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Show - r - W . W . -r- WST-W- ' -- - ' -- V ' ' ' m , jifttEWiii,"pdW"WlWl''WWBwlitflietyBeNliWtW'M'1Bel)W,i8l'liyWlyWilya'il ' '-' The Salt Lake Tribune, s Saturday, August , ,r v ,v ' I960 25 Up and Down the Street Texas Firm Shows Giant Potash Plan Here, There in Business By Robert W. Bemlck Dow Zone Delhi-Taylo- Service WASHINGTON The Federal Power Commission Friday authorized importation of an average 584 Vi million cubic feet of naural gas daily from Canada for consumption in California, Oregon, Washington, Idaho and Montana. THE COMMISSION conditioned the authority it granted to Pacific Gas Transmission Co., San Francisco, by limiting that firms rate of return to per cent rather than 6Vi per cent as the company had sought 8V4 Texas Gulf Spends Added $400,000 In recent months, Texas Gulf, which has taken over properties from Delhi Taylor on option agreement, ijas spent some $400,000 in reserve validation and coring to determine structure preparatory to ascertaining most economical methods of recovery. Texas Gulf had asked the U.S. Department of Interior to 'withdraw some 25,000 acres of land from future oil and gas prospecting surrounding the potash grounds because of the dangers to the safety of miners involved when potash developments are simultaneous with development of oil and gas." SUCH SIMULTANEOUS DEVELOPMENTS would result in reducing the reserves of potash available for production because of the necessary pillar supports for any oil and gas wells and would reduce the flexibility needed In a pioneering development of this magnitude at the great depths involved," said officials of the two firms. The Bureau of Land Management has proposed withdrawal of some 9,445 acres. Officials of the firms said they were concerned about possible delays in effecting these withdrawals. In pledging full support to thd potash effort, Gov. Clyde directed Utah State Land Board Director Frank L, Allen to draft a letter for his signature, appealing for speedy action in the matter on part of Interior Secretary Fred A. Seaton. Gov. George D. Clyde, left, examines potash core presented by C. F. Fogarty, Texas Gulf Sulphur executive. Directors Declare Dividend Directors of Mountain 'Fuel of 1960, company officers said. Supply Co. Friday declared a THE DIVIDEND declared quarterly dividend of 35 cents Friday will be distributed Sept. a share. This Is the same divi- 12 to stockholders of record dend paid in previous quarters Aug. 24. Firm Greatly Encouraged With Progress Mr. Fogarty told reporters after the meeting that his company was greatly encouraged with progress to date. Freight equalization making the sale of the potash in southeastern states more competitive with production from Canada and the Carlsbad, N.M., area has been obtained through cooperation of the railroad industry, he said. Texas Gulf, the nations largest producer of brimstone and sulphur, will sell on wholesale basis the potash from Utah to present customers utilizing the sulphur to make acid for fertilizer treatment. OUR MARKETING ARRANGEMENTS will present no problem, Mr. Fogarty said. Studies are now being completed as to whether the most economical, profitable production levels from the mine should be on basis of 4,000 tons, 8,000 tons or 12,000 tons daily, he said. The 4,000 figure from the mine Is minimal, In our opinion, he said., Mr. Fogarty added that engineering surveys also were under way to determine whether