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Show Page 4' chuckm Treasury Holds Oil Tax Study few ca MINING MEN, AS WE' of cat. It takes a special breed man to go down into certain kind of the earth for miles to rip the wealth from its innards. They may well be the last of the rugged individualists or at least among the last. a Still fresh is what Utahns ial tagged a in the minds of most DESERET NEWS editor- "The Saga of Buck William V. Jones." (Buck) Jones was res- Lark, Utah, mine after being trapped four miles underground for eight and one-ha- lf days. It was three and one-ha- lf days before Buck's fellow miners even knew he was alive, but they dug for him in the face of new cave-i- n threats until they found from a According to a Los Angeles Times writer, the Treasury Department has refused the requests of several members of Congress to see copies of aspe-cl- al study of taxation In the oil, and hard mlneals Industries. gas An article by Murray Seeger claims the study, completed late last year under a $140,000 contract between the Treasury and the Consad Research Corp., Pittsburgh, challenges some of the basic premises used by the oil and gas Industry to defend their 27 12 per cent depletion allowance. WASHINGTON By Chuck Hayward cued March 14, 1969 OIL & MINING JOURNAL Ask to Examine Report Senators and Representatives are aware that copies of the It be that asked have study exist examinareleased for general who tion. The Treasury has no right to keep the study secret," Rep. Hensaid. Taxry S. Reuss, payers money paid for the study ...now, the study is completed and Its results printed and the public annot see It. member Reuss, a of the House Banking and Curren D-W- ls., high-ranki- ng cy Committee, is the author of a sweeping tax reform bill and an opponent of the depletion allowance which serves to sharply reduce the tax obligations of minerals companies, especially those in oil and gas. committee on information, for its release. A subcommittee staff member said a letter will be sent to the Treasury Department urging It to make the document public. Earlier, two members of the a Senate, Albert Gore, D-Te- nn., member of the Finance Committee, and William Froxmlre, number two man on the BanThe Consad research Indicated lonking Committee, had expressed Inthat the depletion provision no comterest in the study but could not ger serves as an incentive for panies to develop new sources of get copies. oil as intended when it was written Havent Decided Procedure into the tax laws In 1926. encourages Instead, depletion excessive drilling and Inefficient Treasury officials have indicaaccordted oil they Intend eventually to reknown use of reserves, the Consad report but have lease to ing the study. not decided on a procedure. Consad yet the be that It may well The to needed study was conducted at the study is just what is of Johnson Administradirection to speed congressional action plug who prepared a mamofficials the depletion loophole..." Reuss tion on tax reform just bemoth report said. fore they left office. The new Republican Adminls raAsks Chairman Release tion permitted the tax reform recAfter a Treasury official told ommendations to become public by Reuss the report was not available sending them to the Senate Finance for his examination, the Congress- and House Ways and Means committees which had them printed and man asked Rep. John E. Moss, chairman of the House sub released. Serves No Incentive D-W- is., D-Ca- lif., him. bestrong bonds NEWS cause of mutual danger, as the tradition pointed out, and the miner of taking care of their own is an enduring one. The NEWS praised Buck's courage, cheerfulness and deep religious conviction, and we, too, doff a hat to his indominitable will. But it was his actions after his rescue that we applauded most, because it proved he was independent, unpredictable, and a mining nan from "who flung the cat." Miners develop At his first press conference. Buck informed the news media to lay on the line "if there is any money it accruing to me and my family" from his experience. He said, in essence, "it's nice you got a live story out of this, and good quotes from my family. But Old Buck's topside now. Let's settle accounts." Yep, show a mining man a rock slide and he'll send a sample to be assayed. value out Another of Las mining accent the Vegas---hel- ps individuality of one story--th- is mining men. isolated silver mine. Deward Knoblock set off a dozen sticks of dynamite and something went wrong. Caught by the his right leg was crushed and blast, he was bleeding severely. Working The alone at an Rosamond, Calif- 52-year-- old stubornian, a miner for 25 years, to his truck bornly dragged himself miles over a and drove himself three help on dirt desert road to U.S. flag down Then he 5. heavily traveled passed out. "The buzzards would have gotten me otherwise," he explained matter-o- f -factly from his hospital bed later. Rugged individualists? say-- ' that again! You can Udall Talks on Offshore Oil We did underestimate the Former Secre- - been a very good thing for the Udall said. of the Udall Stewart Interior country," tary risks," Udall told a Senate pollu- Udall said all of the information tion subcommittee here, has termed his decision to permit oil drilling of the Santa Barbara he received from his subordinates The Bureau of the Budget was coast a sort of conservation Bay indicated oil drilling would be safe in the picture," he said. They of Pigs." in the Santa Barbara channel, were hungry for the revenues." He compared the advice he re- But if the underwater oil well In the future, Udall said; we blowout which coated the Santa ceived to that which the late Pres- - should always err on the side of Barbara beaches with black crude ident JOohn F. Kennedy receive protection where a mistake could oil results in new water pollution prior to the Bay of Pigs do great damage to the other resafety legislation it may have invasion of Cuba. sources. WASHINGTON ill-fat- ed EARTH-MOVIN- PROJECT G About 12 million tons of earth and rock were lifted by the energy released from a nuclear explosion (equivalent to 100,000 tons of TNT) used in the Atomic Energy Commissions first experiment to study the use of nuclear explosions in large-scal- e g projects. We Specialize in over the counter, intermountain area, MINING STOCKS We have information on the following stocks: (1) Tri State Inc. (2) Big Indian Uranium 100-kiloto- n BARRACO & COMPANY 123 East Broadway Salt Lake City, Utah 841 Tal. 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