| OCR Text |
Show ;r $ Pate $ THE WESTERN MINERAL SURVEY 2 WESTERN MINERAL Silver Lobby to Fight Purchase SURVEY (Reprinted from The Salt Lake Tribune) By Robert W. Bemick HEWS - CIRCULATION Phone EM Quoth Street 1402 Curtis St., Denver (21 The Silver Users Assn, and its paid lobbyists are returning to the battle to repeal the Silver Purchase Act of 1934. According to Rear Adm. Donald J. Ramsey (USN ret.), who describes himself as "legislative counsel, the struggle in next session of Congress has nothing to do with the desire of his sponsors for cheaper silver to put in their plate and wares. The Silver Users Assn, has a higher, loftier purpose, he tells the Mirror Manufacturers Assn, at a recent meeting in Washington, D.C. It is the battle for sound money. The admiral, who draws upon his long experience as a Navy person in his discussion of monetary affairs and conditions of the United States mining industry, announces in his sound money battle that silver has no value except what it will bring in the market place. In this respect, he says, silver differs from gold. Everyone knows that the government will give you $35 paper dollars for one ounce of gold. Therefore, gold has value but silver doesn't except in the market place. Of course, the admiral does not tell the mirror makers that in only two countries of the world Russia and the United States is a public market place in gold prohibited under pain of violating national law. The admiral admits that the workings of the Silver purchase Act doesnt cost the taxpayers of the United States very much. In fact, he says the "insidious part of these laws is the fact that Congress does not have to appropriate any money to carry them out, other than small amounts for administrative purposes. The admiral continues that the Silver Purchase Act, which costs nothing, is in effect a subsidy. The admiral goes on to say that not only are the laws insidious because they dont cost the taxpayer anything, they also very cleverly provide a profit for the Treasury. He maintains that the Treasury is fistitiously printing money to pay for silver. What does the Treasury do when it buys gold exchange a silver certificte which is redeemable in silver? What does the Federal Reserve System do when it issues notes to banks which are the same as currency? The admiral goes on to relate to the edification of the mirror-makethat the Value of silver left backing each paper dollar is worth only 70 cents in gold. He doesnt add that the statement is meaningless because you cant freely convert to gold anyway in the United States. At least you can pile up 'western if you lie. These are readily useable in world commerce particularly in Asian countries where silver is more acceptable than paper and where there is no gold coin small enough for use by the masses. The Admiral goes on to detail how silver laws are helpful to the mining industry. True. They are not only helpful, but out here we believe them to be essential particularly to west- Alpine ettr. Utah St, Denver . ALptne Kntered as second class matter at BnF Lake City, Utah, under Act of March 3. 1879. Subscription rates: 95.00 for two yean; 13.00 for one year. Please mention Western Mineral Survey 2402 Curtla ehen writing to advertisers. rates on application. u M. Adrertlslns mu. Independent Coal & Coke Tells Net Income for First 9 Months 48 XU Salt .Editor An news appearing In the Western Mineral Survey Is obtained from sources relieved to be reliable but no responsibility is assumed for aocuraey of statements. Reproduction of any material from this publisation must have written permission from the publisher. Gulf Notes Site For Wildcat Gulf Oil Corp. this week announced location for a 6,660-foo- t wildcat test of the Greenriver transition zone in its Bend Unit about seven miles east of Brennan Bottoms oil pool, Uintah County. The firms Bend Unit No. 1 will be located 2,013 feet from the north line and 620 feet from the west line of Section 13, Township 7 South and Range 21 East. Renwar Oil Corp. announced lo. cation for a 5,670-foParadox formation wildcat 3 miles southeast of Bluff Pool, San , Juan County. The firms well, No. 1 Federal, will be drilled 1,980 feet from the south line and 660 feet from the east line' Section 13, Township '40 'South and "Range The Independent Coal & Coke Company has reported a net income of $75,933 for the first nine months of 1957. The president of the company, W. J. OConnor, said in a report to shareholders that for third quar. 1957 we incurred a loss of $169,963 compared with a gain of $52,870 for third quarter of 1956. He explained that a bump or bounce results from slippage of a large segment of either rock andor coal. This occurred on July 18, 1957, resulting in loss of life of three of their workmen and the destruction of seals and stoppings used throughout the mine which are necessary to confine dangerous gases and to prevent tires in fallen coal. ter of Thickol Program Thiokol Chemical Corp. says its Utah division near Brigham City will participate in development of solid fuel rocket engines for e the Intermediate Range 1,500-mil- Mr. OConnor said that it requires the services of a large force of men and a considerable quanity of material during the balance of July and through August to properly rehabilitate the property for safe operation. The Salt Lake said that the great difference In outcome of the third quarter of this year