Word: uranium
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...URANIUM STOCK RUSH should be slowed down by new Securities & Exchange Commission rules. In a move to eliminate racketeers in penny stocks, the SEC will tighten its small-securities regulations by requiring brokers to give full details of all proposals, place a certain amount of stock-sale proceeds in escrow to insure that investment money will be used for legitimate business purposes...
...through the uranium country in the Western states, ore has piled high outside the mines as production outsped the expansion of uranium refineries. One of the biggest stacks of ore lies outside the rich ($60 million in proved reserves) Mi Vida mine of Charles Steen, the onetime oil geologist who discovered Mi Vida when he was almost penniless, thereby touched off southeast Utah's first big uranium strike (TIME...
...been collecting at Mi Vida's portal at the rate of 15,000 to 20,000 tons monthly, now lies in heaps 40 ft. high. The sight of such idle riches disturbed Steen, so he decided to build a mill himself. Last week he signed, for his Uranium Reduction Co., a contract with the Atomic Energy Commission to build an $8,000,000 to $10 million uranium-reduction mill, the biggest...
...Indian Wash district, as well as from AEC's nearby stockpile. To finance construction, Steen will borrow $3,500,000 from New York's Chemical Corn Exchange Bank, $6,200,000 from the New York Life Insurance Co., thus bring a major insurance company into the uranium business for the first time. Steen need not worry about customers: AEC will take the mill's entire production until at least...
...URANIUM FEVER has hit the huge Pacific Northwest Pipeline Corp., soon to build a $168 million pipeline from New Mexico's San Juan gas field to West Coast markets (TIME, Dec. 27). Workmen laying pipe through uranium-rich eastern Utah-western Colorado plateau area will be equipped with Geiger counters so that Pacific Northwest will not risk bypassing any promising ore vein...