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Show October 28. 195S Page Two Keep Market Healthy uranium market in Salt Lake City has definitely taken on a more healthy aspect since the SEC in the state of Utah has been giving serious consideration and attention g to the pernicious practice of brokers, more or less uranium securities at the expense of the investing public. The over-the-count- er short-sellin- However, it appears that the brokers are in the process of adjusting to the view point that if the uranium market is to survive, it will be necessary for them to forego the temptation to bag a quick dollar on the pattern of Las Vegas. over-the-count- er Signs are apparent there is now forming, the nucleus of a most healthy trading market, since the practices aforementioned have been, to a certain extent curtailed. If completely curtailed one might expect a complete reversal, with a subsequent restoration of wholesome conditions , that pred vailed in the market prior to the introduction of this short-sighte- practice. Talks with several brokers, leads to the belief, they intend to confine their operations strictly to customer accounts. We believe if this policy were adhered to by more brokers Salt Lake City would once more experience a completely satisfactory trading market. (Continued from Page 1) blocking out program, Mahoney said. Mahoney pointed out Apache tas three more operations in Red Canyon, which have been drilled and upon which ore has been ilocked out, These bodies are not as large as the major ore tody, but should be profitable, Mahoney said. A mining crew has started operations and Mahoney said hey should be mining ore by next week on ore of the three, le said the ore will average from .20 to .25 per cent. He said the lirst government check for an nitial ore shipment should be received by about Dec. 1. Using geological inferences and evaluating the similarity of he ore body of Continental Uranium, we feel we have an ore ody worth perhaps a matter of millions of dollars, Mahoney said. He sai dthere is a possibility of Apache and Continental sinking a shaft jointly on their property line to serve both work-ngHe said the matter has been discussed. Several uranium companies have made important ore coveries in the past summer and early fall. They are now shipping ore and are in a profitable position, yet their securities are woefully low priced due to the fact they have been subjected to short selling. dis- Experienced brokers contend a certain amount of short selling is a healthy condition in the market This is theoretically - true, but, where uranium companies have a modest capitalization, a widespread condition in Utah, and a group of brokers short-se- ll a stock to the extent of $10,000 to $20,000 worth of stock, the sometimes totals 10 per cent of the trading stock of the company. short-sellin- g When the Big Board of the New York Stock Exchange recently sold down in one day to the extent of $29 per share, statistics indicate only one per cent of stock sold was labeled as short-sellin- WESTERN MINERAL APACHE ALSO VIEWS MERGER Editorial g. By comparison, there has been as high as a 10 per cent g of uranium stocks in Salt Lake City. An altogether abnormal condition if we may expect to maintain a day to day short-sellin- steady market situation. Details on Purchase Colonial Buys Titanium Survey Denver. Bureau GRAND JUNCTION, Colo., Another major move to expanc and diversify Colonial Uranium was revealed this week. The company has acquired all outstanding shares in US Titanium Corp., Ores, Inc., and extensive oil, coal and lode mining prop erties, President Robert I. Ludwig announced. Colonial made the transaction with John M. Murrell of Miami atomic Instrument manufacturand John E. Price and D. C. ing, zinc Brown of Fort Meyers, Fla. At tion, milling and rare producearth the same time, Murrell and Price chemical extraction. were named to the board of directors of Colonial. Properties acquired with control of US Titanium include 2,000 acres of titanium property in Albany County, WyOd with Ores, Inc. 38 lode mining claims in Saguache county, Colo. A forthcoming In addition, these interests go report to stockholders of Federal Urato Colonial in the transaction: 1. 4,000 acres of oil leases in nium Co. is now in the hands of the printer, according to W. D. Weston County, Wyo. 2. 50 lode mining claims and Nebeker, president. two millsites in Jackson CounNebeker said the report will ty, Wyo. show that Heda Mining Co., 3. Ownership of North Park which operates the Radon claims Coal Co., mines in Jackson Coun- for Federal, has shipped several ty, Wyo. hundred tons of ore within the 4. Ownership of 350 acres of last two weeks, after completing mineral leases in Saguache a three compartment County, Colo. in the Big Indian mining Colonial recently announced shaft, district. it has acquired control of Thorium Corporation of America and In a news release summarizing a principal interest in Oklahoma Federals latest developments, producing oil well leases valued Nebeker said that a 600 foot at 3980,220. shaft on the Daniel Ruddock The company also has other in- group of claims, adjoining the terests in uranium, thorium Radon group, will be completed gold-lead-silv- er mohoney suggests MERGER 690-foo- t, -- BASIS I NEWS - CIRCULATION Phone EH ADVERTISING Box 2131 Phone HU Salt Lake City, Utah Entered aa aecond claaa matter at Salt Lake City, Utah, under Act of Harch 3. 