Show PARK UTAH consolidated ENJOYS MOST profitable YEARS OPE operations RATIONS operations of the park utah consolidated mines company are tersely set forth in the annual report to stockholders by president and general manager george W lambourne which was mailed out about ten days ago under date of march 1st ast president lambourn Lam bournes es letter of submission reads as follows the year 1925 was one of unusual importance to your company in may there was submitted by your board of directors for your approval the following recommendations A to authorize an increase in the capital stock of the company from shares of the par value of each to 2500 shares of the same par value and to change the corporate name to park utah consolidated mines company B to authorize the acquisition of all the property and assets of the park city mining and smelting smelling company in in consideration of shares of this company being a share for share basis ic to authorize the filing of an application with the new york stock exchange for the listing of the company shares D to authorize the exchange of the company shares for shares of the ontario silver mining company upon the basis of one and one third shares for one share of ontario silver Ni mining fining company the response of the shareholders was indeed gratifying as nearly eighty per cent of the stock was voted affirmatively mati mat vely ively upon the recommendations submitted accordingly the transactions as authorized were carried through successfully and as a result you are advised that all the property and assets of the park city mining and smelling smelting Sm Si elting company have been secured the shares of the park utah consolidated mines company have been listed on the new york stock exchange a and n d at this date over ninety three per cent of the outstanding shares of the ontario company have been exchanged production the past year surpassed all previous years in the number of tons of ore mined production of metals gross receipts and earnings production of the combined properties follows tons mined silver produced ounces lead pounds gold ounces copper pounds zinc pounds of which pounds were recoverable the average value of the combined ores mine mined dafter after smelting smelling sm elting charges and freight was 1538 per ton lar the combined properties of the company w were ere the larg b est producers of silver in the state of utah and utah uta was the first in production in the united states development development and exploratory work has kept PJ pace pa wa with was increased extraction A total footage of feet made during the year in the utah and city units this lils rep dollar ao resents an expenditure of thirty six cents for each spent for ore extraction with th this policy has had the result of closing the yea Y and r the g ana a materially increased tonnage of ore res reserves ervest probable life of the property has been extended beer dee at the two important developed tonnages ton nages have it side opposite ends of the property on the park city westerly ainu an the upper middle vein deposit has been followed wesle lead con additional eight hundred feet it shows increase utah unit tent and is of undiminished size in the park ura S side de the large ore shoot west of the main crosscut crosscut pre picked up on the 1800 level feet below the I 1 s hoot oot ore or that the exposure developments indicate axtens jon ion is improving in size and grade on its downward e ed the reserves represented by this ore body are still uni until under the 1500 level as extraction cannot comme the 1500 early the coming summer when the new shaft to for level will be completed and adequate hoisting equips large tonnage operation installed further development of this important ore reserve will be started within sixty days by which time the new pumping equipment now being in stalled will be ready for service construction improvements and additions were made to plant and equipment to insure proper facilities for the future expansion of mining operations and to keep step with the present increased rate of production provision for increased drilling operations have been made by the installation of a new cu ft air compressor located at the central plant at the daly west shaft the question of transportation between the judge concentrator and the railroad has been effectively solved by the erection of an aerial tramway between the concentrator and the railroad spur at the ontario no 1 drain tunnel this installation represents the best type of modern tramway construction it is equipped for both the down haul of ores and the of timber coal and supplies and its operation will have the effect of materially reducing marketing costs and also remove an element which has at times been the cause of interrupted operations at the park utah unit additional living accommodations have been provided for a larger crew and construction has been started on a complete new pumping unit on the 1800 level which will permit the company to uninterruptedly carry on the important development of this level with a low pumping charge and also give it if equipment to handle a volume of water of more than double present flow accompanying this report you will please find certified balance sheets profit and loss statements tables of ore and metal output and charts illustrating the growth of output for the past five years all of which we trust you will find to be satisfactory the balance sheet which follows the presidents letter makes the following exhibit ASSETS current assets cash in banks ore in transit notes and accounts receivable U S government securities total current assets property and equipment investment mining property and claims 1354 plant tunnels and equipment less reserve or depreciation total property and equipment investment investment in other companies ontario silver mining co stock daly mining co stock new quincy mining co stock total investments in other companies deferred charges to operations 4 supplies at mine T 1176 38 total liabilities current liabilities accounts payable 00 dividend payable jan 2 1926 reserve for 1925 federal income tax total current liabilities v capital stock capital stock authorized shares par value enno OOOO 00 per share le less stock 00 ss treasury stock boo total capital stock outstanding surplus paid in surplus earned surplus total surplus total then follows the balance sheet of the ontario silver mining company its profit and loss statement for the year and a lot of other data covering ore and metal outputs dividends etc together with comparative charts and exhibits which graphically disclose the growth of business comparative para tive earnings and other information such as might be sought by the investor and shareholder it is not often that a company report covers as much ground in such a concise and brief manner in fact the whole document reflects the painstaking care that is characteristic of the com banys business methods |