Show RK UTAH CON CONI COME SHOWS it Earnings More Than Double 1924 Leading STIver Silver Producer I Ky B By WILLIAM The he first annual report of ot therk therk the rk Utah Consolidated Mines pany the largest producer of ot erVn the United States leading T Standard Mining com corn p which held the record In 1 w WS s made public by President rge W W. Lambourne Saturday on Net Income Increased y in 1924 to 1925 1125 sll La the e report states 1925 was one unusual importance to the of ot the company for tor was rai was that year the board of ot dl- dl t tors tor rs submitted to stockholders approval authorization torease to torease rease the capital stock of ot the from shares of ot of ot 1 each to ires tres of ot the same par value and change the corporate name to Utah Consolidated Mines to acquire all the prop- prop l and nd assets of ot the Park City hI ng g and Smelting company in of ot shares of ot company to authorize the of an application with the stock exchange for tor lIst lIst- company's shares and to the exchange of ot the com com- iy shares for tor shares of ot the Onlo On- On lo io ilver Mining company upon l sis of ot one and third one-third uc es for tor one of ot Ontario Silver ning company compan il of these were accomplished Lambourne finally i Deeded see ed in combining the great- great l lead yer-lead mining properties of ot IT Tw st t Into one com company pan and the thet thet H t t ears ear's operations show tre- tre dous increase in earning power consolidation IS HIGH rhe prOduction of or the combined per ies of ot the Park Utah Con- Con idd Mines company for 1925 lows Tons of ot ore mined silver produced tees ices lead pounds d ounces copper 1455 1 45 5 pounds zinc ands of ot which pounds r re recoverable ha be average value of ot the corned com com- lied ed edores ores after atter smelting charges I freight was 15 1538 38 per ton S eI combined properties of ot the were the largest pro- pro ceri of ot silver sliver In the state of ot Utah was the first induction in in the United States resident Lambourne's report on lel and construction dur- dur It ear follows Dev Development and exploratory 4 s kept pace with 1 Increased faction action A total footage of ot was made during ther the r in the Utah and City units a an expenditure of ot 1 rS for tor each dollar spent torI for tor I extraction Ms policy has had the result Id losing doing the year with a mamaY ma- ma ally maY increased tonnage of ot ore terves and probable life lite of ot the thep p fy has been extended DEVELOPMENT I j two Important developed nages ages have been at opposite of the property On the Park it unit side the upper middle n deposit has been followed t ter terly Y an additional feet It Increased lead content and or of undiminished size tn the tk k unit side the large ore ot west of ot the main crosscut Tp eked up on the 1800 level the lowest previous ex ex- uro Developments Indicate t 1 the e ore shoot is Improving in fand aini nd grade on its downward n Ion The reserves by this ore body are still t hed under the 1500 level asIr as Ir traction ra lon cannot commence until he coming summer when whenn n nv 12 v shaft to the 1500 level will completed and adequate hoisting for tor large tonnage op- op Installed Further lurther devell devel- devel en n of ot this Important ore ree re- re l e 0 viii bo be started within sixty e 8 i y which time the new pump- pump t equipment now being installed Ib bg ready for lor service and additions to plant and equipment ns noure re proper propel facilities for tor the ther r of or mining opera- opera to keep step with the ent eat Increased rate production lP for tor increased drilling Rations have been made by the of or a a. new cu ft n. c or located at the tho cen- cen Continued on page 6 5 PARK UTAH CON INCOME SHOWS' SHOWS RAPID INCREASE Continued from pate page page 1 plant at the Dal Daly West est shaft shatto The question of transportation between the Judge concentrator and the railroad has been effectively effectively effectively solved b by the erection of ot an aerial tramway between the concentrator concentrator concentrator con con- and the railroad spur at atthe atthe atthe the Ontario No 1 drain tunnel The Installation represents the best type of modern tramway construction It Is equipped for both the down haul of ores and the up haul of or 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 ot In Interrupted Interrupted interrupted In- In operations ns THE BALANCE SHEETS At At the Utah Park Park Utah additional addition addition- al living accommodations have been provided for a larger crew and construction has been started on a complete new new pumping unit on th the 1800 level which will permit the company to uninterruptedly carry carryon on the Important development of this level with a low pumping charge and also give it equipment to handle a volume of water of ot more than double present flow The balance sheets show current I cash assets to be dIvIded di divided divided dI- dI vided as follows Cash in banks ore in transit notes and accounts receivable able U U. S. S government securities The property and equipment Is placed place at n divided as follows Mining property and claims plant tunnels and equipment 1522 and depreciation and reserve resene Is subtracted subtracted sub sub- amounting to 28 Investments In other companies are listed as follows Ontario Silver Sil SlI- Silver SlIver ver Mining company stock Daly Mining tUning company stock New Quincy Mining company stock or a total investment in other companies of 25 Deferred Deterred charges to operation op op- operation supplies at mine are 67 making total assets assets' assets of of 9 The total surplus including the paid in surplus is given as 6 The total outstanding i stock is shares leaving shares of ot stock and shares share in the treasur treasury HUGE INCOME REPORTED The report shows an income of as follows Net ore sales Interest on In Investments investments In- In vestments loans and bank deposIts depos depos- its miscellaneous Income The expenses are listed as follows follows follows fol fol- fol- fol lows Mine Mite operating expenses 2 18 administration and general general general gen gen- eral expense pro property capital stock and license taxes 69 listing expenses New York stock exchange depreciation tion federal taxes estimated es estimated estimated es- es This leaves a net income for tor the year ear 1925 after atter providing for tor estimated estimated estimated esti esti- mated 1925 federal income tax and andall andall andall all expenditures covering development develop ment work and construction of 1 This compares with a anet anet net income of for 1924 1 I in 1923 In 1922 and In 1921 A series aeries of ot graphic charts Included ed In the annual report shows five five- year comparisons that gives stockholders stockholders stockholders stock stock- holders an excellent idea of ot the earnings production and operation costs CHARTS MAKE For instance while the chart on onnet onnet onnet net Income shows a a. small net earnIng earning earning earn earn- ing for tor 1924 the exp expenses expenses for 1924 were practically the same in 1925 as In 1924 and only slightly less than In 1923 showing the tremendous tremendous tremendous dous savings in In- operation costs under under under un un- un- un der the consolidation Last year shows shorts a sharp Increase In production production production tion and higher earning power The tonnage Ir it 1925 jumped as follows In the the year five ear period period- 1921 73 tons 1922 tons 1923 tons 1924 tons and andIn andin andin in 1925 tons or about four times the tonnage of at five years ago The silver slIver production Jumped from ounces In 1921 to 4 ounces In 1925 and ounces in 1922 In 1923 and ounces In 1924 Lead Lend production the report shows has steadily and rapidly In Increased Increased increased In- In creased In the last five years yearn as follows 1925 It was pounds 1924 pounds 1923 pounds pounds- 1922 12 pounds and 1921 pounds pound President Lambourne expressed himself as highly pleased with the showing made during 1925 With fth the Improvements and developments on the 1800 level completed during 1926 this year should show even better returns The company last year ear paid dividends to stockholders ers of 15 cents a quarter and will pay a 0 similar dividend of 15 cents cent a 1 share to stockholders on April 1 I representing the first quarterly dividend of this year ear |