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Show ULT UU TALLI1 SMELTEB rJUCEl SILVER (tar m. tj m bM) tw IN. corrEB LEAD, OOlaD (pw m) NHi 1S.M ee.Ma Mill UNO (Mr 1M Features Mining, Oil, Financial I SEC Trims Regulations To Aid Mine Financing Consolidation To Operate Utah Mines Consolidation of two Utah mining properties, the Mono and Kearsage, Inc. has been recently effected and a development program outlined for future operations at properties located in - the Ophir Mining District, according to information filed with the Utah, Securities Commission. Kearsage, Inc, was organized in 1941 and since that time has operated under a lease, the Kear- sage mine and part of the Mono. ' properties. During the first part of this year an option agreement was obtained from H. G. Wright of Salt Lake for purchase of the Mono Mine. The Kearsage group with ownership in the Ophir Treasures Mining Company, are extending a lease to the new firm for 25 years. . Plan Deeper Work Operators of the new firm point out that formations in the properties have a history pf considerable production in upper areas and that deeper development is therefore justified. Diamond drilling by Kearsage, Inc. during the latter part of 1345, directly under the famous " Callahan Stope, is said to have shown continuation of the fissure system with strong mineralization, and in two areas, commercial ore which can be immediately developed. The U. S. Bureau of Mines conducted considerable geological work and diamond drilling during 1946 in both the Mono and Kearsage properties. This ..... work developed valuable geolog-- -ical information and is also said to have disclosed 5 feet of commercial ore 296 feet below the tunnel leveL May Seek Madison The management has expressed the desire of drilling .to the underlying Madison limestone that has been the source of sub- -stantial production in the area. Properties of the new firm are adjacent to the famous Hidden Treasure mine operated by U. S. Smelting Company and one of Utahs major producers. The new company, known as A substantial impetus was given the financing of primary mining development this week with announcement by the Securities and Exchange Commission that an amendment had been passed withdrawing power of state commissioners to stop sales, by mail, of offerings in different states. Strict supervision over companies undertaking financing opI erations is still retained by the SEC but deletion of the desig- . ; nated paragraph (h) removes considerable support of blue sky action. The statement of the SEC released from Philadelphia ? , . the Consolidated Mining Company, is a Utah corporation and has the following Mono-Kearsa- ge officers: Alonzo Mackay, pres., Edgar G. Gibson, who together with the following, comprise the board of directors: E. L. Skidmore, Robert T. Banks, all of Salt Lake and Chas. F. Baker of Los Angeles. Office of the company .is in the Atlas Building, Salt Lake City. MYou look all in today, Jim; whats the trouble? Well, I dint get home until as I was unmorning and-jusdressing my wife woke up and said, Arent you getting up pretty early, Jim? So to avoid an argument ! put on my clothes sec.-treasu- . One Year $2.50 Salt Lake City, Utah, June 27, 1947 NO. 23. VOL 18. rer, t and came to work. follows: Now Effective The Securities and Exchange Following the development of minerals In Utah, huge reduction works such as those shown in the above photo were developed and Commission today announced the in subsequent years represented one of the states greatest in- adoption of an amendment to dustries. Regulation A deleting the restriction imposed by (h) of Rule 211. This action was taken by the commission after general circulation of the proposal and the receipt of comment from interested parties The removal of the restriction (EDITOR'S NOTE: Thl li the fourth of a serlec of elsht article on the history does not affect the authority of of the metal mining Industry In Utah.) various - state regulatory News of the discovery of gold in California in 1847 spread the bodies over securities transaclike wildfire and a world-wid- e gold rush was soon on. From tions within the states, nor the across the plains,- across the swamps. and around Cape Horn annlication of the anti-fraprocame men seeking gold. It became one of the great gold rushes visions of the Securities Act of of all history. Some stayed in California to search for the yellow 1933 and the Securities Exchange to other parts of western United Act of 1934. . metal while others fanned-ou- t The test of the commission's States, to blaze the' trail to new discoveries and new empires. action follows: Just as man emerged from the Acting pursuant to the Sestone age with the discovery Act of 1933, particularly curities and development of m e t a 1 s, Ickes 3 (b) and 19(a) thereSections Utah emerged from the realm of consideration of all and after of, a limited agricultural area with relevant matters presented, the the discovery and development Securities and Exchange Comof its minerals. This was the Oil mission hereby amends Regulabeginning of industrial progress to delete therefrom subHarold L. Ickes, former secre- tion A in Utah. (h) of Rule 221 which paragraph tary of the Interior, demands excludes from the exemption First Discovery that the U. S get busy on an provided by Regulation A seAn old iron bell which now old policy to meet the needs of curities sold or delivered after rests in the museum at Cedar possible war.. ale in, or orders for which are He wrote members of ConCity is mute testimony of the accepted from, a state while the to offer or sell such sefirst discovery of metals in Utah.' gress: We should be losing no time right curities in that state is proIron was discovered by a complants and install- hibited, denied or suspended by pany of brethem headed by in building the machinery that would any regulatory body of the state Parley P. Pratt, exploring the ing so that on short for any reason other than the be necessary, area surrounding Cedar City in we could notice, supply ourselves misconduct of a dealer in the 1849-5- 0 of at the request Brigcoal and shale) with the securities (from ham Young. When President excess of over the natgasoline The commission finds that disYoung received news of the we would need continuation of the above reural that supply Mr. Pratt covery, he encouraged to defend ourselves. striction is no longer necessary in a letter to do all he could to in order war there last the During interest, for the develop the claims for the wel- were produced from our boasted in the public investors or to of protection of fare the people. barrels naval 77.2Q0 oil reserves, out the of the carry provisions One of the first recovery fur- a as compared with the total Securities Act of 1933. It furday