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Show CM di m. S'? i i- 77lre i Page Eleven National Enterprise , May 12, 1976 t Nothing Is Better THE NATIONAL On advice that its better than nothing, President Ford is under pressure to sign the Federal Election Commission bill sent him last week by Congress. Starving candidates or not, wre hope Mr. Ford realizes that nothing (i.e. another veto) is better than this piece of legislation. the campaign Dictated by the AFL-CIbill permits unions to solicit contributions from all members while it restricts corporations to solicitation from only executives. The legislators reason that executives are better able to contribute large sums of money than rank and file union members . . . A look at some union contracts, however, makes us wonder it that is so . . . O, That aside, we hope President Ford is not bullied by Labor muscle and the Democratic Congress. We say, Youve given them 49, Jerry; give them number 50. A Welcome Goof Typical of Congress is saying one thing, doing another, and then trying to explain what was really meant in the first place. Theyve done it again. In its haste to prevent 1975 tax cuts from expiring last I i December, Congress inadvertently repealed the corporate income tax rather than just reducing it. Lawmakers actually struck the section that begins, a Tax hereby imposed on the taxable income of every corporation. has now Rep. Sam Gibbons s introduced a resolution to restore the Step right up. Get your Federal Election Campaign funds here. (D-Fla- .) section. . . . And just when we thought Congress had done something worthwhile. 3 Mining Highlights Silver Looks Higher-Bun- ker Hunt, the Texas millionaire who reportedly cornered the silver market several years ago and sparked a sharp price increase in the precious metal is at it again, according to It reported his Barrons. Great Western United has contracted with the Phillippine government to buy $800 million to $1.2 billion worth of raw cane sugar over five years 1 i R 'i 3 i with the option of paying for it The first shipment of Philippine sugar is expected in June.. .Western Investment is quoted as stating that in the third fiscal quarter it received delivery through open market transactions of sizeable quantities of silver bullion and expects to acquire additional bullion in the near future... Barrens said there is bound to be specula in silver bullion. tion on how much silver the Philippine government wants, how much Hunts company will buy and what the Philippines intend to do with the Bear in mind that metal. there are only 103 million ounces of silver above ground for delivery, with a total market value of $450 million, about $750 million short of the maximum amount envisioned in the contract, the financial weekly observed. Ilecla Minlng-- At its annual meeting in Spokane, officials reported first-quart- er net income of 14 cents a share vs. 24 cents a year ago. They for loss a the to expect report second quarter as the $192 million Lakeshore, Arizona copper mine is brought up to full capacity from the present 50 percent. It looks like a 90 cent copper price will be needed to make a profit at this property. (Current 67 cents) However, they said the future outlook for Hecla is excellent because metal prices inevitably will reach Heclas satisfactory levels in mine the first Lucky Friday an average of quarter yielded 747 tons of ore daily, averaging 15 ounces of silver, 11 percent lead and 1.3 percent zinc to the ton. The nation's third largest silver producer again last year, its 1975 output of silver was 2,540,832 ounces an eastern Colorado wildcat which was dry. The area of primary concern is the companys producing Hecla has 16,000 shareKansas property. The property has an estimated 1.5 million holders. barrels of reserve of wrhich 600,000 barrels are considered Independence Lead The extractable through initial and secondary recovery methods. long northerly DIA crosscut While current production levels are low, corporate plans include from the Lucky Friday mine Daryll Gammill, President A & Innovative Money Mgt. nalyxix the drilling of 0 additional wells on this property before the was advanced 251 feet in the Research Director end of the year. Drilex owns approximately 35 percent of this first quarter to a point 802 feet & Co. Pittman fields production and the wells should begin paying out in within the Lucky Friday ExThere are more than ten times as many unlisted securities as about six months. tension property. It will probe The companys 100 percent ownership in 18,000 acres in the 2,300 feet below the deepest listed securities. Many are financially strong with stable management (Taps Brewing, Pinkerton, First Union Bank Utah Hingeline area has been of increasing geological interest workings of Day Mines old 1976. Gold Hunter mine and the Corporation). But primarily the OTC market consists of stocks since the Amoco Overthrust discovery in late January Oklahoma s Drilex and for which are Two wildcats properties eastern portion of the Indeof newer, smaller companies eventually may grow planned wildcat are but investments and their 60 within can be These prospects should be pendence and ABOT property. Wyoming very profitable days prosper. Also in the first quarter, spud within 6 months. currently speculation. I have considered a number of corporations traded Financially, the companys balance sheet remains attractive. Heclas easterly lateral from The next few weeks I will discuss a select Of the $449,000 initial capital, Drilex still shows an impressive the Star Morning mine was $442,000 in the bank with the current liability column showing advanced 320 feet to a point number of these companies who meet the following criteria: -- The company is in an industry whose potential growth is only about $10,000. The long term liability section has risen to 800 feet within the westerly $60,000, establishing a leverage trend. above average. portion of the Independence -- The company is in a high liquid financial position, a current What are managements plans for 1977? Jim Edwards, property. This heading will be ratio of over 4:1. president of Drilex was unavailable for comment as he was extended an additional 1,200 --The companys management performance shows growth attending an offshore drilling convention in Houston, Texas. feet. oriented philosophies. According to Jim Rose, vice president of operations, the Metal In the Ground is a This weeks security selection is Drilex Oil and Gas. Drilex companys plans call for accelerated growth in the areas of lease Oil and Gas (.22, .27) was incorporated in Colorado April 9, acquisition and exploration with additional emphasis being Hedge Against Inflation, ASARCO said in a display ad 1975. After successfully completing a 5 million share public placed on wildcat drilling and merger possibilities. in the Wall Street Journal. offering in September of 1975, the company became operational The prices of silver, gold. Pittman and Company may make a market invor from time to with $449,000 in cash. Since that time, the company has 28 wells, all time, buy or sell any of the above mentioned securities on a Continued on Page Twelve purchased a drilling rig and drilled approximately basis. in principal of which have been successful. Drilex has also participated Gammill Talks Stocks 20-3- 1 1 over-the-count- er. - |
