| Show - ’"V r'f vvvv v ytr vr-rrvT’y- wr vTyy The Salt Lake Tribune Saturday May 23 Up and Down the Street Kenneeott Ponders Special to two-third- E S Hann left treasurer and C D Michaelson western mines manager Kenneeott Copper Corp discuss future Woolmen Approve Plan Pushing Fleece Lambs Incentive payment deduct- dum under Section 708 of the pro- Wool Act motion of wool and lambs FriDirectors named Milo Mars-deSalt Lake City Lloyd day- won “official backing of the Utah Wool Growers Assn Keller Ogden and Wallace Wintch Manti as a commitDIRECTORS at a Ft Doug- tee to promote a favorable vote las Club luncheon voted to by Utah wool growers James support the plan scheduled for A Hooper association execuvote this summer in a referen- - tive ions to provide funds for secretary reported one-thir- venture a prediction Arabs Join Oil Firm NEW YORK May 22 (P) The Arabian American Oil Co (Aramco) has named two key officials of the Saudi Arabian government to the board of directors They are Sheik Hafiz Wahba Saudia Arabia's ambassador-at-largto the Arab world and Sheik Abdullah the government's director general of petroleum and mineral affairs e on what the short-teroutlook of copper prices would be or on w’hat effect a strike would have on the western industry in stocks by He said there did appear to have been a build-ucopper fabrication groups as a hedge against any possible strike The KCC treasurer said that even at the present producer price of 31 cents a pound for copper it appeared the metal was losing out to some competitor metals or nonmetallics in the “substitutes" race He said KCC management had stated in the past that in relation to market expansion for copper prices ought to be outcents a pound Long-terin the range of between fVoarlr look for copper is good he said “Some people believe that 11am in years ahead copper will be selling for 35 cents a pound Noon lpm on the average 2pm 3 m 29-3- THERE’S A GOOD DEAL of new copper coming on to the world market in the next two or three years he added Kenneeott has made no estimates as to what price its competitors need to sell this copper in order to repay bank loans and recover capital investment he said World copper supplies have been creeping up lately with resumption of fuller rates of production in Africa but domestic supplies and orders seem in balance at this time he said Mining copper ore has become more expensive year by year in the US because of a decline in copper content of ore increased costs of wages and supplies and difficulties attending deeper open pit mining Mr Hann said TO OVERCOME THIS SITUATION Kenneeott has been engaged in a cost saving program during the last several years he said "I should like to mention that our cost reduction program which started several years ago has achieved significant benefits We are constantly seeking ways and means to im prove efficiency in operations and to implement companywide cost control programs” Mr Hann said In the foreign field Mr Hann noted that KCC had a 21 million dollar investment in the Virginia Orange Free State Gold Mining Co in the Union of South Africa The investment dating back to 1949 amounts to 35 per cent of “Virginia’s” stock and the firm commenced commercial operations in 1959 Texas-educate- New De Kalb Agricultural more locations for wildcat reported Friday DIRECTORS also went on record favoring discontinuance of federal grading of lambs Mr Wintch also was elected vice president to fill the vacancy created by the death of George A Barton Manti in an accident at his farm last 4 month The Friday session was conducted by J R Broadbent Salt Lake City association president Twenty directors at- tended Ten Leading Stocks Dow Jones Sei vice Vol Close Cling Boeing 42100 37 a Thiokol -- 2 42100 59 NY Central 41200 29 Alum Ltd 41000 30 4 new 425 25 50 500 Standard YORK & May 22 Glen Alden RR GenI Mtrg Ford Mtr For Small Car Drugs Lead List On NY Mart it is driven through the air at the required speed for operation it operates more efficiently the higher and faster it goes “One of our colleagues in the engineering business has said that the most interesting thing about the ramjet engine is the fact that it works" he added Poor’s Closing 500 Stock Index (AP— Net Change 23 01 03 19 Sale In 100e!CloseChg Sale in lOOsjClosel Chg ElAutoL ?41 47 1 34 ElPsNG 4' EmrsnEl 151 12 ErieRR H - 4 34! 