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Show r r OF II LIBRARY IITY 1 V RN- V , - II Features Mining , Oil, Financial Published Weekly Salt Lake City, Utah. February 19, VOL. 25. NO. 8. & 0: t 1954 : m-- One Year $3.00 . Iron Output At Record High Prosperous Mining Industry Seen As Iron are stand Ot Increased Uranium Production war years Result are a the production records establishet in 1953 for likely to ema many barring ergency. Iron-or- e imports scheduled to rise sharply in 1954 notwithstanding a leveling off or a reduction in requirements. By the close of the yerfr foreign sources will be capable of supplying over 20 million tons annually and imports in 1955 are likely to approach this figure. Thus, demand for domestic ore, especially from the ?jake Superior district, will be lessened. This relief from excessive demands is desirable from a standpoint of conserving the strategic g ores of the open-p- it Mesabi range, but, of course, new problems of supply are created in obtaining increasing tonnages from years to that: observe It is interesting foreign sources. ore production from United States mines and mills totaled 119.2 million gross tons in 1953, to acnew record-higestablish U. S. Bureau of cording to the Mines. Shipments' also increased 2 percent and were 118.6 million tons. Lake shipments were heavy through the peak of the season, and stocks were accumulated at lower-Lak- e furnace yards that perin shipmitted a rapid taper-of- f ments near the end of the season. Comparison with the steel-strik- e year, 1952, shows production and shipments increases of 22 percent and 21 percent, respectively, and all producing- - districts except Southeastern States increased output over each of the1 2 preceding h, direct-shippin- High Level Year Looms For U: S. Petroleum Industry; The. biggest year in history is ahead for the petroleum industry of the United States during 1954 as measured in demand, production, refinery runs, and wildcat-ting- , the Oil and Gas Journal has reported in its annual review and forecast issue. . It will be the second biggest year iij drilling, as slight decreases below the 1953 peaks are forecast for. both number of wells completed and. total footage drilled. Viewing the industry as a whole, the Journal says 1954 will be a new normal" year, as activity will be about. on the line of the trend of the past 10 or 15 years and the after effects of World War II and the Korean crisis will no billonger be felt. Roughly 3 lion dollars has been budgeted for capital expansion in oil and gas during 1954, which- is between 6 and 7 per cent below estimated total new investment last year. . - Total demand for all petroleum products will average 8,335,000 barrels per day this year, the Journal predicts, an increase of 4 per cent over 1953. Domestic demand will be 5.1 per cent over 1953, but exports will fall off. Imports of foreign oil are forecast at 1,076,000 barrels per day, just x little higher than the 1953 rate. Crude production in the United States is forecast at 6,557,000 barrels per day, an increase of 1.5 per cent over the 1953 rate. In addition, output of natural gasoline oilier liquids will be .707,000 barrels per day, an increase' of .6.8 per cent. Combining these figures gives an increase of 2 per cent in domestic production this year, whereas 1953 output was 3.7 per cent over 1952. Refinery runs will average 7,134,000 barrels per day, up 1.9 per cent over last year. The industry will drill 48,410 new oil and gas wells in the United States this year, the Journals authoritative survey forecasts. Increases in drilling are forecast for some areas, including Colorado, Louisiana, Michigan, Mississippi, Ohio, North and South Dakota, Utah, West Virginia, and the east, west, and panhandle dis tricts of Texas. ! Huge Demand Assured For Atomic Energy in Idaho Firms Prepare For Sun Uranium Leases Gray Goose Claims Predictions, resulting are being optimism, made that activities in uranium Further details on the proposed will prove the spark to rehabilitate Acquisition by lease of the famuranium venture by a coalition of a faltering national mining indus- ous Gray Goose mining claims by six Kellogg, Idaho mining comSun Uranium Company, was retry. and Rock" on Hot the panies Difficulties encountered by lead ported in Salt Lake this week by Radon" properties in the Big Into project profit- Mr. H. G. Metos, company presidian district of San Juan county, zinc companies able operations in the face of low dent. Utah, were disclosed in letters to and competition from From this property was shipped stockholders of the respective com- prices ores are a considerable tonnage of ore by produced foreign panies Silver Bowl, Inc., Nancy cheaply overcome firms Madame Curie of radium fame. by