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Show The Page 4 Centers On Lead-Zin- western mineral survey Miles P. Romney, manager of the Utah Mining Assn., says there is reasonable hope that President Dwight D. Eisnehower, by personal urgings, will implement the U. S. Tariff Commissions inimports. vestigation into lead-zinThe inquiry would start immediately after the current congressional session. The hoped-fo- r traiff relief of a couple of cents a pound each on imports of the metals and concentrates would serve as an alternative to the administrations minerals plan" which collapsed during the present session. In a letter to association memc ports in August of 1956." The temporary program did increase prices to a bare subsistence lev el but this was attended by increase in foreign production and foreign imports, Mr. Romney re- Salt Lake Stock Exchange the industry felt that it needed substantial amendment to be made workable. The President then suggested that the industry again seek relief from the Tariff Sales at .07 Bullion Monarch 500 at .28 Comstock 200 at .18; 350 at .18; 100 at .18 Commonwealth 2000 at .01ft Croff 2000 at .06ft;5000 at .07 Cons. Eureka 60 at .50; 500 at .52ft Dragon 100 at .97ft; 100 at .97ft; 500 at .95; 400 at .95; 100 at .97ft East Standard 5000 at .06 ft Grand Deposit 1000 at .02 Intermountain Pete. 1000 at 11 Park Konold 1000 at .03 . 4000 at .03 Royston 1000 at .03 Silver Standard 3000 at .03; 2000 at .03. 3000 at .03; 2000 at .03; 1000 at .03ft; 1000 at .03ft Tar Baby 3000 at .15; 2000 at .15; 100 at .14 Bonania Commission. Mr. Romney said the completion of the circle has at least resulted in the lead-zin- c section of the mining industry testing the water and paving the way for other segments of the mining business who also find themselves failed to approve this plan and in a depressed state. . lated. When the saturation point arrived, prices declined and the long-rang- e minerals policy of the administration, including a sliding scale import duty" was announced in May 1957. Congress e bers, Mr., Romney said: There is reasonable hope that the President will implement the investigation by urging the Tariff Commission to proceed promptly. This could be of some importance. Some reports by financial wires out of the East have noted, in detailing the fat of the lead-zin- c legislation, that while Mr. Eisenhower had recommended the in- dustry again seek the Tariff Commission route, he did not specifically state that he would approve any recommendation from that agency for higher import duties. The reason for this emphasis has not been made clear in the report. But It might stem from the fact that once previously the administration- had urged such a course upon the industry. However, the decision earlier by the Tariff Commission that duties ought to be raised was vetoed by - Mr. Eisenhower. Mr. Romney described, the full circle of appeals by the lead in- dustry, starting with the proposal for a sliding scale duty involved in the Simpson Bill of 1953. Failure of this measure in Congress resulted in administration agencies urging the Tariff Commission course. But the President declined to implement these recommendations, ordering temporary measures of stockpiles with request for voluntary limitations on 1m- - Crude Oil Pipeline On Schedule t Work on pipeline to carry crude oil from the Four Comers area into refineries .at Los Angeles is going ahead on schedule, R. G. McIntyre, president of the Four Comers Pipe Line Co., said Friday. Additional contract awards were let Thursday, with AP.V. Co., Inc., of Fort Worth, and R. B Potashnick, of Cape Girardeau Mo., getting the okay to build jointly the 104mile section of 16 inch trunk line between Selig man, Ariz., and the Colorado River to the west. Mr. McIntyre said that work or the line is ahead of schedule with completions now planned for ilex' January. He also said that desigr changes will give the line an ini fial capacity of 70,000 barrels o' erode a day rather than the 60,000 announced previously. More than 135 miles of trunk line now is completed. Still to be let are contracts fo the crossing of the Colorado River, pump stations at Red Mesa Utah, Cameron, Ariz., and 16-inc- h and a pressure reducing Cal and Corona, Ariz., Kingman, The Four Comers pipe line ir Twenty-nin- e Palms, Calif., stations being built and will be operated by Shell Pipe Line Corp. on be half of the owners which Include Continental Pipe Line Co., Gulf Oil Corp., Richfield Oil Corp.. Shell Oil Co., Standard Oil Co. of California and the Superior Oil Co. 1951 c Ike May Implement Probe long-tonnag- Friday, August 30, Court Hears Complaint Against Oil Company 1000 Curb Sales Cons. Eureka 2000 at .50 Croff 0111000 at .06ft North Lily 500 at .45 Silver Standard 3000 at .03 ft Tar Baby 3000 at 15; 1000 at .15 A suit claiming misrepresentation and breach of contract in a transaction involving capital stock of Columbus Rexall Oil Co. was filed Wednesday in Third Dis- representations of Caribbean Oil and Mining that United Caribbean Oil Co. had cash assets in excess of one million dollars, marketable securities and properties worth more than 2.3 million trict Court The action, which names a num- dollars and liabilities not to exber