24 EvansPd 1 341 42 ExCellO V li 33 FrbksM FchidEA 341 8s FamFn FiltrolCp Firestne FirstAm FlaP&L FdMach FordMtr FrptSul Sale in lOOsIClosel Chg FruehTr C (UPI) — Hogs 3500 market most U S 25 lower: top 17 50 none not enough or heifers offered to test choice 1125 1b good and 27 75 limited trading on cows commercial and steady utility 50 canners and cutters 1600-1- 5144 62 6754 58 1154 62 26 75!- Mf 1 2 651 67 KrnCty 48’ Triton Finds New Utah Oil Pool Triton Oil Corp Denver independent has developed commercial oil production in the northern portion of the Bluff Bench Unit west of Greater Aneth in San Juan County’s Paradox Basin UnBagC ' Over the Counter Industrials and Utilities Bid Total American bond sales Friday (120000 New York Bond 1959 to date (1254:1000 Market Friday’s Quotations Sales (1000s IClosel Chg Sales (1000s IClo&el Asked Chg Sales in (l000i Last Chg Morrison Knudsen Mtn Fuel Supply National Beverage Nthw Natural Gas Salt Lake Hdwe Security Leasing Co Strevell Pat Finance Utah Construction Utah Fire Clay Vitro Corp of Amer Western States Ref ZCMI 41 2ft 39 00 20 12! 27 75 2 82 3 12 18 50 20 50 5 31 90 19 50 22 50 6 2ft 1 00 58 00 25 00 13 87 3 08 '4 52 50 23 00 12 87 2 68 42 00 45oo Total American stock sales Friday 1760000 1959 to date 192280071 Total NY bond sales Friday (4850000 1959 to date $651208900 Salt Lake Stock Market Friday’s Quotations Mining Banner 40ft at 15 5ft Bristol 2000 at (c Bullion Monarch 500 at 17c Cardiff 100 at (145 1000 at 65c 200 at Chief Con 67 c 200 at 57 c Chief Con War 1000 at 10c 300 at 9c Clayton 1000 at 19c Comb Metals 500 at 5c Commonwealth 3000 at 5c 9000 at 5c Comstock 2000 at (c Cons Eureka 100 at 34c Croff 2000 at Dragon 400 at 60c Eas Standard 5000 at 9c East Utah 4500 at 26c 3000 at 26r Grand Deposit 200t at 4c 3000 at Intermountain Pet 1000 at 5 c 500 Mono Kearsarge 1000 at 2000 at 5c at New Park 200 at (1 9ft North Lily 100 at 90c North Standard 6000 at Park City Con 4000 at 1000 Park Konold 15000 at 3851-1- 774 6c --12 0 344 83! 2154 14 29 475 54 CHICAGO Mav 22 (UPI)— Live poultry— No tone 32000 lbs no USDA price quotations today Cheese— Single daisies and longhorns processed loaf 7 Swls grade A 45-4-7 grade B 3 grade C Butter — Steady: 962OO01bs (3 score 57 92 score 67 Y PO score 56 89 score 55 carlots 90 score 56 89 score 56 Eggs — Steady 27000 cases: white 24:21mediums cheeks and mixed large extras 19 standards 23 dirties 20 4c lc 4c5c 4c 144 46 54 36 8V Egg Market Produce Market Potatoes fold and new) — Total US shipments 541 (old) arrivals 29 track 90 (old) supplies light demand mod erate market steady Track sales (100 lbs US 1A unless otherwise stated): Idaho Russets 4 75- 4 80 bakers 5 40 Street sales’ Idaho Hussets 6 25- Minnesota-Nort- h 5 50 bakers 6 0 Dakota Red River Valiev Pon-tia340-- 3 50 Wisconsin Russet Burbanks 4 25 New potatoes’ Arrivals (0 track 2000 at 14 c 500 Royston Coal 144: supplies light demand good at 14c 1000 at 14c 4000 at 14 Silvei Standard 1000 at 3c 1000 market stronger Track sales: Alabama Toxind reds t 3c 4 50 Arizona 5 00 California long United Park 3000 at (I 65 Western Alloys 23000 at 7c 11- - whites 4 654 75 bakers 4 50 round 5 00 reds Street sales: California long whiles 4 75-- 00 bakers 500-- 5 25: round rrd 4 75 5 25: Arizona round reds 4 75 500 Alabama 4 50-- 5 OO Onions— moderate demand or quarter moderate: Supplies market steady Brnl'f Airway ln nded March 3’: Track sales- California yellow grano 1948 1949 20O 9 428196 Net Income $ 1067648 Street sales Texas yellow grsnex 14 cent! medium 