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Show r, Vol. . . . One Yeas $3.00 Salt Lake City, Utah. August 13, 1954 25; No. 34 j.w Uro. Sees More Millionaires1 More millionaires will be produced out of uranium than the early gold boom ever produced, according to J. Walters, Jr., president of die Walters Uranium Company. The. uranium executive said most visitors to Southern Utah are so impressed with the uranium possibilities they desire to believes the only skeptics are buy or invest in uranium lands. He " never visited the have who those uranium area. 000,000. Many small firms who got Calumet & Heda mining in- in on the ground floor have exterests are investing in uranium, cellent claims. They were privWalters pointed out, and some of ileged to make an unhurried sethe wealthiest Texas oil men are lection Walters said. eoming into Utah in droves. The Mr. Walters has been invited critics, he declared, are people who have never been to Hite or to address the convention of Hie Bank Auditors of America to be Moab." held in Salt Lake on September -t We will all admit that Chris13. His topic will be The Future o p h e r Columbus discovered of Uranium and Its Effect on Our America, a feat that brought oth- Economic Situation. er explorers here. It required time. It took from 1492 until the 18th century to establish settlements in all of the United States Walters declared. He added that the public is inclined to be impatient; to expect too much development work over night. The present uranium market is going to have its natural turn. There is more In April .29,771 short tons of aluminudevelopment work now going on purchased and than ever before. A lot of the m-base was consumed; a scrap public think many prospectors small decrease compared with will strike ore and run out of 30,614 tons used in March, acmoney. If they do run out of cording to the Bureau of Mines, money there will be many people United States Department of the glad to finance them. The rail- Interior. Independent secondary roads ran out of money, and the smelters and reclaimers produced automobile industry ran short of 19,622 short tons of specification money in the beginning, Walters and miscellaneous aluminum-bas- e Lost Dutchman Claims Show Rich Uranium Consolidated lureka Co. Reports Ore Strike Grand Junction, Colorado A uranium ore discovery, said to be one of the biggest on the Plateau thus far, has been reported by Ralph Bowman, Salt Lake uranium stock broker and John Uren, miner, of the Lost Dutchman claims, outside of Gateway, Colorado, midway between Moab and Grand rs Junction. Recovery of .55 and .25 uranium oxide in drilling through an 18 foot section was first reported. Bowman said a second hole was drilled an he got eight feet of 3.0 . uranium. Further drilling over-the-coun- ter Holds Its Own toll-treate- added. He predicted the public is soon to differentiate between companies that have ore and those who have not. The potentialities of uranium firms he said, will be based more accurately on production records We are going to see not a speculative boom but an investment boom of great magnitude. Nothing will stop the progress of a uranium company that has ore he added. One claim alone of Jack Turners has thus far produced $1,- - Southern Calif. Tide Water Associated Oil has expanded its direct sales territory in Southern California by acquiring the petroleum distribution facilities of Star and Crescent Oil Company in San Diego County, it was announced here today by Thos. L. Wark, vice president and general manager of Tide Waters western division. Properties acquired include oil distributing plants, a marine service station, and a chain of 42 service stations. Star and Crescent Oil Company, organized in 1922 by Oakley J. Hall and Ralph Chandler, has been the exclusive distributor of Tide Waters products in San Diego County since that time. The company, in disposing of its oil distributing facilities, will confine its activities to its and transportation, other Interests in San Diego. Wark said his company would supply Its products directly to former commercial, agricultural, and industrial customers of Star and Crescent Oil. ship-buildin- . . Rico-Argenti- ne Joseph A. Thomas Elected to Tide Water Board Jaekling Statue Destined for Utah Capitol Self-Generat- Tide Water Expands Consolidated Eureka mining company attracted attention in Salt Lake Markets recently when the company stock jumped from 10 cent a share to 48 cents within a weeks time. Some 97,800 shares of Consolidated Eureka changed hands at the Salt Lake Stock Exchange and 14,000 went in curb sales period ending Tuesday, August 10. The stock during a three-da- y sold within a price range of 39 shipping ore. The first settle- cents to 48 cents per share, with ment has not been received . all indications that it is still on from the smelter, but is exthe rise. soon. pected The stock had sold at from Aware the ore is high grade 8 to 22 cents per share durofficials are hopeful of finding ing the month of July. an area that will make a profitThe sudden rise in Consolidatable enterprise.. The topography ed Eureka stock was attributed to abounds in caves in that section a recent find at Eureka, Nevaof Nevada. It is difficult to deda, which parallels in type of termine weather the exploration cave formation the old Jumbo has the bottom of the penetrated mine at Eureka, valued at several former Jumbo mine from which million dollars some years ago. millions of dollars of ore was exA development program is now tracted earlier. in progress at Eureka on the Opinion prevails that the disConsolidated Eureka holdings, covery is in the area of some probably one reason for the jump cave. It has not been determined in stock value. whether it is the side of a cave Intermittently the mine was or the bottom. worked for months. Last spring An area for a distance of a DMEA loan made it possible 25 feet straight ahead was to continue exploration. A shaft penetrated through the drift was rehabilitated and a drift exafter hitting ore. Exploration tended 400 feet , is soon to be initiated In anWorkmen reached 390 feet other direction. on the drift when they disThe drift ahead is on a nine foot grade. There is ore on all covered a good