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Show US Opens Stockpiling; SEC Hold Hearings on Proposed Am endment GSA Calls for Offers x $ hi tZ Telegrams inviting offers of lead and zinc went out to producers this week as die government opened its new G.S.A. stockpiling program. All major U.S. producers' and custom smelters were asked for offerings of the two metals produced in the U. S. since April 1. Current buying is for the rest of the fiscal year, which which ends June 30. directive will be A long-terissued later for the new fiscal Uranium, Inc. Finds . year starting July 1. Only purchases of lead and sine were High Grade Ores the governauthorized under Uranium, Inc. reported showment directive. ings this week of ores readDelivery must be made by Auing 40 to 50 hundredths gust 2. It was understood by ob2 per per servers that the Government cent cent uranium and an from vanadium would pay present market quotafacing in their Slick Rock, tions for most of the metal chased 14 14 cents a pound, Utah properties. In addition, the company has New York, for lead and 11 cents out a contract for a haullet a pound, East St. Louis, for zinc. But shocked producers of the age tunnel, and construction 50 metal reported late Monday that has already moved some feet. lead offerings at the current market price were rejected by the Government. They noted .that the present price of 14 14 cents. New York, had been established before tenders were asked. Some predicted a break in leads price The Government accepted part of the zinc tonnage offered for stockpiling at the existing market quotation, 11 cents a pound. East St. Louis. The Government gave no deMethods used in sinking a tails on how much metal it is vertical shaft sources said buying, but trade difficult-- ground are de. a.through -that... they expect that fairly large amount of zinc was offered, scribed in a Bureau of Mines report released today by Secretary and a smaller amount of lead. Zinc stocks in producers hands of the Interior Douglas McKay. Sunk for one of the large zinc totaled 209,828 tons at the end of May, the largest amount in companies to reach an ore body more than seven years, while ip Pennsylvania, the shaft is stocks of lead are around 100 1,261 feet deep and took five years to complete. Despite elabthousand tons. orate precautions, it was flooded Markets in both metals turnand had to be unwatered three ed rather quiet after the Government announced. Buying times while penetrating a fracformation. f had been good and prices firm tured, Besides the meth--; describing for some weeks in anticipation ods the report used, gives costs of the stockpiling program. in terms of labor, power and Some western mining companmaterials. ies reported last Thursday they Warren Hastings, mine super, had received telegram! from the New Jersey Zinc Co., intendent, Services Administration General and Frank J. Kane, superintenddoto accept tenders of offering G. F. ent, Longyear Co., collabormestically produced zinc under ated D. Wright, Bureau with Fred the GSA stockpiling program. in preparing the report. Mining men emphasied, how- engineer, A I. C. 7680, Meth of copy an effective without that ever, barrier against a flood of for- ods and Costs of Sinking a Shaft imports, the pur- Through a Fractured, eign lead-zinFormation at. Friedens-ville- . chase program would result only Pa., can be obtained from in the government taking some the of Mines, Publications Bureau domestically produced metals off Distribution' Section, 4800 Forbes the, civilian market, which woulc St., 13, Pa. It should Pittsburgh substitution just permit by be identified by number and title, m 11-fo- ot -- Shaft Sinking Described In Mines Report - seven-comp- artment .. . . .The Securities and Exchange Commission announced recently a times extension and public hearing on a proposed amendment of Rule 154 which defines certain terms used in Section 4.(2) of the Securities Act of 1933. The proposed amendment makes clear that the question of the availability of the exemption provided in Section 4 (2) of the Securities Act for brokers transactions is not based solely Rep. William A. Dawson . . on whether the selling stockholder is a controlling person, but Sees relief .for mining men in near future. Relief For Lead-Zin- c Forseen By Rep. Dawson Rep. William A. Dawson predicated "some worthwhile relief for the lead-zin- c mining industry in one form or another in the near future, last week in Salt Lake City, while stopping over enroute to San Francisco. "I am hopeful ' the President will recommend some relief within the next 15 days, said the chairman of the special committee set up to obtain relief for lead-zin- c mine operators. There are , some foreign nations, mainly Peru, now importing lead and zinc, that are raising strong objections against an increased tariff according to information I' have, Rep. Dawosn " said. Gov. J. Bracken Lee of Utah and other western states governors sent wires and letters recently to Pres. Eisenhower, Commerce Secretary Weeks, and Interior Secretary McKay, urging prompt and favorable action on the Tariff Commissions recominmendations for the lead-zin- c , , dustry. i water-bearin- g Water-Bearin- c 11 13 Sun Uranium .15 Vi 117 Apache Uranium -- - Timco Atomic 06 Congo Federal ,06 .34 Ura. Midland 12 Ura.