1 75 2 25? Texas yellow grano 36 cents share 2 00-- 25 1 85-- 2 00 medium Ca large Kern County Lani 150-- 2 00 large 2 774000 Texaa white granex 3 857000 Net income 300 25 large 3 white medium grano cents 70 centa 73 A share 3 25 California white granex medium MrKesaaa A RnMdni Inr 250 2351224 3241950 Net incoma 125 170 A share White Kails Oil Ca 89000 320000 Net Income cents 17 cents A share Eggs by loose dozen) — Intez Oil Ce (or six months ended Grade AA(prices 32 A large 29 medium 27 31 B 34 March large 515511 239 639 Net income Cheese — Mild loaf 41 mild tong 65 centa bom 41 33 centa mild triplets 40 A share Butter— 93 score 69 92 score 67 90 score 65 4c 4c 14 52 117 i Is 5 14 46 2341 421 595- - 24 V 181 66541 5 18 26 54 2! 65s 10 2751- - v 81 22 V 8 30) 4041 81 24 1 4 14 36s- - UOilCal 36 UnPacif 1011 26 dopf UnTank Ill 345-3- 8 UnitAirc 61 s 21 57 14 39 UnAirLi 56) 56l MartmC 24UnitBis 94 N UnitCp MclntP 2 McKAR 14 UElCoaC 18 - V UniFruit MerC&S IV UnGasC MiamiC 45! V - IVfr 127 UnPkC MinHny MinM&M J4I143MP US&FSg 4 36 y USGyps 44 US Indus 50i USPlyw 74s USRubb 47 V USSmel 4i 24 USSteel 3 32 dopf 141 51V USTob 241 68VI-1- 31 UpJohnC 28 UtaP&L 141 52 1 Vanadm 34 30’ Waigrn 1 41 68 WaiwrUTtlftl 13 122 1 WmrBr llll 87 West Air 1 15! 87s West Pa 1! 28 WestUn ' 3501 29 V WAirBr NYCASL 135‘ 36' — WestgEI 111 3BV V hirlpIC - m Woolwth 25 92641 48 Wrthnct 941 541- - 14 Wyandot ID 40VI YngstST 14l 38 H Zenith I 6341 1959 to data 83460 0U Mock Mlc rrtriwr 1030000) 86’ 44 404 8' 62 121 121 31 Total NY AND WITHIN 10 years Odium predicted the United States will have power generating capacity of 300 million kilowatts a large portion of whidh he said will be fueled with uranium Quotation 71! Thlkol Utah Power & Light Co Friday reported net income of $3068686 for the four months ended April 30 1959 equal to 63 cents a share T C Woodside vice president and treasurer said this compares with net of $2720141 or 56 cents a share for the like period of 1958 be cut to the point where it can compete with steam and water power He said uranium plants now being designed will produce power at 6 to 8 mills a kilowatt hour The following bid and asked quotations are obtained from the National Securities Dealers Assn quotations committee They do not represent actual transactions and are intended as a guide in the range within which these securities could have been sold (as indicated in the “bid" column) or bought (as Indicated in the “asked" column ) Sheep 300 high choice thorn No pelt slaughter lambs about steady at 23 00 Hogs 2000 market generally steady 0 early sales16 US 003 and 2 3 lb hogs 50 Kennctt UP&L Reports Gain in Net Income form of preferred stock in the merged company Atlas originally had offered 95 cents a share The hearing in progiess intermittently since November was recessed to give lawyers a chance to get in touch with others who have expressed opposition to the merger The only remaining opponents represented at the hearing are two individual holders of Lisbon stock 1 53 6941-1- 5 ' 55’- 2754 -68 5554 Kais Al Kn C So KelseyH 2 What the peacetime defor their shares will be 'is not yet mands HE SAID Atlas has promknown he said ised to give the Rio holders In a few years he predicted credit of $110 a share in the the cost of uranium power will creased credit (ales Jones&L THE FIRM WHICH HOLDS a half interest in 3000 acres farmed out from Carter Oil Co (Standard Oil Company of New Jersey) and Three States Natural Gas Co is completing Its Bluff Bench Unit No 1 in Section 15 Township 39 South gravity oil and Range 22 East at 91 barrels daily of in Ismay sector of and 5699-1from perforations 5677-8Paradox formation ' bombs Mutual Funds Int BM Int Hrv Int Nick Int Pap Int Shoe Int TAT Johns M Sun-Oura- y withdrew their op-- I the hearing could week If they position end next Friday’s Quotations K Friday' III Cent Ind Ray Inld Stl Intlk Ir Joy 50 Merge awn its opposition to the proposal after being promised