Adam M. Duncan, Salt Lake City, Utah, Uranium Oral History Project

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ADAM M. DUNCAN couple of l i quor stores , there are 13 million shares of stock outstanding." All you have t o do is put a pencil to it to figure out the stock is worth a quarter of a cent. As soon as the letter came out the s tock went another 20 cents. So most these people--and thi s i s also one reason I attribute--one of the reasons I say this happened with the SEC's lack of understanding of the need to channel these speculative needs and interests through them, by expediting things. Sometimes a regyase takes six months to clear and you want to do your hole before then. Sometimes they wouldn't ever clear a company at all. So, as a result the shells became the buy. And another thing that contributed to it greatly, particularly in the last year, is this slide in the big market. I mean, if you can, as I did, buy American Tel and Tel for your children, knowing it's absolutely safe at a lowest the market's ever been, 52 bucks, and watch it go to 43; if you lose money on a big blue chip like that one, the bluest, why not play a poker game. Our tax structure invites it. Ah, you buy Rickefratz Oil, and you hold it six months you either got your loss or gain. But it's treated differently in your taxes, than if it's just an ordinary loss. Capital gain, capital loss i nvites speculation. One suggestion has been don't give them six months, make capital gains a year. There's some merit to 31