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Show 2 The Western Mineral Surrey, Salt Lake City, Utah Basin Area Site Of Heavy Drill Activity The scouting division of the Carter Oil Company, northwest division, has released the fol- lowing summary of drilling wells. G. E. Houston No. 1 (located in Roosevelt Pool in SE SW, Core No. 5, Section between feet, recovered 59 feet Core 6, between 9908-6recovered 59 feet. Crews coring at 9991 feet Ute Tribal No. 3 (located in Roosevelt Pool in SE NE, Sec. Total depth 9592 feet. 225 barrels of oil in 22 Pumped 9849-990- 8 7, 28-1S-1- hours cut 2.4 per cent water; 2 per cent mul. Pumped 217 barrels of oil, 3.8 per cent water, 12 per cent mud, in 23 hours, 4 per cent water. Pumped 229 New Prospect Development Held Vital Continued from Page 1 ting both rapid amortization and full expensing of exploration and development costs? How many small mineral showings would become interesting to smal aolrfpanies and to if their risk in-investors vestments should" receive such realistic incentive designed tax treatment? How many prospectors would again hit the brush? How many deposits of our present industrial minerals and potential industrial minerals would be found? He said our neighbors to the north and south have answered these questions realistically. Canada permits threehars of e income operation for new mines while Mexico allows private- tax-fre- per cent reduction in income tax liability for a limited time for both new and rejuvenated operations. Romney stated If we really want to develop our potential supply of domestic mineral resources to their utmost limit, then we should take every opportunity to (furnish incentive to our prospectors. up to 50 barels of oil in 24 hours. Eight ptr cent water. Pumped 222 barels of oil in 23 hours, cut 2.6 per cent water. Pumping. H. A. Peterson No. 1, (located in Roosevelt Pool hi SW SW, Sec. Total depth 10, 276 feet. Cleaning up location and connecting up steam generator. Joseph Smith No. l (Flat Mesa wildcat well located in center of SE SE, Sec. 163S-5W- ) Crews 6998 at feet drilling Elmer Moon No. 1 (Antelope wildcat well located 50 feet east of center of SW SE, Sec. 10-IS-1- test No. 18, at 71697236 feet open 2hours, had Drill-ste- m a weak blow initially, building up to a good blow in 3 mit-utegas to the surface in 1 hour 10 minutes, fair blow after first hour. Recovered 240 feet of fluid upper 150 feet slightly d gas-cu- t mud, lower 90 feet oil. Drill-stemud and gas-cu-t 9 test No. 19, between 2 feet, open hours had a good initial blow, reduced to fair blow in 15 minutes for remainder of test Recovered 105 feet t of very slightly mud. Core No. 27, between 742968 No. 28, between 748417538 feet feet, recovered 29 feet Core recovered 54 feet Crews coring at 7559 feet No. 1 Canyon Government (Jack Canyon wildcat well located in SE NE, Sec. Total depth 9190 feet, plugged back to 8802 feet. Well drilled and abandoned Sept 1, s, oil-an- m 7234-742- gas-cu- E) 1952. exchange during August showed a per cent increase in dollar volume over the previous month as buying centered on the higher-price- d issues. Most of the stocks selling for more than 31 a share registered greater turnovers. Dollar value of shares traded last month totaled $395,153, as compared with $322,374 in the July and $347,294 in August of better-than-2- 0 -i- nterest 1951. - Share volume, on the other hand, declined to 311,185 shares in August from 353,579 shares in July. It was only a little more than half the share volume of 604,400 shares in August a year ago. Bunker Hill perennial favorite, was again on top in value of turn-ovewith a total of $94,871 worth of shares changing hands. Polaris, with $68,948, was runner-up and Hecla was third, with $34,866.. Pend Oreille, Sidney, Silver Summit and Lucky Friday were close behind with 0 dollar volumes exceeding for the month. Largest share turunover was registered by Sunset Minerals, its volume totaling 33,600 shares. Golconda followed with 27,450 shares. Exchange officials said that trading in general reflected the dull market condition which has prevailed through out the summer. They noted, however, that an e usually comes in the fall and early winter and expresed the view that the coming elections could stimulate both the local and large eastern markets, particularly if a change in administration should result. r, $25,-00- More and more, qations are orthoturning to dox economic policies for putting their economic houses in order Germany, Italy, Belgium, Canada and Holland, for example. ' The Wall Street Journal (Aug. 9, 1952) points out that while the governments in Britain and the United States have been erecting elaborate control measures for combating inflation, rationing materials and battling budget deficits, Holland has relied upon three ismple devices; a tightly curbed budget, strict controls on batik credit and old-fashion- ed GEE) up-surg- curbs on wages. The Dutch trimmed public work expenditures, reduced food subsidies and boosted taxes in order to prevent government expenditures from creating inflationary pressures. Defense expenditures were thus largely compensated for, since the government removed about as much money from the civilian economy as it pu,t into the defense program. In order to keep the volume of money and bank loans down, banks were required to keep their loans within' certain ratio of their assets. Inflationary dangers have been so reduced that this curb on bank. credit has recently been relaxed. Real wages were reduced by sharply curtailing food subsidies while giving only moderate increases in money wage rates. In effect, this reduced the purchasing power of pay checks. In the 16 months since these measures have been adopted in Holland, the cost of living has risen less than of what it has in France and less than one-hal-f of what it has in Britain. Furthermore, American aid to Holland has tapered off