Show ishm 11 1 1 i 4 T T I 1 mining matters j 4 2 H M M II K I 10 ae N FOREIGN STOCKS SHRINK PERHAPS MEANS I 1 ne prosperity happenings in the international silver market havo have a vital effect on an the future of the american mining industry the wall street journal reports that the american sliver silver purchase program whereby the united states treasury periodically lod cally buys a certain number of ounces in the world market is drying up stocks ol of silver in london where there used to be a constant supply of tho the chite metal the united states has bought much silver there and in the I 1 past london has made up its deficits by purchases from china holder of one of the worlds greatest silver stores however chinese bankers are now showing I 1 unwillingness to permit additional large amounts ot of silver to leave their country during the latt lart two months silver stocks tn in shanghai have been at around ounces and the downward trend I 1 in n the st size z e of these stocks seems to have been checked lor for the time being thus demand tor for silver may shortly outrun supply and the inevitable result ot of that would be a rise in silver values something that has seemed only a utopian dream tor for a long time it if that coo occurs urs producers ot of new silver as well as holders of existing quantities will see the light ot of prosperity once more SILVER hILVER KING KEEPS OF DIRECTORS stockholders ol of sliver silver king coalition mines company met monday afternoon in salt lake and reelected elected re the earn com banys board ot of directors composed ot of M J dalley dailey A C ellis jr W mont ferry william J halloran jay T harris james ivors ivers edmund J kearns thomas P F kearns and david keith the annual meeting will be held hereafter on the third monday in march instead of the third monday in february owing to the requirement rement of the new york stock exchange that the earn companas comp anys printed report be in the hands of stockholders 15 days in advance of the annual meeting AT THE FLAGSTAFF reports from the flagstaff continue to bo be encouraging while the miners have not yet reached their objective and while according to the management the main objective will not be reached tor for two or three months yet stringers of good ore being cut and some ore is being saved for shipment later when the roads reads are in better condition more supplies equipment lumber and mine tim 1 bers are going forward to the flagstaff in spite of the big snow drifts NEW IV GROUP FORMED sied TO laid AID prospectors assistance to prospectors is the goal of an organization which Is taking shape this week at a series of meetings i at 22 2214 east first south street in salt lako lake city the organization to be known as the great american prospectors association Is sponsored by a group ot of utah business and mining men ha harry S joseph Is temporary president ind and ati a i r se e H watson temporary secretary it is expected ahat permanent officers will be elected at a rice 1111 next week EAST UTAH GETTING READY HEADY TO PUSH development A crew of men under J if grisley Gr lsley known mining machinery ma man n th the e well ot of salt lake Is installing choist a hoist and compressor this week at the east utah mining companas comp anys property in the east park city district J W la lamb mb president of tj the wednesday after a visit to the ty war work k of sinking a shaft w will begin e at once mr lamb said the shaft will be sunk to a depth of to feet in the expectation of intercepting epting the mchenry fault which traverses the park utah property the company is also driving a tunnel in expectation pec tation of intercepting the wasatch fissure in which gold ore was struck last tall fall in the park city utah the pro dorthea northeast st of deity Is a short distance park utah and park C city ity utah and southeast of park city consolidated operated from 1927 to the mine was 1929 but work was abandoned because of the de depression alter after had bad been ion crosscutting is said spent in exploration the existence of ore to have revealed bodies in several fis fissures fiss s these dip in varying degrees andl indicating eating that they converge at depth FIGHTING N THE MENACE OF UNFAIR MINE TAX employment less tax rev decrease decreased cl destruction of the enno eluo and possible metal mining industry in utah were foreseen monday by spokesmen for the industry in the event that mine tax proposals now before the legislature are passed that to increase taxes on an industry has been losing money on tor for four years said P IT hunt mine its operations consol consolidated manager of the park utah 1 result I wines mines company can have but one a desperate effort to reduce losses and this can be done only by drastically reducing operations bills would pointing out that proposed unprecedented tax burden upon place an mr hunt said bald the mines ot of utah that the effect would be lor for many operators until entirely to cease operations increase ila there was ft a considerable metal prices virtually an all according to the official mines are operated to furnish fur employment not lot tor for profit bankruptcy would result such sacrifices could not be continued he said it if an added penalty the mines in the form on placed were of increased taxation th the e industry would be forced into bankruptcy reduced curtailed production arid and