OCR Text |
Show August 4, 1969 OIL & MINING JOURNAL Page 6 SAN FRANCISCO New Park Mining Co., integrated natural resources producer and flew ga Park acquires firms New chuckin' explorer, announces acquisition of two Arms both principally the mining serving ndustry which had aggregate i gross sales of $3.3 million in 1968. The companies are Great Basin Steel Co. Inc., Sparks Nev., and Taylor Steel Co. Inc., Las Vegas, Nev. Both steel Arms By Chuck Hayward A story of vital importance to the mining industry is the recent announcement of the International Monetary Fund agreement to create Special Drawing Rights (SDRs) for member nations. Some $3 billion of this paper gold will be created over the next five years. (About one-hathe amount its advocates desired, but they were unable to convince conservative Europeans to jump into the agreement any stronger.) fabricate reinforcing and structural steel, with substantial sales to the mining industry. George W. Day, New Park president, reported that the purchase price of Great Basin Steel could reach 74,509 shares of New Park common stock, depending on future The Arm reported record Arst performance. In addition to the quarter earnings mining installations, fabricates Ave-year-o- this year. Park New Earlier this week. the of announced its acquisition LOR Companies, Lafayette, La., company ld steel for heavy and construction industries with marketing iueas from northern California and Nevada to the Oregon and Utah borders. TAYLOR manufacturers of offshore directional drilling systems. to Day, According STEEL was the three acquisitions will be $5.5 to $6 million to New Parks annual revenues. purchased for 29,557 shares of New Park common stock. Established in 1962, the Arm specializes in steel products for mining and industrial projects. NEW PARK has mining activities in Colorado, Montana, Wyoming, Canada and Utah, where its Mayflower Mine is Day stated that the companies will operate among autonomously under their existing managements. Gross the seven largest gold-produci- properties in the nation. Its expanding oil and gas exploration program includes the Northwest projects in Beaufort Se;i. and Territories sales of both Arms during the Arst six months of 1969 were up over a like period last 20 year. - lf i This method of providing for international liquidity has been hailed as a more logical and orderly method of backing national currencies and keeping track of international credits than the traditional method of national Toldeo names Nevada aide San Francisco, A graduate of the University of Nevada, Anderson holds degrees in both mechanical and mining engineering. He is a licensed consulting engineer in California and Nevada, and a member of the American Institute of Mining Engineers. is among the A. J. Anderson has been named vice president of Toledo Mining Co. in charge of the Arm's Nevada operations. resources companies in America It is primarily engaged in Anderson has opened offices in Tonopah, Nev. Toledo Mining, of Salt Lake City and development of its mineral-ric- h properties and the extraction mineral and fuel resources. larger independent natural . of holdings of precious metals. Nations will finally have control over their monetary affairs, claims one advocate of paper gold. Other advocates point to the huge increases in international liquidity necessary in the ligjit of increasing world trade, and hail paper gold as the only logical answer to solving this need for more international credits. That there is a need to overhaul the method of determining national liquidity on the world scene cannot be denied. Nor can it be denied that linking national currencies to an unrealistically low price for precious metals limits the increase of liquidity and indirectly world trade. But here we part company with the advocates of paper gold. There are other means of increasing world liquidity than by creating wealth by bookkeeping entry which is what paper gold (or SDRs) happens to be. By raising the price of the precious metals which back national currencies, for example. And a nation which must depend upon the yes or no of the international banking community for its world credit will discover that it has even less control over its national currency than ever before. We - i don't agree that the international banking community is engaged in some vast plot to gain control of the world as some have claimed, but we do have more faith in the objective workings of the market as a means of determining national credits on the world scene than in the deliberations of a handful of fallible men. . Uranium looms big France. At the time, radium was a curiosity with few uses, and the potential of vanadium as a was ferro-allo- y not recognized. yet The demand for radium when the world realized jumped exploration and development boom began. This latter boom, nowever, has been marked by involvement of well-capitaliz- major ed companies and with exploration far deeper into the earth's crust, The study covers the origins and production histories of uranium in various districts of the project area and goes into extensive geological description. its role in medicine and production of luminous paints. Radium production from the Plateau expanded through 1923, then closed down with discovery of a large high-grad- e deposit in the Belgian Congo. With rumors of war in 1935, the mines opened again. But this time the target was vanadium-no- w useful as an alloy in steel, copper and nickels, and for coloring glass, glazing ceramics and in scientific study. World War II spawned for uranium in weaponry. In 1946, the demand government created the Atomic Energy Commission to stimulate, control and develop uranium mining. Vanadium was to end up as The ALC set up its program. tU nrkyt fbb MMMCHMrt is mMmt ffw ay aftfcacaaacarMa. Tfca affar ia aMMlaaaly aalicitatiaa af m affar to buy ha Offariag Circular. New issue 300,000 Shares Seciritjr Minerals Corp. Common Stock Price $1.00 per Share Capiat af tfca OHariag Clrcalar mmy fca aktaiaad haw tfca UaUarwrlfar Mednick Brokerage Co. 201 Boston Bldg., Salt Lake Gty, Utah 84111 Phono 5 355-287- by-produ- ct. ore-buyi- Everyone knows ng what happened next. The big scramble over the Colorado Plateau by foot, jeep and Geiger counter and the Great Uranium Pennies Stock Boom. The scramble was extraordinarily successful with more than enough finds to supply the government's needs for weaponry. Thus began the AECs stretch-ou- t program to buy limited amounts of in theory , to keep the industry viable until commercial use of uranium came of age. Commercial use came on far faster and stronger than anyone ore-enou- gh, Paper gold can never replace the precious yellow metal that man digs from the earth. Oh, possibly on the books of the World Bank, but not in the minds and emotions of the (Continued from Page 5) than half of the new power plants ordered by utilities in 1966 were of the guessed-mo- re nuclear type and a new This advertisement is neither an offer to sell nor a solicitation of an of these securities. The offering is made only by the Prospectus. New Issue For Utah Residents Only offer to buy any 330,000 Shares Windsor Manufacturing Company A Utah Corporation Common Stock ($.03 par value) Windsor Manufacturing Company is devoted primarily to the development, manufacture and sale of synthetic marble bathroom fixtures, wrought iron furniture and related products. Its properties are located in Salt Lake County, Utah. Price $1.00 per share Copies of the Prospectus may be obtained from any of the licensed brokers or dealers listed below, but tiiese securities may not be sold or offered to or purchased by any person who is not a bona fide resident of the State of U tah. Babcock and Company V Bonneville Securities, Inc. Thornton D, Monis & Co. Weston be Company |