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Show December 8, 1950 The Western Mineral Survey, Soli Luke City, UtoH Indians Get Fancy Price For New Mexico Oil Lands Jlcarilla Indians of northern New Mexico auctioned off oil and gas leases on 69,750 acres of tribal lands for a whopping $344,292.40 at Dulce, N. M., according to the Oil News of Albuquerque, N. M. It was the JicariUas third lease sale this year and it brought tribal revenues from this source to $1,116,675.43 in per acre bonuses alone. In addition the tribe has collected $1.25 per acre in annual rentals at each of the sales to hike the total by $157,500. Leases are for. ten years, assuring the t Report Lauds Record of Federal Banks - HRAlYtK $157,500 during that period. The Jicarillas had offered 42 tracts embracing 108,160 acres in Rio Arriba and Sandoval Counties at the November auction. Of these, 27 were sold, chiefly to major oil companies. Per acre bonuses totaled and with the rentals in advance, the November sale brought a total of $344,-292.4- 0, $1.25-per-ac- re $431,492.40. It was the' second largest sale in the tribes history, and was DRKTBB JANUARY topped only by the August, 1950, sale which, produced bonuses and rentals of $552,- -. 668.71 for nine tracts covering 21,781 acres. Highest bid was that of Continental Oil Company, which paid $54,016 for Tract 81 embracing 2560 acres in Twp. 24N-5in Rio Arriba County. That figured but at more than $20 per acre. Conoco also purchased Tract 86, also containing 2560 acres in Twp.. 25N-4Rio Arriba, for $32,256,. making that companys total outlay at the sale a cool $864272. Skelly Oil Company, of Tulsa, Okla., however, was the sales biggest buyer. That' firm purchased five tracts for a total of $91,366.80. 15-- - experienced a remarkable period of stability. During this period, the Federal Deposit Insurance Corporation has assisted 412 banks. A total of $316 million has been disbursed by the Corporation in the protection of the nearly . 1,350,000 depositors in these banks. The Corporation, extended financial aid to protect the depositors of only one insured bank during the first six months of 1950. AH of the accounts in this bank whose deposits aggregated more than $1 million were transferred to another insured, bank. The Federal Deposit Insurance Corporation is now in its seventh year without a loss to any depositor or. the receiver of qt bank. This record in cuTuiututes air an-uthe nations history from the standpoint of bank solvency and stability, likewise depositor safety. The deposits of 13,641 banks and 4815 branches with total assets of $170 billion were in sured by the Federal Deposit Insurance Corporation on June 30, 1950. During the first half of 1950 there was a net increase bf 13 insured banks and 144 branches. Income of the Federal Deposit Insurance Corporation for the first half of 1950 totaled $76 million, derived from assessments of $61 million and other income consisting mainly of interest on securities of $15 million. Expenses and losses for the period were under $4 million, leaving a net income of almost $73 million. This raised the total surplus of the Corporation to $1,277 million at midme , . W, . . Plans For New Deep Shaft at Bunker Hill Told ' -- As part of its efforts to In- crease the nation's recoverable reserves' of petroleum, the Bureau of Mines is conducting physical. and engineering research was revealed by General Manager J. B. Haffner this week. In confirming unofficial reports of the project, he stated that It had been the intention of company officials to withhold announcement until the exact location had been picked. Details of the job have not been worked out, he said. It may be installed in the northwesterly sector of the mine, about a mile northwest of the present main shaft. New ore discoveries in this area during the past year or so justify serious consideration of a new shaft, Haffner said, both to reduce travel time and to provide another exit from the deep work. ings. Under consideration is a shaft to reach to a depth of 2000 feet below the Kellogg tunnel. It will be used mainly for men and supplies, reducing this load on the main shaft so that ore hoisting can be increased. three-compartme- nt year. Automotive Trade Climax Molg. More than 20 per cent of all retail trade in the nation is au- Climax Molybdenum Company reports for nine months ended September 30: Shares earned, 1950, $1.19; 1949, 32 tents.. Net profit, 1950, $2,986,-504; 1949, $809,728. For the six months ending June 30, the company reported a net profit of $1,369,606, or 54 cents a share as compared to $720,000 or 