employment with the tax revenue would aou ld in be decreased instead of increased reality mr hunt under the proposed measures said bald more than 4 45 5 per cent of the papule population ti on ot of the state Is dependent d e nt on the metal mining industry for li livelihood v e W mont ferry vice pr president e si d en t a and n d m managing a n a g director silver r lr king n g C coalition oa li ti on r mines d i n c 9 pointed out company economic recovery I 1 Is Is possible in no utah until metal mining in t the 11 a state sta te Is able materially to increase its activities he xe said utah nt at disadvantage the following tables were issued by A 0 mackenzie secretary utah cb chapter apter american mining congress showing bow j much greater the tax assessment on metal mines would be in utah than in other I 1 western states under proposed I 1 tion under senate bill 31 the assessment would be seven and six tenths times nevadas assessment five and eight tenths times assessment six and three tenths times Cali Call fornias assessment six and three tenths times assessment ses six and three tenths times colorados assessment U under n der senate bills and the tha assessment would be eleven and seven tenths times nevadas assessment eight and nine tenths times assessment nine and seven tenths times cantor califor nias assessment nine and seven tenths times assessment nine and seven tenths times colorados assessment eminent increased taxation would retard development of the alunite deposits near marysvale Marys vale said C T keighley general manager ot of the columbia steel company the views s of the officials were presented before a recent joint ron corr 11 of f the senate and house on revenue anti an taxation WORK STOPPED AT SILVER KING WESTERN the record was informed today that work had been stopped at the silver king western because of no showing to justify continuance of development this was verified by officials of the company rather distressing news newa tor for a stockholders this stock was put on the rn market arket at 2 00 per share when work was first commenced conditions VERY VERT PROMISING AT AMERICAN FLAG I 1 I 1 regular shipments are being made from the american rag flag unit of the park city development company and reports 0 1 ore uncovering are decidedly encouraging lessons leasers on the 1100 and i levels e v e 1 s a are re s shipping hip p 1 n g high grade 0 ore re aun and d d development e v e 1 op n r t w work 0 r k by the company 1 n Y on the 9 1100 have every indication 0 of f big ore bodies ahead the management Is decidedly encouraged and optimistic and worthwhile worth while news for the stockholders Is expected in the very near future one hundred and eighty cars of ore were mined the past week TO CONNECT WITH PARK UTAH WORKINGS it Is reported that an continued on P pa mining matters 1 continued from pace one been reached between the park utah and park city con granting the latter the privilege of connecting its workings with the park workings this will mean a drift of about 1200 feet from the tha present workings of the park city con this will prove of great advantage to the park city oon con people allowing them eventually to sink at a considerable depth without the expense of pumping there seems no question that great pre lore b bodies 0 dies lie below the present workings of th this IS company and in early summer the prediction of park city con management that a dally daily output of 1000 tons will be realized the park city con Is destined to make a dividend paying producer AT THE THC MAYFLOWER work Is steadily progressing at the mayflower unit of the new park property superintendent gay expects to cut the fissure he has been driving tor for in the near future besides running a drift to the south a raise Is being made in hopes of cutting the park bingham als sure III LOCAL STOCKS AND I 1 METALS FRIDAY bar silver went up of cent to 54 lead copper 8 65 local stocks down silver king coalition 30 park city con 2000 SATURDAY no change in price ot of metals and local stocks blocks changed hands on S L exchange MONDAY the gold decision of the supreme court had a fairly good effect en cn utah stocks stiffening lp ip the price a bit no change in price of metals sies sales P park rk city con 2800 a 0 50 ir to 60 east utah 1000 a ac silver king coalition e silver king western e TUESDAY well the silver lining Is commencing to glimmer a bit and mining activity will follow PROVIDING the present r tate state legislature dont smoother the great mining industry ol of this state by increased and unjust taxation which some of its prejudiced members are trying to do bar sliver silver advanced vi 12 cent today putting it up to esac lead increased a trifle to copper remaining at local sales tuesday east utah 24 2112 and so park city con 2800 a 0 60 down to park king 2000 c WEDNESDAY me metals als same as tuesday local sales bales park city con Park parka king 1000 9 c THURSDAY metals same as wednesday local stocks traded in were down park city con 1900 54 and silver king western 1000 other state issues traded in thursday were chief consolidated 67 east consolidated eureka S loo eureka standard 75 horn hom silver and leonora ac gintic tintic lead zuma 1000 ac eureka lily 1000 s 33 and mountain city copper gintic tintic standard SHIPMENTS park city consolidated silver king coalition park city utah park city development total |