Salt Lake Telegram | 1936-03-13 | Page 23 | Loss Revealed by Park Utah

LOSS LOS REVEALED BY PARK UTAH Park Utah Consolidated Mines company operated last l t year at a net loss of before depreciation tion according to to the annual report of O. O N. N Friendly vice president and general manager issued Friday Income totaled including in receipts from ore sales and expenses totaled These figures cover operations for only a few weeks as the mine was not reopened until November The statement shows that the company at the close of the year had In current assets after the discharge of all liabilities except that represented by its ill Issue of common stock The rhe losses for the year Mr Friendly reported in inthe the main rep represent resent necessary expenditures re required required re- re to maintain the property during the continuance of the policy of ot which prevailed from April 1032 until near the close of 1935 when your directors decided that the tho gradual increased con con- try jy together with the tho price which h can be obtained for for domestic domestic silver justified the start of op the resumption of extraction of ores The present price of base metals base metals still leaves much to be desired but buta a continued improvement in inthe the economic situation should Result in ina a further depletion depletion- of ot the largo surplus stocks on hand of these metals and thereby remove theone Important factor which has de depressed de depressed pressed their s sale i value Events of of- the past four years have havo proved the wisdom of those Jn in charge of the company's affairs In their policy of not waiting its capital resources by producing and marketing its products during a period when the thi metals could not bo be sold except at a great eat sacrifice The primary primary- policy of the man man- for the immediate future i is to press development and exploratory exploratory tory work in undeveloped territories for the purpose of discovering and uncovering new ore new ore deposits though it be at the tho expense of immediate profits In the short Urns short time that op operations have been under wa way no large tonnage has been developed but encouraging results have been accomplished Mr Friendly said the company Is now producing approximately tons tolls a day a-day day compared with tons tonsa a day when operations were were- re resumed last fall The output willbe will willbe be further Increased he added when mine and market conditions warrant