the major production shaft, beneficiation facilities and like plant should not be located on top of Bartlett Mesa, rather than in the gorge of the Colorado at Cane Creek below that mesa. Dow Jones Averages To place the shaft on top of the mesa would add some shaft now feet of hoisting distance to the 3,000-foo- t projected. This shaft as now constituted without recourse to mesa development, would be one of the deepest in the North American potash Industry. , Mr. Fogarty predicted an ascending rate of potash consumption by the nations farmers, adding that to date, imports of potash had affected only a narrow area on the eastern seaboard. 1,400 SOME 300 MINERS AND MILLMEN would be employed basis at a plant producing 4,000 tons daily of on a three-shif- t beneficiated potash. - .Colorado School of Mines is now at work on beneficiation studies for the project, he added. The Texas Gulf board of directors is expected to make at Cane Creek before Jan. L 1961 a decision on are taken to avoid the conflicts insteps necessary provided situation lease and oil the in volved gas OTHERS ATTENDING THE MEETINGS at the state , capitot included: Warick C. Palfryman, program director, Utah Department of Employment Security: Fred Dreman, attorney for the department of employment security; Gus P. Backman, executive secretary of the Salt Lake Chamber of Commerce; of the Denver & Henry J. Riggert, executive representative Rio. Grande Railroad Co.; Mr. Allen of the state land board; Miles P. Romney,' manager, Utah Mining Assn.; Otto A. Wiesley, chairman, Utah State Industrial Commission; Robert E. Halladay, executive secretary, Utah Manufacturers Assn., and Robert Norman, Moab district geologist for d Delhi-Taylo- Safetv Honors Go to 1,193 cited for a record free of losttime accidents for at least 20 years, J. P. OKeefe, division general manager, reported.' The honor roster averages 26 years of service per man and 49,625,800 m a SOME 1,193 workers, a roll represents without time work of large-sizea man to sufficient Industrial plant, have been lost to Injuries. of the More than of 7,000 employes nearly Copper Corp.s Utah Copper Division have worked 20 or more years without a lost-timaccident one-sixt- h Ken-neco- i e OGDIN (AP) USDA test of market PROVO Commerce Secretary Flays Notion of Raising Tcfriffs NEW YORK, Aug. 5 Stocks ended the week, as they had ended the week before, with a 'strong upsurge. Aggregate market values on the New York Stoqk Exchange advanced almost $3,250,000,000 and every major group was higher. Sales on the New York Stock Exchange were 3,006,-40- 0 shares against 2,840,000 on Thursday. Of the 1,193 issues traded, 755 rose, 250 fell and .188 closed unchanged. There were 44 new 1960 highs and 28 new lows. Highs had not exceeded Jows in number since the preceding Friday. MARKET COMEBACK Rails, industrials improve ps utilities set new record. . 70 By Associated Press SAN FRANCISCO, Aug. 5 It would be very danger- American Slock Exchange . ll In I. .Inin,, n in II A u 1,67 'ISM Ini., A. 15- Bata. 30.500 29,400 27.500 24 800 23.600 22.000 35 V4 31 4 Cattle 20; no Steady to weak; light sell Oats Narrowly mixed; meager trade. Soybeans Strong; abort covering. 