Arizona state miner., 1923-03-24
MINlNGNEWS.
Brief Weekly Summary of
Latest Strikes and De-
velopments.


will be commenced by special Senate
commission about the middle of April
according to tentative plans of it's mem
berS. Hearings Will be held in Wash-
ington as well as other points. Steps
will be taken toward negotiations with
foreign countries in connection with
the silver situation
For the first time in three years the
price of copper is encouraging to buyers
of copper stocks. The price this week
went up to 1890.
Ray Hercules stock quickened to the
upward trend of the copper market
this week due to the mine directors
announcement that production must be
increased. All is in readiness for 1900
tons of ore daily. Ore reserves aggre-
eating $4,000, 900 tons have bee
blocked out.
Increasing demand and higher prices
for light gravity crude oil is squirting
development in the light oil fields to
intensity. New wells are being rushed
and there is great activity to produce
all the oil possible while favorable
prices are prevailing.
Tonopah Divide is doubling It's pro-
duction power. The independence lead
mine of Couer Alene are again oper-
ating by contractors to increse ore on
levels Nos. l and by an upraise of
300 feet.
There is report out that the Ansel
Payne mine near Hot Springs Junction
will renew production by aid of leasers.
There is vast tonnage of low grade
cut which it is proposed to enrich by
means of ''jiggers. .
The most noticeable event of the
past week has been the 10 per cent in
crease in wages announced in the cop
per mines of Arizona, a direct result
of the increase in the price Of copper
and an evidence that the copper opera
tors believe that the price is up to stay
The wage increase has been voluntary
on the part of the mine opera tors given
in order that the employees may share
in the prosperity in the industry and
that labor may be attracted to the cop
per mines.
The wage increase will make about
$1,000, 900 additional annually turned
loose among the miners, and the added
payroll in the Globe Miami district
alone amounted to about $72, 600 per
month.
1t is evident from this increase in
wages that the old sliding scale in ex-
istence before the war has been aban-
doned as being not applicable topresent
day costs of living, for under the old
scale, wages at 17-cent copper would
be $4.25 per day rather than $5. 45 which
is now being paid. In other words,
wages are now being paid on basis of
22-cent.
The increased prosperity of the min
ing companies is further shown by the
balance sheets of the last quarter of
1922, most of which have been made
public during the past several weeks
Chino shows surplus of II cents a
share against deficit of the previous
quarter, Ray Con. shows an increase
from A cents to IL cents share surplus,
and Nevada Con- has shown an increase
to 20 cents share surplus rather than
deficit which existed previously
Further evidence comes in dividend
increases, Utah increasing from So. 90
to $4.00; U. V. X from $1.OO to So. 90:
c. and A. from $500 to $500, while
Anaconda and Inspiration have resumed
dividend payments of So and 81. 90 re.
spec,ively.
From all sides the prediction is be-
ing made that copper metal is gong to
20 cents And it is worth it as COM
pared with lead at 81 cents or with
steel at the prices of today, or with
zine or silver. Consumption of copper
is going ahead at rapid pace, and it is
being demanded from all sides Do
mestic consumption was never so great
as now, or as it has been running, for
the last year. and constantly the field
for copper is expanding.
Copper is going up because there is
going to be a scarcity of it. The stocks
are practically exhausted today. The
big surplus carried at refneries and at