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Show Anguit 3. 1956 Fage 3 The Western Mineral Ssivey, Salt Lake City. Utah Quarter Million Dollar Deal Closed With Porter Oil Co. SANTA FE, N.M., Aug. 1 A private stock transaction involving over a quarter of a million dollars and election of-- new member to the board of directors of United Western Minerals Co., was announced here today by Alva A. Simpson, Jr., president and general manager of the company. Added to die board of directors at a meeting in New York last week was John R. Porter, president of the Porter Oil & Gas a Co., of Oklahoma City, Okla. Por- Mid-Ye- ar Report Issued By Amer. Cyanamid ter was elected to the vacancy coused by the resignation of Simpson. An-nelie- se Also approved by the board at the same meeting was a deal involving the issuance of 175,500 shares of the companys common stock to a group of investors headed by Porter. American Cyanamid Co. announced today the operating re-The treasury stock was issued suits for the first half of 1956 to the Porter group at $2 a share. and K. C. Towe, President point-- , The $351,000 transaction was need out the following: gotiated in New York with the (a) The acquisition of the busi- Chase Manhattan Bank and the ness and assets of the Formica Bankers Trust Co. of New York Co. was concluded on, April 16 representing United Western and and the consolidated earnings the Guaranty Trust Co., of New York handling the business destatement for the period includes the operating; re- tails for the Porter group. sults of Formica for the period Following announcement of the Jan. 1 to June 30. stock purchase Porter, who is well known (b) Negotiations for the sale financialin oil and gas, as well as and newspaper publishof the capital stock of Chemical circles in the United States, Construction Corp. to Electric ing said his groups decision to invest Bond and Share Co. were conin United Western Minerals came cluded oh June 29 and the transfer became effective July 2. The after an independent survey of consolidated earnings statement the company's program and holdfor the six months period reflects ings. the exclusion of the operating reBesides its own in sults of Chemical Construction New Mexico, Coloradoholdings and Utah, Corp. retroactive to Jan. 1. United Western Minerals has a (c) The sale of Cyanamids di- number of farmout agreements with other groups, principal of oxide pigments plant at H." Whlfney City, N. J., to the New which is One' with J? New Co., York; White, Weld Jersey Zinc Co. became effective it & Co., New York, and the San 1. May Jacinto Petroleum Corp. Net sales of the company and This farmout involves its wholly owned subsidiaries uranium major claims in the Ambrosia (including Formica and exclud- Lake area of New Mexico as well ing Chemical Construction) for as holdings in Utah. United Westthe first half of 1955 were ern Minerals is the largest privately financed uranium company in the United States at the presConsolidated Earnings (exclutime. ent sive of extraordinary gains) beDuring 'the past week Porter fore tax approximated $44,302,-00- 0 a group of his associates visitand ' for the first six months of ed in Santa Fe and with Simpson 1956 as against $36,059,000 for the flew to the Ambrosia Lake area corresponding period last year. near Grants for a field inspection of the company's properties. Those making the trip besides and Porter were John F. Simpson U Connelly, president of Connelly Containers, Inc., Philadelphia; Robert W. Drumond, investment banker and broker, Francis I. U. S. Smelting, Refining and it Co., Philadelphia; Edgar Mining Co. reports that it has M. Tutwiler, president Appalaupped its production of oil and chian Tire Products Co., Charlesgas considerably from last years ton, West Virginia, and John Camden Trust Co., Philaoutput Oil production is now at about delphia. The present board of directors d 92,000 barrels a month as of United Western Minerals, be"to 65,000 to 70,000 barrels consist a month a year ago, company of- sides Porter and Simpson, of Patrick J. Hurley, Santa Fe, ficials report. chairman; Norman S. Dike, Santa Last years neglible gas output Fe and New York John K. Schem-meNew York; Benno C. has been increased this year to 200 million cubic feet of gas a Schmidt, New York and Wilson P. Hurley, Albuquerque, N.M. month at this time. six-mont- h Glou-Chest- er $225,-357,00- 0. S Smelting Ups Oil Production du-Po- nt Sei-fert- h, com-pare- , r, It Fays Dividends When You Drive Into TUCKER'S AUTO SERVICE JESS TUCKER, Manager Complete Automotive Repairs, Automatic Transmissions, Carburetors, Ignition Work - ALL WORK GUARANTEED -Phone HU 21 East 13th South 4-79- SALT LAKE CITY. UTAH Mine At Alta $22 Million Set For Research Cardiff to Work appropriations Congressional for the Bureau of Mines for fiscal year 1957, will enable it to intensify nationwide research in essential metals and to defense and industrial progress as recommended by the Presidents Advisory Committee on Minerals Policy, Secretary of ;he Interior Fred A. Seaton, annon-meta- ls nounced. Funds totaling slightly more