25 to 50 cents lower; top Hog Corn inf. $18 65. Cattle Slaughter steers virtually absent; no market test. New York Bond Market Over the Counter Salt Lake Stock Market GnTdtR HercPd Hilton Bendix Benguet BestAC BestwaQ BethSt BlawKx Boeing A BookMn Borden BrunsBl BucyEr BuddCo Burllnd Burrghg CalPckg CallahM CalAH CanDry CanPae CasJI Caterpfl Celanete Celotex CerodeP Certntd Cessna ChmpPa Chance ChesAO dopf ChMSP ChANW dopf ChRIdtP Chrysler CITFin 1 CttiesSV CityStra ClarkEq CocaCol 45i 6 50 16 5 10 15 8 ColGaa ComCrd ComSiv ComwE Con Edit Containr ContBak ContMt ContOil CntrolsA CooperB ComPrd CraneCo CrownZ Crucible CdahyP CurtisW CutlerH DeccaR Deere DelHud DelLAW DenvRO DetEdis DlaNat DomeM DouelsA DowCh Dresser DuPont DuqLt FagleP EastAirL Eastman EatonM ElAutoL EIPeNO EmrsnEl 34 3SH 44 20 j 4 2544 3244 22HI4 7 8 5 36 1 32i4 29 14 4 4 j 15 151 30 54t 61 4 4 4 4 45 1 4 21 16 63!4 62 22 Ma 4! 30! 291 141 4 38l4 McIntyre 48HI4 Merritt MlnnHw McKesa Merck 94 26l44 57l4 4t 30 44! 141 231 221 41 451 141 481 141 1! 454 44j MMM 1 199i 77 33 46 21 -8i 4 2 4 1 I4 16' 15 4- 191 37 14f 21 1451 34 28' 241 4- - 2 (4 81!4 20 24! 23t4 25 31120 14' 33 2 39' 341 f 1 NYC-S- 2 NiagMoh NorfdrW NAmAV 2 NAmCar NorPae North rp 60. 60; 21 -- Quotations Thursdays debits Same day last year Weeks bank debits Same week last year Friday's clearings Same day last year Weeks clearings Same week last year $25 013 716 20 818.349 126.794.068 122 745,144 19.129.206 18.009 850 107 905.161 105.597,273 It WE CHALLENGE ALL! 3 82 BUY CHEVROLET 22 36 57 66 33 44 17 42, 33, M( 95! 69! 2 244 14 44 V. 44 3V, 3044 39 V. 351 8044 27 29 V. 64 6744 25 58 27 V. 231 36) 14 169) 13 241 351 A small 5044 85 79 6144 25 20 34 37 94 43 42 41V. 38lt ToUl N.Y. stock aaiea Friday, 3,000,009 shares; 29-3- Poultry: Fryers (at ranch) 18H 21, roasters (at ranch) 23H-26- . light hens cross type hens young hen turkeys 23, young tom turkeyg 22 22. Butter: Price, to retailer (rad, AA 10 V. 24 151i 35) 73 15 33 V, 14 29 V " Eg " Market LOS ANGELES, Aug. 8 rSMNS) Eggs: Price to retailer fob. distributor plant (delivered! 1 cents extra large 46-4A higher. AA 44-4extra large AA large 40 A large 35-3B large 32 AA medium A meAA small 22 dium 23. A small consumers AA A large AA medium large 39-4- 7, A medium AA small 33-3- 44 45 41 45 951 27 89 141 35 21 82 4 1 3l 23 4! 43 49) 38 V. NYCent 4 48l4 32!4 43i4 Murray NatAvie NatBisct NatCshR NatCLns NatDsiry NatDist NatGypa NatLead NatSteel 56; Mining 21 84 1371 22 1.18! 16 NwmtM NYAirB 14 14'191 HI 42! 14! 231 Mission MontWd Motorola 6 46! MtnnPL Mnsanto MontPw 19HI Producer 2! Lou AN a McGrEl McGrHI 4 2 24i 2 101 49 Lorllrd Magnvx MarqCm Marqrdt Martin 37 75 30 19 MadFd 19 AurTTOTI) Live Poultry 21.000 lbs. No USDA price Quotations Friday. Cheese Single daisies 58 40: longhorn 39-4processed loaf 37H-39- ) Swiss grade A 46-5-0, grade B 46-4- 6 grade C 44-4666.000 lbs. 93 score Butter Steady 92 score 58 : 90 score 57; 89 58; core 9Q Kor B71 ctrloti; 89 score 57. Egg Irregular. 9.700 case. White and mixed large extras 33; medium standards 27; dirties 25) 31; checks 25. Potatoes (old and new): Total US, shipments 174; arrivals 31; track 106; supplies very light; demand moderate; market firm. Track sales (100 lbs U.S 1A unless California otherwise stated): long whiles 6 80; Washington Russeta Friday S.L. Produce Dow Jonei Service Eggs (prices by loose dozen); Grade medium 37, B NEW YORK. Au(. 5 Cloiln, deal- AA 46, A large 43-4er market, (bid and atked fraction, large 32. Mild 41t loaf Cheese: mild longhorn and chanaea in 32nd.): 41, mild triplets 39 Butter: 93 score 70, 92 score 66, 90 core 67. 2 30 LneSCm MagmCp U.S, Government Bonds 12! 