ove-la- st year is a heavy handicap to overcome but because of the satisfactory earnings of the first six months, the companys outcome for the nine months of 1957 is only approximately $46,000 less than that of the same period of 1956. Given normal weather and railroad cars for the last quarter, they hope to show a satisfactory outcome for the years operations. Total income of the noncaptive commercial coal producer for the first nine mouths of 1957 was $326,997 compared to $392,056 for the like term of a year ago. Total current assets on Sept. 30, 1957, were $2,287,672, of which $147,830 was cash in banks or on hand; $863,791 in accounts receiv- -- -- this week by the US. Navy in Total current liabilities were the Lockheed Aircraft Corp.s $1,147,422. . Total assets and liabilities were Polaris program, said John Hig-ginso- Thiokol manager. n, . $5,325,453. Salt Lake Stock Exchange Piute Uran. Corp Plutus Prince Cons. Prosper Oil ft Mng. Royston Coaln Silver King West Silver Shield Sioux Mines So. Iron Blossom South Standard Sundance Oil East. 22 f s, f Swansea Tar Baby Other locations filed with Utah '1 birMn( Cons. Tlntlo Central Tlntlc Lead .... Tintic standard Oil and Gas Conservation Commission Monday included: The Texas Co., Navajo J-- Ismay Pool, 2,035 feet from the south line and 510 feet from the east line, Section 20, Township 40 South and Range 26 East, and Shell, Oil Co., 3, Utah Cons. Utah-Idah- o 8ug. Victor Cons. Western Alloys Zuma Ur. Bonanza ft Oil terested please write, giving your phone number and background for a local interview at your convenience. LAM DISTRIBUTORS, INC. Stockholders of Silver Shield Mining & Milling Co. were informed this week that the board of directors has rescinded an assessment of three cents per share on all outstanding shares of company stock. The report said, You were recently advised that the directors of your corporation had, on Aug. 15, made an assessment of three cents per share on all outstanding shares of Silver Shield Mining & Milling Co. stock, to be levied effective, the 30th day of August, 1957. Because of information which has been brought to the attention of vnur board since the lew of .... Sales .05 1000 at Cardiff 1000 at .65 Clayton Silver 1500 at Comstock 2500 at .1814 Cons. Eureka 1000 at 500 at .34 .31 .30; 1000 at .13; 2000 Curb Sales Cons. Eureka 200 at .34 Dragon 300 at .95 WlUlston 4000 at 2000 at .06; 8000 .17 Tlntlc Standard 100 at .50 United Park City 200 at 1.15 WlUlston 1000 at .14 East Standard Tar Baby 1957 URANIUM QUOTES 500 at REPORT ON MT. PEALE Cataract Crown Denver-Golde- n Douglas Corp. Federal Oas mils Giant Resources Green River International BeryL Jackpot OU Juniper Oil ft Mining Lisbon Valley (Colo.) .... Mid-Contin- Mt Peale Out West Producers Pacific Radium Hill Radorock Resources Range ley Rex Rio Do Oro Shlprock Bhonl Standard Ula . va United Mercury inium King at .21; 1500 .21 at .30; Croff 011200 at .05 Dragon 500 at .9214 ;100 at .95; 200 at .95 East Standard 3000 at .05ft; 2000 at ,05ft East Utah 1000 at .10ft Grand Depst 7000 at .01ft; 8000 at .01ft Intermtn. Pet. 200 at .05 ft New Park 500 at .77 ft North Lily 600 at .37 Silver King West 1500 at .17 Tlntlc Standard 300 at .47; 200 at .49 represent actual transaction!. They art intended as a guide to the approximate range within which these securities could have been sold (indicated by the bid) or bought (indicated by the asked), at the time of completion, 9:30 a.m. each day. as furnished by members of the National Securities Dealers Assn., Ins. Oil.... at 3000 ... OU Bullion Monarch DENVER Stocks American Beryl Bearer Mesa . Beehive Big Fluey Oas & Capitol Caribou Pfd. West Toledo Wilbert Willis ton Basin Tankee Cons 23-1- 2, October 28, 4 n Oil n Trans-Unio- lead-zinc-silv- er Silver Schield Rescinds Plans i .! Silver Standard Ratherford Field (North Desert 1,958 feet from Creek) well the south line 330 feet from and ern mining. east the line Section 12, TownThe admiral also explains to the mirror makers that the ship 41 South and Range 23 East, silver situation hasnt been corrected because of the fact that both in San Juan County. tight western states, containing only 3 per cent of the population of the United States, has 16 Senators of die total of 96. We expect hearings on this bill to start immediately after reconvenes in The Congress January. people in this country are becoming increasingly opposed to unsound monetary pracUranium Stocks he declares. tices, Hu folio wing bid! and askeds do not TURN OF WHICH IS GUARANTEED IN WRITING BY US, for you to earn up to $260 per month part time. You can net up to $28,000 annually on a full time basis. We are an established reputable concern with the finest and oldest name brand equipment If you have the cash and are sincerely in- V Ballistics Missile. However, the firm probably able; $920,121 in supplies and mernot play a role in the 62 mil- chandise and $396,057 in prepared lion dollar investment announced coal on hand. . cart-whee- ls For reliable person, man or lady, with vision and ability to act immediately for a lifetime of assured income. To service route of cigarette machines established locally for operator. $900 to $1800 cash investment required, THE RE- i ot rs EXCEPTIONAL OPPORTUNITY 25, 1957 31 ADVERTISING Box 3600 Friday, October CROMER BROKERAGE CO. Snile 3-- 4 Salt Lake Stock Exchange Bulling, 39 Exchange Telephony 'm .13 at .06 |