than $22 million. were made available to tiie Bureau for conducting field studies and for maintaining experiment stations and laboratories In 27 States and Alaska. The money does not include an million allotment voted by $8 Congress last year, which is earmarked for the Governments share of the $17 million antra-cit- e program in will reand which Pennsylvania, main available until spent. Although Congress approved the Bureaus request for approximately $2 million additional to be spent for increased research in strategic metals and .minerals, Secretary Seaton said, funds for work on oil shale and collection and interpretation of economic and statistical information on domestic and foreign minerals were reduced. Most of the research programs on solid, liquid and gaseous fuels, health and safety and inspection work in mines, and control of. coal fires will operate at virtually the same level as last year, he mine-drainag- e added. As part of the stepped-u- p program for metals and nonmetals, the Bureau officials said, mining research will be expanded and directed toward establishing and developing engineering principles that will promote safer and more efficient mining practices. This work, to be conducted in close cooperation with industry and with other research organizations, will cover every phase of mining. It will include investigations of methods and costs of both underground and surface mining of all nonfuel minerals, research on rock mechanics, drilling and blasting, studies of theories and practices, and area stuides of major miner- al' resources. Colb-Rexa- ll Mine in water which has previously hinthe Alta mining district, Utah, is dered mining operations in the expected to play an important Alta district. The tunnel project role in the revival of mining ac- is expected to be completed withtivities in that area, according in two months. Columbus-Rexal- l to company officials. holds a slidand Cardiff Mining Milling ing scale royalty on proceeds Co. has a consolidated lease from the venture. agreement on the Alta properAt a meeting held in Salt Lake ties of Kennebec, West Toledo, City June - 27, Columbus-Rexa- ll Wasatch Mines and the Columbus-- stockholders voted to make comRexall Mine. and to pany stock At the present time, .a 8000-fo- increase capitalization to $15 milwater drain and haulage tun- lion. nel is being driven for known Columbus-Rexal- l Consolidated ore reserves and the removal of Mines Co. also announced that it has acquired its first oil properlease ties, consisting of a e in the Dominguez Oil field, Los The ore-sampli- ng 61 min, on his election in the board of directors of United Western. Porter also headed up a group of investors which has just announced a $351,000 purchase of common stock in United Western. CONGRATULATIONS Alva A. Simpson, Jr., president and general manager of United Western Minerals Co., a Delaware Corporation with head offices in Santa Fe, New Mexico, congratulates John R. Porter, left, Oklahoma City oil Columbus-Rexal- l non-assessab- le ot Duo Report Ore Find at Socorro Recovery Plant New Mexico Survey Bureau Two Los Lunas, N.M., brothers have reported discovering large deposits of high percentage uranium ore just east of Socorro, N.M. E. J. and Jack House said they have been, told their find assayed better than 3 per cent. They expect to begin hauling ore to new buying station at Grants within the next two weeks. The two said they had been working on their claim for six months. 40-acr- Angeles County, Calif. Mining Hi Lites POLARIS MINING COMPANY of Wallace moved to obtain a new source of income by becoming associated with a Seattle firm which has a new system of installing acoustical tile in suspended ceilings. IIECLA MINING COMPANY of Wallace, which controls Polaris, named a new chief geologist, a new chief mining engineer and a new manager of mines. The changes make for a full slate of younger men at the helm of this old dividend payer. .. beet Trail ftiiheA A Utah Coxporation of Marysvale, Utah Is offering 604,044 shaxes of its Common Stock of 30c pex share pax value at 30c pex share. THE CORPORATION'S PROPERTY INCLUDES THE FOLLOWING: (1) OVER 100 PATENTED LODE MINING CLAIMS (I) OVER SOS UNPATENTED LODE MINING CLAIMS (S) MINERAL RIGHTS IN 240 ACRES (4) SURFACE RIGHTS IN 207 ACRES AU claims and .properties are located near Marysvale, Utah In Serler and Piute Counties. Properties hare produced commercial ores but are still In an exploratory stage of development. Principal production has been lead, silver and gold. Extensive exploration has been In progress. AU proceeds from sale of stock wlU be used In the present exploration projects. A report of the corporations history and present financial condition may be obtained by writing DEER TRAIL MINES, Box 167, Marysvale, Utah. No stock offered by the Corporation can be sold to other thaw bona fide residents of the State of Utah. Orders for stock are restricted to a minimum of 100 shares. If Interested In purchasing Inquire at DEER TRAIL MINES box 167 mahysvale. Utah PLEASE SEND ME YOUR LATEST STOCKHOLDERS REPORT HAME ADDRESS CITY PHONE |