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Show . n- , 1 - 7 ,: r - ' f.i , 1 ' ; 1 Vw ' , ,!ty-- 1 . - y'. y fffflQ BA 7 BHM2BE r What's What and Western Mineral. Survey SALT LAKE GETS, UTAH Vol. 1; No. 33 1 Friday, April 11, t Management Digest purifies Commission Tells Addition Labor, Prices, Copper Tariff itocEts Highlight Utah Mining Week LABOR President Eisenhower will ask Congress for authorization to use Treasury general funds to help states finance an extended busiperiod of unemployment compensation during the current ness recession. convention approved a resoluDelegates to the Mine-Miwork week with 40 hours pay. tion calling for a Rep. Clare Hoffman of Michigan suggested to labor unions that they declare a moratorium on union dues to help relieve the economic recession. to Canada Restricted List The Securities and Exchange requirements may deprive inCommission today announced vestors of much or all of this necessary information, and abthe addition of the stocks of the sence of such information facilifollowng Canadian companies to ties false claims as to the worth its Canadian Restricted List: of such securities. Thus, investessential proArrow Mining Corporation ors are denied the Securities Act tections which the Ceasland Gae A Oil Corporation to provide. sought Limited, Derogsn Asbestos CorThe Commission each year poration, LtcL, Mexican Explorafiles numerous Court actions to tion, Ltd., North Wind Explora- enjoin domestic companies or PRICES Custom smelter copper advanced to 24c per lb. after Euro- tion, Ltd., Rlobeck Mines, Ltd., United States residents from the sale of securities in violation of The U.S. producer price re- Val John Exploration, Ltd. pean markets staged a come-bacThe Canadian Restricted List mained at 25c. Refined copper stocks in the hand of U. S. producers rose 24,936 tons in February, while stock abroad dropped is composed of the stocks of 3,372 tons. World production declined 20,000 tons. Lead and Canadian companies which the zinc held at 13c and 10, with no signs of a stronger market. Lead Commission has reason to bestocks at domestic refineries dropped to 119,522 tons in Feb. lieve, based upon information obtained in its investigations and U. S. Atomic Energy Commislowest since August, 1939. Shipments to consumers were only or been have otherwise, recently 23,832 tons lovvest level since March, 1950. According to E&MJ currently are being distributed sion has token action which will Markets, zinc sales for the week of March 17 were probably the in the United States in violation expand to a limited extent the of the registration requirements domestic uranium procurement. lowest ever reported." of the Securities Act of 1933. The This will provide an additional COPPER TARIFF list now comprises 220 of such market for ore reserves develMetsecurities. of and Arizona The White House informed Reps. Udall oped prior to November 1, 1957. calf of Montana that the Presidents views on copper tariff will The requirement for registraIt is anticipated that this ac13 for Markets Mar. soon. E&MJ be sent to Congress reports: tion of securities offered for pub- tion will result In additional proU.S. three the of has become It copper min- lic sale applies to Canadian and curement contraries for mil conmajor apparent none other companies as well centrate, increasing total milling firms will oppose the 4c bill. Probably two of the three will as to foreign domestic companies. ing capacity by about 3000 tons actively support it and the third may also. The Copper and Brass is designed to of ore per day and increasing Registration Research Assn, recommended that brass mill imports be subject- provide disclosure of financial annual concentrate production ed to a tariff based on a percent of current value rather than on and other information which by about 2500 tons of 17308. will enable investor? to rwkp,n.n rhi? ".rtSn result .from a informed and. realistic evalua- study made by the Commission LEAD-ZINTARIFF tion of the worth of securities of the marketing problems arisrec- offered for public sale. Failure ing from the October 28, 1957, The Tariff Commission quashed a rumor its lead-zin- c ommendation might not go to Ike before next summer. A high to comply with the registration announcement of a Commission administration source said the decision would be forthcoming before the end of March. Other high sources expressed confiMining dence the commission'would recommend maximum relief under existing law. Sen. Dworskak of Idaho introduced