| Show 41 ail 1111 i 4 i I 1 mattera AM 1 PARK OUTLOOK GOOD an agreement as to sideline rights has boon boen readied reached between the tag united states smelting smelling Sm elting refining He fining and mining alining company and tha park bingham mining ln compa company according to an auno announcement anu U no made yesterday by president and manager A C of an understanding relating to boundaries which will preclude any litigation over apex rights either witt regard to fissures or limestone beds will mill facilitate operations in both properties says s to days tribune exploration ot of an eleven toot foot fissure in park bingham ground affect oil by the agreement has beert been begun according to mr air for some time the park bingham company has been desirous of drifting upon this fissure on the strong lead of steel galena showing on oil the butterfield tunnel level but it was afraid to do so tor for tear fear of getting getta 9 into litigation now that an agreement has been reached the company compa ny can proceed with development immediately nied lately the company has ore in five headings explained mr air we are developing two ore bodies bodice in the andy dritt drift in ia the north face of the andy drift we have three fe teet et of steel galena in the intermediate drift we haxe haive opened up a deposit that is averaging from three thre e to tour four feet beet in width ore of this character ini addition to heavy silver andi and lead content carries about 6 i a ton in gold has been holding up well today the company shipped its one hundredth carload of ore during durin g june of ore was marlC marketed eted last week we shipped five carloads of ore this week but for or the layoff over the fourth we te would have shipped six carloads As result output will amount to ahree carloads but next week we should do 30 better ORE one TONNAGE FOR FOH FIRST ja HALF OF YEAR gross tonnage of ore and concentrates shipped from the park city district tor for the first erst half of the current year totaled tons as compared with tons tor for tile the same period of last year decline dec aine in a tonnage shipped can be attributed to several factors decrease De creaso in ontario production from tons for the first halt half ot of 1926 to tons tor for the yead preceding this aall have but a negligible effect on the metal output of the district since a greater part of this tonnage has consisted of dump orel used tor for fluxing flexing purposes 1 king coalitions production decreased from tons tor for the I 1 first half of last year rear to tons for the first halt half of this year not i from lack of sufficient ore reserves but because of thle this companas comp anys fixed filea policy to regulate regula te production with regard for foil the price of metals lead being lower louir dur ing the first halt ot of 1926 the company regulated output at a ai figure which would easily meet current dividend requirements in order to reap the benci benefit fit ot of the price advance sure to follow folios the seasonal easo nal 1 slump advantage great the effect ot of this policy can readily be appreciate dl from able tact fact that production 0 of f the silver king coalition alfans company practically doubled last week increasing from 1288 tons for th the 0 week preceding to 2193 tons experience of the company shows that production ot of metal avith an eye to the trend ot of prices pays handsome profits addition of tons capacity to th chiji 0 companas comp anys notation flotation mill as well weh agthe as the advanced price prica of lead will no doubt favorably affect king coalition output andl andi cause a measurable increase during the last halt ot of the current breut year the slump in keystones output lessened thle this districts total by tous tons however development work bing done by this company in lower horizons will probably bring keystone back into the rank of steady park utah record bood Good production of park utah consoli cited shows a splendid increase tons being ship shipped as compared with tons tor for the park city mining alining and smelting smelling Sm elting company during the first half of last year before the making a total of approximately tons metal output of the park stahl consolidate dl is running in advance of that tor for last year when the com cam donys propel ties set a new high record and the organization with an output of ounces became chief silver producing company A table showing the production of park city shippers tor for the first halt of 1925 and the same period of 1926 follows first first halt 25 half 26 keystone ontario park utah park city al S silver king coal total production first halt 1926 tons first halt half 1925 tons first halt half 1324 4 long form 1923 tons 1921 tons THE PRINCE WINS AVINS IN GLENALLEN SUIT the dispute between glenallen glenellen Gle nallen mining alining company and prince francisco of the house of savoy italy was decided last fridey by by judge elias hansen of provo sitting I 1 in judge M L Rit chles chies courtroom says saturdays Tribu tribune ine at the same time a personal dispute between james 13 alten allen andl and J P r featherstone which had been alred aired a few days before led to issuance of a complaint charging allen alien with assault the court dire etca that the petition of the company asking tor for a cesale he be denied james B allen alien of the glenallen glenellen Gle nallen company la Is alleged to have ened an assault of J P F featherstone in the court room june 29 according to the complaint it was just after recess and allen alien is said to have declared im paint gating to bottle atle this mithi you man to man and ill put you where you wont interfere with business the glenallen glenellen Gle nallen case ase has taken more than the usual interest because of the presence of a prince of a reign ing european house it has occupied several days and was argued on a motion to set asae a mortgage foreclosure og 0 sale of the mining company to satisfy a mortgage held by the prince it was waa claimed that the transaction was void because of purchase of the mortgage by william andersen anders a a former president of the com company any A number of creditors claimed their in crests were prejudiced the court held that the value of the company is speculative that there was nothing to scowl whether the price paid by anderson was reasonable or unreasonable he held hald that the petition tor for a resale be dented denied held selfishness in his decision the court paid considerable sid erable attention to mhd position held by mr re featherstone atherstone and mr anderson as former officers of the company in purchasing the rights ot of the prince under the mortgage the decision points out that the two of 0 fibers had the duty of 0 endeavoring to finance the company subsequently they were removed from office and the court comini comal lenta lents 1 I think the evid evidence once la is conclusive in effect that mr featherstone and mr air and anderson erson at that time in im i order to retaliate against the tha maa jan 1 nt pitr r in which they had been tre treated made up their minds that the thing for them to do was to protect their own interests and it if it was necessary to wreck the company and were not especially concerned about the Gle Gl anallen nallen mining company after they had bad been removed te moved they their purchased the mortgage the bourt was careful not to impute dishonesty to either mr air F featherstone eath or mr anderson in taking this attitude however the judge went on in an attempt to refinance the company when they were its officers they were acting as its agents As such they were not entitled to use after leaving the company information as to that they badi bad gained while they wera nvere serving as its agents rights ot of stockholders the prince the court hield was not aware of the transactions between the company and the former officers and sold his property which was thel mortgage in perfectly good faith therefore the court held that sale bale should be upheld mr air Ander anderson sou wasl was not made a party to the suit and therefore thu the court pointed out anything it might i say would not be binding on him but with this reservation the court suggested that the company may have good grounds at law in ia an action based in the theory that mr anderson in buying the mortgage was really acting for the company and that this the property therefore belongs to the company it if the courts observations are right says the decision 0 of course are not binding on either eithe mr anderson ot of mr featherstone Feathe risto I 1 am inclined to think they 1 I lie ie present stockholders are entitled mot inot only to what they would have to pay on the face of the mortgage but in all probability they are entitled to any advantage that mr air anderson or mr F featherstone ma mayi mar r mate make STOCK SALES M FOR 11 WEEK FRIDAY park utah at silver king coalition at TUESDAY park hing liam 1500 at park at WEDNESDAY park etab at a at t J park bingham 1000 at 18 l 1 ac j silver king coalition at THURSDAY Nail Nall driver at park bingham 2000 at at 19 1 ac 1 park utah at at silver king coalition 11 10 at shipments ST Prats owing to tho the three days oft off this week the mines will report the ship mants tor for the three days of 0 this week and next week friday july |
