OCR Text |
Show February 3. 1956 The Westers Mineral Survey. Salt Lake City. Utah Page 2 EDITORIALS WESTERN MINERAL U.S. OIL SHALE SURVEY 11 LORRAINI 'Luck' Could Alter U-Tre- uranium market is The trend of the termined mainly by the "demand side" of the picture. For over-the-count- TO BE RESEARCH SITE nd er deex- ample, if demand is low, stocks usually drift downward. The supply side of the picture is always in evidence. This inspired an experienced mining executive in comparing the situation, to fall back on the sayings "the poor are always with us." oft-repeat- ed t At this particular time the demand side is particularly quiet, especially in belle weather securities like Federal, Standard and Lisbon. Actually, there are news potentialities relating to the securities mentioned. A little luck could drastically change the picture overnight. The Hot Rock situation is a case in point. An overnight burst of goods news could spark demand. . is partdularly noticeable that uranium stock interest is at low ebb in New York. The metropolitan financial center It sets the pace. Some hopeful factors may soon develop, particularly for Federal stockholders. The views of Jesse Johnson, head of the Atomic Energy Commission, scheduled as one of the speakers at the National Western Mining Conference in Denver this week will be with more than ordinary interest. He is the principal government official with whom mining men must deal. An announcement of governmental intention to extend the 1956 date for federal uranium buying, let us say, until 1958, is a basis for renewed, interest in uranium mining Qperations and purchase of uranium stocks. de-gest- ed Confidence Needed The condition of the uranium market at the moment is no puzzle to those who realize that, of the 100 per cent buyers and sellers of uranium stock in past years, 65 per cent of the business was generated by high powered salesmen, interested only in the commission that would accrue from buying 'and selling to uranium stock customers. This market was conducted largely without money. This is proven by the number of former customers from whom brokers are now endeavoring to collect the shortage after sellouts. Of the balance of 35 per cent of the market, about 15 per cent of the stockholders have all of the stock, bought with all of their investments, at the peak price. Therefore, they are without cash to invest or speculate in the present market. In other words they are "holding the bag. This situation leaves a bare 20 per cent of the former speculators and .investors in the uranium stock market, with whom 300 to 400 stock salesmen are endeavoring to do business. What is the solution to this problem? The balance of the uranium stock market needs a speculative investment market in which speculative investors emanating from other states may have some confidence when investing their money. DRIVE IT YPURSELF COMPANY WE RENT TRUCKS By Day, Phone EM 3-56- 56 Week or Year 27 Walker Place Salt Lake City, Utah FOSTER M BISEL - Hudson Specialist - NEWS 431 Church Discovery of a large hydrothermal intrusion of uranium on the gold vein of Old English Gold Corp., between Ely and Tonopah, Nev was announced by Joseph Hafen, of Provo, vice president and gen- eral manager. Hafen described the find as one of the most important discoveries in the Western United States of recent imes. He said several geologists who examined the intrusion predict it will be a large uranium producer, with primary ore the rule. Hafen said Atomic Energy Corporation field men have examined the discovery and the necessary contracts have been completed preparatory to mak- ing ore shipments. Hafen said he is about to start a processing mill for refining of tungsten ore. He. said a neighboring company has asked that he do some custom milling for their requirements. In the meantime, he said Old English intends to extend its tunnel to include the new ore channel and he expects produc- . - Subscription rates: $0:00 for two yean; for one year. Please mention Western Mineral Surrey when writlnr to advertlaen. Adrer-tlain- r rates on application. $3.00 ng Publisher HARRT B. MILLER Editor GAIL FELTCH Peatnre Editor O. D. QUINLAN Bodneea Mir. FRANCES JENKINS Con tribo ting Editor M. HIUi b DENVER BUREAU Aided by a $1,000,000 appropriInthe ation from the Congress, News - Advertising . Circulation 733 beBldg. Denver, Colo. Kitteredge will terior Department agency For the news of most alfnificanoe in to entrances gin driving adits or the mlniny and oil world. AU news appearing In the Western the oil shale formation and will Mineral is obtained from Bounce renew studies which were halted believed Survey to be reliable hut no responsibilmore than a year ago. ity is assumed for accuracy of statements. The