Show OUTLOOK OUTLOOK DECLARES SPIRO Report for 1921 Is Issued by Silver Consolidated Consolidated Consoli Consoli- i Siver King Consol Consol- dated Company Th Th Tb report ft t th the tb Silver King Kind KIn Consolidated Consoli dated Mining cony nr of ot Utah for 1921 has b lust Jut been Issued President Sol n says ay In part In reviewing t tOe t e try of o oar r company gem com f pany dr during 1921 1 a Ja d to rec that It has bs hs not only pV d successfully u lly through the financial tre of ot th that tat trying year ar but has ha pushed the wor wot worn In the tha Spiro tunnel uninterruptedly has h. h o x td th the I tunnel 1 to Its it first objective and ha haa e established tab I fJ b connections s at several r p V withOF with OF ore bearing r limestone e overhead r Hig Krade n t ore has been exposed I In a number be of Ore shipment h has been made Every hC wad wad- J- J log ng I Is following a line I en enoT of oT development tb dv i calculated to lead to productive oV de I deposits deposit I During rl t the year e the Spiro o tunnel wai waa dr driven feet et making a et the t total Delen length on January 1 1922 12 feet teet Prospect work wok was waa carried on from the No Ko 1 r raise ls which Is J. nearest the ports portal of the tunnel tun ton nd nel to the big dike covering a linear distance of ot 1560 1550 feet along th the tunnel tunnel It I is la hardly necessary to say 8 that s se securities u- u of ot every de description have hav been ben at ata a terrific discount during the year lust Juit closed closed This Made It Impossible to refund our note Issue Inu or to market other debenture debentures deben deben- I tures ture ture except at a severe sacrifice In view of t the conditions n I n prevailing I a number u r of rece recen rf the e larger note holders po e that f the notes notta and Interest due be made convertible Into stock at 1 60 60 Instead of ot 2 U per ah share re the maturity extended for one ye year r ana anO I assessments credited thereon at the pleaSure pleas pleaS' pie ure of ot the holders holder The plan was wa accepted by the board of directors director To meet oper operating expenses expensed and certain ceran bank obligations three as of 10 cents cents' each were levied Forty eight per percent percent pe cent of ot the a assessments menta were p paid ld by persons per per- pet sons son lons owning or more shares share and about 34 3 per cent by bv officers of the company and sod their tam families Ile The greater part of the receipts were applied on the liabilities of the company and It Is I. gratifying to find that during a year of such unprecedented unprecedented unprecedented dented financial stringency we not only financed the completion of ot our oun tunnel and the the raises to the ore horizon but also re reduced reduced re- re The accompanying our fixed obligations financial tons by 1762 statement covers these theae maters matr While I cannot say that alt all al the difficulties cullu which confronted us u during the year yer are entirely overcome I 1 may say with confidence that the position olton of the th company company company com com- pany Is I. far tar better beter than It I was waa at the bed beginning be be- ginning of the tea year sear and Is Improving d dally daily v vIn In the Spiro tunnel we are In direct contact contac with wih the ore channels and every foot of ot development brings u us u nearer In my Judgment to massive deposits deposit the large preliminary y or dead ad work Is ac accomplished ac- ac our funded obligations b IO are greatly reduced and will be wiped out by bythe bythe bythe the conversion of ot notes potes when mine and nd market market market mar mar- ket conditions are a little more advanced our treasury contains a large larre amount amount of unsold stock tock and the market for such se securities ae- ae e- e i is g gaming steadily In ho strength I see no reason to doubt that with the continued cooperation of ot the stockholders end nd the company wI become a greater producer of slIver silver and lead and anda a larger dividend payer than ever before The treasurers treasurer's report shows a a balance on oil hand 1 rut fast of ot and In Inventory inventory In- In |