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Show 2 November 21, 1947 The Western Mineral Survey, Salt Lake City, Utah Free Enterprise Held Need of Mine Industry (Continued From Page 1) and providing them with an assured market for all they can produce something which, he said, is impossible at the present time, due to the inability of many smelters to accept all custom ores offered. In regard to the financing of mining ventures, Willis charged that the graduated scale of taxation on incomes in the United States, with its present virtual confiscation of large incomes, has definitely limited funds for participation of the public in new enterprises, as well as in scientific development and research. Without venture money," Willis continued, there can be but little progress made by any nation except it be done by direct government expense, and in a country of free enterprise, this is not an appropriate procedure. Reduction of taxation on incomes is essential, . . . The reduction of the tax rate in the higher incomes bracket will mean much to the opening of new mines as it will release money normally available to create them. Just as long as the government takes up 94 per cent of profits, or anything near that amount, it will be difficult to locate venture money. Tax Take Willis termed the effect of the present tax structure, with its virtual elimination of more than ordinary profits, as alarming to all industry but especially so to those' engaged in mining. He also criticized severely toe restrictions imposed on primary mine financing by toe Securities and Exchange Commission and asked for a reorganization of toe mining division of SEC so that its actvities may be guided by persons cognizant of toe ' problems of mine financing. Another factor which is of real concern to toe small mines, Willis said, is toe continued applications to toe Interstate Commerce Commission by toe railroad for increases in freight rates. Freight rates on ores and concetrates, he explained, have never been based upon the cost of performing toe service, but on all toe traffic will bear,' and there is no excuse for. varying rates based upon toe value, of product. Mining is the only industry having variable rates based upon value. Increased freight rates can do much toward decreasing ore reserves and putting mining units out of business. Therefore, until railroads can show that they will suffer a loss in performing the partic ular consideration service, should not be given them by any government department controlling railroad rates." In conclusion Willis stressed toe need for continuity of a program and a policy for a long enough period of time that mine operators can plan their work with the assurance that conditions will not be changed materially while that work is in pro, (Continued From Page 1) miles south of Highway 40 north to the Lapoint area. Federal Leases Federal regulations The real soluton to any problem, he said, is not relief from its results, but a corHes been making rection of the conditions which constantly ever since he speeches ate that brought about toe situation Union Organizer. that relief. Therefore there is toe need to return as quickly as possible to the free competitive enterprise system." re-qur- ing Bunker Hill Stockholder Benefits Gain WALLACE, Ida. ELY, Nev. Operating its copper properties at Ruth at approximate capacity, Kennecott Copper Co. is shipping 10,000 to 11,000 tons of ore daily from the open pit at Copper Flat and 1000 tons from underground workings. Ore reserves in toe open pit have materially increased by the reand minmoval of over-burding is conducted to a depth exceeding 600 feet with power shovels. The shovels operate on a series of benches, standard gauge, railroad cars haul ore to the nearby McGill Smelter, and more than 1000 men are reported employed in the mines and plants of toe company. Kennecott Copper operates toe Nevada Cons, group of properties, Nevadas leading producers of copper, gold and silver. Heavy ore production continues from toe Morris Brooks mine and other properties operated at Kimberly by toe Cons. Copper-min- es en Corp. Plans Third For Further Information Con suit the Clerk of toe District Court or Respective Signers. UintahTest gress. Nevada Copper Mines Operating Near Capacity Carter Oil Probate & Guardianship Notices govern- ing oil exploration on government owned lands under lease, make it mandatory that toe lease holders drill one, two or three wildcat test wells in order to retain their rights to a block. In the case of Carter Oil, toe Davis Number 1 was the first endeavor to meet federal requirements. The Davis produced a showing of gas which tested 100,000 cubic feet, but was declared a dry hole near the 8000 level. foot ' The Knudsen well over in The Twists, is toe second attempt. With two good oil showings to its credit, toe Knudsen is being explored with lome