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Show The Western Mineral Survey, Salt Lake City, UtaL 2 Tintic Standard Successful Iu Diversifying Holdings Continued from Page lqy structure, which is 1 ber of speculative spreads that could add materially to the companys earnings over the nearer and longer term. For the year ended December 31, 1951, the company showed a net loss of which included deof $23,653.29. preciation The companys oil and gas holdings are substantially as fol$55,392.88, lows: Woodlawn Field, Harrison County, Texas Tintic Standard has an 8 per cent interest in s of 3600 acres. Five drilled in this been have well field by the company in association with other interests, four of which proved productive, while a fifth is idle pending further drilling commitments. The four wells are producing gas, oil and distillate. Gas is being sold to the Mississippi River Fuel Corporation, the oil to the Arkansas Fuel Oil Company and the distillate to the H. L. Hunt Oil interests of Texas. While the five wells have been drilled about a mile apart, only a relatively small parti of the area has been developed. The present wells have been drilled to a depth of about 7,000 feet and there are known sands below this depth which possess wildcat possibilities. At the presseven-eighth- . ent time other interests are drilling Just to the north of the Tintic Standard holdings, which should prove up a portion of its interests. Eastland Eastland Field, County, Texas In this area, Tintic Standard and Eureka Standard tach hold a interest in 232 'acres, and h interest in 100 acres. one-quart- er one-eight- A gas well, estimated 3,000,000 cubic feet per day, was encountered in the first well, in which Tintic Standard and Eureka Standard each have a 12 per cent interest. Offers have been made by consuming companies for the gas, but the well is capped, pending a more favorable market The interested companies plan to sink further oil tests on this structure in the August consid- ered by some as not a part of the Uintah Basin. Drilling equipment is now being assembled for the first test on ground in which Tintic Standard has an interest. This well is scheduled to be spudded this month by Herman Flader, Denver oil operator, on Section 16, Township 4 South, Range 22 East In this area, consisting of 1,280 acre,s Tintic Standard h inwill maintain a terest in 640 acres, after the drilling arrangement Tintic Standard is guaranteeing to contribute its share of dry hole money, but is not bearing any of the expense or participating in the initial test. The well, however, will serve to prove tht area and other acreage nearby in which Tintic Standard is interested. Besides the 640 acres, Tintic leaseStandard has a one-ift-h hold interest in 4,529 acres in ..one-tent- three separate blocks in the Vernal and Jensen areas of the Basin. Woodruff Area, Lincoln and Uintah Counties, Wyoming Tintic Standard has acquired a one-haof one per cent royalty interest, in a spread of 5,760 acres. No drilling plans at preslf In recent years western mining interests have made commendable strides forward in ent Evanston Area, Wyoming one-thir- d smelting industry. The process one-tent- TUI man County, Oklahoma Tintic Standard has acquired a working interest in work1,280 acres," a 880 and a in interest acres, ing h interest in 1,520 one-eight-h one-thir- d one-fourt- acres. Orange County, California Tintic Standard has acquired a one per cent overriding royalty on 1,581 acres on the Telegraph Canyon structure, on which Shell Oil Company has the work- seven-eighth- Ute-Trib- al was developed by Chemical Construction Corporation, called Chemco, a subsidiary of American Cyanamid Corporation. Tintic Standard became interested in this surprising new development through Ohemetais Corporation. Chemetals, in, collaboration with Chemco, recently finished a series of demonstration, runs in which copper powder equivalent to electrolytic grade copper was produced. In turn, fdr successfully comthese experiments, pleting Chemetals obtained the rights to license the patents for manganese and scrap copper. Tintic Standard acquired an early interest in Chemetals, which now consists of 20 per cent of Chemetals preferred, 3 per cent of the Class A common and 7 3 per cent of the Class B common. Already three plants are under construction to apply the new process, plants which will cost $25,000,000. The new Howe Sounu cooalt plant near Garfield, Utah, which has adapted Chemcos process is nearing completion. This plant will cost Lead is $2,500,000. National for a $5,000,000 plant building the treatment of cobalt, nickel, copper and ammonium sulphate. Sherritt Gordon Is expending $17,000,000 in Canada for treatment of the same metals by the s. .hfine tals has no in-- ! -- But How About The $4000 Guy? First of all he actually got not Time was when $10,000 a year was a lot of money. Only the $10,400 but $8,978, taxes having relative few earned or had a accounted for the difference. reasonable hope of earning as His first outgo was for rent much. Even nowadays, with rec- $1,656. This, he says, is about dollar as little as he could ord taxes and a four-bit pay with.