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Show f : Vf I lr;n f. rsy KEEP POSTED OX CEunr Oct HeuA etf iHcJt f'Hificance in The Oil - Vol. 27. No. 36 4, Ss W , r'g & -- iHMty Wctlcf Utah. Fiiday. Novembei 2. 1956 is Economists Pred; ew Highs Park City Consolr ,d For U.S. Busir n Next Year Mines Reports Earnings . NEW YORK Next year will be the best business year in history, although inflation will account for much of the rise in dollar indicators of business activity. This is the collective opinion of 221 of the nations leading economists polled by a group of construction analysts. According to the survey the economists are unusually in their belief that 1957 business will be excellent and that no downturn is in sight, even though most of them do not expect shazp increases in the major economic in' dicators. 3.' Dr. George Cline Smith, econo-th- e panel of economists has had a good record of foreseeing turn-misnoted that in past surveys, ing points in these indicators. Economists included in the survey panel because of their close contact with business conditions represent a wide range of businesses, trade associations, government agencies and universities. The average forecast of the economists, Dr. Smith said, indicated that gross national product would reach an annual rate of $420 billion by the end of next year, as compared with the $408 billion fate for the third quarter . V busi-- a terms, bnt this will be primarily Net operating income of Park construction the result of further shrinkage in City Consolidated Mines company at about this the purchasing power of the dol- for the third quarter of 1956 activity rei. levels. years lar, rather than a real increase from the Keystone operation was in output. $24,658; and for the nine months Dr. Smith said that study of was $105,817, or 2.8 cents per the forecasts, together with com2. The consumer and wholedements made by the economists on sale price indexes will continue share, before depreciation and is disclosed in charges, it their questionnaires, led to these to rise moderately but definitely. pletion the report of Carl V. Stehle, presthree conclusions: 3. The rise in prices will be ident. The major portion of the earn1. Business activity will set primarily the result of wage in-new records in 1957 in dollar creases. ings were applied towards repayment of advances made by the American Smelting & Refining Company to pay the Companys share of the cost of developing the Keystone mine and the building of a mill at Crested Butte, i. jction, ness invi. Cohunbtis - Rexall Co. Completes Third (HI Well in California Initial tests were completed this in the cost of the well is paid Columbus-Rexal- l No. 3, for from production. Location has been spotted for the third well drilled by Columbus-Rexall Mines wells No. 4 and No. 5. No. 4 ; is Consolidated Co. on. its Yorba Linda lease in scheduled to begin drilling in the Orange County, Calif. The well very near future. It is the intento keep was bottomed at 2590 feet with tion of Columbus-Rexa90 feet of pay section being per- one rotary drill rig busy on he until a total of 11 wells forated and being placed into prooil load drilled. are duction. After unloading According to independof ent 120 barrels the well produced petroleum engineers, the) geis 18 and 17 gravity oil in hours, ology and fault block structure of rate at to the the lease indicate that 11 urells continuing produce oil The will be productive. The recoverof 159 barrels per day. cut with less than able reserves proved with the was clean and .2 per cent water. The pump was third well, according to engineers, of recoveroperating .on. a 60 Jnchstroke at are 1,800,000 barrels Colutnbus'-Rexaloil 6 strokes per minute. able netfd" of 1956. The economists expected the rate of personal incomes, prices .and wage Of the three wells now operatrates to rise moderately next year, ing on this leasse, Columbus- - Rexall now owns 50 per cent interest in No. 1 and 75 per cent interest 3 Win in No.2 and No. 3. The 25 per cent interest not owned by Columbus-Rexall is a carried interest owner in which from the farm-ou- t receive all Columbus-Rexawill AppointSAN FRANCISCO until Black Hawk Uranium company, runs less the of oil royalties ments of two new assistant vice the farm-ou- t owners 25 per cent the stock of which is widely held presidents in the San Francisco throughout the west is now shipheadquarters sales organization of ping some excellent ore from its U. S. Steels Columbia-Genevholdings in Little Gypsum Valley, Division and of a new district Montrose county, Colo.; it was anvice president for the intermounnounced today by company offitain sales district have been ancials. nounced by Ralph W. Seely, vice The ore is being trucked to the Development of a president sales. safe for explosion-proo- f mill of the Vanadium Corporation light Marshall B. Harrison is ad- use in coal mine photography was of America at Naturity, Colo., vanced to assistant vice president announced today by the Bureau in charge of sales solicitation and of Mines, United States DepartBurton C. Smith to assistant vice ment of the Interior. president in charge of distribuFirst of its kind to pass the tion. Alex Walker, Jr., of San Bureaus intermountain becomes rigid testing schedule Francisco, at Central the district vice president Experiment Station, sales, NEW YORK Reporting the at Salt Lake with headquarters Pittsburgh, Pa., the light can be manufactured without license by earnings of United States Steel City, Utah. commercial firms, said Bureau Di- Corporation for the third quarter Mr. Harrison is a member of rector Marling J. Ankeny. of 1956, Roger M. Blough, chairthe Salt Lake Chamber of Comman, announced that the Directors merce and vice chairman of its Incorporating several unusual had declared the quarterly diviunit de- dend of $1.75 per share on the activity fund campaign. He is also features, the a member of the Rotary Club, the veloped by the Bureaus preferred stock, payable NovemResearch and De- ber 20, 1956, to stockholders of