thoroughness. To date it has neither been declared a producer nor a dry hole. Carters number three test is coming up. A Carter Oil Company official, commenting on wildcat test wells, set an approximate cost of $80,000 per well as Carters Uintah Basin bid to date for commercial oil. He disclosed that no commercial yet been discovered in toe basin. Await Results Wildcat test wells, according to this reliable source, are drilled in promising areas under conditions which neither express doubt nor expectation that an oil reservoir might be hit. Despite the fact that they serve as test tube to determine what lies beneath the ground, their primary objective is to strike commercial oil. Following toe compilation , of data obtained from surface exploration, a likely site for drilling is selected. Some guess work as to how deep a possible reservoir might lie forms toe basis of subsequent operations with the chances of hitting toe jack pot 8 to 1 against toe drillers. These are conditions facing Carter as it completes plans for drilling its number three wildcat test well these and toe fiNo. nal results at toe Knudsen Id Roosevelt Standard. ' Directors of Humble Oil & Refining Cqmpany has voted a dividend of $1 a share, payable Dec. 10 to stockholders of record at 3 p.m. November 10. . . . Bunker Hill & Sullivan Mining Co. has declared a diviidend of 50c a share amounitng to $654,000, payable Dec. 1 to stock of record Nov. 5. This brings the companys dividend disbursements for toe current year to $1,635,000 and toe grand total to $62,888,527, says The Miner. This is toe first time toe company has paid a dividend of over 25c a share since 1937 and is due to increased earnings because of toe employment of more men, according to J. B. Haffner, general manager. Production The mine is now producing about 1000 tons of ore a day and toe milling plant is treating about 800 tons of tailings, bringing it up to its rated capacity of 1800 tons. This is the first indication that the Coeur dAlene districts critical manpower shortage is on toe mend. Bunker Hill, in addition to sinking to deeper levels, has engineers working out a program to mine huge blocks of low grade ore left in toe old mine workings which it is estimated will increase toe present milling capacity to around 5000 tons a day. This new mining venture will be largely a mechanical operation requiring a minimum of manpower. The cost of preparing for this job is estimated at around $136,000 and will very likely be more. Large Ore Source Undoubtedly the Bunker Hill WESTERII MINERAL has the largest known deposits of lead, silver and zinc ore in SURVEY tne West, but only "recently it announced the discovery of a EAST. 1ST SOUTH TEL 34065 new body of lead Entered ae Moond elan mat tax at ore of major Lake City, Utah and ax Act el proportions in what it calls toe Salt Truman vein. This vein was first March 3, 1879. Rat at 3.50 par yean discovered in 1942 on the 2200 11.Subscription SO tor .elx months. mine level. It has since been Pleas Wsatern msntlon Mineral to advertisers Addeveloped up to the 1900 level Surrey when' writing and for a length of 600 feet. vertising raise an application. This ore body measures from L. M. HILL Business Manager 12 to 15 feet wide and average assays show a mineral content of All the news ot file development el H. per cent lead and five Intermountain Section, published by ounces the Mineral Survey. silver a ton. This' means an rhAll Western In the Western enormous tonnage of ore and Mineralnews appearing Is from obtained Survey easily places toe Truman vein sources believed to be reliable but no in toe major sized lead mine responsibility la assumed tor accuracy of statements. . oil-ha- s , The Great Lakes Carbon corporation of New York has applied for. lease of 2558 acres west of Moab, Utah in toe Seven Mile district. Dfficals plan to test drill for potash and magnesium. The Great Lakes some five years ago drilled a test well in lower Moab valley, and purchased toe 700-ac- re ranch on which toe well is located. About two years ago toe company also drilled a test well at Seven Mile. TO CKEDITOBS S. Maekay Bernals , - Deceased claims with Creditors will present vouchers to tbs undersigned at 920 Continental Bank Building, Balt Laka City, Utah, on or before the 6tb day of March, A.D. 1948. STEPHEN it. BENNION. Administrator of the Estate of Ellen B. Mackay Bennion, Deceased. Date of first publication, October 31, AJ). 1947. Peal B. Cannes, Attorney. NOTICE TO CEEDITOBS Estate of Israel ' P. Denson, Deceased. Creditors will present claims . with vouchers to tha undersigned at 511 McCity, Utah, on or Intyre Bldg., Salt Lake of before the J.0th day March, A. D. 1948. LOUIS C. Executor DUNCAN, the Estate of Israel P. Duncan, . . Great Lakes Carbon NOTICE state of Ellen Date of of Da-ceas-ed. first publication November 7, A. D. 1947. Jos. S. Nelson, Attorney. NOTICE TO CEEDITOBS state of Harry Jackson, Deceased. clslms with Creditors will present at 419 vouchers to the undersigned Judge Building, Salt Lake City, Utah, on or before tha 3rd day of January, . 