--o-ut it is far more than most fammoving to so cheap a neigh-jorhoilies ever see, the average inthat it might endanger come being in the neighborhood of $3,000. future promotions. Yet there is a $10,000-a-yea- r Several hundred dollors went class of pople in this country out for unavoidable household who simply cant make both ends meet, economize as they expenses such as utilities, and will.. That, at least is the theme his wife got $2,049, or some $40 of a fascinating article in the a week, to buy the food and othJuly issue of Harpers maga- er supplies needed by a family zine, called Going Broke on of four. Furniture swallowed $10,000 a Year, which Is signed $274, and insurance $47L Mr. with the pseudonym Jay Tay- Taylor has no car. and says he lor. This class consists of Junior cant possibly afford one; but business- executives who must commutation tickets cost him. put up a front, appear to live $180 and are scheduled1 to go up very well, have good addresses, in price. entertain as a part of their jobs, Doqtors and dentists aeounted and1 donate generously to charfor $264, and the childrens excauses. ities and other worthy such as: their clothes penses, Mr. Taylor writes early in his school and books and a summer article: Itn a symbol and a to the tune of $241. in simpleton. Im a symbol of the camp dug and his He only $173 group from winch business leaders used to be drawn a on clothing for themselves. group now being liquidated . . So it goes, in Mr. Taylors Mr. Taylor goes into meticu- summation everything is aclous detail as to his finances, counted for down to the penny, and its quite a story. Last year save $133 for which he has no he wrote, he earned $10,400 and necords. None of the items of spent $10,456. And here, in cap-su- l expenditures seem at all high form, is what happened to for a man in his position many terest in these three plants, but his money. of them seem almost amazingly e i participate in future low. and copper scrap com-- ! mltments of the process. Mr. Taylors conclusion is highly productive Tintic District the and su,bsidiaiy holdings, "MANGANESE of the tone of his article: "which have typical a of portion only StandTintic So I speak as one small symbol In April, .1952, inter- been developed. ard acquired a a class. I look at the broken, of At the- present time governest in option and lease on a man mental are conducting down occasional chair which ganese property, situated in tests onagencies and near the companys should have been replaced a Minnesota, Cuyuma Range, in the' Tintic area in property along with Utah Construction search for lead and zinc. These year ago. I postpone my trip to Company and Foley Brothers, tests have, proved a .structure the dentist for another six Minnesota contractors. Negotie deposits of months in hopes that the pediations are now in progress with containing are but these metals, subject to atricians bill can be paid in the the Defense Minerals Produc- a water Permission tion Authority on a contract for has been problem. for addition- interval. And I realize that I the production of manganese, al tests. granted belong to a new class of forgotChemco the process. ten men in whom no labor leadutilizing "While the future of Tintic (Editors Note: The above in- ers, politicians, farmers, corporStandard seems wrapped up in formation was taken from a re- ation presidents ,or commenceoil, gas and chemicals the com- port prepared by the Invest- ment take any vested panys future in mining must ment Research Department of interestspeakers$10,000-a-year & the men, Company, Balt not be dismissed. Holdings , con J. A. Hogle sist of over 4,000 acres in the Lakev City.) Americans. vanquished od 2-- i - wife-spen- t nian-jganes- one-thir- d - J. H. DAVIS low-grad- INDUSTRIAL PAINTING & DECORATING t 7-45- 54 pro- In t 'ie above photo is shown a changing room at viding modern facilities for their workers. one of the leading Park City mines. Tintic Standard has a of one per cent royalty interest in a total of 14,324 acres. One test well has been abandoned in this area, but further drilling commitments are expected. Tintic Juab County, Utah h interStandard has a est in leases on 720 acres and a onetwentieth interest in 567 acres. No drilling currently in this area. near future. Bear Lake County, Ida. Tintic Standard has acquired a ing interest.' one-hal-f of one per, cent royalty Hayes County, Nebraska Euinterest in acreage, as follows: reka Standard holds a five per Sheep Creek dome, 4,144 acres; cent interest in 33,325 acres of Twin Creek, 2,557 acres, and fee land and 3,520 acres of state Georgetown area, 4,565 acres. land. No drilling commitments. Standard Oil Company of CaliCheyenne County, Nebrask3 test a Tintic Standard holds a five per fornia recently spudded on the Sheep Creek area,, which, cent interest in 1,788 acres in at last report, was down over the Denver Basin area on whir no drilling commitments have 900 feet. Tintic yet been made. Uintah Basin, Utah, Choke County, Texs Eureka Standard has acquired an inacres in has 22 Standard over terest in 5,000 per cent of s working interest this area which has been 'the on which 48 proacres scene of intensive activity by on 1,069 major oil companies Since the ducing shallow wells have been discovery of oil three years ago drilled. CHEMETALS No. 1 in the In the chemical treatment While Basin. the of the area "Roosevelt Is in its infancy, more still metals 20! than of Since that time, hailed is been it being wells have by the techniproducing a as cal journals development brought in the area, exclusive of the productive Ashley Val- - - that may revolutionize the Phone IV 1952 T 1750 Park Street Salt Lake City 1 |