Word: deposits
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Dates: during 1940-1949
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Existence of some such deposit was suspected ever since the Mesabi was opened up a half century ago. But it was not till 1930 that a prospector and scout, Jules G. Cross, made a survey of the region, which led to the formation of the Steep Rock Iron Mines, Ltd. Backing the company is Cyrus Eaton, creator of Republic Steel, who is arranging a $7,500,000 bond issue...
...back, spent again and borrowed back, etc. But at the present rate of borrowing-from-citizens, the Treasury cannot possibly get the money it needs in this way. It is relying and will continue relying heavily on selling bonds to the banking system. This in effect pumps brand-new deposit money directly into the economy, with inflationary results...
...United Nations had a great piece of luck. In Washington, mining officials happily announced that a "large deposit" of molybdenite had been discovered about 400 miles northwest of Quebec. Molybdenite yields molybdenum, a white, slippery alloying metal which is so vital in armor plate and guns that it is No. 1 on Canada's strategic list...
...bonanza was prospected-and is mostly owned-by Canada's veteran gold miner, Dome Mines Ltd. Engineers of Dome stumbled on the deposit last August when they were frantically looking for something to replace moribund gold digging. Dome will spend $250,000 for new facilities, hopes to mine over 2,000,000 Ib. of the stuff annually-roughly 6% of world production and enough to supply practically all Canadian steel mills. To Dome this is a financial break: molybdenum sells for about 80? a Ib. At peak output the company should gross over $1,600,000 a year...
Among the other University institutions making the conversion are the Stuart Building and the now Deposit Library, each of which will make a saving of 1000 barrels. The Observatory and the Gray Herbarium will continue to operate their oil heating plants...