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Show dsyi v t . - I v. I i i i J t I Kt Baker Oil Tools to buy Galigher Co. Baker Oil Tools Inc., which has general offices in Los Angeles, Calif., has reached an agreement in principle to acquire the Galigher Co., long-tim-e Salt Lake City, Utah, mining equipment company. The transaction will involve an undisclosed amount of cash and long term notes, said E. H. Clark Jr., president of Baker Tools. Harold E. Wrigh, president of Galligher, confirmed the deal, but said, No change is anticipated in any way in our operations here, but we do plan to expand. The transaction is subject to Bakers board of directors and Galighers shareholders. Galigher Co., which dates back to about 1901 in Utah manufacturing circles, produces pumps, valves, samplers and flotation equipment for the mineral processing and chemical industries. It has annual revenues of about $10 million and has experienced an annual growth rate of more than 10 per cent over the last five years, the purchase announcement said. The acquisition of Galigher will facilitate Bakers entrance into the mining equipment and services industry, said Clark. Both companies manufacture, sell and service v products for the recovery of mineral- s- Galigher in the mining industry and Baker in the oil industry, he added. Galigher also will further Bakers objective to have 25 per cent of its revenue from outside the drilling and producing segments of the oil industry, he said. f r- t Vol. 1 No. 26 August 25, 1969 25c per copy Flying Diamond acquires Uqueahgut, Inc. assets, well Flying Diamond Land and Mineral Corp., Vernal, Utah, has acquired all assets of Uqueahgut, Inc., Salt Lake City, in exchange for 35,483 shares of Flying Diamond common. Principal asset acquired in the sale is a producing oil well in Section 3, Township .1 South and Range COLORADO SENATOR Peter Dominick displays proposed design for Eisenhower Silver Dollar. Dominick has introduced a bill to mint silver dollar coin honoring Ike. He has been joined by 26 other Senators in proposing the legislation. Greatly enlarged print of a montage representation of the proposed Ike coin was" furnished'' by Cliff Mishier of Coins Magazine, Iola, Wise. Shurtleff joins Lindquist Lindquist Securities, Inc., Salt Lake City brokerage firm, has announced the appointment of CD. Clint Shurtleff as a registered representative of the company. Shurtleff will serve the firm as a specialist in oil and mining stocks. For the past several years he has been employed as executive secretary of the Salt Lake Stock Exchange. Clints experience with the Stock Exchange has enabled him to become very familiar with local issues, and we expect him to be a major asset to the firm, said Grif Lindquist. Gen. Nuclear in RIVERTON, Wyo Nuclear Corp. has announced it has entered a joint venture with Mobil Oil Co. Purpose of the joint venture is to explore for uranium in the South Pass area of Fremont County, Wyoming. Both U-o- re companies have claims in the area. Uranium ore is being sought by several exploration companies in the region which lies in the Wasatch geological formation. West, Uintah Uqueahgut, is now being production tested. A third is Field. It was the first to be being drilled as a direct offset to the first well in the west half of completed in the field. Section 8, Township 1 South, Flying Diamond holds about Range 1 West, USM, of 6,500 acres of leased and owned Duchesne County. The field has produced in land in the area and completed, its first well in April. A second excess of one million barrels of well, about one mile from the oil since March 1967. Banner approves 3 - 1 split Directors of Banner Mining Co. approved a three-for-on- e stock split during a business meeting which also saw the election of a new president. Allan B. Bowman, Tucson, Ariz., a director and former vice president and general manager of all Banner operations, succeeds Lee L. Travis, who died Aug. 6. Mr. Bowman steps up to a post once held by his father, the late Ernest Bowman, Banners first general superintendent and later president. The r-l stock split voted directors is subject to spproval of stockholders at a special meeting to be called. by Purpose of the split is to achieve wider distribution of company shares, directors said. There have been two prior 2-fo- r-l splits of Banner on April 2, 1968, and the other July 20, 1964. Jack G. Taylor, Houston, a director, was elected to the stock-o- ne executive committee, succeeding Mr. Travis. Other directors are John M. Wallace, vice president; James E. Hogle, secretary treasurer; Sherman B. Hinckley, all of Salt Lake City; Harold E.. Raddatz, La Jolla, Calif.; David C. Bintliff, Houston, Tex.; Stewart W. Mark, Oklahoma City, and Roy M. Jacobs, Milwaukee. Directors also elected Mrs. Amy Lee Travis Chamberlain, Continued on Page Two Chief Consolidated sees dip in losses EUREKA, hunt 2 Special Meridian, Duchesne County, in the Bluebell Oil Utah-Ch- ief Consolidated Mining Co. has reported a decided dip in net operating losses during the first half of 1969. Cecil Fitch Jr., chairman and chief executive officer, reported Chief Consolidateds loss of $97,492 for the first half of this year compared favorably with a $131,444 loss during the year ago half. The company had received no income during the first half of 1968 when the Burgin Mine was closed down because of the nationwide copper strike. Kennecott Copper Corp. is the operator of the mine which is on unitized properties held by Chief and other companies. Mr. Fitch noted that the tonnage and grade at the Burgin Mine during the 1969 period had been somewhat below that projected. However, water pumping has been increased arid the 1,300-foo- level is now t operational. This should result in an increase of tons per day and make available for mining some of the higher grade areas of the ore body which have not been accessible period, during the last Fitch said. |