29 cents a share in the same period for 1949. The 1950 net is after taxes at cur-terates. The company said demand for its products has increased substantially and in consequence mine production has been raised to present capacity. In adition to selling current production, it is anticipated that Climax will dispose of all its large excess Inventory during the fourth quarter of 1950. The company has added new holdings in the Colorado Plateau uranium region. nt tomotive, according to data gathered from the latest U. S Census of Business. The census also reveals that one out o six retail, wholesale or service firms in the country is automotive. The proportionate share of retail business handled by automotive establishments is highest in the Rocky Mountain ranks first, Mine Saving Ore For Mill Stockpiling. of ore for the new Mines Sun Valley Lead-Silvmill is about to get underway, John Thornton, superintendent, said this week. E. G.; Smith of Wallace will leave for. Sun Valley this week with six trueks, a shovel and a bulldozer to undertake the work, he said. . . Construction of the new mill building . is well . advanced, practically air the mill equipment and supplies are at the site, and completion of the installation by the first of November is anticipated. At the outn set the mill will have a per day capacity,!. but it is planned to increase this to several hundred tons per day by next summer. The Sun Valley company has taken over several properties in the Warm Springs and Hailey districts which have large tonnages of milling ore. The Sunday group alone, consisting of seven patented and 20 unpat; ented claims, is estimated to have 200,000' tons of milling ore in its dumps. Old stopes will yield many more thousand tons, company officials believe. Plans are to mill the dumps first. These will provide several years mill run, Thornton stated. Operation of the mines will be started at a later date. The new mill is located six miles from Ketchum, Idaho,- in the Warm Springs Creek district and is well centralized for the different proparties, he said. The company is currently employing a crew of about 15 men and this will be increased as needed, it was stated Percy Johnson, Wallace, welder and mechanic at the Coeur dAlene Foundry machine shop for over 20 years, has accepted a position with the company and is leaving for Sun . er 125-to- - tive business accounting for nearly 30 per cent of the states retail sales. Nation-wid- e results of the census show that retail sales b automotive businesses, Indud ing gasoline service stations, totaled $26,469,790,000 in 1949. In the same year, wholesalers of automotive supplies and pe- troleum were credited with about $13 billion in sales anc receipts, while automotive service establishments had a 0 volume of business. $1,553,-000,00- working' force, less than 40 men, was but a handful to those employed in the Empire and North Star Mines during . The combined are. the oldest and only The- ng 40-racr- e Pa-to- . - - their-heyday- op--erati- ons . large quartz properties in California-in continuous operation for 100 years. Immense wealth was taken from their veins and often the- properties worked round the clock.with a force of nearly 100Q men employed. The mines were acquired in 1929- by the Newmont Mining Company, which still owns them. They were operated by Newmont until World War II and- from then- on operations have been limited to small leasing maintenance. The extent of the operations to be carried out under the new leasing arrangement was not revealed. Coincident with the Empire Star deal was an announcement in San Francisco by Edwin L. Oliver, president of the Mines Corporation, operator of this areas leading gold producer in recent years. . Oliver took note that the companys working force has' been reduced from 350 to 200 men in recent months. He said workers largely are quitting to take jobs in- lead and copper mines where their js less chance of their being drafted into the armed services. He denied Montgomery Street rumors the company is laying off workers. Because of the reduced working force, Oliver stated, the companys production is down and volume has been cut to $100,000 monthly. . - - - - - Idaho-Maryla- nd -- from-$150,00- - oil-we- . Nevada Miners Get Pay Boost Valley soon. TUNGSTEN, Nevada MemRoss L. Royndy, well known bers of the Tungsten Miners Coeur dAlene district mine op- -' Union voted to accept a 25 cent erator, is president and general per hour raise in wages offeree manager of Sun Valley Lead-Silve- by' the He recently moved fiom Mining Company. Wallace and took up residence The vote