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Show Page 2 Rocky Mtn. OIL & MINING JOURNAL Published weekly In Salt Lake City, Utah by Utah Scene Publishing Co., 4386 W. 3780 South, Salt L ake City, Utah 84120. Mailing address: P.O. Box 19243, Salt Lake City, Utah 84119. Serving the mining and oil industries of the Articles and information conRocky Mountain Region. true and factual to the best knowledge tained herein are of the publisher. Information and opinions published are the sole responsibility of' the publisher and do not reflect the attitudes or opinions of the merchants, brokers, corporations and service firms who advertise herein or otherwise sponsor this publication. 25$ August 4, 1969 OIL & MINING JOURNAL Subscriptions $10 per year per copy Federal Gold & Silver, Inc. of Salt Lake City, reports it has recently completed caterpillar exploration work at its property in the Bannock Pass area on the col. inch $2 for 20 wds $2 Display Advertising Classified Advertising Phone: 298 2403 or 298;3703 Chuck Hayward Enid J Hayward W. Edwards PROVO-IIarve- y been appointed division superintendent of the coke and coal chemicals division at the U. S. Steel Corp. Geneva Works. Mr. Edwards, who has been Corp., Algom Canadian-base- a firm, d announced the appointment of Gordon M. Godfrey as general manager, mining operations, in the Moab area. The company The governments continued sales of silver at present depressed prices have been called ridiculous by the head of the largest silver mining firm in the nation. Lester J. Randall, ehairman of the board of lleela Mining Company, Wallace, Idaho, maintains that in view of the world shortage that will exist when the Treasurys dwindling supply of oinage silver is gone, the government should refuse to make any more sales under $2 an ounce. c Prices of silver are unrealistically low compared to demand-se- t prices a ear ago, and silver miners charge the governments actions for the price decrease. They Uncle Sugar maintain Uncle Sam is being for no good reason. again-a- nd The government would sell just as much silver bill get a substantially higher price, Randall maintains. There is no real competitive market now. The silver users know that they can buy .5 million ounces of the metal weekly at government auction, so why bid 1 the price up. old-typ- e d Magnuson feels that the governments continued sale of silver at low prices combines with the governments tight money policy to create the current depressed market price. The tight money policy contributes to Undepressed market price of silver because it forces the liquidation of large speculative holdings of silver bullion, according to Magnuson. lie predicts the depressed market will continue until tin excess silver is consumed, which In feels could possibly lake the remainder of the year. Mr. Magnuson feels there could be some silver price improvement in BO to 00 days, particularly if there is any tendency on the part of the to case monetary controls. government City native and a University of Utah graduate. lie began working at Geneva in 1949 as a junior engineer in the coke and coal chemicals division. superintendent of the nitrogen plant, succeeds Dean Gilson, assistant general superintendent of the Qairton currently Works in Pennsylvania. Mr. Edwards is a Salt Lake a major is developer of natural resources and producer of specialty steels. Godfreys responsibility will be to manage development of the companys uranium deposit located near Lisbon. Prior to this appointment, new metal div. chief NEW YORK CITY-Josep- Mutual Funds Term Life Insurance (801) Shuster, 44, Hurley, N. M., was named director of industrial relations for the Metal Mining Division of Kcnnecott Copper Corp. He succeeds E. J. Flynn, who resigned to be president of the Pacific Maritime Assn. Mr. Shuster has been pit as acAon - Chflann, Member: Philadelphia c9nc. Salt Lake City, Utah 84102 Baltimore Washington Stock Exchange Years of Reliable, Efficient superintendent industrial-relation- 1 150 South 6th East Suite 2c STOCK TRANSFER SERVICE Santa Rita, N. M., since 1967. He first joined Kennecott in 1959 328-487- e1 - at KCCs Chino Mines Division at operations developed by Rio Algom Mines Ltd., the parent company of Rio Algom Corp. Listed Securities W. h Godfrey was program manager for Lomex, a British Columbia copper mine which is to be Complete Financial Planning O.T.C. Stocks KCC names Fidelity Transfer Company s supervisor at the companys Utah Copper Division. In 1966 he was awarded an Alfred P Sloan fellowship at the Massachusetts Henry F. Magnuson, president of the Silver Dollar Mining Co., also of Wallace, feels the government's low price on silver is even more ridiculous than it appears on the surface. Magnuson says he doubts if the government can make a profit by selling silver recovered from coins at the present price of Sl.Sl an ounce. According to Magnuson, the current silver price will discourage the melting of privately-ownesilver coins because they caiUt be melted at a profit below $1 .70 an ounce. high-grad- Rio Algum hires Moab manager Rio EDITORIAL Shipments to a limited extent IdahoMontana border. e A small vein of are expected soon, McKee said, silver and lead ore was work is continuing, according to encountered and further exploration and development Floyd McKee, president. US Steel advances engineer has Advertising rates: Editor & Publisher Circulation Manager.' Fed. G & S finds ore 411 BOSTON BUILDING SALT LAKE CITY. UTAH 84111 (801)355-539- 1 Institute of Technology, where he received a master of science degree in management. Prior to joining the copper company, he was associated with American and Western airlines in industrial and labor relations. He is a native of Pennsylvania and is a graduate of Gettysburg College in Pennsylvania. Mr. Shuster has served as director of the New Mexico Blue Cross-Blu- e Shield and a trustee of the Hillcrest General Hospital, Grant County, N. M. Typographic Systems Computer Composition Facility offers Complete typesetting and printing facilities for your Red Herrings and prospectus! We offer fast service, complete flexibility and high quality. Call in Salt Lake -- nl 1 or write Typographic Systems 58 N. Main St., Tooele, Utah 84074 m Corporate Executives Hecla dividend SPOKANE, WAS II. Directors of lleela Mining Co. have, declared a 17 12-cca share dividend, payable Sept. . 2, to holders of record Aug. 8. Income for the first half of '69 was estimated at $2.5 million, or 51 cents a share. For the same x?riod last year income was $1.7 million, or 35 cents a share, said L. J. Randall, board chairman. 297-651- Are the Brokers Satisfied with your & m Im V.V V.V 1 1 m I Transfer Agent? Bob & Don Johnson Provide Fast Accurate Service Always SECURITIES TRANSFER, INC. Registrar & Transfer Agent 1935 South Main St., Suite 538 Salt Lake City, Utah 841 15 485-039- 3 I k.V.1 V.V V.V I1 I1 I |