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Show JULY 2, 1954 PAGE THREE The Western Mineral Survey, Salt Lake City, Utah . lie Map Of lee joining W(i about 633,000 feet. In I money and the mining company I 953, the footage drilled increased existed on a shoestring. Some of o over 2,700,000 feet. There are I the workers bought stock, others I approximately 550 producers on I declined. Within a year, Steen he Plateau today, where one implored these same people to rear ago, the number of opera-- sell him their stock stock which ors was only 460, or a near 20 I they had purchased at $1.00 per I share. He offered $175 per share. per cent increase in one year. I Some sold, others were uninter-)- y out The amount of money paid I ested. the A. E. C. in bonuses has doubled in one year. In 1952,. the I Today, the stock can hardly be Commission paid out $1,400,000 bought at any price. The com--n initial bonuses, and in 1953 the I pany is practically a closed cor-otincreased to over $3,000,000. poration of which the Steen from existing mines I ily owns in excess of 90 per cent and new mines tends to double I interest. Assets include the Mi I Vida mine, plus numerous other tself every eighteen months. I mne claims and developments, duction. 2 lbs. U-) Promotion and Speculation $3.00 and company plans call for con- , Between a marked 2. Development allowance of Utah s ura-- I struction with Significantly, of a processing mill at increase was noted in the demand I $.50 lbs. ($.05 x 2 lbs. nlmn gold rush ha, come a Moab and for uranium. Of course, the rea1.00 boom In the local stock market varlou (a iuxurlou, motei, son for the increase iff now 3. Initial production bonus 3.00 In fact, many investment firms . enterprtoe,. I Uranlnm known. C,M0lWat and brokers have likened Utah's The existence of uranium in TOTAL $7.00 uranium fever to the nation-- 1 Inc is ne of the early producers e Utah has been known since the This price would be received wide stock market fever of the in the state. This companys late 1800s. For a period of ten I for the first 5,000 tons of ore I producing mines are located 1920s. Buy or subscribe for I hr it was produced for its ra- - cause of the initial production the stock at or near the issue price Temple Mountain, Emery s dium content. In fact, Pierre and I bonus on the first 10,000 pounds Moabs population in 1940 was and in a day or two your money County area, while other proper-i. After the first 10,000 1,450. This declined to 1,275 perMadame Currie used radium ex-- of U-- 3 and Montrose held in are ties doubled or tripled. tract edl from uranium ore bodies pounds, the price would be $4.00 sons by 1950. Estimates of the I San Miguel counties in Colorado, the During period increase since 1950 range from from the Colorado Plateau for a ton, ending March 1954 some 74 new As of March 31 this year, over 8 I 100 300 to cent with .cent per per 10 their experiments in Paris. ore For assaying at per cent domestic and foreign uranium I million shares of par value 7 the that the I U-probability popula : However, when ore with- a were chartered or cent common stock had Deen ion will have increased beyond corporations much higher uranium content I - Base price $3.50 for in Utah. Of this num- - sued. The stock was trading 600 per cent by 1960. 200 lbs. U-- 0-- 8 (10 per than found elsewhere was dis-57 have been registered since around 69 cents per share on The proposed and approved ber, covered in the Belgian Congo, I cent x 2,000 lbs. ore the beginning of the current year. I May 24. 1954 Moab construction in for I U-200 lbs. ) the extraction of uranium from $700.00 equals Many are registered with the I Lisbon Uranium Corporation, a amounts milover to well $4.5 2. Premium for ore above the Colorado Plateau area for U. S. Securities and Exchange I newcomer in the field, was lion. Estimates of construction 20 commercial purposes was discon-per cent or 4 lbs. while others are ganized in December 1953. Some to be done in 1955 run close to tinued. only with the Utah 1,079,000 shares of 15 cent par $8 million. Conditions at Moab, registered ' Securities Commission. The num-- value common stock were offered During the Second World War, 3 Utah the center of Utahs ura- ber of new ore that contained uranium was companies is increas- - to the public at 20 cents. The nium activity are more severe, so that almost daily an addi-- 1 sue was oversubscribed, the price mined for the metal vanadium but nevertheless typical of those tional firm is which was used mainly to make announced, usually increased immediately after com-wit-h at Grand Junction, the Colorado I stock oversubscribed. steel was still special alloys. It ing on the market, and within a uranium and other towns center, not feasible to mine for commerSpeculative ventures have be-- j few weeks Lisbon stock was in the Colorado Plateau area. cial uranium. The success of the come a major topic of discussion. trading at between 30 cents and Prospecting atomic bomb changed this view Those