51 Macv 2 Produce Market CHICAGO." S.L. Bank Clearings It 68 2 34 15 75 Lukena MckTiks 64 20 LOFGU H LibMcN Litton Lckheed LwsThea Via 3344 KimbCk Kresge Kress Kroger Lear Lehman Vegetables, Prices Par Dali Beans Green, lb. cents; Beets dozen bunch, 40-4- 5 cents; lug, 1 00) 2ft; Corn, dozen Cabbagev erst, 2,00-cents; Cucumbers, lug. 1 00-- 25) Eggplant, lb. 12 cents; Endive, crate 2 00; Garlic, lb. 16 cents; Onions Yellow Spanish, 50, 1 00-- 1 75; WhitQ Spanish.- - 50. 2.00-2.2Pickiera. lb. 15 cents; green, dozen bunch, 4(M6 Irish Cobblers, cwt cents; Potatoe 3 00; Bliss, cwt. 3 25-- 3 50; Radishe. 5 dozen bunch, cents: Squash-Sum-mer, lug, 1 Zucchini, lug 1.00-1.2Tomatoes Lug, 1.00-- 2 00, 69. 1 91 45 IntHarv 91 54 IntNick 45 97 IntPap 16 35 IntShoe IntTdtT 143 41 IilCrCl . 23 25 21 54 JhnsMn 39 65 JnesAL 3! 32 JoyMff 141 36 KaiserA LigdrMy 1 1 a 1 IBM KerMcG 1 Hi-4- 61 20 40 IndRay InlandSt Intlaka KelseyH Kennctt KemCL 1 52 34 22 59 1 94 9 19 10 17 9 28 5 23 90 42 18 59 38 43 4 1 UlCent KanCSo 18 10 80 32 23 Colgate ColoFlr CBS 17 18 HoweSd IdahoP IdealCm 00. Cash Grain IH Hmestke HouaeF 22 B9HI IV 1V 102 2 34 H- i- H 5 39 HI 4 V 148 43 H H 14 33HI4 488 34 4 4 14 - H 1 20 8 49 4 1 ' 145 64 4 H 20 16 2 Street sales: California long whited Nebraska round reds 3 50 Colorado 3 75, Russets 5 25) Minnesota round reds 3 25--3 50; Wisconsin 3 25, Russets 3 26-- 50; MisSALES souri cobblers 2 75. Onions: Arrivals 15; frack 24f Blf Hill, 1.000 at 26c. CHICAGO Aug. B (AP) No wheat supplies light; demand good; market Bonanca, 8,000 at 344c. stronger. slightly 1 or soybean sales. Corn No yellow Chief Con. Pfd . 800 at 85c. Track sales: Texas ytllow Spanish 1 20. Oats No 1 heavy white 70; 1.95. Con.. Eur., 1,600 at 23c. No 2 heavy white 70; No 1 extra Street sales: California 70-7- 1 V; No 2 extra heavy Spanish large and medium yellow Eureka Bui . 1.000 at 18c. heavy white 2 00; No 1 extra heavy white 70W-70Eur. Lilly, 1,000 at 12c. 2 00; Texas white large 3 00-- 3 Colorado white (tough) 60; No 2 extra heavy Maieittc Oil, 2.000 at 3c 3 25, medium 00; midwest yellow Eye No 2 globe medium: Indiana Tintic Lead, 1.000 at 444c, 2.000 white 1(weevily) 1.754.90 piump at Sc, 2.000 at 8 44c 19.oil 9YB-9A- . Illinois 1.604.75. Soybeana Zuma, 4,000 at 844c. 2.000 at 844c. Barley: Malting choice 1.000 at 644c. 8.000 at c, 29,000 at feed 85-- 1 02N. Sc, 1,000 at 8c, 2,000 at 8c. HoffEl 16 Frail, Prices Per Unit Apple Jun. lugr 1 75 2 00; Early Transparent, lug. 1.50-- 2 00; Bernes-R- ed 4 00-- 4 25) crate. raspberries, Melon H. B. Cantaloupes, crate, 3 00-- 4 00; Peache Varieties, lug Early 1.50-- 8 5 GulfOll Bell&H. Salt Lake Growers Market. 8 Banka. Insurances Finance Mania Kata NEW YORK, Aug. 8 (AP) Stock Higher; modest rally con ttnues. Bond Mixed; governments off. Cotton Higher; commission house buying. Chteage Wheat Steady to firm; scattered IV, Genesco GaPac Gillette Glading GlAlden Giidden Goodrch Goodyr GrceWR GrPaige GravsnR GtNOre GtNoRy GtWSug Greyhnd GrmAir StaWari 4 Saar . Markets in Brief Fridays Quotations OMAHA. Aug. 6 (UPI) Total American stock sales Friday. 750,000 shares; 1960 to date. 169,029,403. cents Hogs 4,000; generally 25-50 lower. Most U S, lbs 17 75-1-8 25; top 18.50. Ampex Corp Cattle 300; calves 25. Limited trade 27 H 4 Lionel Corp on cows about steady, utility to low V 8 Fairchild Eng commercial 13 25-1-4 25; most canners -- 1 60 Radio Corp Fridays Quotations . cutters 12.00 13 25. and 43 unch H NoAm Avia Sheep 400; limited sales spring Sale in (lOOO Clowl Chf 1000'C1om! in Chi slaughter lambs fully steady, few Sale, lots choice and prime 19 Va Standard & Poors Closing 500 Stock Index 741109441 Phillip. 