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Show Fare TIIE WESTERN MINERAL SURVEY 4 Proposed Royalty Hike Arouses Utah's Oil Rig Count Up for the Week Federal Policy Causes Hurt Friday, October 4, 1957 Salt Lake Stock Exchange. Number of oil rigs operative in Utah jumped to 68 during the week ended Sept. 23, according to the American Association of Drilling Contractors. This compares with 64 rigs acChief Cone. Warrant! Proposal oi the Navajo Tribal tive the previous week. Due to government and conCouncil at Window Rock, Ariz., During the same period, rigs acin Colorado dropped to 63 gressional inaction and the to tack a royalty on oil tive from plan to help foreign but and gas leases in the vicinity of previous high of 69. increasnumbers 'rlendly nations, American indusAneth Pool, San Juan county, has Comatock Uran ft Oil.... Wyoming rig tries 82 to are 73 New (ennecott Launching from ed while aroused much interest in Western gradually being hurt. Mexico dropped from 155 to 148. states. Among these is the mining inIconomy Program Crown Not only are the oil companies dustry of the West, which cannot beaid or federal get Utah Copper Division of KenCrown Point . protection large and small concerned, it Corj jt Standard cause the eastern and southern necott Copper Corp. is launching Bait is a matter important to taxpayTlntlc Coal'n congressional legislators do not an economy program aimed at reers, to the schools, to private land owners and to state and county understand the situation. In ducing costs, L. F. Pett, division Nevada alone, 900 miners are out general manager said this week. governments. The program stems from the It would appear that the Deof work and 5,000 people are affected. The copper Industry declining price of copper. No laypartment of Interior, which is last week announced plans to offs or reductions in output is charged with public domain oil and gas leasing in behalf of the discharge more. They have gone scheduled at this time, he said. Interm tn. Pete. Inc. Cost reductions will be accom- Kennebeo federal government, has a role in Polaris Mining company has on a five day week. this matter. Keystone Worst affected is the tungsten panied by: opened up a sizeable new ore 1. End of new hirings where-eve- r Leonora In departing from the tradition- shoot in its Silver Summit mine industry. The al 12 possible. southwest of Osbum, it was disCo. at Tungsten, Pershing per cent 2. Reduction of inventories. standard royalty charged by all closed today in a letter to stock- county, has 75 men at work: 3. Economies in methods of states and by the federal govern- holders. whereas, a year ago 250 were ment no other than doA west drift from the 64 raise employed. Mostly longtime em- mining, milling, refining as well main, the council is following the on the 2800 level has been extend- ployees and key men have been as general operations. "We are competing, not only precepts of the Department of In- ed approximately 270 feet in ore cept on the payroll. It is believed other producers of copper in with Secretary-Treasurer to Marvin commercial terior, according Long, good no other tungsten mine of any grade, the United rean official of- the councils realty R. Matthews States, but with proJohn size is running in the state of ducers of office at Window Rock. copper in foreign counported. The exposure is in ground although 44 men are said Mr. He said that Department of In- owned exclusively by Polaris, he Nevada, Pett said. Park ;o be employed in other parts of tries, is no plan to change or There terior regulations permit charging said. the Piute Uran. Corp. The report listed an estimated If industry. continues to decline reduce shifts at present, he said. royalty above the traditional 12 copper per cent in special instances by net income of $100,200 for the n price, all three of the big copthe Indian Tribal Council in let- first eight months of this year, could close down. per mines. after deduction of $42,800 for de- per companies ting land up for bid. are Anaconda at Yerlng-to- n Other industries are suffering. 0 They This is, however, toe first in- pletion and amortization and and Kennecott and Consoli- The eastern textile industry has stance such a rate has been defor income taxes. mines Corporation closed down some of its oldest manded in the Western States. In the Rainbow area, which dated Coper and biggest mills. Some of them Bo. area. e h the Ely (In all cases, whether the royal- Polaris is developing from its Nearly all production of lead employed 1,00Q people. ty be 12 or per cent, the long, below sea level east and The cause of the closedowns zinc has stopped in southern lands are placed for competitive lateral, under an operating agreeare the plans to help friendly This ment with Rainbow Mining & Nevada. Whereas there were 264 bonus money bidding. Lead ... countries by opening American Tlntlc Tlntlc standardmeans there is a cash payment for Milling company, Coeur dAlene men employed in 12 mines, today markets to them. has right to drill. Additionally, the Mines corporation and other firms, there are only 65 in two mines, umped its cloth and Japan imclothing o Bug. Com... Indians charge annual rentals of work was interrupted for a time which are shipping out ore. 19.5 million square from ports has not been mined summer to permit installation Antimony $1.25 an acre.) rards in 1954 to 34.7 million in Western 3 "The ) royal- of larger, ventilation facilities, or some time. Gold and silver matter of two years. West To! ty seems to be the trend these but a raise is now in progress in production has practically ceased 1956, in a Wilbert Copper is being imported from days, said Mr. Long. "This is the southwesterly crosscut early except as a by product of the cop- - Africa and South America. Tungwhat they (the state of California this year and has been