who are looking for ura The prospectus or securities of--1 40 cents per share. Then in April,s quite rapidly. The interest in nium have used and are using fering circular of various com-- I 1954, JLisbon announced a TOTAL $1,694.50 uranium mining gradually gained may be seen in business five agreement with Floyd every conceivable device known receivec This be would Colorado in Plateau the price .impetus stores, service stations, or lum of the Atlas Corporation. As to prospecting: geiger counters, tons of 50 for first the after since domestic ore; 1948, area; and, perhaps the barber shops. Exec-- a result, the trading price of doodrilling, airplanes, dreams, that the be would $994.50 prospecting, mining, and processprde laborers, salesmen, clerks, bon stock jumped to around 90 or any other formulas, dlebugs, I I Added to these totals would be ing of uranium ore has increased device. Until recently, secretaries, and students alike are I cents on April 24, and at the close, unique trad-int- o tremendously and should con-- I the amount received for the one device produced about as pouring savings and spare cash of business on May 24 was to do so. Much of this has nadium content in the ore which uranium securities, and fab- - ing at around $3.00 per share, but results as another. Now the been due to the guaranteed mar-- Bells at a flat $.31 a pound many An initial invest-aremphasis is placed upon scientific ulous earnings from investments I still going up. ket added by the A. E. C. to sta-- V-- 0-- (vanadium oxide), ment in Lisbon securities at 20 not uncommon. prospecting and drilling. bilize the marketing and produc-Uranium Ore Assay in Utah Many new securities are offer-- cents per share had increased claims have been filet Many I tion of uranium ore. Most of the ore produced in without to location of the ed to the public at a nominal sum M00 per cent within a period I Incentives For Mining Uranium the- Colorado Plateau area is sought-fo- r regard less lan six months, mineral, but only to of five cents per share or less, The A. E. C. has offered many I round combined with other sub- establish the Uranium, Inc. was organized in rights. Time later to but often the public offerings are e incentives to mining. The incen-- stances to form the mineral discover the ore. Many claims oversubscribed before informa-- July, 1953. Initial offerings to payments for acceptable ores notlte, which has a content of are filed on the same properties, tion concerning milling claims, the public totaled 833,333 shares from domestic mines are: first, between per cent U-- 3 0-- giving rise to court cases pres- capitalization, and plans of oper-- at a price of 6 cents per share, a guaranteed base price of $3.50 (uranium oxide). The camotite ent and future. In San Juan ation become available. During early months of trading I per pound of uranium oxide for itself is usually mixed with sand-ore- s County of Utah, some 70,000 Exemplary trends in Utahs (January and February, 1954) 0.20 cent per assaying stone, reducing the concentration claims have been filed during re- uranium boom and stock market Uranium Inc. securities showed a I U-- 3 based second, premiums of U-- 0--8 to usually below 1 per cent months. Subsequent activity may be seen by briefly ffcueral incline in trading price on grades above. $.20 per cent I cent. This standstone contains have come so fast that an filings actual tracing the history develop-- concurrent with ore shipments, I U--3 8 contained in ores assaying much V-- 0-- (vanadium oxide)' count has not been ment of several uranium com-- In March, the trading price was over $.10 per cent U-fourth, I also. made at least not at this writing. panies. At the top of the list, of around 15 cents per share and an ore haulage allowance of $.01 Some mines have small trees The private concerns are not course, is Charles Steens utex I during May between 3 cents and a ton mile for a payment of 100 of pitch blend throughout their the Utexs 40 cents Pw share- only ones prospecting for ura- Exploration Company. I in-an initial bonus ore body. Pitch blend has a range nium. The A. E. C. has exploramiles; and fifth, include the fabulous I sents more than a I . U-crease. applied to the first 10,000 pounds of Such tion teams which also explore Vida mine, located in the Big per cent of U-0-Timco Uranium, Inc. (formerly produced from a new do-- a content would raise the value various areas for signs of ura- Indian Mining District some 40 mestic ore body, which may of the ore considerably. The Utex nium. When the A. E. C. finds miles southeast of Moab. Estimat- - Timco, Inc.) was organized in amount to as much as $35,000 in Company of Moab, Utah, which a Utah likely area for production of ed value of ore reserves is cur--1 Nevada and registered in addition to all other payments. owns and operates one of the uranium, this information is re- rently $150 million, but each day in May, 1953. Capitalization au-o-f Based upon the above incentive worlds largest uranium mines, leased