- - 03 Vi .04 Mohawk ; .02 13 -- 26 .30 .03 1 .06 Oil & Trading .11 .13 Ura Inc t Yellow Cat 40 06 i 17. Silver Buckle P. G. Phones 51 .19 Utah Vernal 06 Christopulos And Co. 'Exchange Building, Salt Lake City Specializing in Uranium and Oil Securites Member Salt Lake Stock Exchange P. 0. Box 1782, S. L. C., Utah 89 High grade uranium ore is being developed through shaft sinking operations at the Congo Mine, Garfield County, Utah, according to word received in Salt Lake City today by Jay Jacobsen, company president. A shaft has been sunk to a depth of 40 feet on the vein which has now widened to 5 feet, Mr. Jacobson said, with values running around .6 per cent. Ore of commercial value was encountered from the collar pf the shaft to its present depth, Mr. Jacobson reports. Plans now call for sinking the shaft additional depth on the vein to the 100-folevel where a sta tion will be cut. A drift will then be driven southward along the vein to permit stoping of the ore. - g development had bull-dozin- g ore-beari- ng and organizations for added time to submit views on tho amendment and to be heard by the Commission. In view of the requests, the Commission has extended time for submission of written views and comments of interested persons from June 1 to June 18. A public hearing will be held in Room 102 at the Commission 425 Second St., N.W., in Washington, D.C., on Thursday, July 8, at 10 a.m. Views and comments received will be available for public inspection unless any case a request is made that the views or comments submitted not be made public., ""Any person interested in presenting his views at the public hearing should, not later than July 6 at 5:30 pjn., submit to the t Commission, in writing, a of his intention to appear at the hearing. It is urged that persons desiring to be heard at the public hearing file written statements of their views within the prescribed period and limit their requests for time to make oral presentations so as to provide an opportunity for all interested persons to be heard. Communications or requests should be addressed to the Securities and Exchange oCmmission, 425 Second Street, if-fice- s. state-bren- . Sec-reaar- y, N.W., Washington 25, D.C. Idaho Firm Reports Uranium Findings for shipment. Primitive Exploration and FindCongo Uranium Company prop- ing co have reportedly discovered erty is located in the Circle Cliff showings of radioactive ore at area, Garfield County, Utah, ap- Rock Creek, 30 miles west of proximately 32 miles from the Hailey, Ida., according to Wiltown of Notum, Utah. liam Brooks, officer of the firm. LOOKING FOR STOCKS? We Have: .0694 05 ...1 High Grade Ore the overburden from the vein which had been traced a distance of 3000 feet with nudeometer. Readings indicated formations for the entire distance. Thirty-fiv-e tons .of ore mined during development are now piled on the dump ready i Corp Congo Develops Previous 01 01 01 Standard public Uranium, Lavender Uranium, and Temple Mountain Uranium were the four companies okayed by USSC. depends also upon whether such person, to the knowledge of the )roker, is effecting a distribution of securities as defined in the proposal. The Commission announced on May 3 that the proposed amendment was under consideration, and since that time has received requests from persons 07 Vi .09 ! Standard Arrow Four more uranium companies were cleared by the Utah State Securities Commission recently for public sale of stock to Utah residents. Kiabab Uranium Co., Re- been directed toward Recent Uranium Quotations Alladin Uranium Four New Companies Cleared by USSC ot -- Red Man One Year $3.00 Salt Lake City, Utah, Jane 18, 1954 VOL 25; NO. 26 Cromer Brokerage Co. COMPLETE STOCK INFORMATION LATEST QUOTATIONS ON REQUEST COMPLETE BROKERAGE SERVICE Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Suite No. 4 39 Exchange Place Salt Lake City, Utah 4 Report on Apache Uranium will be mailed upon request Phone Teletype SU 180 17 MEMBERS SAIT LAKE STOCK EXCHANGE 1' |