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Show October 28, 1955 The Western Mineral Survey, Salt Lake City, Utah Page foui FOUR CORNERS TO MINE IN Number 1, 000, 000, 000 Barrel Of Oil Marked In N. M. Stocks to Watch By O. D QUINLAN WHITE SIGNAL t New Mexico Bureau The Four Corners Corp. of came The one billionth barrel of oil produced in New Mexico Denver has announced that it out of a well last week. will start mining immediately on uranium claims in the White SigState Oil Conservation Commissioner B. Macey said 'the best nal Mining District, 25 miles Information in our records shows that our state produced its one south of Silver City in Grant billionth barrel sometime on Oct. 22 or 23. county, NJd. tfecords in the OCC office list production in 1923 from the old The company will start minArtesia field in Southeastern New Mexico as the first recorded proing' operations on the Tovrea duction in the state. Land & Cattle Co. ranch. There are records of a well drilled showing oil prior to 1923 During the past six months, but the first actual marketing of oil came from the Artesia field, Phil Tovera Jr. and associates of which at this time still has 311 producing wells. Phoenix have carried on extenMacey explained the billionth barrel estimate was based on sive exploration and development production records of this year, production history and the estimated of a large group of uranium claims on the ranch. daily production' for October. The White Signal District, in He guessed that the last half billion barrels had been produced New Mexico, was southwestern the last 10 or 11 years. ' during OCC officials have been watching for the billionth first brought into the uranium barrel for picture in the state two years sometime. Their calculations were thrown off somewhat by the That fire, 'Whiting, Inc., Standard Oil refinery fire in August. which cut Stanolinds purchase of New Mexico crude, cost the states industry about a million dollars in production, but Macey said this eventually will be made up. Am. Potash Notes Higher Income In Nine Month Spon ago when the Duke and Duchess dAtri negotiated a lease with Mr. and Mrs. A. A. Leach of Lordsburg on a group of claims. The Duke dAtri organized a company, Atriminas, Inc., capitalized at $500,000 and began extensive operations on the property. Some 200,000 pounds of uranium-bearin- g ore reportedly were mined. Several months ago, the Operations of American Pot- on 463,838 shares in the third Leaches filed a suit against Atriash & Chemical Corp. in the first quarter of 1954. Earnings in the minas, Inc., and the Duke dAtri, nine months of 1955 resulted in 1954 period included $148,000 of seeking concellation of the lease. g income after taxes sales and net income substantially higher than in the correspond- from the sale of housing at the ing period last year, President Companys Trona, Calif., plant. Peter Colefax said today in a The report stated that conreport to shareholders. struction of the $6,600,000 lithSales for the nine months end- ium chemical plant of American ed September 30, 1955, totaled Lithium Chemicals, Inc., at San $20,354,720, an increase of over the $17,954,933 re- Antonio, Texas, is now scheduled ported for the same period in for completion late this Novem1954. ber, approximately a month ahead of the original target date. Net income amounted to non-recurrin- $2,-399,7- 27 The duke filed a counter-sui- t, alleging breach of contract. The case has been tentatively set for jury trial in the Grant County District Court on Nov. 3. With big capital becoming interested in lyranium mining in Grant county, there reportedly has been a recurrence of the uranium fever of more a year ago. Mount Peale Uranium Corp. ras derived a nice profit from nvestments in several substantial stocks that have registered large market gains. It owns 49,000 shares of Consolidated Eureka, 5000 shares of Lisbon Uranium, 5000 shares of White Canyon is $3.37 tor $3.62. He also tells us that Seagulls current assets are greater per share than the cost of the stock per share. The stock a share. is lc to lc Big Horn Uranium has been reported 150 feet into the rich ore. The ore runs alternately thick and thin. In about two weeks it is expected the drilling will reach the 1500 foot mark which is the terminus of Big Horns property. Thus far the drilling has gone a distance of 1000 feet. Uranium Corp, and 10,000 shares of United Western Minerals stock. Jnited Western had a public offering and should be out in December. Mount Peale recently sold some gas and oil acreage at a good profit at the northwest edge of the Paradox Salt Basin. There is no debt and the company The old Mohawk Uranium will get into exploration soon for OfCorp. stock, which bottomed at further oil and gas property. ficials do not intend to mess half a cent and left a number of stockholders weeping, has been with uranium too much. superceded by a brand new issue which for one week has been Eureaka Consolidated Mining cents bid and 37 at Co. appears to be a bargain quoted 12 cents offered. Past experience $1.25 a share. The incline is down more thna 2 OOfeet and the objec-iv- e has chilled the appetite of per200 feet below the present sons who formerly held the origore should be reached in 30 days. inal Mohawk, which was a disWhen the objective is reached appointment. it is believed by observers of the Indian Queen Mining Co. is acstock that the stock should rapidquiring some new1 properties and ly appreciate. some good interests are reported Standard Udanium Corp. is re- buying it, a factor in recent firmported to be earning somewhere ing up of the stock. The company n the neighborhood of $250,000 is getting ready for some new per month. It is regarded as an financing. excellent stock to hold for future The directors of Newmex Uraapreciation. nium have met and approved Mountain Mesa Uranium is purchase of what they describe said to be good for the long pull as excellent property. They claim at its recent offering of .34 bid they are presently negotiating and .40 asked. for acquisition of oil, gas and base metal properties with calSteve Bobo, of Empire Securi- culated reserves. Flans in the ties thinks Federal is well orga- offing provide for a substantial nized and therefore, should at financial program, spokesmen least hold its present price. It declared. i $2,-852,4- 27 equal after deducting preferred dividend requirements at $4.55 per share on the 588,565 shares of Class A and Class B stock outstanding. For the nine months ending Sept. 30, 1954, net income was $1,784,6737, equal after preferred dividends, $3.23 per share on the 463,838 shares then outstanding. Colefax told shareholders, operations in the third quarter of 1955 continued at very satisfactory levels with respect to both production tnd sales. For the three months ending September 30, sales were $6,525,-86- 6 compared with $6,018,039 in same the period of 1954. Net income was $1,004,529 or $1.61 a share on 588,565 shares after deducting preferred dividends against $694,379 or $1.29 a share Advertise In The . Potash holds a 0.1 cent interest in American per Lithium Chemicals, Inc. American ufAcribe Tcdaif comThe line of organo-boro- n pounds which the company is developing through its research Jertke "ut-tJe-tj " program is creating broad trade interest, Colefax said. BEST WISHES FROM ANOTHER UTAH INDUSTRY PORTER REGULAR MACARONI . IS A MACARONI OF WESTERN "NATURAL BRIGHT COLOR" MINERAL SURVEY Model 101 $149.90 (Dimensions 5x5x7 Ins.) Reach an Interested market! AND DEAS0N AND "FINEST QUALITY" NICHOLS CUT Assay and Chemist OUR 160 South West Temple Phone EL 62 "KATUEAL BRIGHT COLOR" AHD "FIHEST QUALITY" IS PRODUCED BY THE BLENDIHG OF HIGH PR0TEII DURUM FLOUR, PROPERLY PREPARED AHD CAREFULLY PROCESSED. GAMMA-O-METE- R The newest, most sensitive, and sturdiest counter for discovering radioactivity. 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