a bill providing scale of import quotas on lead and zinc, with a 17c per lb. minimum price for lead and 14 c for zinc. In general, quarterly 0 foreign imports would be limited to 60,000 tons of lead and tons of zinc, with provision for a running quota based on the difference in mine production and industrial consumption. ll 32-ho- v 1958 ur k. the registration requirements. X ) dlan Restricted List is designed both to warn investors 'of the possible risks involved in theiiy purchase of unregistered Cana- dian securities, and also to alert broker-dealfirms of possible distributions of Canadian ( illegal so securities, they may avoid participation therein. er AEC Takes Action to Expand Domestic Uranium Procurement policy to limit further A' t . o !S . G ' -- 7- . - c fS r expan- sion of domestic concentrate production. The ; study disclosed that as of" November 1, 1957, five uranium, areas had no local market, or had an inadequate market, for the output of mines with developed 'fS. c V ore reserves. In six other areas, existing mill capacity would be adequate if arrangements could be worked out for a distribution of mill ca- parity among the mining prop- -; erties producing or in position to prod jet. . H' In other areas, there appears, to be no marketing problem now and no problems are anticipated. C North Standard W Canadian companies, howeverfvx are beyond reach of the process '' of Federal Courts, and the Cana-- 7 $ rs Buys Oil Rights 80,-00- . MORE TARIFF TALK The Tariff Commission is beginning an escape clause invesannounced tigation of the mercury industry. Hearings will be later. Rep. Dawson or Utah asked the House Ways and Means Committee to seriously consider his bill which incorporates the administration's trade act extension program with the added provision that Tariff Commission recommendations would go to Congress instead of to the President and would become effective within 60 days in absence of a majority vote against them in cither house. Pres. Eisenhower asked the Tariff Commission to keep under review until Dec. 31 the escape clause case involv- stainless steel table flatware, as Japan has imposed a volun ' ing tary limitation of shipments to the U.S. of 5.5 million dozen an-nual- ly. - MINERALS POLICY Gov. Clyde of Utah prepared testimony to be read for him v by Gov. Russell of Nevada at current Senate Mining Subcommittee hearings on national minerals policy. Yesterday the mining industry was represented at the hearing by Julian D. Conovert Vcxcc. v.p of AMC; Charles E. Schwab , chairman, Emergency Committee, and Sam II. Williston, chairman, AMCs - 7 Lead-Zin- c Strategic Minerals Committee. Teh AMC suggested a review 0 r;of stockpiling goals, with consideration given to materials needed lo rehabilitate stricken areas in case of atomic attack; impo- FIRST ROYALTY CHECK FROM OIL Garth W. Manson, President, North Standard Mining Co., re-- i on a sliding scale ceives first oil royalty check from DeLynn Heaps (left), President of Surety Oil Co. sition of adequate". import North Standard Mining Co., Provo, recently entered the oil business by acquiring from Surety Oil Xwitli peril points of 30c a lb. for copper, 17c for lead and 14c for Co., an royalty interest on their Devils Basin, Montana, oil lease. zinc-a- nd quotas where other means fail; and amendment -Included in the agreement was the number one well and the import lease covering the North j of the Act to provide adequate provision for of Sec. 6, Township 10 North, Range 25 East, Musselshell County, Montana. v., enSurety Oil officers who made arrangements for the transaction were DoLynn Heaps and Lon M. greater certainty, speed and efficiency in administration and forcement." E&MJ Markets for Mar. 13 says: One official pre- Frazeir of Orem, Utah, and Lowell Potter and Donald Jenks, both of Salt Lake City. North Standard Mining Co. was represented Ty Garth W. Manson, President, and Robert E. Eyre, Secretary, of Provo. dicts that any new additions to the Commodity-by-commodit- y North Standard officials are presently negotiating for other oil properties, principally In the sent to Congress last summer will Seaton Interior Secretary plan Rangely, Colo., area, and are hopeful of drilling their own wells this summer should their present e mining-statcrumbs" legislators. b termed by plans materialize. 0 taxcs-prefer- ably over-ridin- g 320-acr- Anti-Dumpi- ''B vVy -- 7 - y I Mil ki-- vi Aim 01 - .... e ng 1 -- Q 'VVY- - in'iA one-ha- lf U ! V A"-- . ,v. v 1 AT vK . -: v N ft h 0 i. |