Show LEVY ON MINE STOCK ORDERED Facing the hc greatest crisis in Its Is career career the Park City Development company operating the old American American Amer Amer- ican Flag mine at Park City has decided de de- to levy a cent 3 assessment Inan in inan an effort to save its it property from Crom foreclosure News of the boards board's decision to take this drastic action acton was was announced announced an an- Thursday by A. A L. L Hurley president of ot the company Mr r. r Hurley Hurley Hur Hur- ley declined to amplify the announcement an an- but said he would issue a statement in a day or two giving I the delinquent and sale salo dates setting set set- ting forth fort the reasons for the te assess assessment asses asses- ment and disclosing tho state of the company's finances The option opton price on the American Flag group was due December December De De- cember 14 H. H 1936 Since taking over the property In 1933 the company has paid approximately 1800 leaving leav leav- ing mg to be paid The company is capitalized for or 2500 shares par value 10 cents cent of oC which all aU but have been is is- is sued Payment of the cent 3 assess assessment men ment by all aU the stockholders would net about It I is reported that Mr r. r Hurley Hurey believes this sum sum augmented augmented aug aug- by proceeds of ore sales between between be be- tween now and December 14 1 will wi suffice to pay HY off the debt on its it bond and lese lease Proceeds from ore sales it is said aid are arc rapidly increasing ing duo due to heavy shipping from a recent strike on the 1300 foot 1300 level leveland leveland and to increasing richness of the ore are A few weeks week ago the board empowered cm- cm powered Mr Hurley to take any steps he deemed advisable to save the property and the course agreed upon at that time was to double the capitalization to shares This course however has been abandoned in favor of an assess assessment ment ment Although the company's stock is not not listed on un the Salt Lake Stock exchange ex ex- change its is decision to levy an as assessment a- a was the sole topic of con conversation con con- on the exchange Thursday morning |