considerably and this means a saving to the American taxone-thir- d In peace or war it has never been little, too late. 99 too UTAH POWER & LIGHT CO. payer. While it must be admitted that declining raw material prices Jn world markets have helped in halting inflation, Observers also point out that Hollands economy is strong today because of the wage, credit and budget policies it has followed. Mine Closing Two important proposals relative to exemptive provisions appliable to small public offerings of tock are now under consideration by the securities and exchange commission. One is a proposal to revise the Regulation A .exemption which allows stock offerings of $300, 000 to be made without registration under the securities act of 1933. This exemption has been widely used in connection with mining stock offerings throughout the Northwest. One of the principal changes which would be effected by the proposed revision is the requirement that an offering circular containing specified information be used in offering seLimited advertising curities. to distribution of the the prior required circular would be permitted. The revisd regulation would provide for denying or suspending the exemption if the regulations are not complied with, if the sales literature is misleading, or if there is fraud or deceit in connection with, the offering. It would require semiannual reports showing the progress of the offering. The other proposal would extend to Canadian stock offering an exemption patterned generally along the lines of the revised Regulation A, It would be known as Regulation D. Maximum limit would be $300,-00and provision regarding the offering of a circular containing basic information and the conditions under which the exemption woud be denied or suspended would be about the same as for Reguation A. In anouncing the proposed Regulation "D., SEC Chairman Donald C. Cook said it repere-sent- s a further step forward in the development of improved reationships with Canada in the and fifield of securities nance. It should pove equally both to . Canadan issuers who look to this coun-t- r for. the capital necessary for the development of Canadas natural resources and to the United States investor who wish to participate in the Industrial growth of Canada," he added. The exemption was not offered to Canadian issues earlier because of the lack of suitable sanctions for enforcement of the civil and criminal provisions of the securities act in such cases. The recently ratfied amendments to the extradition treaty between the United States and Canada covering fraud offenses indictable in this country under securities act and the mail fraud statute has made possible consideration of the exemptive grant to Canadian issues. The proposal is expected to investors American provide with basic information regarding small Canadian exploratory ventures which has not been generally available in the past, and to contribute toward the healthy flow of capital between the two countries into legitimate development enterprises. less-than- 26, 1952 Intervention Asked in Spokane Stock SEC Studies New Stock Trading Turns Upward Laws Selling Trading on the Spokane Stock v Small In Area But Extensive In Right Policy September .. 0 Idahos Republican congressional delegation called on Pres-deTruman recently to take prompt stops to forestall the nt closure of Bradley Mining companys Stibnite mine and smelter source of 90 per cent of the nations domestically mined antimony, according to the Press. mne The already has closed. The smelter was slated to be closed late this week, throwing about 300 of the companys 325 Stibnite employes out of work. Increased imports of the stra-tei- c mineral, used as a lead alas a flameproofing agent and loy in paints, plastics and textiles, have caused prices to drop from 50 centjs to about 25 cents a pound, company officials said. The nation normally imports 80 per cent of its needs from South Africa, South America and Mexico. Bradley is the principal producer of the remaining As-socat- ed per cent. U. S. Senator Herman Welker and Senator Henry Dworshak and Rep. Hamer Dudge met with company officials here. They, together with Representative John T. Wood, wired Truman that the Bradley closure strikes at the heart of the defense pro- 20 gram. They asked him to have the munitions board, defense production administration and defense materials procurement agency send an investigating team to the Idaho properties. Such an invetigation, Welker said, will show the need for continued operation of the smelter and mine. John Bradley of San Francisco said industry Bounces, estimate present stockpiles at a emergency supply, wheresix-mon- th as the national security resources board has recommended at least a years supply. Exploration By Air Shows Increase Large In DENVER, Colo. prospect- ing for mineral deposits, which may be regional or in nature, or airborne the use of exploration methods should be carefully considered, F. W. Hinrichs, geologist of tie Fairchild Aerial Surveys, Inc., Los Angeles, told the 1952 Metal and Nonmetal-li- c Mineral Mining Convention of the American Mining Congress today. He said that geophysical methods, when examined from tiie viewpoint of adaptability to aerial use, fall into two main groups: (1) those which measure an existing field of some nature magnetic, gravitational, radiation; and (2) those in which energy is generated and measurements are made to determine what happens to the energy sealsmlc and electrical methods of various types. He emphasized that the limitation on any method is that it should be capable of yielding on the results ground reproducible which have some degree of coi relation with either geology or mnieral deposits. He pointed out that the use of the airborne magnetomter is the most widely accepted and used to the extent of far more than one million square miles to date. semi-region- al semi-region- al |