1948. EARL R. MOSS, AJD. Administrator of the Estate of Harry Jackson, Deceased. Date of first publication, October 31, A.D. 1947. Vernon Snyder, Attorney for Adminis- trator. NOTICE TO CREDITORS Estate of W. 8. Roper, Deceased. claims with Creditors will present vouchers to the undersigned at 810 Pint National Bank Building, Salt Lake City, Utah, on or before the 17th day or January, AJ)., 1948. A. L. ROPER, administrator of the. Estate of W. 8. Roper, Deceased. Date of first publication November 14, AJ) 1947 Merle A Moyle, 810 Pint National Bank Bldg. Salt Lake City, Utah, j state TO CREDITORS of William B. White, Deceased. NOTICE Creditors will present clslms with vouchers to the undersigned at 516 Pelt Building, Balt Lake City, Utah, on or before the 20th day of March, A.D. 1948. CARRIE 8. WHITE. WILFORD S. WHITE, Executors of last Will of William B. White, Deceased. Date of first publication, November 14, A.D. 1947. H. A. Smith, attorney, for Executor a. NOTICE TO CREDITORS . Estate Of J. O. Wanner, Deceased. with claims Creditors will present vouchers to the undersigned at 2 East or Lako on City, Utah Broadway, Salt before the 17th day of January, AJ). 1948. UNION TRUST COMPANY, Admin- -, lstrator with the Will annexed at the Estate of J. O. Wanner, Deceased. Date of first publication November 14 . A.D 1947 Vernon Snyder, attorney for tha ministrator with the Will annexed. . Ad- NOTICE TO CREDITORS state of Fred O. Peters n. Deceased. Creditors will present claims with vouchers to the undersigned at its hanking house No. 3 South Main Street, Salt Lake City, Utah, on or before the 24th day .of January A.D., 1948. ZIONS SAVING BANK At TRUST of tha COMPANY, Administrator Estate of Fred G. Peterson, De-- ceased. Date of first publication November 21, 1947. AJ).; Themas, Jensen A Armstrong, attorneys for Administrator, 404 Templeton Building, Salt Lake City, Utah. 22-2- 4 THE TELEPHONE HOUR One of America1! outstanding radio attractions. EVERY MONDAY class. NOTICE TO CREDITORS Estate of George Knavish, Deceased. Creditors will present claims with vouchers to the undersigned at 516 Felt Building, Salt Lake City 1, Utah, on or before the 24th day of January, 1948. MANDA K080VICH POLUCK. Administratrix of the estate of Deceased. George Kosovlch, Dste of first publication November 21, H. A. Smith, 516 Felt Building, Salt .Lake City 1, Utah. Attorney for Admin- istratrix. NOTICE TO CREDITORS Estate of Anetin Wesley Lyons, also known as Aestia.W. .Lyons, Deceased. Creditors will present claims with vouchers to the undersigned st 622. Building. Belt Lake City, Utah, on or before the 31st dsy of January, New-hou- Oil Industry Profits Higher 7 P. M. NBC , tra. Youll enjoy the Telephone Hour, fir Telegraph Co. OIL STOCK OR ROYALTY BUYERS See me before buying oil stocks or royalties or drilling your own well, anywhere, con positively tell you ahead of drill if well will be producer or duster, make me prove it. No Charge. 3-7- or write WESTERN MINERAL SURVEY, BOX 7-t 1948 BEULAH E. LYONS, Administra- trix of the estate of Austin Wesley. Lyons, also- known as Austin w. - Oif industry A famous guest soloist appears each arctic with Donald Voorhees and the Bell Telephone Orches- - CALL A.D The Western Mineral Survey Lyons, Deceased. la qualified as a Newspaper to Dste of flret publication November 21, this year publish profits 1947. Legal Notices, Having A.D., will set new records. Earnings Senior A Senler, attorneys for said Been Approved in the Third Disof 16 representative companies 622 Newhouse Building, Administratrix, trict Court of Salt Lake County Salt Lake City, Utah. in all phases of toe business NETWORK The Mountain States Telephone Legal Notices se D for the nine months to Sept 30 were 83.3 above toe like 1946 period .and toe industry has now. entered its most profitable two months of toe year. Crude oil prices east of California were, increased by 20c a barrel Oct. 15. Refiners and marketers also are advancing quotations on gasoline, fuel oil and other products. Demand for all major products has attained new peacetime highs and despite record levels of refinery activity, supplies are tight. Compressor, P. B. C. F Powered by Mercury engine. Now in operation but is being replaced by , larger unit. , Gulf Oil Corp. Gulf Oil Corp. directors declared a dividend of 75 cents, payable Jan. 2, 1948, to stock of record Nov. 21. They also declared a special year-en- d dividend of $1.25, payable Dec. 22 to stock of record Nov. 21. The company has been paying 25 cents extra quarterly. This makes total declarations of $3.50 for the year against $2.50 in 1946. 4-2-25 Chicago-Pneumat- ic . a Address inquiries to Box 4-- E Care of Western Mineral Surrey I |