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Show May 11.1970 OIL & MINING JOURNAL 3 Aid!' o flew Let me say at the outset of this column that the reports of my demise have been grossly exaggerated as Samuel Clements is reported to rave once said. Life becomes somewhat complicated and crowded when you're forced to take on most of the detail work of several business which is what has happened to us in the enterprises recent past. Things are still complicated and hectic, but we've decided to return to our old post nevertheless. interested to see on page one of the Wall Street Journal (Friday, May 8) a speculation that the "most brutal bear market in 32 years" is about to end in a good We were selling climax. " Ricliard Martin, staff reporter for the Journal, notes tfiat a lot of people on Wall Street think there soon will be a final wave of panic selling (which, he says, is the classic way bear markets end) while others feel that this traditional panic may not materialize precisely because so many people are expecting it and therefore won 't panic themselves. Mr. Martin suggests the whole discussion may be academic, but is significant partly for the fact that the fact so many people are talking about how the bear market will bottom out suggests that perhaps tfiat the bottom is approaching. And also significant in that the way the end comes historically, Mr. Martin says, determines the speed of the recovery that follows. If the bear market ends in one precipitous drop, Mr. Martin theorizes, the resulting recovery will be quicker according to tradition. So, shall we dash onward and downward all together, old-fashion- ed Peabody Coal, Panhandle Eastern eye pipeline gas from coal Peabody Coal Co. and Panhandle Eastern Pipe Line Co. have agreed to study a combined venture to produce pipeline gas from coal. Peabody is a subsidiary of Kennecott Copper Corp., whose stockholders were told of the plan at their annual meeting in New York. It was announced simultaneously by Peabody in St. Louis and by Panhandle Eastern in Houston. The companies have agreed to take "the necessary steps which could lead to a combined venture for the commercial production of high quality gas from coal," according to the announcement. The objective, it added, is to construct and operate a gasification plant at a Peabody coal mine and to use the gas produced as a supplemental supply for Panhandle Eastern's market in the Midwest. The planned facility is expected to be in operation by the end of the decade. It would be able to produce the equivalent of up to 300 million cubic feet of natural gas daily and would require about six million tons of coal a year, the announcement said. Peabody and Panhandle Eastern also said the gasification process occurs entirely in closed vessels, so there will be no atmospheric pollution. The gas would be free of sulphur and other pollutants, and would be suitable in every application where natural gas is used. Other than saying that the gasification plant would be built at a Peabody coal mine, no details were given on exact location or on the cost of the project. Last year, the Office of Coal Research of the Interior Department estimated it would cost $86.3 million, to build a commercial plant to produce 250 million cubic feet of pipeline quality gas a day. Consolidation Coal Co., a division of Continental Oil Co., is building for the Office of Coal Research a federally financed $8 million to $8.5 million pilot plant at Rapid City, S.D., that is to produce 500,000 cubic feet of pipeline gas daily from 30 tons a day of lignite coal. This pilot plant is expected to open next year. It will use a process developed by Consolidation. A for spokesman said of the Consolidation y project: "We wish them well. We're moving from a period of energy abundance in this country to Panhandle-Peabod- one of energy shortage, and we're going to have to develop all the energy sources we can." Federal Gold trading after 'old stock' hassle of Federal The management Gold & Silver, Salt Lake City, has announced that it has arrived at a settlement in the matter that has resulted in the of "voluntary" suspension the in stock. trading company's Certificates of Federal Gold & Silver are available for free trading on the market, Floyd McKee, president, and David B. Dec, legal counsel, reported in a joint letter. The management conducted a has three-wee- k investigation into the legal status of certain certificates of stock in Desert Rock Uranium Co., the predecessor of Federal Gold & Silver. The certificates are legal, but must be exchanged for current Federal Gold & Silver certificates before they are legal for trade, the letter said. In the letter, Mr. McKee called for the rescheduling of the company's shareholders meeting which was postponed from April 7th. The meeting will be held May 18 at the Hotel Newhouse, Salt Lake City, at 7:30 p.m. At the the meeting shareholders will be asked to vote on the proposed merger with Utah Calazonia, Inc. then? "stockholder revolt" is gaining in popularity. We mean the revolt of the 'technical'- or 'nominal' stockholder who reached his status through the in some very small amount of stockpurchase of in . order to gain access to the instances a single share shareholder meeting of a company. Once gaining entry to the 'inner sanctum' so to speak, he uses the stockholder meeting to attack the firm's position on the Vietnam War, pollution of the environment, minority rights, or whatever else his 'bag' happens to be. Several firms have already been victims of the 'buy-i- n ' and many more are expected. Vie use of the shareholder meetings as a soapbox for protest is an interesting new tactic in attacks on the capitalist establishment, but fraught The so-call- ed - We are pleased to announce the addition of the following closed circuit private wires on our International Wire System - with danger. Suppose the stock purchased to gain entry to the meeting increases dramatically in value and the dividend checks start arriving, what then? It would be unthinkable to profit from the 'corrupt' practices of the establishment, but on the other hand... As we've said in the past, the bead wearers of today are the consumers of tomorrow. Of today, too, if one only stopped to analyze it. Coughlin & Co., Inc. DENVER, COLO. Feldman, Salkin, Welch & Winer, Inc. BALTIMORE, MD. Parker, Bishop & Welsh, Inc. OKLAHOMA CITY, OKLA. NOTICE to the shareholders of BIG Please INDIAN URANIUM CORPORATION: take notice that the Annual Meeting of Shareholders of Big Indian Uranium Corporation will be held at 8:00 P.M., June 15, 1970, at the Doll House, 151 8 South Main, Salt Lake City, Utah. The transfer books of the Corporation will not be closed but only stockholders of record at the close of business on June 4, 1970, will be entitled to vote at the meeting. Shareholders desiring information are advised to visit our new offices at 918 Kearns Building, Salt Lake City. By Order of the Board of Directors Milton S. Rindskoff, President I. H. MEYERSQN & CO., INC. 15 EXCHANGE PLACE, JERSEY CITY, N. J. 07302 Branch Office: 332 Pine Street, San Francisco, California Effective immediately, our firm is a Member of the Pacific Coast OTC Clearing Corporation. |