Show SILVER KING COALITION MINES CO MAKES FINE REPORT AT ANNUAL MEETING at the annual stockholders meeting of the silver king coalition mines company held on the instant reports submitted by company officials comprehended operations for the calendar year 1926 these reports dealt with the companas comp anys financial business mine and milling operations in the usual clear cut comprehend comprehendible able fashion that is characteristic act of th the officials charged with handling the ship in submitting the data covering the years operations president david keith shows that the year was a particularly successful one and that dividends declared and paid to stockholders tock holders had been the largest in the history of the company the total was while the grand total of dividends paid from the mines now comprising the big com banys holdings in the camp amounted to in the election there was no change in the personnel of the companas comp anys official household other than to select john K hardy as a director succeeding moylan C fox recently deceased the directors reelected elected re are henry newell W J halloran james ivers thomas F kearns david keith W mont ferry F J westcott and M J dailey there will be no change in the officers general manager baileys Dai leys report capital expenditure of to rehabilitate the plant and increase efficiency was made during 1926 according to general manager A M J baileys Dai leys report A ne new w shaft house was erected and crushing and flotation machinery new pumps and other machinery installed and paid in assessments on silver king consolidated stock As a result of lower metal prices production was somewhat curtailed during the last half of the year states mr baileys Dai leys report mining operations during 1926 produced tons first class or shipping ore and tons of second class or milling ore from the milling ore tons of concentrates were produced making a total of tons of first class and concentrates sold to the smelter after deduction of charges for smelting smelling sm elting and the freight on ore from park city to smelter net returns to the company from ore sales amounted to incomes from rentals and interest amounted to 93 making a total income of I 1 expenditures for mining milling and all others costs including depreciation in the amount of amounted to taxes were making a total expenditure of this leaves a ne net t operating profit of for the year A comment on metal conditions by vice president and managing director W mont ferry is carried by the report development and metal content of ores mined general superintendent M G heitzmann Heitz mans statement shows that feet of development work almost five miles was done at a cost of average metal content of the product was as follows crude first class ore 2786 per cent lead 2955 ounces silver of an ounce gold 86 per cent copper lead concentrates per cent lead ounces silver ve r of an ounce gold per cent copper iron concentrates 1483 per cent lead 1045 ounces silver of an ounce gold 33 per cent copper zinc concentrates per cent lead 1432 ounces silver of an ounce gold 56 per cent copper per cent zinc lease ore per cent lead ounces silver of an ounce gold per cent copper output of metals financial exhibit total metal contents amounted to pounds of lead ounces of silver 2722 ounces of gold pounds of copper and pounds of zinc the balance sheet of the company as of december 31 showed the following total current assets fixed assets deferred charges current liabilities reserves and total capital and surplus analysis of surplus for the year ended december 31 1926 balance january 1 1926 adjustments applicable to former years income tax refund catastrophe insurance refund total less net proceeds tax mill fire demolition adjusted surplus january 1 1926 net income for year as per statement total less dividends declared balance in surplus december 31 1926 condensed statement of operations for the year ended december 31 1926 operating revenue from ore sales net smelter returns after deducting freight and treatment charges other income interest on securities miscellaneous cel laneous income total income operating expenses mining and milling expense 1 taxes state and county administrative tra tive federal taxes depreciation plant and equipment total operating expenses net income for year carried to surplus |