421 Church Street 1879. Subscription ratea: $5:00 for two yean; for one year. Please mention Western Mineral Survey when writlnr to advertisers. Adver-tisiratea on application. 113.00 nr HARRT B. HILLER Publisher GAIL FELTCH Editor O. D. QUINLAN Feature Editor FRANCES JENKINS Bueinew Mrr. . . Contrfbutinr Editor . L. H. HILL of International. International Oils and Metals is planning a firm underwriting with the largest brokers in the nation, which Mahoney said would give Apache an equivalent . DENVER BUREAU - Circulation 722 Kitteredye JBldy. Denver, Colo. For the new. of moat eimlficanee In the mininr and oil world. All news uppearinr in the Western Mineral Survey la obtained from sources believed to be reliable but no responsibility is assumed for accuracy of atatementa. Reproduction of any material from this publication must have written permission New - Advertieinr from the publisher. of 33 13 cents per share, returning a profit to the stockholders somewhere in that range. He in dicated that the firm underwrit ing would be at $10 a share and that it would be necessary to have from $10,000,000 to $12,000, The reason for suspension of to 000 worth of ore clear the two brokerage firms from the estimated 33 13 cents per share Salt Lake City stock exchange price. according to SEC officials, was Stock Exchange Explains Move Ore Contractor (Continued from Page 1) to be negotiated and the Commis-sion to reimburse the contractor for all necessary costs incurred in carrying out the provisions of the contract. The Commission has requested that all proposals be submilted on or before Nov. 7, 1955, and selection of the contractor is expected to be made before Dec. 15, 1955. The contractor will conduct, on behalf of the Commission, opera tions involving buying uraniumbearing ores in the western United States, receiving, weighing, sampling and assaying concentrates at Grand Junction, Colo., and planning and executing ad ministrative, clerical, technical, and other necessary duties in connection with these operations. At present, AS&R is operating, on behalf of the Commission, ore. buying stations at Monticello, Marysvale, Moab, and White Can. yon, Utah; Edgemont, S. D; Globe, Ariz.; and Riverton, Wyo. This firm also operates the con 1 centrates sampling plant at Grand Junction where uranium and vanadium concentrates from all of the processing mills are received, weighed and assayed as a basis for payment to the mills for the pr0(uc WILL SELL ANY OR ALL OF 2.000 UNITS of Colorado Dry Concentrator Co. Trust) $7.50 PER UNIT (A TOR Herbert C. Koch O. Box 1932 Denver, Colorado P. the fact that the brokers violated the net capital rule which provides that no broker-deale- r shall permit his credit indebtedness to all other persons to exceed 1500 per cent of his net capital. Originally the rule stipulated 2000 per cent of his net capital. The president of the stock exchange, with approval of the board of governors, reduced that figure to 1500 per cent. Spokesmen for the Securities and Exchange Commission here, expressed approval of the action of the board of governors of the Salt Lake City Stock Exchange, who, they said proved themselves qualified to police the conduct of their fellow exchange members when necessary to do so. Intermountain Stamp Works 242 East 2nd South Phone MFG. MARKING DEVICES BRONZE AND 5-40- 04 STENCILS SEALS RUSHER STAMPS EL PLAQUES PLASTIC NAME PLATES CORPORATE SEALS Machinery Improves Faster and cheaper mine tunneling and shaft sinking may result from a new rotary drill announced at the American Mining Congress meeting in Las Vegas, Nevada, last week. The machine reportedly cuts a swath six feet in diameter. self-contain- Presses Roll on New Report Of Federal Uranium Co. full-scal- e - Stockholders of Apache Uranium Corp. will probably resoon ceive a recommendation from their president, Stanford R. Mahoney, favoring merger ol Apache with International Oils and Metals. Mahoney said he is confident that the move would be beneficial. He indicated that the basis of exchange might be arranged at 30 shares of Apache for one s. AEC Hunts 30 SURVEY u u(fJcribe fjm! Interested In Uranium Activities ? MeM't?. . . In a few days. Federal Uranium owns a one-thir-d interest in this property, he said. Right now the circulation oi the WESTERN MINERAL SURVEY is keeping pace with the uianium industry in general booming! Keep posted on latest news and quotations by reading the WESTERN MINERAL SURVEY regularly . . . every week. Nebeker reported a steady profit acciiring to Federal from production in the Haystack-Butt- e area of New Mexico. SUBSCRIBE NOW! Federal Uranium Corporations present stature was accomplished through merger of' 10 smaller uranium companies earlier in the year. Since then Nebeker has been making a survey of all the properties of Federal In thi country and in Canada, and! organizing a s engineering and geological staff, concentrating upon the operating end of the I year $3.00 years $5.00 Circulation Departments 722 Kittredge Building Denver. Colorado NAME 2 421 Church SL-- P. 0. Box 2131 Salt Lake City. Utah .. ADDRESS high-clas- CITY Remittance STATE Bill me later . V- ) |