quality of ore, gold, silver and lead. It sides, ceiling, and sill, back, right was not possible to determine and left. After penetrating the quantity, but it was high through for 25 feet a decision hag been reached to go in further. Ofgrade. The mine is sponsored by the ficials, are still unable to deHogle interests, Sherman B. termine the exact size of the disHinckley, acting as mining man covery area. The promising asfor the Hogle interests. Hinckley pect of the terrain leads them to also is President and General believe they are close to a real strike. MinManager of disclosed about eight to 10 of 15 ore and two feet of two per cent ore. This discovery, ''according to Bowman, represents value of a few million dollars. The prospectors have been drilling six months. During the past three months 12 holes were drilled on Lost Dutchman claims, and ore was encountered in every hole. Bowman said he has contracted with Dean Nichols, Salt Lake City, to dig a 600 foot tunnel. d About 160 feet of tunnel has been completed. Bowman predicted he will be shipping high grade ore from the Lost Dutchman within six weeks. He said the discovery bids fair to eclipse previous rich uranium discoveries in the Plateau during the past year. Bowman estimated 15 ore ingot. would gross $2,600 a ton. He Included in total scrap used added that he and Mr. Uren, beare 76 tons of imported scrap lieve they are going to take out consumed by the independent $3,000,000 to $4,000,000 of ore ing Corporation, whose stock rose secondary smelters. Total alumin- from the Lost Dutchman claims. in the last few months from $2 um-base scrap used by the ina share to a recent price on the dependent smelters was 20,186 American Stock Exchange of altons (68 percent), primary promost $3 a share. Rico is an older ducers 7,271 tons (24 percent), mine. Its stock has been on the foundries, fabricators and others American Stock Exchange for 2,314 tons (8 'percent). Excluded some time. from table are 170 tons of imported remelt or scrap pig used Joseph A. Thomas has been by the foundry industry and 26 tons used by the independent elected a member of the board secondary smelters. . Shipments of directors of Tide Water Associated Oil Company, it was anof Home or aluminum-bas- e scrap for toll nounced here today by President treatment totaled 639 tons. The D. T. Staples. Mr. Thomas, a graduate of recoverable aluminum alloy content of purchased scrap used in Yale University and Harvard A nine-foo- t statue of Daniel Business School, and a resident 0 April was calculated to be Cowan Jaekling, founder of the short tons; 20,260 tons from of Old Brookville. New York, is Utah Copper Mine at Bingham, new scrap, 5,909 tons from old a partner of Lehman Bros., in- will be presented to the state of vestment bankers. New York. scrap and 71 tons from imported Utah Aug. 14 during a special He is a director of many corporat the capitol. scrap. Independent secondary ations American Ex- ceremony including Presentation of the statue is in producers reported the use of press Export Lines. Flintkote Co. conjunction with the 50th anni491 tons of domestic primary and National Airlines Inc. of Utah CopMr. Thomas replaces John versary observance ingot; also 2,754 tons of other Kennecott Division, per Copper a member of Tide Waters alloying ingredients in the pro- Hertz, Corp. directorate since May 6. 1937. duction of aluminum-bas- e The two-to- n bronze statue aringot. Mr. Hertz, a senior partner of rived via motor van from New Smelters producing alloys other Lehman Bros., terminated his than aluminum base reported 84 Tide Water directorship in order York City this week, and was deto the Bingham mine. The tons of aluminum recovered from to devote his entire time to his livered mammouth statues bronze castmany other interests. aluminum-bas- e scrap. 80 is per cent copper taken In makng the announcement, ing Prices for secondary ingot and Mr. Staples said: Mr. Hertz from the Utah Copper mine, acaluminum scrap remained fairly wide experience in business and cording' to Dr. Avard Fairbanks, Utah who executed the stable during April. Quotations finance has been of great .value statue.sculptor, to Tide Water and it is with great for major scrap items, crank- reluctance Mr. Jaekling now resides in that we accede to his cases, castinngs, old sheet and request to retire from its board. San Francisco, Calif., and will 2S clips increased about 1.00 Mr. Thomas is an able executive celebrate his 85th birthday on the and tyis experience in financial day of the unveiling ceremony, l. cent per pound during matters undoubtedly will prove which will be attended by the Secondary ingot prices for invaluable in the solution of the Kennecott boarid of directors and o. 319 and variations, AXS679 many important problems that other officials. Gov. J. Bracken and variations increased 1.50 may be submitted to the board Lee will accept the statue on becents per pound. half of the state. from time to time. Aluminum Scrap In . 26,-24- mid-Apri- r Mine Production Of Zinc Rising Mine production of recoverable zinc from domestic mines was 40,500 tons in June as compared to 40,000 tons in May, according to the Bureau of Mines, United States Department of the Interior. Production for the ending with June was 239,000 tons, an average of 39,800 tons a month. The likelihood of renewed Government purchasing raised the price of zinc to 11 cents a pound at East St. Louis on June 9, the highest price since Sept. 1, 1953, and one at which the market stabilized when purchases were made in June and indicated for July. Mine output of zinc from States east of the Mississippi River increased five per cent as a result of increased output in Northern Illinois and Wisconsin. Output of zinc .from the mines of the West Central Sttates showed a gain of about 400 tons owing to resumption of production at the National Lead Companys Ballard operation near Baxter Springs, Kansas. The combined Western States produced 20,400 tons of recoverable zinc in June. A decline of about 700 tons in Montana output was caused by lessened production at the Butte mines. The Deep Creek lead-zinmine, Stevc ens County, Washington which was closed October 1953, reopened May 16 and contributed to June output. |