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Show May 2S( 1970 OIL & MINING JOURNAL PAGE 3 Coinage Commission takes action on Eisenhower dollar The WASHINGTON, D.C. Joint Coinage Commission has reconsidered its position on the minting of an Eisenhower dollar coin. Commission The recommended, by a substantial majority vote, that the Secretary of the Treasury be authorized to mint ISO million 40 silver, dollar coins bearing the likeness of former President Eisenhower. This is incorporated in S.J. Res. 158, approved by the Senate on March 19, 1970. This bill would authorize the Treasury to mint not more than 150 million 40 silver dollar coins, requiring about 47 million ounces of silver. Direct General, The 40 silver dollars would and direct General Services be distributed at a premium Administration to transfer 25.5 price under a procedure which million ounces of national would assure the widest possible stockpile silver, which is in distribution. excess of strategic needs, to the The Treasury would continue Treasury for minting the silver dollars. The remainder of 21.5 silver sales through the GSA at million ounces required would the current rate of 1.5 million per week through come from regular Treasury ounces November 10, 1970. stocks. The bill would also authorize the minting of It is estimated that the total dollars and half added government revenue and cupro-nickdollars for general circulation., seigniorage for the Eisenhower and authorize the Secretary of dollar coins over the next three the Treasury to transfer to GSA or four years could approach the approximately 3 million rare more than three quarters of a silver dollars for sale to the billion dollars, depending upon the premium price of the coin. public. reports on success Continued from Page 1 shows. Classics engineer, Gene Lansford, theorized that the old method of drilling by mud had plugged up the barely permeable Niobrara shale in which oil shows had been found, and proposed the wells in the area be drilled using air. Air driven, CORE DRILL, Chicago Pneumatic CP-6A Air driven wireline. and with 500 feet rod complete mud pump and hoist Complete tools and accessories including both underground mounting equipment and surface skid and frame. Like new condition. Bouit new last summer. Ready to be used either underground or on surface. Complete unit $7,500. 19-- 1 JOURNAL reports that the administrations economist are surprised at the severity of the business slowdown as a result of the administrations program. This is distressing to businessmen, the Journal reports, but few economists themselves are upset by the deepening decline. Most regard the slowdown as necessary medicine if inflation is to be cured. The medicine probably wouldnt be quite so hard to choke down if only there were some indication inflation were lessening. The 8 CAT, 14 A, 8S blade, Ateco rippers, canopy, 90 undercarriage, factory replacement engine, like new cleat track. Ready for use. Priced to sell immediately at D anti-inflati- $11,500. nt Classic announced nt 45 KW, integral trailer mounted, GENERATOR, Cummings diesel, good condition, ready to be used. $2,250. This equipment has been properly maintained and in use up to present time. All units can be put to work without repair or additional purchase of material. Drills and Generator are in Reno. Compressor and D 8 are at Gabbs, Nevada. For information call (702) 323-08- 01, or write CMECO, or (702) 323-82- 55, (702) 786-22- 88, 450 East 2nd St, Reno, Nevada 89502. has been fractured and is scheduled to be placed in production status in the next few days. 30-- 2 has been fractured and is delivering oil into the tanks. Division orders have been submitted to the Rock Island Oil Co. and income is being credited to Classics account. In the shareholder letter 30-- 3 SI Ufi 8R.VEB that RANGE has been successfully completed. The well was in process at the time of the companys last report to shareholders March 10. The company said projected earnings from its wells and reservoir statistics are expected W k TO Kt SM j stacks. ' Wa accept collect calls miaing J. H. W. 411 bay orders. R3S-44J- R per-shar- Member Spokane Stock Exchange be promptly supplied UJS. Smelting Refining & Mining has invested over S2 million to buy nearly 4 of its outstanding stock, the Journal noted. Trust a mining firm to extract what benefit is available in this down market. to . e . K stockholders. Galen Ross, attorney for Classic Mining, said the company was taking this opportunity to an open letter to publish holders of Classic stock in street names. We have an we feel all our obligation to keep shareholders informed insofar as is possible, he said. We urge all our shareholders to place their stock