Salt Lake Telegram | 1932-09-05 | Page 12 | Mine Co. Stock Audit near End

MINE E STOCK AUDIT NEAR END I Geologist to Survey Dream I Project Property When Check Is Complete Stock transfers and other financial I transactions ransa of the Koyle Kayle Mining company operators of or the so called dream mine near Salem Utah coun couri- ty were being checked by a firm of auditors Monday on the order of the state securities commission The audit Is nearing completion announced Secretary of State Stale Milton l H. H Welling member o of the commis sion sian and a geologist will vill be bc appointed appointee this week to lo make a survey of the physical properties of the vision born mine The two reports will be studied by the commission before it resumes its investigation of reported sales of treasury stock in the company which has obtained no permit for tor such purpose purpose pur pur- pose from the state STOCK SALES DENIED At a hearing conducted by the commission com corn mission several weeks ago officials of the company denied selling treasury treasury treas treas- ury stock stack but admitted that shares of at stock had set aside for John G G. Koyle president 0 of the firm and discoverer of the mine Th The stock was credited to to e under a a contract which provided that tha he was to drill tunnels build build ore ore bins that and carry carryon on other d which has taken place place- at the mine mirie site None o of this his stock has been sold asserted the officials William A A. Jones secretary and Martin M M. Larson Larson Lar Lar- son attorney for the company How the company could finance recent recent recent re re- re- re cent activities without selling stock sloe or pr r assessing stockholders the commission com corn mission expects to learn through th the audit ORDERED Mr Jones admitted at the hearing hearin that promotion of the mine was based on ba dreams and divine inspiration o of Mr Koye Kayle and not on mundane geological geological geo geo- logical indi indications Frankly skeptical the commission commis ordered the geological s survey