to the public in the form additional development proves I thorized totals 8 million shares of anomally maps' showing the additional reserves and the value I f one cent par value common locations of government finds. goes up again. The mine is a net-- stock. Of this amount approxi-wor- k & of tunnels, each so large in mately 4.4 million shares are The first person to reach the and height that large ore I standing. Timcos securities were area and stake a claim has priormid-ar-e Membex Sail I York Stock Exchanges ity rights on the land, providing haulage trucks and equipment placed on the market during months and driven easily into and out 1"3 during early it is not private land, or land We. Specialize In Mining Stocks that is legally tied up for other of the mine. Operations are cur--1 traded at less than 5 cents per Loans Made on Listed Mining Securities to develop I share. During March and April, uses. The mere fact that he rently exploratory A. E. C. locates possible areas for the ore body and determine its 1954,' the trading of Timco secur-exte132 Main SL 2380 Washington Blvd. but these exploratory op-- 1 ities was relatively light at a uranium production does not SALT LAKE CITY OGDEN erations produced 10,000 tons of Pricc around 6 cents per share; guarantee the person receives a 523 West Spxague Ave., SPOKANE 35 North University, PHOTO ore worth $650,000 during the I however, during the early part claim in this area ore of commercial value. The A. E. C. only in- month of March! Company off 02 May, five commercial grade dicates the possibility of such. cials Indicate that some time in I uranium strikes were reported MAIER The activities of the A. E. C. have the fujture exploratory opera-- 1 an4 within a short time Timco led to the location of more than tions will cease and real pro-- securities jumped to over 50 cents I increase INVESTMENTS 200 anomalies in 1953. Producing ductlon will get underway! Pr share, a fifty-folI over Urn initial mines have subsequently been offering price, The Utex Exploration Company Member National Association of Securities Dealers, Inc. Tke Future developed in some of these areas. was incorporated in October 1952 52 BROADWAY 15 EXCHANGE PLACE A measure of the activity by with the par value of stock listed I How long and to what extent I New York 4. N. Y. N. J. Jersey City government and other concerns at $1.00. During the first few will this activity continue? intense speculation has in the Colorado Plateau area is. months, employees of the firm I Th TeL DElaware BOwling Green to the days of 1929 likened been the amount of drilling accom- were implored to take part of Specialists in Natural Resources Stocks (Continued on Page 7) plished. In 1950, drilling footage their pay in stock. Steen had no I (Continued from page 1) plans, the lowest grade of U-almost 100 tons of 3 ceptable ore (0.10 per cent ) would sell for $4.00 a (uranium oxide) to produce 20 U-I ton while a higher grade ore, say grams of radium.--, The demand for radium result-- 10 per cent, could bring as high ed in increased production of as almost $1,700 a ton. To f resulting in a surplus I trate, assume a hypothetical uranium and uranium prod-- ample of two tons of ore, both ucts which" were used primarily being hauled as. initial produc-iceramics, luminescent paints, tion. One ton has 0.10 per cent tool steels, and chemicals. In 1939, U-- 0-- and the other has 10 per . the two outstanding uranium I cent U-- 3 I In dollar valne, the 0.10 per producing companies in the world agreed to share the world I cent would yield: market because their output po-- 1. Base price $1.50 x 2 lbs. tential exceeded absorption caof U-- 3 0-- (0.10) per cent a rewithout of pacity major price 2,000 lbs. ore equals ac-too- has ore that averages a little be-o0.50 per cent. In other min-n- g locations, such as the opera-ion-s area of the LaSal Mining Company, uranium ore bodies have been found to assay as high as 2 per cent. Development in Southeastern Utah This chance for rapid monetary gain, as aided by the government, has touched off one of the largest mineral hunts in history; surely the most significant in modern times. The scope of activity is demonstrated by the affects on the small town of Moab, Utah. The activity in Moab resembles, in many instances, the depiction of the Gold Rush Days.. Eating establishments are crowded, and housing .is unavailable. Actually, adequate housing cannot be found within 50 miles of Moab. People are living out in the brush in tents and trailers. k 0--$. 1 0-8- 3 1 illus-uraniu- m ex-o- 1 n 3 8 0-8- 1 8 0-8- 3 1 1940-194- 5, . . ' 1 1 al 1 fam-Producti- on , 1 . totaled be-yea-rs ma-lat- )r . 0-8- 1 six-mon- th - 0-8- 3 1- . 3 1 3 0-8- 1 1 1 is-in- 1 tenta-panie- 1 Od-firm- s, -- Lis-utive- s, 1 va-tin- 1 ue e 1 2 1 5 1 1 - 1 50-5- 5 car-tiv- 1 8 1 . 0--8; 3 1 0-- 2 3 5 up-to-da- 1 0-- 8; I rePre-properti- es six-fol- d 50-8- 0 3 8 3 0-8- 1 1 J. A. HOGLE CO. 1 out-wid- th Lake-Spokane-N- ew 1 1 1- JULIUS nt -1 CO. 1 d 58 t 66 |