in their own names, however, in order to get the our on reports regular activities. The open letter to holders of Classic street stock appears on Page 2 of this weeks Oil & MiningJoumaL on In another issue of the Journal we note that low stock prices have spurred some companies to buy their own shares. The companies purchase their common stock at current low levels for such uses as future acquisitions or for stock options, and often the resulting reduction in earnings. outstanding shares helps buoy up sagging DILLON & CO. Ipeps. Spoho. Wash. Stftl, Tel. ready for publication within the next few weeks and the information would be STREET SHARE specialist is silver, goM and uranium stocks and saleltiva jsaaay WALL But even though the price index continues to rise, most economists see the depening decline in business as leading eventually to a slowdown in inflation. But most also admit the spiraling rise in prices and wages will not end overnight. Inflation will ease gradually, the economists say, as companies reduce their capital spending and reject steep wage demands. (It will be easier for companies to reject these demands, the economists contend, because labors bargainers will accept less when they realize the alternative might be increased unemployment for the union members. But proof of this contention remains to be seen, the Journal notes.) 1 STOCKS development programs. long-rang- e Minerals extraction is a large capital input operation in the finding and development stages. Thats the nature of the beast. And when the sources of finances dry up, the extractive industries slow down and stop. But the values ARE there in the ground, just as the value still exists in the rest of the corporations whose stocks looked to be such good buys last fall. nt Classic-Ebon- y to necessarily COMPRESSOR, Gardner Denver 600 cfm Rotary Portable Compressor, integral trailer mounted. Excellent condition, GMC 671 diesel with hiji altitude injectors. Motor recently overhauled and radiator reconditioned. Ready to go to work. Priced to sell immediately at $7,500. successful wells in the area, and management feels the company has opened up a new oil field. No actual definition of the field has been made by Wyoming, and no evaluaiton of the potential of the area has been attempted. The Wyoming wells are: 1, has been fractured and is delivering oil into the tanks. Division orders have been submitted to the Rock Island Oil Co. and income is being credited to Classics account. Classic-Governme- Except that it isnt. For when the economy is sick, the illness pervades every facet of our society. The fact that the minerals are still in the ground means nothing, for the minerals extraction industry has always been dependent to a large degree on the stock market for the financing of its 5. The company now has four Classic-Governme- This is A particularly difficult sort of time for the mining and oil men to understand. For they know that the minerals are still in the ground for the finding and extracting. That their equipment is capable of doing the work given the chance. That as we were used to want to Mining is STILL alive and well in the say in the OMJ heart of the Rocky Mountains. EQUIPMENT SALE CORE DRILL, Longyear 34, diesel, skid mounted, 1,000 feet N rod and wireline. Bean mud pump, diesel. Complete tools and accessories, ready to go to work immecfiately. Bouit new last summer. Like new condition. $17,500. What a week. What a month. What a rotten quarter for the securities business. These are the times that try mens souls. And whats worse, their pocketbooks. Even the oldest and alrgest brokerage houses are finding it difficult to bear up and bull their way through. el Classic Mining Classic-Governme- Whew! Weston and Company, intent an article in the DESERET NEWS that Secretary of the Interior Walter Hickel is under pressure to return to Alaska and run for his old job of governor. The thought occurred to us after reading the We noted with Inc. INVESTMENT SECURITIES Members Salt Lake Stock Exchange OVER-THE-COUNT- headline HICKELS RETURN TO ALASKA URGED. that possibly Utahs Governor Calvin Hampton was doing the urging miffed as he is at the Secretarys veto of. a federal oil shale development program. INVEST WITH OUR MARKET SPECIAUSTS Salt Lake City 2000 Univ. Club Bldg. 136 E. South Temple ER Phone: 364-197- But no, it seems that Republican leaders in Alaska feel Hickel is the only man who can prevent a party splitting battle over the GOP gubernatorial nomination. Hie feel, no doubt, he could pour some oil over the troubled waters. 1 -- Las Vegas International Hotel Phone: Mi ili 384-299- 5 Provo 163 N. Univ. Ave. Phone: M t 'IM- j 1 1 I I,) '( I I - " ! ! fI 1 r, M . .I , V,.' |