many Lee Mines, Inc., New Era Mines, being interests their of the property discloses diversifying History Ins., Coeur dAlene Silver Giant, through field. been shipped running ore has uranium into the that Inc., Signal Mining Company and 10 in U. 308. Sun is Importance of uranium in the ast high as Caledonia Silver - Lead Mining to have a shipment ready expected company, states the Wallace Min- world economy was indicated in a for recent statement by representatransporting to the mill someer. of New York, time next week. Both properties are held under tive Sterling Cole of the chairman joint congressional Sun Uranium began initial opperpetual contract, the Hot Rock committe on atomic who erations on the 10th day of this energy, contract requiring small preliminthe opinion that todays month on its property located in. ary cash payments prior to core expressed boldest prophesies on coming mili- and around Section 16 of T. 27S, R. drilling exploration, most of which and peacetime applications of 23 E, which is located some 15 lave already been paid, the let- tary miles south of Moab, Utah. The ters disclose. Additional cash pay- atomic, energy will be ofovertaken events. course actual the by newly acquired Gray Goose is adment 'will be required when ore demand reContinued growing jacent to this School Section 16. production begins, but it is expectand exploration expanded quires ed that' the government bonus on In a letter . directed to memand intensified ef bers of the Salt Lake Stock Exdevelopment, to of 10,000 shipments up pounds forts to increase production, he change, Mr. Metos stated that the acceptable ore will offset this item. said. company has begun the projected The Radon contract provides for of a member Campbell,' Joseph The first core 0 a sharing, of., profits, after the atomic" energy commission, drilling program be will upon an ancient royalty deductions, with no cash told the recent Mining Convention drillings believed to conis which bed river payments but reimbursement of at Denver that the AEC expects to a tain large body of uranium. development costs before division double and perhaps triple its ex-holes will be drilled to ap-Continued on Page 2 penditures in the Colorado plateau jroximately 400 feet upon what is area over the next three years. mown as a fold. In addition there-o- , Funds requested for the fiscal year approximately 4 to 6 wagon ending June 30, 1955, are greater drill holes will be made upon the than any budget in the history of Gray Goose mining claims and the commission, he said. & several others at various places Discussing the recent rapid on the School Section. inThe company also plans to begin growth of the uranium-minin- g Two hundred tons of excellent dustry, Philip L. Merritt, assistant operations in the near future on ts 640 acres located near Bland-mgrade' uranium ore were shipped on Page S Continued Utah, Mr. Metos said. the past week by Aladdin Uranium Corp. and Uranium, Oil & of Contentment is a Trading Company from a joint G'old, Silver Receipts well-donwork lease on the Hertz and Green Vein Gold and silver receipts at the claims in Emery County, Utah, it Denver mint in January slid off a was learned in Salt Lake. little from corresponding 1953 volThe ore, reported running from ume. $66 to $115 per ton was shipped to Mint officials said, however, the the Colorado Plateau Uranium Ore difference may have resulted from Project, American Smelting & Re- fewer working days in the month Stocks fining Co., agents for the Atomic this year. Energy Commission, Monti cello, Receipts of gold came to 84,912 Utah. ozs. worth $2,971,941 last month Mr. J. Walters, Jr., of Salt Lake, compared with 88,549 ozs. worth president of the above two firms $3,099,235 in January,; 1953. was recently awarded an honorary Silver receipts were down to Indusin the Uranium 309,966 ozs. valued at $280,427 from membership D.C. 310,286 ozs. worth $280,621. try Association, Washington, Maurice Mr. Number of shipments received by Mumford, was down to 387 from 450. Utah Activity far-reachin- - , 50-5- Aladdin, Uranium Oil Trading Make Shipments g, by-produ- ct e. UNLISTED URANIUM TEXAS URANIUM CORPORATION For Information Concerning the Above Company. URANIUM, INC. i Call Common Stock Write or Phone Sold Bought Kyle Britx INFORMATION FREE UPON REQUEST Please send me a report on Uranium, Inc. 0 Name ! Cromer Co. Brokerage Member Salt Lake Stock - Address 505 Season Building 0 I Phone 9-79- 96 - Salt Lake City, Utah Mail To CAYIAS S Member Salt Lake Stock Exchange 39 Exchange Building i 1 BROKERAGE CO. Salt Lake City, Utah Exchange Salt Lake Stock Exchange Bldg. Suite No. 439 Exchange Place Salt Lake City, Utah Reports on the above issues will Jte mailed free upon request. Phone Teletype SU 180 |