Bureau reported that safe ty will be one of the leading elements in guiding renewed work at the experimental mine, since any commercial operation by industry in future years to oil shale for gasoline and other products must consider the welfare of underground employ ees along with mining costs. Among the safety factors to be considered in developing a min ing plant at Rifle are adequate air for workers, types of mining machines, illumination of working areas, support of roof, and control of dust, commented Paul T. Alls-mathe Bureaus chief engineer, who headed the conference. Special devices are planned .especially in operating areas, to warn ol any impending roof falls. tion will be started in two months. Congress Phone EH ADVERTISING 1079. at Says Joseph Hafen - CIRCULATION Street Phone HU Belt Leke City,- Utah Entered ee eecond due nutter at Salt City, Utah, under Act of March 3, Box 3131 The Governments oil shale mine at Rifle, Colo., will become an underground laboratory for mining research on rock movement, ventilation, drilling, blasting, automation of equipment, and for conducting related studies the Bureau of Mines announced today following a meeting of that agency' s mining experts in Washington. Bureau engineers said it is not proposed at this time that any Uranium Found new completely integrated system of mining will be developed Nevada Gold Mine, at Rifle. top-ranki- PRIM de-evl- n, It is our plan that the work will lead to development of safer and possibly cheaper methods of mining oil shale, Allsman added FORTUNES still can be made in uranium. Twenty-nin- e uranium claims in Wyoming sold for $1 000,000, or nearly $34,000 each. U-Cor- p. Hires Geologist Reproduction of any material from this publication must have written permission from the publisher. Consolidated's Cited Policy Consolidated Uranium Co.s policy in relation to the activities of Tellier & Co., New York, one time underwriter in distribu- tion of that companys security issues, is explained by G. E. Frawley, president of Consolidated in a message mailed to stock- holders. The message reads: "While Tellier & Co. acted as underwriter in the distribution of security issues for the company and certain predecessor companies and was active in the secondary market for this Companys stock, Tellier & Co. and the various members of said firm, never had and do not now have any part in the management end policies of this company. "This information is being sent in view of various charges against Tellier & Co. by the Securities & Exchange Commission and the State of New York. ' J. T. Collins Intermountain Stamp Works Appointment of John T. Collins, of Reno, Nev. as consulting engineer and geologist for Congress Uranium Corp., was announced today by the obard of directors. Collins has had several years experience in actual production as well as an extensive consist- ing practice in foreign and CLYDE AID KAIL PAHHIEB, Owner, BRONZE MEMORIALS RUBBER STAMPS MACHINE ENGRAVED PLATES do- mestic fields. The board also announced it has recently acquired a govern ment lease covering 690 acres of oil and gas land in the Roselle district. The board reports test wells are now being drilled or are con- 242 EAST week at 58 cents bid. Just before the. strike, the bid price was 38 cents. Callahan Zinc sales ranged up to a high of $6.40. Polaris climbed during most of the week and Lucky Friday showed fairly consistentstrength. Coeur DAlene Mines advanced 4 cents a share in two days on the strength of buying orders from Kellogg. Golconda was volume leader. PHONE EL 5-4- Professional Directory templated in the vicinity by major companies. The directors reported actual mining operation is expected to start at an early date on six tungsten claims near Groome, Utah, acquired recently from Sun Uranium in the Newfoundland district. The board said a number of surface outcroppings have been found and there is a possibility of a multiple mining operation on a number of these veins. THE SPOKANE MINING MARKET was paced by Silver Syndicate, which jumped 11 cents at a single session and dosed the 2ND SOUTH DEASON AND NICHOLS DORSEY HAGER CONSULTING GEOLOGIST Assay and Chemist 909 Continental Banh Bldg. 160 South West Temple Phone EL EL 32 62 Season's H. J. VEER ASSOCIATES VANDER ud Greetings BUMEL PATTERN SHOP 455 West 7th South 701 Judge Building Salt Lake City, Utah EL 29 Coninlting Engineers - Mineral Patenti - Public Land Problems 10-ye- ar General Auto Repairing (Rear) 244 South 1st West Phone DA Appreciate Your Business 2-50- I 62 ud Caldwell, Richaids Sorensen: Engineers MOBILE HOMES GLEN HU 51 NEW - USED C. BILLS & SONS 1901 South Main 508 Zion's Savings Ba nh Bldg. "50 Years Consulting Engineering Service to the Intermountain West" Salt Lake City, Utah |