of prominent persons who are ceed $191,000. officers and directors of the firm, was brought by Joel A. Burns, on y behalf of himself and others Mining Congress situated. He seeks a reOutlines Plans for straining order. It names as defendants the Utah Salt Lake Confab United Caribbean corporation, Influential members of both Oil Enterprises, Inc., a foreign diofficers Houses and and of Congress, corporation, rectors of both companies and the government officials, and mining Western Registratar and Transfer industry leaders will participate Co. in toe 1957 Metal Mining and InPresident of Columbus Rexall dustrial Minerals Convention of is Robert V. Hodge, Denver oil- toe American Mining Congress official at Salt Lake City, Utah, the week man. Grover Whalen, New of of the York, of September 9. City greeter is a director. Other directors and The national committee anofficers named in the complaint nounces that toe program, which and described in company litera- is practically completed, will ture include: deal with national mineral probBrig. Gen. Ralph Royce, USAF lems as well as with mineral and Rtd., New York City, former dep- metal production and processing uty commander of the Ninth Air practices. It will spotlight toe Force in Europe; George A. views of government spokesmen Chicago, 111., a former di- and industry representatives. rector of Standard Oil Company The opening session will disof New Jersey and president of cuss mineral policies. Participatthe Alpaugh Oil Co.; Charles F. will be Senator Arthur V. Loeffel, Chicago, magazine pub- ing Watkins of Utah, Representative lisher Carroll F. Murphy, New York Businessman and former di- Ed Edmondson of Oklahoma, and rector of the Baltimore & Ohio Victor E. Cooley, deputy director, Office of Defense Mobilization. Railroad Co. On Tuesday and Wednesday In toe afternoon, toe session will some 464,900 shares of Columbus feature an address by Senator Rexall stock was traded on the Karl E. Mundt on Labor Rackets regular call and on the curb at and Their Meaning. Herbert V. the Salt Lake Stock Exchange, ac- Kohler, president of The Kohler The cording to that exchange. The Company, will speak on crice opened at 15 cents a share Kohler Strike. Guests at a stramd closed Wednesday at 11 cents tegic minerals luncheon on Tuesa share, after hitting a low of 10 day will hear Senator Alan Bible cents in trading Wednesday, ex- of Nevada. change records disclosed. Representative Henry A. Dixon According to the complaint of Utah will preside at a session filed by Mr. Burns, the suit stems on public lands matters. Speakers from the June 10, 1956, agree- at this meeting will include Senment of the Utah company to ator A. Barrett of WyomFrank ourchase all of the capital stock Dawof the United Caribbean Oil Co. ing, Representative William son of Edward Utah, Woozley, from the Caribbean Oil and Minindirector of the Bureau of Land g-Co. and Allen F. Miller Columbus Rexall common stock Management U. S. Forest Service.' was to be exchange for payment of the Concurrently with this session, with the restriction that said stock a discussion will be held on mine was not transferable and was to be held for investment purposes, safety and health, with Representhe complaint recites. The plain- tative John Rhodes of Arizona tiff charges that the Columbus presiding. Panel members include Rexall stock was delivered to James Westfield, assistant director Western Registrar, the transfer of health and safety, U. S. Bureau 'gent, with the instructions that of Mines; Robert Flinn, chief, 't was to be turned over to toe Division of Health, Bureau of ither firm with a restrictive en- Mines; and Henry Doyle, assistant dorsement placed on it (limiting chief of toe occupational health ts sale). program, U. S. Public Health Serthis In violation of agreement, vice; and J. Howard Bird, district toe complaint alleges, Caribbean superintendent, U. S. Bureau of Oil obtained toe stock from toe Mines, Denver. The topic will be transfer agent without endorse- toe essentials of a sound mine ment and distributed and sold safety program. shares to the public and others, including officers and directors of The Wednesday morning session the company, thus causing the will begin with a tax panel feastock to depreciate in value on turing Representative Frank Ikard of Texas, a member of the House the open market The agreement was induced, Ways and Means Committee. the complaint continued, by false Other sessions of the three-da- y sim-iliarl- high-ranki- ng . Al-oaug- h, program will include discussions on exploration and geology, milling and metallurgy, underground and open-p- it mining, gold, silver and monetary policies, uranium, industrial minerals, underground drilling and industrial engineering-mana- problems. The convention will close With a series of trips to nearby mining and metallurgical operations on Tues-da- y, September 12. More than mining men from all sections of the country are expected to attend toe convention. gement 2,-0- 00 URANIUM QUOTES Approx. Bid Asked August 28, 1957 REPORTS ON CROFF - CONGRESS Approx. Bid Asked Approx. Bid Asked CROMER BROKERAGE CO. Suite TWX SIT-- 3-- 1 4 80 Salt lake Stock Exchange Building, 39 Exchange Place Salt LaVp Citv. Utah Telenhonp EL |