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Show Page 6 MARCH 23, 1970 OIL & MINING JOURNAL 008 Voat? GfflDDy RICHARD Mesa Chemical opens BLACKBURN Dear Mr. Blackburn: Is there some kind of mutual fund that is sure to be safe for a retired person? Name withheld on request. Dear Sir: The quest for safety often eliminates potential capital growth. But if safety is your wish, there is one mutual fund that has no equal. This one is as safe as you can get. If you would like a prospectus, write : Mutual Fund For Investing In U.S. Government Securities 200 Park Avenue, New York, N.Y. 10017. Your broker wont tell you about this one as it is a The minimum initial investment is $250.00. no-loa- d. Dear Mr. Blackburn: Is it true that some large brokerage firms have had financial problems. And if so, how serious are these problems? Richard Bowman Dear Mr. Bowman : 1969 was a tough year in which to make a profit. Both large and small firms had financial problems. Some lost money. A few closed their doors. Very few investors were hurt. Many firms have reviewed their commission schedules and put into effect new minimums and higher commission schedules. Seats on the New York Stock Exchange have come way down from their high prices of 1968. In fact, some firms are stepping outside the once hallowed halls of Wall Street. As more brokerage firms resign their memberships in the New York and American Stock Exchanges and as even more are reportedly considering it seriously, the exchanges, in turn, are reported to also be seriously reconsidering their position on institutional eligibility for such membership. In the first member firms, two weeks in February two large, Blyth & Co. and Spray regen & Co., announced combinations with publicly held firms. And last week the Wall Street Journal carried the story of Roberts Scott and two other brokerage firms being bought up by the publicly held coffee service company that distributes coffee service in motel rooms. There is tremendous changes going on within the industry that many refuse to acknowledge. well-know- Utah mining operation - ROOSEVELT, Utah mining operations Mesa New purchased in 1965. An improved market position on the part of Mesa led to the development of a new shaft on the Workman wein and a stope on the Black Bridge vein. Using a pneumatic conveyor, Clyde Miller, mine foreman, was able to sink a 250 foot shaft and remove some 4,000 tons of gilsonite without were Chemical announced by Co. at the Workman property four miles south of Ouray, Colo. Full scale mining will commence after eight months of and development exploration have indicated a workable ore body. The property originated in 1959 by a Special Act of Congress which allowed Joseph A. Workman to claim two areas owned by the U.S. Government. Workman opened two shafts from 1959 to 1962, but market conditions forced the mines to be shut down. The property was sold to Standard Gilsonite Co. and acquired by Mesa Chemical Co. Jerry Berg, general superintendent, reports continual development including the old ng work of the shaft and exploration of the Duchesne (Raven) mines north of Ft. Duchesne. At present sales are increasing at a rate far ahead of production as reached by February 23, P-1- 5 according to him. Four men will be employed at the mine which more than 1000 tons of is the third area operated by stockpiled gilsonite have been Mesa in addition to the Cowboy depleted. Globe Minerals starts N.D. test Globe between Qobes test and the nearest production. Dakota. The venture is has announced plans to immediately start a 6,950 Madison test near Minerals, Inc. two miles south of oil production in a field in North DAkota and the Canadian line, designated extends Moore No. 1 Well Montana. The field also into Saskatchewan where 36 N. R wells have been completed. located in Sec. 1, T 163 103 W. Divide County, North There are no dry holes drilled approximately 60-we- ll T. Hays, reports that this test is being supported by U.S. Smelting, Qobes president, A1 Refining, and Mining Company and Chevron Oil Company. n I QUALITY AT A FAIR PRICE Bower A Sen . . . Serving the S.l. Area 35 Yeart YJAREHOUGG FLOOD NOBEL VGR-STTOGCIG- During the past decade convertible securities have come into their own. Tight money and the increasing attractiveness of stocks over bonds have encouraged corporations to resort to convertible financing. Federal tax laws, which allow firms to deduct interest expenses but not dividends, have led most to favor bonds over stock. At the same time, investors have learned that convertible bonds enable them to receive a fair return on their investments, while participating in the company s growth. And if this werent enough, they have discovered that it is less expensive, in terms of brokers commissions, to purchase bonds than stock. New investment services have appeared, 5AB.G E) FFDgG FOiOYl3G BOWERS & SON WAREHOUSE STORE ENTER AT SAVE 63S SOUTH STATE $$$ Direct From Carload to Warehouse to YOU Safe for limitod time only. All items Cash A Carry. CONTEMPORARY STEEL DESK FILING CABINET S Dear Sir: ng West. mining equipment. Recently a complete mining facility was installed under the direction of Mel Bigham, general foreman. Full production was when Standard was Dear Mr. Blackburn: I have read where some companies have bonds that pay a set interest rate and after a few years can be converted into common stock of the company if the holder wishes. Can you give me any examples? Is it a good procedure? Name withheld. well-performi- general offices in Roosevelt, The parent company operates from Amarillo, Tex., and has large interests in oil, natural gas and cattle feed lots throughout the the installation of standard GJ specializing Mines at Bonanza and Fariette Mines in Pleasant Valley, Utah. MEsa also operates a processing mill in Myton and Only $995 Letter-Siz- 4 Mir. kill, lllii rf'iilMt III fully IXIIll'l frit driver Modcra tvliidt ckrtmi leci lack 4 4 lilt dnwtr 4 Tit. fciick 775i $2995 in the convertib mutuals appeal to investors desiring a broad M4,s SWIVEL EXECUTIVE CHAIR MODULAR MULTI-PURPOS- E CtMMIItlll Miilikydt kick elttk ml IM, irttt. Mick Imsktri iIimin d. . .... lift Adpslikii Mf kt IMSWI toll ktinag A 'ssfe.TSrt.- -; Cllltri Dear Sir: The principal function of the organized securities markets is to furnish a place where securities can be bought and sold. Securities markets do not make prices. They merely reflect prices that are determined by the buying and selling orders of buyers and sellers. Securities markets are the meeting places for the millions who want to buy or sell securities. And prices are established by the activities of these buyers and sellers. Since it is manifestly impossible for these millions residing in all parts of the world and unknown to one another to meet personally, the transactions must of necessity be made by responsible agents or brokers who are in a position to (Continued on Page 7) W STENO CHAIR V Dear Mr. Blackburn: I'm not sure if I understand why there is a need for the New York Stock Exchange. Is it because someone has to set the I enjoy prices? Please excuse my writing you on a post-caryour column, it is very instructional. J.H.F. File Letter-size- d Knocked Down range of holdings in convertible securities. e T Similar it 4 Rmiktd ilvanmni Icf 1 Many sold H 4 ktil. lit 4 Fill suiptidcd fill driwir Modem 4 utiidi ckraai lift 4 Lett or ntkt kind rttsni 54 SO 1I111 resistant liockid lows w- - SKivt Mir. THIS WEEK OHLT CASH I 124 s--0 CARRY ora juil a few PICTURED ABOVE eaomples of the thouionds of borgoini in ilock: wood desks. Heel deiki, wood ond Heel chain, files in ell tizei, reception seating, toblei. Pricei thown are cash and carry. Delivery and term alto available PltNTY Of EASY TERMS PARKING mt OPEN SOUTH OP STORE MONDAY A FRIDAY TILL PJM Home and Office Furniture and SOS 638 SO. STATE o 3555336 |