00. 44 good and choice 18 10) 71 StLSF4. t NEW YORK, Aus. S (API Standard and Poors 800 atock index: 11 1 6744 do4 261 99 H SlncOcv 425 Industrials 131 88 SoPae 25 Railroads 81 91 doOr 50 Utilities X StdOllIn 3) 9644 500 Stocks The following mu and asked Quota1 81 TJnPac iv. a are tion obtained from the National 144 94 WhSUcv Securities Dealer Assn Quotations Fridays Quotations committee. They do not represent Chi. actual transaction! and are Intended ToUl N Y. bond aalea Friday. 85.100.000: 1960 to data, 8828 529,550. Sale, in 100.ICIo Sale in 100.iClo.cl Ch. i Sle in 100i:CloeChe, as a guide in the range within which Totai American bond aaiea Friday, 8120,000; 1960 to date. $17,951,000. 41 these securities could have been sold NwstAir 341 16l4 2 17) EmrtnR 91 14 OhioEd (as indicated in the bid column) ErieRR 30-or bousht as Indicated in the uaskedn 55 OhioOU EvansP column i 40 4 OiinM ExCellO 351 53 V OtisEl FchldEA Fridays Quotations 14 102 OwenlG FamliyF 31 65 Fridays Quotations PacGEI Firestne 241 49 PacLt FirstAm 21 26 PackBl FlaPdcL 4! 17 PnAWA 4 FdFair 41 4- m PnhEPL Ford 171 57 ParamP i FrptSul 391 39 Penney FruehT 21 12 PennRR GenAcc 341 43 PepsiC GenBk 1011 32 Pfizer 4 1 GenDyn GenElec 4 PhelpaD 281 49 38 25 Philco GnFood GenMot GenRef GenTAE MGM I SATA Ten Leading Stocks Dow Jones Service Volume Close Chg 218 700 16 Avco Corp 1V 52,300 34 Boeing Air 42,500 49 Hertz Corp 36.800 41 Std Oil NJ Stock Price, ous procedure at this time to raise American tanffs in an effort to curb competition from cheaply produced foreign Calves none. Hogs 40; not enough to test market. Idaho range Sheep 2,0001 irucked-llambs and few small lots trucked-iranch lambs; steady; few doubles 7 choice lb Idaho range spring 50; small lots slaughter lambs 18 to choice ranch sprint lambs good 2 lb 17 25-1-8 10; double and deck choice 97 lb Idaho feeder lambs 16 6 50y few small lots good to choice 0 lb feeder lambs 15 5 30; few utility shorn slaughter ewes 3 25-- 40. ton-a-da- y Would Add 1,400 Feet to Hoisting Distance Special to The Tribune Two new management promotions at U.S. Steels Geneva works were announced Friday by G. W. Madsenr divl, chasers of its miniature lamps sion of coke and and sealed beam automobile coal superintendent operations for the Colunv headlights. Steel plant ' THE FTC said that Westing-hous- e ROBERT C. Halbersleben gives certain of Its fran- has been named turn foreman chised distributors an 18 per of coke and coal chemicals at cent discount on orders of $250 the Ironton ' Plant. David D. or more and an additional 5 Lewis has beea named to sucper cent cut to those making ceed Mr. Halbersleben. annual purchases of more than Both natives of Provo, they $25,000. joined the firm in 1956. Livestock Markets Furnished by J. A. Hogle A Co. Member oi the New York Stock Exchanga C New York Timer Service Promotions imports, Secretary of Commerce Frederick H. Mueller told businessmen here Friday. MORE SPENT I sleepless nights thinking of foreign trade competition than any other problem in my department, Mueller told the Commonwealth Club of California. There is no easy solution. I do not believe we should raise tariffs to meet e- -f- oreign competition. The answerJs. .hot to curb imports, Blasts! Westinghous- -- but to increase out exports of the products we produce, The FedWASHINGTON best. , . eral Trade Commission