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Show ) ANNUAL REFORT Beaver Mesa Becomes Uranium Hot Spot; Late Deals Excite Market TO THE BANK COMMISSIONER OF THE STATE OF UTAH Made by the FIRST SECURITY SAVINGS AND LOAN ASSOCIATION Of Salt Lake City, County of Salt Lake, State of Utah. STATEMENT OF CONDITION AS AT THE CLOSE OF BUSINESS, December! 31, 1954. ASSETS Cash on Hand and in Banks U S. Government Obligations . . 25,000.00 . Other Investment Securities Accrued Interest Receivable on Investments First Mortgage Direct Reduction Loans First Mortgage Share Account Sinking Fund Loans First Mortgage Straight Loans F. H A. Title I Loans Second Mortgage Loans and Advances Loans Secured by Shares or Investment Certificates of this Association Loans on all Other Security Real Estate Sold on Contract Advances for Taxes, Insurance, Etc. (unless included above) Accrued Interest Receivable Loans and Contracts Real Estate Owned and. Real Estate Subject to Redemption Stock in Federal Home Loan Bank . . .$ Less Dep'r $ Office Building . Less Depr $ Furniture and Fixtures $ .... Deferred Charges Other Assets . From the Gateway Mining district came one of the earliest shipments of radium for Madame Curie, as early as 1917. Today Beaver Mesa which is located in the heart of the Gateway Mining district is thick with producing mines of all sizes. The following Uranium venture took place in Beaver Mesa recently: Last week Croff Oil announced the acquisition of the. Corvesite Mine, the oldest uranium mine on the plateau; and simultaneous to such acquisition Croff Oil stock jumped from 12 to 23c and it closed at 28c Monday. Southwestern Uranium Trading Company, Texas concern, acquired properties south of the Corvesite mine, immediately adjoining to Mineral Mountain Uranium Mining Co. (holder of 2 claims on the Mesa just inside the Utah border.) As in the case of Croff Oil, South Western stock jumped from 13 to 25c. Alumite May Gain LIABILITIES Unpledged Withdrawal Shares: .... A Installment Shares B C Optional Shares . Full Paid Shares . . . . D. Matured Shares E Investment Certificates Home Office Branches . Sub-Tot- Importance In Marys vale Area al . A new and profitable Industry is in the making in the Marys-val- - . e, Utah area Although It is . dwarfed by the spectacular and romantic Uranium Industry, it could be, in a quiet unassuming way, one of the largest industries in the area. Alumite ore is Nature's own soil conditioner being basically comprised of Aluminum, Sulphur and Potash. In addition to these base ingredients; spectographic Total Savings & Investment Accounts Reserve for Maturities Mortgaged Pledged Shares Advances From Federal Home Loan Bank Other Borrowed Money Mortgages Payable on Real Estate Owned Dividends Declared, Unpaid and Credited Taxes Accrued and Unpaid on Real Estate Owned Accounts Payable Due Borrowers on Loan in Process Advance Payments by Borrowers for Taxes and Insurance Unapplied Mortgage or Contract Payments . . . Other Liabilities Permanent, Reserve or Guaranty Stock Deferred Credits to Future Operations: A For Unearned Profit on Real Estate Sold B For Income Collected in Advance analysis determined that there are at least 16 trace elements in this ore that are probably respon' 25,000.00 C Specific Reserves: For Uncollected Interest For Junior Liens General Reserves: A Legal Reserves B Federal Insurance Reserve C For Contingencies D Real Estate Reserve (if insured) E Bonus on Shares Undivided Profits Reserve for Estimated Dividend Requirements into the pen- On Lis- bon jumped from $2.00 to $3.50 and this Monday the stock closed about $4.50 a share. On the other-hanGateway, a 25c stock closed at 47c. Mineral Mountain Mining Comissue has 62 pany, a one-ceclaims within 900 feet patented from the Corvesite Mine, approximately 1 miles from Gateway's main ore body and immediately adjoining Southwestern Uranium Trading properties and other Gateway properties under option. d, nt This movement into , Beaver Mesa by big oil and mining companies will continue because of the Mesas favorable geological formation and its past record of uranium and vanadium ........ .... . . TOTAL LIABILITIES Accounts Total Number of Mortgage Loan Total Number of Savings and Investment Accounts STATE OF UTAH COUNTY OF SALT LAKE sible for extraordinary growth factor to plants. The Zinn Soil Laboratory of Fullerton, Calif., testing alunite to which had been added the customary nitrate and phosphate ingredients that are the common mixture of commercial fertilizers found after thousands of tests, ex-- 1 perimentlng with every available type of soil, that there is a consistent increased growth factor to the plant over and above that stimulated by the present day NKP fertilizer. Rocky Mountain Mining and Thos F. Hawkes Wm. Bingsley S. R. Nielson a 50 per cent interest in 150,000 tons of blocked out alunite ore. Mr. Love joy, who just returned from California conferences with fertilizer people and large ranch-era- , is of the opinion that we are about to enter into a new era in agriculture. An era where the word fertilizer will become extinct and will be replaced with words such as "Organic Soil Conditioners." Mineral and vitamin elements will be replaced into the soil so that the food we eat will supply the human being with more of the nutrient benefits required for health. Utah Alunite deposits will play a major part in this coming program as this ore contains many of the natural elements that are now required by the soil. Rocky Mountain Mining & Development Co. will continue to develop the vein structure of Uranium from their present 800 foot tunnel. 25,000.00 JeatureA . . . Depth Indicator Gears Sealed in Oil he is the President Steffensen, being first duly sworn according to law, desposes and says that true and correct statea contains full, of the above named corporation and that the foregoing report 31st on the business close of day of December, ment of the condition of the said corporation at the ATTEST Geoprofessional Service, Inc., G. Owen Lovejoy, Consultant and others had sufficient foresight to see this market in the making and did something about it. Rocky Mountain Mining & Development is presently releasing a small block of their closely held stock to the public for further exploration of their properties in Marysvale which Includes None None V. R. Dated this 8th day of January, 1955. with o ss. 1954 Development Co. in conjunction . m Three Directors Lisbon Uranium moved Beaver Mesa by acquiring Gateway Uranium Company ding stockholders meeting. the force of such acquisition, 25,000.00 TOTAL ASSETS A B C February 1, 1S5S The Western Mineral Surrey, Salt Lake City, Uath PAGE TWO V-B- it it V. R. STEFFENSEN, President and Secretary Subscribed and sworn to before me this 19th day of January, 1955. LEON LISTER, My Commission expires . ?ota?' 5, 1958. STATE OF UTAH -OFFICE OF THE BANK COMMISSIONER do hereby certify that the I, LOUIS S. LEATHAM, Bank Commissioner of the State of Utah, above named corporation the condition of of statement of correct the copy foregoing is a true and office. on in file now my as at the close of business on December 31, 1954, LOUIS A. LEATHAM, Bank Commissioner elt Drive Free Stripping Drum Double Brakes Detachable 6-C- yl. Power Units THESE ARE UNUSED UNITS O K30 232 M Street Phone Salt Lake City, Utah 4-59- 51 |