Show SILVER KING consolidated ISSUES REPORT under date of february the annual report of the silver king consolidated mining company of park city for last year has just recently been printed and mailed to stockholders the statement of president solon spiro and the report of consulting engineer harry A lee completely cover the years operations and explain the present physical condition of the property and the work of development that is progressing A complete financial statement accompanies the report from president spiros report the following excerpts are taken during the year the spiro tunnel was driven feet making the total length on january 1 1922 feet prospect work was carried on from the no 1 raise which is nearest the portal of tile the tunnel to the big dike covering a linear distance of 11 1550 feet along the tunnel the in the tunnel completely verifies the fact that its territory is b geologically 1 I a continuation of the section from which our company has mined two and a quarter million and a nei neighbor 9 abor has produced more than thirty y in million dollars worth of ore in this formation tile the ore d does 0 es not make continuously in fissures but occurs at irregular intervals as huge huc hu c disconnected masses that must be located by systematic development work such as we are now doing doin in the limestone horizon the last feet of the spiro tunnel is in our cali fornia comstock group of claims and the tunnel breast is is underneath the comstock workings 6 A body bod of good concentrating cent rating ore has been demonstrated on the foot level of the comstock the connection of the comstock shaft feet deep with the tunnel 1250 feet deeper will permit the economical extraction and treatment of this ore and the mining of other beddings probably of high grade ore which should be opened in making the connection it it is hardly necessary to say that securities security ti es of every every description iop have been at a terrific discount during the year just closed this made it impossible to refund our note issue or to market other debentures except at a severe sacrifice in view of the conditions prevailing a number of the larger note holders proposed that the notes and inte interest rest due be made convertible into stock at instead of per share the maturity extended for one year and assessments credited thereon at the pleasure of the holders the plan was accepted by the baard of directors to meet operating b expenses and certain bank obligations three assessments of ten cents each were levied forty eight per cent of the assessments were paid by persons own mg ing or more shares and about 34 per cent by officers of f the company and their families the greater part of the e receipts were applied on the liabilities of the company and it is gratifying to find that during a year of such unprecedented financial stringency we not only financed the e completion of our tunnel and the raises to the ore horizon orizon but also reduced our fixed obligations by the T h e accompanying financial statement covers these maters |