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Show ofiWERsnv r -- r Ww AiaestaasuK stpai70 OP.D'U Kt .4Wiiry v jj SOTEMBER 14, 1970 VOLUME 2 NUMBER 21 25 Cents NiStpv seeking laws for control of transfer agents Broker-Deale- O-T--C Over-the-Count- rs asked er Mr. Johnson to draft are seeking legislation that could be agents. And most transfer agents still operating seem to favor more stringent requirements, such as Legislature next January. The brokers are doing this to protect themselves. They suffer losses when stocks are delayed or lost. And they cannot give s broker-dealer- stricter control of stock transfer posting bonds and more thorough record keeping. "During the last booms there trading ed Broker-Dealer- s. Because of their experience, members of the association have are represented certificate on the whetehr 100 or 1,000. Transfer agents in the Salt Lake City area are becoming adequate service to the scarce said Mr. Johnson customer who has written the federal were Securities in New problems York and here, said Norman S. Johnson, Salt Lake City, legal counsel for the Intermountain Association of Over the Counter well-publiciz- presented to the Utah delegated to such specialists. Most agents charge $1 to $2, regardless of how many shares and Exchange Commission for their thoughts on the subject. At present no state or federal laws regulate transfer agents, who record transfer of stock ownership, a task that may be either undertaken by the individual corporation or many got into the work during the boom times of high stock activity, and have passed by the wayside as activity slowed down. Because the business is quiet now, Mr. Johnson said, the industry should push for so agents and legislation now will brokers be prepared for the next boom...whenever... AEC notes increase in orders for uranium by utility firms WASHINGTON the U.S. future sales commitments Atomic Energy Commission reported as of May 20, 1969. domestic uranium producers have contracted to supply 75,100 tons of uranium oxide producers have contracted with foreign users to deliver 3,400 tons of U308 in 1970 and later. Among the firms holding contracts for uranium oxice are Federal Resources Corp., Getty Oil Co., Humble Oil & Refining e Co., Corp., Union recently announced that In addition, domestic Kerr-McGe- Carbide Corp., Utah Construction & Mining Co., Western Nuclear Co., Anaconda Co. and Atlas Corp. Also, Continental Oil Co., Cotter Corp., Dawn Mining, Homestake Mining Co., Pinnacle Exploration, Pioneer Nuclear, Rio Algom Mines Ltd., Susquehanna Corp., Tenneco Oil Co. and United Nuclear Corp. Energy crams affects bidding in sales of oil, gas lands of Three oil companies bid a record $1,938,261 recently for rights to explore and drill on 16,896 acres of Uinta-Oura- y Indian Reservation land in Utah. Eleven parties submitted a total of 240 bids on the 44 tracts of land. A similar bid opening on 20,000 acres of reservation land last spring brought in $45 an acre. The average bonus per acre this time was $114. It is felt the bidding reflects the increasing shortage of oil reserves throughout the U.S. the impending energy shortage. Major companies stepped up exploration in Utah a year Chevron Oil is doing ago geographic work presently on the northern portion of the Paradox Basin in southeastern Utah (the Greater Aneth field, one of the worlds largest is located in the southern portion of the Paradox), and just east of Salt Lake City in Summit County, Pan American Oil has picked up. large blocks of railroad land and will explore an area extending into Wyoming, and both Pan Am and Texaco have acquired leases in the Kaiparowits Plateau area, and Pan Am has also been active in the Iron County. All this is in addition to the much publicized oil play in the Uintah Basin near Roosevelt. Experts all over the world have warned of a coming crisis in energy. From the massive volumes of kerosene required by supersonic airliners (some 8 of the total world oil to the needs of consumption), power systems, publicly-owne- d to the warnings of a shortage of natural gas, it is apparent that more energy sources must be found and developed. Publicly-owne- d power systems have already asked President Nixon to ease a threatened power crisis this winter by establishing government allocation priorities on electric plant fuels and ordering price controls on coal and oil. Alex Radin, general the American Public manager Power Assn., said prompt action is needed to avoid widespread blackouts and sharp increases in the cost of electric energy. Howard Ritzma, state petroleum geologist with the Utah Geological Survey, says the country certainly faces a shortage in natural gas, particularly in the East and Midwest. Were also coming up with a shortage of world oil and this is something we will have to remedy. This is no secret. Everyone in the oil business is aware of it and alarmed about it, Mr. Ritzma adds If there are incentives, we will see an increase in exploration, But drilling and APPLICATORS SPRAY inorganic primer to corrosion proof new acid plant built by Bunker Hill Corp. of Kellogg, Idaho. The plant will produce sulphuric acid in a recovery process designed to control air pollution from the company's lead smelter. Gold nunnng ntseting csf ifoir Sspt SAN Calif. ANDREAS, Three of the most eminent leaders in gold mining today will be speakers at the third annual Mother Lode gold meeting set for Saturday will be sponsored by the American Gold ' evening, Sept. 19, at Altaville. The situation of gold mining today, will be the topic of Dr. Donald H. McLaughlin, former chairman of the board and director of Homestake Mining if exploration is Co.; Lewis to be discouraged by high Downieville gold Huelsdonk, mine operator taxation and political and former head of the state harassment, we are going to see mining board; and Phillip die on the Bradley, mining consultant and exploration vine and we are seeing this former chairman of the prospecting. now. All members of the trio of speakers will conduct a question and answer session following the talks. The gold meeting and dinner California State Mining Board. Association and will be the business session conducted by John R. Ross of San Andreas, chairman of the American Gold Ross indicates that Gold Today will be the sole topic of the speakers and meeting and that the entire session will be non-politic- in nature. al Candidates in the coming November election will be . Continued on Page 3 |