was taken following states. Wyoming negotiations between Charles with- - automotive in Ketchum. r. Calif. - aimed at making it possible, to determine in advance the type of blasting shot that will be most effective in boosting the rate .of production of a given well. Secretary of the Interior Oscar L. Chapman announced today. to Although rock fracture the surrounding formations has been standard practice in the oil and natural gas industry tor nearly 60 years, little, is known about how such factors as the type of explosive, the shape and strength of the charge, and the method of firing influence the effectiveness of well shooting in various oilbearing formations. A' bureau report just Issued describes four series of experimental tests conducted during 1949 by bureau physicists and engineers. They were made in Homewood sandstone (Potts-vill- e in age) on a tract, known as the Seifer farm, near Franklin, Pa:, which was leased through the courtesy, of the il Corp. of Titusville, Pa. By demonstrating the soundness of the planned approach to the problem, they laid the' foundation for further studies. During the tests, the report says, explosives charges ranging from pound to . 96 "pounds were fired in holes drilled in the sandstone to simulate oil wells. Both the strain' waves set up in the sandstone by the blasts, and the effect of each shot upon the fluid conductivity of the formation were determined, the former by means of delicate gages inserted in test holes near the drill holes, and the latter by injecting water into the forma tion before and after each shot Besides giving a brief history ll of shooting, the report describes the tests in detail. Diagrams and photographs supplement the text. The report was prepared by Bruce F. Grant, bureau petroleum engineer, Wilbur I. Duvall and Leonard Obert, bureau physicists, R. L. Rough, bureau petroleum engineer, and T. C. Atchison, bureau physicist. It is hoped that the publication besides acquainting the industry with progress made to date on this research program, will evoke suggestions. .well-shooti- GRASS VALLEY, Hopkins Fitzpatrick, general manager of the Empire Star Gold Mining Company here announced the entire workings have been leased to Robert Morris, Nevada Mine operator. All employes with the exception of the watchmen- left the property when the lease- became effec- -' 31 . Plans for a new deep shaft at the big Bunker Hill mine at Kellogg are in the making, it . Explosives Test in Oil Gas, Wei Is Reported . - 1934, the banking system has . INPXNrilC W Since the establishment of Federal deposit insurance in 1- Jicarillas an annual Income of Holdings of Star Empire mo FPIDEMIG Gold Leased Nevada-Massachuse- tts president of the and the negotiating company, The house guests were assem bled with their hosts in the liv committee, representing thi ing room after dinner, chatting union. The raise will become effec pleasantly when the on January 1, 1951 when tive daughter appeared suddenly in the room, her clothes dripping the present contract expires. with water. She could scarcely The new contracts, which was talk, so great was her emotion, signed at the conclusion o and her parents rose in con- negotiations, will be for one sternation as .she entered. year. In addition to the inYou you, the little girl crease, the company will probabbled pointing to the male vide hospitalization insurance house guest You are the one for all employees and their who left the seat up. families. Segersfcrom, Gulf Oil Corp. Reports Earnings; Declares Dividends PITTSBURGH, Pa. Net earnings of the Gulf Corporation' and subsidiary companies con- solidated were reported today as approximately $83,200,000, equivalent to $7.33 per share for. the first nine months of 1950. This compares with $73, 295,000 or $6.46 per share, for the first nine months of 1940.-Eaming- for 1950 are after pro-- ; s vlding for income tax at the 44 consolidated rate recently enacted. A quarterly dividend of 75: cents per share and a year-enspecial dividend of $1 per share, d' were declared by the board of directors of Gulf Oil Corporation payable December 11, 1950, to stockholders of record at the close of- - business November 17. NewAllis-Chalme- rs Dealer Named The Diamond Electric Motor Repair, 1465 South Second West Street, Salt Lake City, has been named a dealer and certified service shop for motors and controls in the State of Utah, in Teton, Sublette, Sweetwater, Lincoln and Uinta counties in Wyoming, and in Adams, Valley and Lemhi counties in Idaho. The concern was established in 1944 and is headed by Alfred W. Larsen. Allis-Chalme- rs |