Friday 'HE SAID was sure HE American goods would concharged Westinghouse Electric tinue to be sought after overseas and that buyers would Corp. with giving discriminapay a higher price for them because of their superiority. tory discounts to some pur New York Stock Market 33 or gas, despite drilling efforts. Mr. Fogarty said that before any mining at Cane Creek could be undertaken, it would be necessary to fill all of these old holes with cement from top to bottom. Shows of oil and gas have been encountered in deeper salt sections of the Paradox formation. And any subsidence of the ground incident to either potash mining or oil and gas withdrawals, would very likely shift the bores of these wells and expose mining tunnels and drifts in potash properties to dangerous accumulation of either oil or gas. would prevent danger COMPLETE CEMENT SHUT-OFFto miners and permanent damage to the potash reserves. But the possibilities of any economical and simultaneous development of both potash and oil and gas would appear to be ' impossible. Mr. Fogarty told reporters that in some six wells completed to date in checks by Texas Gulf, that firm was cementing them from top to bottom, even though oil and gas zones were not encountered. The existence of commercial potash in Cane Creek Anticline is a reality, while the existence of commercial quantities of oil and gas In any part of the area is purely speculative, the companies asserted. Pacific Gas Transmission would get an average of 41 million cubic feet daily of inv ported gas;- El Paso Natural Gas Co. would get 136 V4 million cubic feet, and Montana Power Co. would get 30 million cubic feet THE GAS to be sold is from five Canadian companies and cost of the entire project, including facilities to be built into California, is about 400 million dollars. - Potash Prospectors Report No Discoveries The potash prospectors confirmed that in the last 2 Aides Win FPC Okens Importation Of Canada Natural (as Tribune Business Editor Texas Gulf Sulphur Co. plans one of the largest potash projects in North America at Cane Creek, southwest of Moab, Gov'. George D. Clyde was informed Friday morning. Officials of Texas Gulf Sulphur j r Co, and Oil Corp. con-- ' ' ferred with the governor, state of- ficials and others over possible con- I 4 flicts involving oil and gas leases .in the potash area which could delay start of the program as scheduled by Texas Gulf. C..F. Fogarty, vice president of exploration for Texas Gulf at New York City and Raymond T. Senior, Salt Lake attorney for the firm, ' Mr. Bemlck stressed that Delhi Taylor had spent 2'4 million" dollars in the last several years in exploring the potash area at Cane Creek. Near End Of Trading 674-7- 144 A 67 , Wool Market Wool YORK. Au. S (AP4 tops and wool futures were higher Friday on commission house and Boston dealer buying. Wool futures closed .3 of a cent to 1 3 cents higher. Oct. 107 7. Dec. 112 3, March 113 6B. May 114 &B, July 114 9B. Oct. 115 4B. Certificated wool spot 107 9A. Wool tope futures closed 1.4 cents 1 NEW 44 144 44 V, 1 2 Va 4 higher Oct. (1961) 140 NEW CORPORATIONS Third District Court 1 1960 to date 459,540,388. CloM ' PROVE IT FOR YOURSELF! Come In And Get All the Facts Now 8N. 44 44 CHICAGO. Aur S AP Hirh Low Open 148 OB. Certificated spot wool top 1 CARS or TRUCKS Grain Futures Wheat FOR LESS Valley View iwtmmln, and Rae- Clnfc, Salt Lakt County, private club. CHEVROLET 8th So. and Stat , 115-753- 3 06 00 00 00 59 30 92 16 |