advanced sten is continuing to come in on Sales in commerleases) are charging about 80 feet from Korea and other friends at Bonanza Oil 1000 at .09 on the West Coast and in ((fed cial ore, Matthews stated. Lead 5000 at .02 contracted prices over twice the Commonwealth eral public, domain) bidding for The east lateral is also being Silver 1500 at .32; 500 at .22 Clayton iresent market price. The market North Lily 500 at .43; 500 at .43 lands in Louisiana, he continued along a structure which Standard 500 at .02 s flooded and the government has Silver said. shows very interesting characWilli ton 1000 at .16 Curb Sales "We intend to keep the stand teristics, large stocks. but so far no addi100 .95 at Dragon It is difficult for the govern. ard royalty on our wild- tional ore of commercial importment to decide what to do in the cat acreage. But we regard these ance has been disclosed in RainAustin, Nevada. Franz Pick, matter. Some Imports are extracts near Aneth Field as proved, bow ground, he added. The face The Indians want more royalty of this heading is now at a point publisher of a world currency re- changed for the surplus farm the American Mining products. If Imports are stopped, money, he said. approximately 2000 feet from the port, told that the United States friends may collapse or fall under Congress The tendency now is for state Rainbow east end line. Uranium Stocks can never return 'to the gold stan- the domination of ,the Communist Underground preparatory work dard because total governments, the federal governgold stocks world. ment and everyone else to take is also in progress on the new bide and askeda do not not are of the world sufficient to It appears that evening things The following another look at their hole card. Mineral Mountain exploration cover actual transactions. They are inrepresent He was its obligations. a a guide to the approximate He said the Aneth lands and an project from the Chester 300( up with flexable tariffs so that tended within which these securities could range Sen. off, said. just George sounding the thouswest report level can continue but Amer- have been sold (Indicated by the bid) or drift, additional several hundred Sen- imports W. (Indicated by the asked), at the ican production can continue or bought ands acres in Utah and (smaller) The new northerly crosscut into ate Malone, a member of the time of completion, 9:30 a.m. each day. said. iFnance Committee, which Mountain area, areas of Arizona and not been the Mineral be resumed is a solution. It has as furnished by members of the National struc,' Anybody can talk about its difficulties but may be tried. Securities Dealers Assn., Inc. formally advertised and the in- will permit examination of besenator feet 1700 the "but it of said, Oct. 2, 1957 formation put out by the Tribe tures at a depth Present plans started with the Name Council last week was in nature low previous exploration open- doesn't necessarily follow that he Marshall plan and other assis- American 06 Beryl 14 of an "announcement or declara- ings, is expected to be underway knows what he is talking about, tance programs and the Beaver Mesa .01 hive tion of intention. This announce- by October 1. Polaris is the op- That is 'equally true about Dr Tariff Agreements Act. Just now, Bee Oil ft Oas Big Plney Pick. an agree09 ment stated the tracts bearing a erating company under an effort is being made to extend Capitol 30 comCaribous Chester offerment Mining hot is Unitec a be fact the with would "It that royalty the tariff act Present economic Cataract 40 26 ed for lease tentatively nex' pany and Mineral Mountain Min- States cannot return to the gok troubles In the United States may Columex Crown standard. On the contrary, a re- prevent it. March 19, at Window Rock. ing & Milling company. Denver - Oolden turn to the gold standard in in28 Douglas Corporation more could evitable. Federal be Nothing INFORMATION on BEEHIVE UK. 29 Oas Hills insane than the fact our own URANIUM QUOTES nd KADOROCK 28 Resources Slant people must take payment tin 05 River Green paper dollars worth less than 50 International Beryl .. cents, while foreigners can turn 02 Jackpot Oil their dollars in through centra! Abajo Oil ft Mng. ... Juniper Anglo OH banks and receive gold worth Lisbon Valley (Colo.) Anticline 21 Mid - Continent a dollar, plus whatever additAtlM 08 Peale Mt. Bapco is the ional value gained through Beer. Man 30 West Out world price of gold. Beehive IJr. 6.25 Pacific .! Big Horn 06 "During the Senate hearings we Producers Big Indian 12 to twist out of the moneBig Plney Oil .58 Hill Radium managed Black Hawk 1.00 Radorock Resources tary experts the fact that while Calamity C. Caribou Rangely our gold reserve is reputed to be Circle Cliff Rex in excess of $22 billion, because 45 Rio Do Oro Comanche of the liens against it held by 70 Shlprock Congress Consol. Ur. foreigners, it actually amounts to 08 Bhonl Dynamic little more than $5 billion, And 58 Standard Rico Oil-we- ll Interest in West To U.S. Industry con-nui- one-sixt- h ng Polaris Opens New Ore Shoot In Rainbow Area Nevada-Massachu-se- tts (one-eight- h) off-sho- re - $18,-20- two-mil- 16-2- 3 - . Utah-Idah- th-f- 16-2- (one-sixth- off-shor- e to-dat- e Malone Calls Pick off-sho- re Speeches Useless one-eigt-h DENVER any-think- so-call- . one-sixt-h 0 -- Col-U-M- ex El Federal CROMER BROKERAGE CO. Suite TWX SU-1- 80 3-- 4 Salt Lake Stock Exchange Building, 39 Exchange Place Salt Lake City, Utah Telephone EL 14 because of government restrictions that make it unprofitable to mine gold In this country, untold billions more are still in the ground, doing nobody any good We have put up with that situa- tion about as long as we can. We are going to change it. ULA vs ............... United Mercury- Uranium Kins 5 02 Utco White Canyon Wilson OU Wyoming Tucea ft Gas 74 Co. 27 33 |