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Show March 28, 1969 OIL & MINING JOURNAL Page 2 Rocky Mtn. OIL & Our Readers Write. MINING JOURNAL Published weekly in Salt Lake City, Utah, by Utah Scene Publishing, P.O. Box 71, Salt Lake City, Utah 84110. Serving the mining and oil industries of the Rocky Mountain Region. 25 per copy. Subscription rate $10 per year. Editor & Publisher - Information on American Duchess? information on American Duchess: Publisher: C. Hayward Rocky Mt. Oil & Gas Journal American Duchess was apparently merged into International Land several years ago in Enclosed my check for $10.00 for one year subscription. Chuck Hayward a 20 to 1 stock reverse. International Land in turn merged into International Chemical and Development on a one for one basis. International Chemical and Development is currently trading in the Salt Lake CityOver-the-Count- er market. Can you tell me anything about AMERICAN DUCHESS URANIUM & OIL, originally or supposedly in or around the Salt Lake area. Sincerely, R. Bauer Jr. Sharon, Pa. EDITORIAL International Chemical and Development is currently quted at $6.50$7.25. The We man Fred W. Peel has appeared before the House Committee on Ways and Means which is holding lengthy hearings on tax reform. Mr. Peel presented the AMC position with respect to the continuation of the percen- Whats the story on Homestead? Dear Mr. Hayward, Evaluation of existing tax policies affecting the mining industry should take into account: the problems of the past that these policies were designed to solve, the extent to which these policies have liecome integral parts of the basic economic structure of the industry, and the role these policies can be expected to perform in the future, according to Peel. For the past two weeks I have read the Rocky Mountain Oil and Mining Journal. While I really dont know a great deal about mining I do have an interest in it. I feel that your paper has given me a better understanding of what is being done presently in the mining Industry. Dear Mr. McDonald, By a strange coincidence, we received some information on Homestead from the president of a small private investment club in Salt Lake City shortly after your letter arrived. The information was interesting and indicated a great deal of activity on the part of Homestead, but was dated in November 1968. checked our files for the Corporation agent, who is an attorney in Salt Lake City, and he informed us that a new report to shareholders is being prepared, and we'll be happy to print that information in the We Journal when it is released. Chuck Hayward What do you know about Frontier? Dear Sir: recent antitrust and monopoly subcommittee I saw hearing in the Senate, an economist at the University of California, Santa Barbara, Prof Walter J. Mead, testified that depletion allowances have cost the American consumer $50 to $100 billion over the past (.75-1.2- 5). tion. that you quote Frontier Petroleum Do you have any information on Of Lindquist Securities 326 Kearns Bldg. Salt Lake City, Utah Salt Lake City, Utah 614 Newhouse Bldg. & CO. 84111 Bernard Katz The Journal does not quote the prices of We simply report the prices any stocks. at which local brokerages are quoting the and development has to come from somewhere, and if it is not realized in depletion allowances it has to be realized from higher prices or other forms of stocks. limited file on local stocks, including Frontier, but for trading purposes you would do better to contact one of the local brokers who quote Frontier. They have more and more complete informa- We have a subsidies. his testimony Mead pointed out that the enormous 011 shale reserves in Colorado, Utah and other Rocky Mountain states contain at least 600 billion barrels of oil which present technology could make available in an emergency. He didnt mention that depletion allowIn up-to-d- ate ONLY $10 P.S. Frontier has been listed at 5 for the past three weeks, according to our records. .50-.7- Rocky Mt. OIL & MINING JOURNAL P. 0. Box 71, Salt Lake City, Utah 841 10 Please enter my subscription to the Rocky Mountain sj: Temple Mountain Uranium Co. Main Office 84111 PUBLISHER: of our natural resources will create new industries sis Weston and Company 2000 Univ. Club Bldg. Salt Lake City, Utah OF MINING & OIL INFO INTELLIGENT DEVELOPMENT 1: E.H. Coltharp & Co. Newhouse Bldg. SL Stock Exchange Bid. Salt Lake City, Utah Salt Lake City, Utah 84111 84111 FOR AN ENTIRE YEAR ances have helped provide the funds which developed that technology and located those reserves. I 84101 Potter Investment Dear Mr. Katz, consumer that amount of money as a consumer, not necessarily as a taxpayer. The cost of exploration re- Kesko and Co. Thank you. FAHNESTOCK is, the depletion allowance has saved the the brokers whose quote lists we ceive, the following quote Frontier: this company? years. The fact really feel that Gordon McDonald I would certainly appreciate your writing an article about this firm. I know that many of your other readers would like to know more about this firm and its present depletion allowance. In a recent editorial we attempted to point out how the depletion allowance helps to underwrite the extremely high costs of exploration and development, and to explain the rationale Jiehind the depletion allowance. I Sincerely, rectors. The House Ways and Means Committee hearings are just one of several Washington attacks on the 15 Thank you very much. your paper is excellent. During the pat few months a gret deal of interest has been stirred up with a mining firm called Homestead Minerals Corporation. I have tried to find some information on this company but my sources of information are very scant. I know the company is working some of its mines and having some success. The company also seems to have some very able men as their board of di- Peel pointed out to the committee the need to continue a sound, healthy and expanding mining industry in view of the projected increased requirements for minerals in the future in attempting to refute some of prior testimony directed against the percentage depletion allowance. or Chuck Hayward were able to track down the following tage depletion provisions for hard minerals. 10 com- pany is sending us further information and we will forward this to you. Dear Mr. Bauer, AMERICAN MINING CONGRESS tax committee chair- In a . . OIL & MINING JOURNAL Name Rooms 26 - 27 Address 39 Exchange Place City Salt Lake City, Utah State Zip Code CHECK ONE: j One Year $10 j 2 years $18 3 years $21 I |