in- about steadv to 18 equipments did cross-examine- 18 00 May 22 (UPI LOS ANGELES FSMNS)— Cattle 200 no iteers soldat cows steady dairybred utility 8 18 50 20 50 canners and cutters 16 50 others lacking 375-lCalves 75 good and choice slaughter calves steady at 32 00 little done on otherwise barrows and Hogs 100 locally-fe- d gilts 16 75 bought to arrive basis little done otherwise Sheep salable none nominal steers market steers about business well ms — NEW YORK May 22 (AP)— Stocks — Higher changes narrow im Bonds— Mixed governments prove Cotton— Irregular trade buying Chicago Wheat —Lower broad selling Corn— Narrowly mixed: late rally Oats— Lower liquidation Soybeans — Mixed light trade17 50 Hogs — 25 to 50 lower top Cattle — Slaughter steer supply too meager for market test GnAccpt GenBk GnDynm GenEl GnFoods GenMtrs GnRfcrt GenT&R GaPac Gillette GlrigMB Glidden Goodrch Goodyr GrceWR GrysnRb GtNIrO Gt NrRy GtWSug Gryhnd GrmAirc GulfOil HercPdr HltnHtl Hoff Elec Holl Fu Hmstk Honol O Hshd F HoweSd Ida Pw Ideal — Cattle Markets in Brief 64f THIS IS IN LINE with an announced five-weprogram big spread in Uintah County where gas has been developed in both the Wasatch and Mesaverde formations and oil in the Greenriver formation De Kalb is now completing its first venture in the unit pince purchase of the interests of Havenstrjte Oil Corp Los Angeles independent Location of the No 2 Ute Trail in the Bitter Creek producing segment of the unit is at northeast quarter of northeast quarteiv Section 17 Township 10 South and Range 22 East This is one mile south of the No 1 Ute Trail which made the original find of natural gas in Mesaverde at Ute Trail DE KALB’S NO 4 UTE TRAIL is located in the northeast quarter of the northeast quarter of Section 27 Township producing 9 South and Range 20 East in the old area on the wes side of the Ute Trail Unit I one Steels industrial chemicals aluminums oils and pefore the hearing recessed Floyd B Odium president of Atlas forecast a steady expansion of peacetime use of uranium King and Mountain Mesa minOdium made his statement x ing companies while being on Friday's development was testimony he gave early in the an 'announcement by F A' hearing mostly on ore reserve Fuller of Shreveport “La estimates chairman of a group of 825 He voiced belief there will holders of Rio de Oro stork he a military demand He said the groupj has with-d- i always for uranium used In atomic Friday’s Quotations (AP USD A New York Stock Exchange Friday No single major group made a united advance but drugs provided the nearest approximation of THE HEARING imolving companies in the Rocky Mountain Area is on a proposal by Atlas Corp New Yoik to merge Hidden Splendor Mining Co which owns with the Rio de Oro Lisbon Radium Markets OGDEN OM AH U-Fir- American Stock Exchange none Calves — None Hogs — Salable 10 few 200 Jb butchers Sheep — None New York Times Service NEW YORK May 22 — Volume fell but prices rose in An uneven session of the WITH AN EYE to the future he said the Marquardt Corp has launched a major expansion and diversification program within the last year Livestock 190 240 lbs 16 Cattle 500 calves Friday’s Quotations at the f Tells Plans steady Benguet Sperry Rand Industrials Rails Utilities Stocks Assn Inc has made at least two wells on its Ute Trail Unit It was ’ ramjet-powere- Dow Jones Averages on Ute Trail Gross revenues for the 1959 period were $16372867 The net as was the gross increased 13 per cent for the 1959 four months oyer a year ago levels ' For the 12 months ended April 30 UP&L reported gross revenues of $47042715 up 8 per cent for the preceding 12 months The net income of $8914333 was equal to $182 a chare as against a net of $8673809 or $L79 a' share for the preceding 12 months A prediction that ramjet gines soon may be wedded to nuclear energy and exotic fuels to produce power plants of fantastic performance and range was voiced Friday by Roy E Marquardt president