Sales Executives Club, and the anical Alta, Ambassador and Country velopment Section uses a special record at close of business on Clubs. He is married to the former lamp designed by Gem November 7, 1956, and a dividend Electric eral Company engineers of $.65 per share on the common Durothy Matson of Portland. They reside in Salt Lake City at 2501 at Nela Park, Cleveland, Ohio. stock, payable December 10, 1956, Olympus Drive and have two It permits the taking of color to stockholders of record at close daughters, Heather and Con- photographs without correcting of busines son November 9, 1956. filters and connects directly to stance. Income for the third quarter of mine lighting permissible-typMr. Walker is a member of the systems as no unit is approved by 1956 is reported as 34.8 million San Francisco and Oakland cham- itself. dollars, or a return of 4.5 per cent bers of commerce, the Pacific on sales of 765.0 million dollars. Coast Electrical Association, the By using the Bureaus lamp, mo- Income for the first nine months Engineers Club of San Francisco, tion picture and still photographr of 1956 is reported as 243.3 miland the Marin County Meadow ers now can take pictures any- lion dollars, or a return of 8.0 Club. He has been active in the where in a mine whether classed per cent on sales, which compares United Crusade and other civic gassy or, nongassy. Director An- with income of 267.5 million dolorganizations in San Francisco. He and Mrs. Walker plan to move keny emphasized that the unit lars or a return of 8.9 per cent to Salt Lake City in the next few is a floodlamp and is not equip-e- d on sales, reported for the first to use flash bulbs. weeks. nine months of 1955. t, V' V with week on ll 55-acr- es - . l. Educator Stresses. Energy Demand Dr. John W. Vanderwilt, Colorado School of Mines president, warned against what he termed teaching students less and less about more and more. Colo. ' Addressing the Energy ReThe Mill processed during the sources conference in Denver last third 1956 quarter, 19,744 tons of week, Dr. Vanderwilt said soore, which brings the total since, cietys greatest resource lies in operations started in June 1955 the educated mind of men. He to 88,017 tons. Assays of the ores agreed that good engineering edprocessed in the Mill were main- ucation covers areas in the social tained at the standard now estab- sciences and humanities, but that lished for mill feed. The steady care must be taken that the trend education upward trend in recovery has toward does not rob the nation of high been continued. level scientists and engineers. Exploration and development Dr. Vanderwilt declared Limwork at the Union Vein is bear- itless sources of physical energy ing good results in that new min- have no meaning except as they eralized horizons have been locat- are converted by mans ingenuity ed. While no accurate evaluation and mental activity to useful of the tonnage so far developed power. Kas beerl made,' it' appears that it The demand for energy de-rived from coal, oil and gas has increased several hundred per cent in the past half century,' Dr. Vanderwilt said. During the next few decades, energy demands are expected to more than double in the United States. In Europe and other countries, increases may be even greater. 1 lack Hawk Uranium low Shipping 50 Ore Advance At Geneva Steel ll a is more than adequate to maintain at Keystone for some time a constant reserve of 300,000 tons of mineable ore. Exploration and development on the Union will be continued until the full ore. body has been defined. Bureau Develops New Mine Light color-correcte- d U.S. Steel OKs Quarter Dividend air-coole- d Electrical-Mech- 1,000-wa- tt e where it is being settled. Shipping will continue as long as weather permits and will probably be stepped up during the next few weeks. Five truck loads averaging approximately 2,000 pounds with the ore running more than .50 per cent, were shipped out during the past week. In the meantime all machinery has been installed at the new mill of the company at Pioche, Nev. It is anticipated that full production of more than 50 tons daily, will be underway by Nov. Socony to Build Casper Refinery Two new units will be built at the Casper refinery of Socony Mobil Oil company, it was announced by E. T. Pummill, plant manager. The two units are a catalytic remotor gasoformer for line and a unit for removing sulphur from heating fuel and diesel oil. The catalytic reformer will have 5. a through-ou- t capacity of 3250 barto remains that all will make it posrels and Practically per day mill in Pioche the to sible convert production put heavy naphthas k is the adjustment of concentrate into gasolines with officials. octane. 100 tables, say company qualities exceeding The plant was designed by Socony Mobil engineers and will employ a special alumina type catalyst impregnated with platinum. up-gradi- hydro-desulphurizi- ng anti-knoc- Firms Increase Titanium Output National Lead Co. and Allegheny Ludlum Steel Corp. parent companies of the Titanium Metals Corporation of America plan an additional expansion of titanium metal production facilities at Henderson, Nevada. Sponge output is to be increased 50 percent and related melting facilities for production of titanium ingots are to be expanded 80 per cent. Earlier this year the companies announced plant output at 10 tons per day. When completed late next year, total capacity of the Nevada operation will be 25 tons of titanium sponge per day or 9,000 tons per year, and 11,000 tons of titanium ingots per year. Old Quicksilver Mine Producing Reno, Nev. Jefferson H. Fawcett of Las Vegas and Ross Greeley of Balboa, Calif., are officers of the Uranium Exploration & Copper Co. now getting an old quicksilver producer, 4 miles south of lone, Nev., into production. L. E. Penhoel, mill expert, is supervising the installation of a plant, to include a furnace, washing plant and other equipment. The property has a production record of 18,000 flasks and is being purchased from Charles Keough and James Larson. . |