlecs and burlaL be posted. u . No Change 1920 Tintic has largest number of dividend payers but Utah of Copper paid three-fourth- s dividend money for the year. ly. It le true that lower prices are coming. In fact there are ' many things that are now selling at prices which compare quite favorably with those prevailing before the war, hut when pqople stop buying and factories are forced to suspend operations quite the opposite Is almost sure to happen. Instead of going down the price of merchandise Is quite likely to advance If the factories stop producing. In order to manufacture goods at a minimum of expense factories must continue to operate at something like capacity; shutting down will not help to bridge over the reconstruction period, it will simply postpone the time tor final adjustment Closing up shop only throws people but of employment end works a serious hardship upon the families of laboring men. When people stop buying they are quite liable to bring about conditions which are Just opposite from what they desire. The public should, not stop bnylng but should buy economically and select only goods which are really needed. We should be satisfied with the reductions which the retailer Is more than willing to pass along to the consumer end if we etop buying anything it should be unessential articles, things which are really classed as luxuries. Pa; Big Sam In Information from manufacturing u w- - Utah Mines equipment la modern In ev- ery way, the very best obtainable and constantly Its miners and metallurgists are seeking Improvements that will result in better results, a closer saving and a less coat per ton of ore treated. Tt Utah ores have values hi gold and silver that aid to some extent In the final handling, but the company, like all others In the copper producing industry, needs a better market, which mesne better demand. Demand does not come la a falling market such as has been lately experienced, but in a rising one when consumers grow a bit anxious about their future needs, Iron Ore of Michigan. ..w HOME FROM THE EAST. o , Mr. and Mrs. Walter Fitch and daughter. Miss Maud Fitch, returned to Eureka on Monday after spending several weeks In Washington and New Toik City. |