of the Marquardt Corp SPEAKING TO the Great Salt Lake Section Institute of HE WAS optimistic of the Aeronautical Sciences at Hill future for ramjet engines Air Force Base Mr Marquardt While the power plant is usesaid if the feasibility studies less while standing still once being conducted by his firm under Air Force contract show possibilities the result will be a supersonic airbreathing missile of unlimited range By Associated Press THE EXECUTIVE also WASHINGTON May 22 — cited predictions by engineers trans- A Securities and Exchange that ports capable of Mach 7 speeds Commission hearing on a pro(flying seven times the speed of sound) will be flying by posed merger of five uranium 1970 mining companies neared an Probably the most impor- end Friday when major oppotant single element in this sition to the plan was withrapid technological advance is drawn the engineering team he said "In the past 30 years we have made more progress by and through engineering than GM mankind previously made in the history of this planet “AS A RESULT of this enBy Associated Press gineering effort man today DEL WILMINGTON is out in space with his first we have May 22— General Motors ancrude vehicles reached a point in time where nounced Friday it will build we must put to the test the a new lighter Chevrolet this fact that science knows no ra- fall thus joining its two tional boundaries” chief competitors — Ford and Mr Marquardt cited the imChrysler — for the small car pact of technological advances market on the Intermountain Area PLANS FOR the compact with the establishment of new electronics firms advanced auto to be called the Cor-ai- r were disclosed at the propulsion system producers and allied industries needed to 51st annual stockholders' support these operations meeting by Frederic G Dooner hoard chairman of “THE COMPLEX that is repthe world's biggest private resented by the installations manufacturing firm A simihere at Hill Air Force Base is lar car will be made by GM’s in itself indicative of the mag- Canadian affiliate nitude of the contribution of York Stock Market Furnished by J A Hngle de Co Members ot the New York Stock Exchange Volume Indus Fill 720000 633 32 17012 Number securities traded 1225 1300000 633 44 170 25 Ad ances 578 1770000 634 44 170 39 Declines 434 2 120000 634 20 170 21 213 Unchanged p 2520000 New highs 49 Total 3030000 634 74 169 67 New lows 38 Volume Hirh Low Close Ind 199200 637 37 630 38 634 74 3 09 40 Bonds 83 89 - 05 Rails 1910001 171 35 168 54 169 67 33 10 High grade rails 82 33-Utils 48100 91 B 90 84 91 26 13 10 2nd grade rails 82 42 05 Comp 438300 217 68 215 04 216 43 67 10 Public utils 82 37-Commodity futures index 151 71 63 10 Industrials 88 45-- 09 THIS COMPANY’S SALES of uranium oxide which have accounted for the major share of the profits from Virginia are made to the South Africa Atomic Energy Commission (which in turn makes sales to the Combined Development Agency purchasing group for the US Atomic Energy Commission and the British AEC) Mr Hann disclosed that Virginia’s uranium oxide con tracts run to June 30 1966 De Kalb to Drill the engineering profession in national defense” he said Outlining the basic operation principals of the ramjet engines produced by his firm’s Ogden facility Mr Marquardt said the firm will have acceptance testing operations under way later this year at Little Mountain Opposition Fades on 1 MR HANN SAID HE COULD NOT Th Tribune full-scal- e three-fourth- THE EXECUTIVE WAS IN SALT LAKE CITY visiting with KCC officials including C D Michaelson general manager of western mining operations Mr Hann said that whether the McGill Nev smelter output could be treated at Garfield electrolytic refinery was a question which involves rates on railroads in shipment of blister copper to the East as well as market demand for wire bars ingots etc in the West KCC has no Immediate plans to establish new fabrication plants in the western United States he said