| Show REPORT ISSUED BY UTAH APEX the utah apex mining company has a balance of 1073 in cash and negotiable securities in the treasury exclusive of ore in transit after paying dividends litigation expenses costs of mill improver improvement nent and the purchase of mining properties on may 31 the company disbursed directors favor president R F haf fer jr explains in a letter to stockholders a progressive development campaign for the purpose of developing ore sufficient for continuous production and they are convinced of the necessity of maintaining all ample cash surplus to provide for all contingencies yet it is their desire to continue qua quarterly rt e aly dividends as long as present conditions continue and extra dividends when circumstances warrant in his report to stockholders president Haf fenre f f er says in part in accord nace with a ruling of the treasury department a certain percentage of earnings is charged to depletion account these dividends are paid froni from that account and therefore stockholders are not liable for payment of income tax on this distribution I 1 development work has been actively prosecuted and ore extraction is being carried on down to and including the 1800 level the shaft is down 2250 feet and exploration is advancing rapidly at the 2000 level for development of probable extensions of the ore bodies now being exploited in the upper levels ore reserves have been maintained to keep ample ore in sight for a years uninterrupted extraction in advance of the workings the management has recently acquired by purchase a number of mining properties contiguous to the utah apex these properties mean added life to the mine and a consolidation of all the mines now owned by us production during the first eight months of the present fiscal year is as follows gold 1718 ounces silver 27 Q ounces lead pounds copper pounds zinc pouf pounds ids |
