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Show GREATER METAL USE EYED Red in Discovers Ore Apache Canyon; Stock Shoots Up line Industry Men Apache Uranium Company has discovered some ore in Red Canyon. This development is reflected in the recent sharp rise in the price of Apache stock which is selling around 15 cents. Apache officials are positive the discovery is of commercial value, according to Sanford Mahoney, pretty well financed before it was presented to the SEC Apache has an interest with Allied in the results of their operations from two areas. Allied is to have a full registration of its stock in New York. This was approved last Monday. president. Whether it is a matter of several thousand tons, I am not sure, but I believe it is at least several thousand tons of ore and we have only developed a small part of the area, Mr. Mahoney Stocks of World, Wild Cat Show Sharp Demand declared. Our most recent holes are still finding minerialization and it could develop into something reasonably substantial, he said. Apache has a working agreement with Allied Uranium Mines, which is doing the drilling for Apache. Apache owns 175,000 shares of stock of Allied which is valued at $1 a share. Mr. Mahoney said Apache has acquired a number of new properties in the past few months and, generally speaking, the company owns some good properties. Allied is making a 600,000 share offering which was approved by the Securities and Exchange Commission last month. A factor in Apaches favor is its ownership of a one half interest in some of the properties that Allied is going to develop. Allied has previously operated as a private corporation. It is understood the new stock issue was Industries Association will participate. Between 300 and 350 representatives of mining and smelting companies with opera-ion- s throughout the United States, are expected to attend, as well as a number of visitors from Discovery of a good oil and gas well in Spafford County, Kansas, and the acquisition of producing uranium properties in the Carpenter Ridge area of San Miguel County, Colorado, sparked an active demand for stocks of World Uranium and Wild Cat Uranium Corporation, joint ownWorld ers of both properties. Uranium stock got as high as .02 Friday and Wild Cat Uranium sold at .02 and better. Both were offered early in March at .01c a share. World was quickly over-subscrib- Members of the CHICAGO zinc industry are gathering here today to attend the 37th annual meeting of the American Zinc Institute at the Drake Hotel. The convention opens on Thursday morning at 10 with a joint session in which the Lead ed. The two companies jointly own 160 acres of oil and gas properties in Kansas where their dis- 1955 April 26. The Western Mineral Survey, Salt Lake City, Utah Page Six $50,780.40, Gather In Chicago it was announced day. Gerald S. Gidwitz, Continentals board chairman, said the royalties came from ore produced at the companys Continental Number One mine. Royalty payments from mines located on school sections con- tribute to the support of public schools throughout the state. The companys fourth quarter payments of $26,170.29, Gidwitz said, was in addition to a rental payment for the sehool section of $4,551.25. Tighter Stock Regulations Hinted By SEC Chairman abroad. Chairman Ralph H. Demmler availability of the exemption According to Marshall L. Ha-ve- y would serve the public interest of the New Jersey Zinc Com- of the Securities and Exchange better than the enactment of in Salt Lake City, pany and president of the Insti-:ut- Commission, the in introduced he bill concernrecently discussions during the two-da-y today voiced a warning of Representatives to reHouse and in the activities offering meeting will deal with mine ing uranium peal the $300,000 exemption enreserves, metal production and trading of speculative Chairman Demmler tirely. consumption and the outlook for stock issues. Commission The SEC Chairman said that is curhe future, not only with respect stated that the felt it was only fair to warn he g established outlets, but more rently making a thorough-goinand promoters of underwriters of the operation of the particularly concerning the de- survey ventures new that their mining regulations under which issues velopment of new uses. to access must market the capital under $300,000 are exempted A progress report on the Insti- from the on based be fair and reasonable rewill tutes promotion program will be sult in survey theprobably treatment investors and that of exemption tightening feature of the opening session. requirements necessities the of national defor promotional This will be on Thursday mom-n- g and fense of the growing atomic ventures. cannot when Dr. Joseph Zimmerman unfair industry He suggested that rules which treatment of the justify of the Daily Metal Reporter will investing discuss the outlook for zinc and would limit more strictly the ead, Simon D. Strauss of American Smelting and Refining Co. Baggs Officials Inspecting Uranium will report on the world supply and requirements of the two metClaims in Wyoming als, followed by O. M. Bishop of the U. S. Bureau of Mines and e, covery was announced. The producing uranium claims, which both own at Carpenter Ridge, are reported to have a potential of more than 400 tons of ore per month. A second oil and gas well in the Spafford County track is p. E. Dutton of the U. S. Geolog-c- al now being drilled, it was Survey, who will review the worlds lead and zinc reserves. At the Thursday afternoon session, John D. Sullivan of Battelle' Memorial Institute will have for his topic Lets Increase Mstpi Consumption. William F. Howe of Gall, Lane and Howe will review the news from Washington and O. B. Ellis, senior research engineer, Armco Steel Corporation, will discuss the use of Metallic coatings to combat atmospheric corrosion. The Institutes new information picture, Die Casting How Else Would You Mir it? will close this session. At the opening of the final season on Friday morning, the names of the newly elected officers of the Institute will be announced. K. J. Burns of Inland Steel Co. will report on the outlook for galvanized sheets. Developing the Use of Zinc for Cathodic Protection is the title of a report by A. W. Peabody of Ebasco Services, Inc. David Laine, the secretary of the American Die Casting Institute, will present the outlook for die castings in 1955 FORD Sales & Service Yankee a New and Used Cars 909 Address . . (Please Print) E. Phone 21st So. 7-54- 31 CONTRACTING SHAFT & TUNNEL can be ready on short notice to apply our equipment to your problems. know-ho- WORK and w BOYLES BROS. DRILLING CO. PHONE SALT LAKE 01 1321 S00TI HAW SALT LAKE CITT. UTAH OFFERED MOTOR COMPANY Salt Lake City 1, Utah Chute Canyon We PETTY James A. Reed Co. Pioneer MINE Fourth quarter royalties paid by ContinentalUranium, Inc., to the Utah State Land Board brought the total for 1954 to Pioneer Oil and Drilling Company Yankee Uranium Company Chute Canyon Uranium Company Deal Sin: Please send recent reports on Companies indicated to name and address given below: DIAMOND CORE DRILLING and T. E. Velfort will describe the promotion program of the Copper and Brass Research Association. Latest reports available describing 425 Judge Bldg. Waltei C. Bolic, a diiectoi of Baggs Uranium Corporation, and Malcolm D. Musson. engineer, are shown inspecting operations at Baggs Uranium Corporation at Baggs, Wyoming, adjoining the rich Uranium hbldings of Sapphire Petroleum Company. SUBJECT TO CONFIRMATION 0 Overland Oil Inc. 0 Geronimo Uranium Midwest Uranium Co. FLOYD ROSTER AND COMPANY 407 Denver National Bank Building AMherst 71 |