although he acknowledged that the geographic center of copper use by American industry was moving steadily westward MB HANN SAID THAT COPPER produced by KCC mines and plants in Utah Arizona New Mexico and Nevada accounted for about of the total output of primary copper in United States The Bingham mine in Salt Lake County produces 60 per cent of Kennecott’s domestic output and also contributes the greatest amount of gold silver and molybdenite to the Kenneeott production record Mr Hann said that Kenneeott is now the second largpst producer of gold and molybdenite in the United States and ranks third among mining firms in production of silver 27 Hill air force base— en- I By Robert W Bernlck Tribune Business Editor Kenneeott Copper Corp has underf consideration an increase of between 7000 and 8000 tons monthly of new capacity at its Garfield electrolytic refinery according to E S Hann ?New York NY treasurer of the corporation s The refinery now treats between s and of the total' copper produced at the Garfield Smelter acquired earlier this year from American Smelting & Refining Co I in an integration and expansion drive by Kenne-cott Mr flann said that by 1965 when existing contracts with Asarco will end Kenneeott will - have refinery capacity capable of treating all but about 7000 to 8000 tons monthly of its out-pu- t of smelter popper v Mr Bernlck “it may be that the amount of new refinpry capacity could be split between Garfield and Baltimore” he told The Tribune 1959 Marquardt'Hails Ramjet Role i X 'rrT LOS ANGELES Mav !2 (UPI- - I FSMNS'— Eggs — Prlceg candled to r- tallers or distributor plants (deliv- ered 14 centa higher) AA tetra large 374-39A extrg Uige 354-3- 7 A A large 314-34AA tneddium 244-2A medium 224-24- 4 AA mall 184-21- ! A gmall 154-17- 4 consumer AA targe 35-4- 9 A large 31-4- 5 AA medium 29-4- 1 A medium 29 35 AA gmall 21-3- 7 5 A amall 9 Poultry — Fryer at ranch) caponettea fryers (at ranch) light type—hens 9 hens cross Butter Prices to retailers grad AA 874-7A 674-712100 poultry 355 Receipts— 000 butter Ega 411000 i Wool Market NEW YORK May 22 (AP)-W- ool tops futures ware lower Friday on commission house selling and hedg- ing Wool futures were mixed Wool futures closed 5 of a cent lower to 3 of a cent Higher July 124 3 Oct 127 8 Dec 128 0B March 128 OR May 127 3B July 1270B Oct 126 5B Certificated wool spot 120 2N Wool tops futures closed unchanged to 6 of a cent lower July 1580 Oct 60 0B Dec 160 0B March 159 8B May 159 3B July 159 2B Certificated spot wool tops 155 ON 1 B Bid Earnings SL Bank Clearings Friday’s Quotation Thursday's bank debits (22(83998 00 Same day last year (2213173200 Week's bank debits (138302 (01 00 Same week last year $10917391900 Friday's clearings (20 (61 (82 (4 Same day last year (1682851303 Week’s clearings (llllftft431 69 Same week last year $106428788 24 NEW CORPORATIONS SL Produce Cash Grain May 22 CHICAGO 3 yellow (APW hard garliry Wheat-- No 1 79 No 4 Com No 3 yellow CCC t 30 - IsniMiU MaUr-V- e TheatK In No 1 yellow CCC 128-2- 9 25th East and 33rd South owning and yellow 1 31 No 2 yellow 1 31 No 4 yellow operating theaters and concessions for 129 sample grade yellow entertainment Erick C Peterson Sample (rade heavy white (7 Thelma B Peterson vies president thigh Soybeans — No ' 1 yellow president Carl E Peterson secretary rate! 2 344 all Salt Lake City Capital stock A Soybean oil — authorized $250000 subscribed (250 Barley — Malting choice Ml 3 10$ nom- Bomi feed "Y f HA ‘ Specialties Garage 124 S071H EAST 'Goreqee e Specialty Hovc Rents JACK HAMMERS tall lak 2371 HU lountiful S 5h W Oadan 40 1427 Oga Sunday Wadi (X AX Vol lietmger toy fawee BOUNTIFUL Not AX a Sideline" HU — FREE PAINT — with saeh garaga purthoeed art greed te heve at aw suppliers We ECONOMY BUILDERS SUPPLY $69 loet 33rd South Salt Lake Citf Everythin! la Tarmt ts Build Anything '1 I 4L W L A AA AJ J AAA t AAA M A AAAA A AAA AA AAi A i AA A A- - A A J A- - Jfc A ' |