naces built was that of Isaac daily production in the United ther finds that this amendment Grundy, who in cooperation States of something less than remotes restrictions and may be with others, built a crude plant 5,000,000. declared effective immediately at Minersville in 1859. This was to Section 4(c) of the pursuant near the old Lincoln mine which Administrative Procedure Act was discovered in 1852. Like all Oil Workers The basis and purpose of this frontiers some trouble was examendment are to remove a reperienced with the Indians and Return to Jobs striction no longer necessary in metals were needed for the prothe public interest or for the Petroat Workers the Phillips duction of bullets. According to leum Company plants and fields protection of investors. one writer recorded, in the tri-ci- ty accounts, area of Borger, something in the lead made it Buenavista and Phillips, Texas, too hard for that purpose, and returned to work the past week, The Tristate that something was later found ending a strike. JOPLIN, Mo. to be silver. district mines last week made discovery was 'near Coalville, the following output: Encounter Coal Utah, in 1859. In 1869 CoalZinc, 5756 tons, valued at In 1854, the territorial legisla- ville became a thriving coal pro- $368,384; lead, 875 tons, values ture offered a reward of $1,000 ducing area and since 1885 Car- at $171,500; total value for the for the first discovery of coal bon County has been the chief week, $539,884. Year to date, 23 near Salt. Lake City. The first c e n t e r for the production of weeks: Zinc, 121,577 tons, valvein of coal was discoverd near coal. (The fifth article in this ued at $7,780,848; lead, 15,269 the little town of Wales in San- series will appear soon in these tons, valued at $2,852,344; total value for the year, $10,633,192. pete County in 1854. The next columns.) . sub-paragra- ph Metal Discovery Start of Utah Industrial Progress - - ud . Urges Preparation for Production Senator Flays Assumption of Power by SEC of laws Interpretation govern- ing operation of the Securities and Exchan e commission will, if continued, strangle the mining industry, and seriously retard progress in all new business development, Senator George W. Malone (R), Nevada charged recently. Malone is chairman of the national resources economic subcommittee. Under the law, the SEC Is empowered to protect investors by requiring new firms offering securities to furnish the investigating public with full and accurate information, Malone said. Exceeds Function When it exceeds this function, the SEC is assuming jurisdictional powers never intended it should exercise under the securities act of 1933. When an investor has full information, he should be his own judge of the risk involved." Production of strategic metals including copper, lead, zinc, tungsten and maganese has dropped critically below pre-w- ar levels according to the Bureau of Mines, Malone said, with lead leading the list of scarce basic raw materials fallen to less than one-ha- the lf pre-w- ar aver- age of 660,000 tons. Copper, second on the critical list, is down almost 40 per cent, retarding the electrical industry and public utilities, and slowing production to thousands of items needed to maintain the American standard of living. Curbs Work Failure to develop new sources of vitally-needmetals is due almost entirely to restrictions tha. over- a period of years have been set up by the Securities Exchange Commission actmentor ing as a of the American publics intelligence and judgment, Malone said. Development of new mining enterprises demands investigation of ride, or venture capital the kind of money that produced railroads and skyscrapers and automobiles, and pushed lagging development in aviation up to the last war. All ne business is essentialperly speculative, with miningenterhaps the most speculative prise of alL Few prospectors have capital- to exploit their strikes, and when venture capital is dammed by excessive governmental regulation, the traditional American incentive to open new fields is gone. Need Discovery National security, Malone declared, demands discovery and development of new sources of basic raw materials, many now obtainable only from foreign sources. An example is mangawe let it go by default so that nese, by new electrolytic procthe government has to take over esses a substitute for nickel, of and run our lives for us, then which up to 98 per cent is now the lights of freedom everywhere will' be extinguished for imported. When governmental In a a long time to come can prevent people who agency world rigged for peace, private can afford it from staking their enterprise, not government, must own money on speculative deals, carry the ball in financing, in it will mean the end of the progindustry, and in trade alike. The ress that has made America the governments role is that of um- greatest industrial nation in the pire; it carries a whistle, but it world, Malone said. may not carry the ball and it The Nevada senator said the may not tackle the players or hearings will be public, and that it may not tackle them, at least, the persons with pertinent inas long as they follow the rules are invited to file formation and do not rough the referee or to appear person-statements or the public. In other words subcommittee in government regulation, but pri Ially before the Senate office building. vate enterprise. ed - self-appoin- ted T ristate Output 20-d- ay - Commencement Speaker Emphasizes Nation's Right to Free Enterprise i t The 1947 Commencement at Montana School of Mines was featured by the presence of one of Montanas most distinguished native sons, the Hon. Spruille Braden, Assistant Secretary of State in charge of Latin Affairs. Mr. Bradens address at Commencement was outstanding and contained the following brief excerpts: Let me emphasize that there is nothing wrong with our country which honesty, intelligence and hard work wont speedily cure . . . Our national attitude today, as always in the past, demands free choice and individual opportunity and admires the adventurous spirit , I METAL MINING INDUSTRY OF UTAH " self-discipli- ne, that they serve. We believe in equal opportunity for . all; we have realized such opportunity far more than any nation in history; and that is the meaning of the freedom we cherish. Our national ideal, innately as strong today as ever, is not the equality of prisoners under the regimentation of the almighty State, but the equality of opportunity that goes with freedom and requires the State to serve no greater purpose than to protect that freedom . . . The survival of freedom in the world today depends on what we do ourselves, every one of us, not Qn what some other nation does. If we cannot make free enterprise flourish here, if ... any J |