| Article Title |
Park City Mines Pay Sixty Millions in Dividends--More to Follow |
| Type |
article |
| Date |
1927-07-01 |
| Paper |
Park Record |
| Language |
eng |
| City |
Park City |
| County |
Summit |
| Category |
Mining |
| Page |
1 |
| OCR Text |
I 1 park city mines pray pay sixty millions in dividends more 12 mr to follow OW I 1 SIXTY MILLIONS DIVI DIVIDENDS PARK CITY annes with the unsurpassed record of production in the past fifty years ot of mineral wealth totaling approximately find and payment of 0 dividends agar aggregating agat about the park cl city ty utah mining district has established itself as the most consistent producer of mineral wealth of 0 any mining camp in the country says frederick L bagby in the mineral survey and the rich mineral stores ot of the great fissure systems of this remarkable district have merely been scratched as Is amply proven by continued development no producing mine in this district has haa ever played out the deepest mines in the section still have enormous ore bodies the depth and extent of which are unknown it Is a striking feature of all producing mines of the park city section that their ore bodies improve both in extent find and value with greater depth their limits have never been determined hence palk paik city mines are assured of 0 consistent and increasing production tor for untold years to come the mining properties that have been pouring out wealth tor for forty or fifty years past are all ft 11 going stronger now than they ever have in their previous history yet with all this great and constant oil outpouring t pour I 1 na of mineral wealth from a district lying within thirty two miles ot of salt lake city it Is probably less known to the mining fraternity and the public in general than almost any of 0 the steadily producing mining camps ot of the country no boom period this lack of general knowledge or this important wealth producer is attributed to 0 o the fact that it has never know nany boom periods and has not been the scene of promotion enterprises which serve to focus general attention for the time being on a certain locality its history Is one of legitimate mining operations first carried on by a number of smaller companies which opened paying mines and made steady production of good ore this period of individual company development was followed by one of consolidation soli dation and operative cooperative co or collective development which has brought about enormous production of mineral wealth and placed the park city district in the tore fore rank lank of silver lead and zinc producers of the world tho the consolidation process has placed the tha major portion of production today in this camp in the hands of two major companies and two or three minor companies whose consolidated development activities bid fair to soon bring them ill into the class of major producers since the nineteenth day of july 1872 when the lure of gold took a we wandering n sailor into parleys park and a chance blow on a ledge of rock disclosed let of 0 the burled mineral in what Is now new the famous ontario a mine that has since paid moie than in dividends the development of park city mining has been steady and unbroken strange to say until about 1912 it was the general belief that the mineralized section of park city lay in the western limb of the district cut off from the eastern limb of the great ontario fault report but about this time an exhaustive study and report on the geology and minera mineralogy ligy of this eastern district by the eminent geologist john M boutwell in which he advanced the theory that the eastern section was traversed by well defined systems of fissures which should bear good ore drew attention lou to this district brought about developments which have proven the deductions of the geologist to be true and which indicate that the great eastern district the first up to date and complete map of which is printed in this issue is destined to become an even greater producer ot of wealth than the western limb to the comprehensive consolidated development work of the park utah consolidated soli roli dated mines company which has already paid more than the 1 in dividends and which is the greatest u underground mine producer of met metal a I 1 I 1 in the state Is due the credit for provin proving gl the vast mineral resources of the east park city di in addition to this company the park galena galen company lias has also proved its cast district ground and Is producing ore that Is identical in appearance app with that of the park utah these producing properties are flanked on oil all sides in the eastern district with prospect properties many of which will undoubtedly become producing mines prominent among these are arc the park bingham star of utah park standard sphinx the ontario and E east ast st louis east utah daly judge extension park nelson queen esther and verdun and others the die king the big consolidation enterprise on the w west eat side Is represented in the silver king coalition mines company which owns the majority stock of tile the silver king consolidated a property that itself has paid dividends of more than a million and a halt half the silver king coalition has produced more than 1 in rui mineral wealth and to date has paid a little more than in dividends including about to lea sers and others the properties of this company have been een operating approximately 40 years md and at the present time it has the greatest ore body development in its ita his tory this company has a total oi of approximately miles of underground workings and more than acres ol of mineral ground the keystone mining and Al milling liling company has bag produced more than a million in mineral wealth and paid dividends of other operating companies on the west side bide include the american flag new quincy and three kings JULY atah mev per share tow i park utah con 8 S alv or king coal 0 25 gintic tintic clr tle standard oto utah copper 1 60 60 50 grand total 8 5 A four po ur mining companies of utah will distribute d is tr dividends totaling SO to their stockholders the first of 0 july tile the july distribution will be the second quarterly erly dividends ol of these cum pant ponies es lor for the year 1927 and the amounts will be virtually duplications ot of the im amounts distributed at the close of the first quarter three silver lead and one copper company constitute the lour four big dividend payers whose disbursements total the enormous amount shown above or an average ol of more than a month these companies include the park utah consolidated of park city district the sliver silver king coalition also of the park city district the standard ot of the gintic tintic district and the utah copper company ot of bingham bangham district maintain peak notwithstanding the decline in prices of metals these big companies are able to maintain the peak dividend record even with a curtailment ol of production which is proof that the mining business in utah Is a paying business park utah consolidated will distribute or 20 cents a share silver king coalition or 25 cents a share and gintic tintic standard mining company will distribute to stockholders 40 cents cent a shore or a 26 total ot of the utah copper company will distribute tl 1 50 a share to its stockholders or approximately 50 these dividend payments all cover the second quarter ot of this year similar amounts having been paid the 1 first quarter with the payment of this dividend the mines making up the park utah consolidated soli soll dated group will have distributed in round numbers to stockholders ats while silver king coalitions record will hlll be approximately add aad atana tana 1 ards will be around 6 I 1 0 00 atah coppers total dividends e exceed ZO AO rut cut likely the excellent position of the treasury of R these companies Is such that the ordinary fluctuations ot of the metal markets do not Impair the dividend possibilities cities ot of the stocks and there Is not now any apparent possibility ot of any dividend cut in these stocks the mines ot of these companies are la a splendid position to increase production the minute a favorable dav or metal market occurs while I 1 in a low market as at present production can readily be curtailed without stockholders suffering a cut in the dividend rate A few silver lead mines ot of them state have been forced to suspend dividend payments but all of them are piling up profits into a surplus and in spite of adverse market conditions for metals the outlook tor for mines Is tar far from gloomy N A 11 DUNYON MAKES REPORT ON PARK STANDARD properties of the park standard mining alining company in the east park city district possess all the essentials of pay production and development Is all that is is necessary to make this enterprise a dividend paying proposition Is the conclusion in a re porton the properties by N A dunyon an engineer of years ol of experience in the park city district the park standard has the ore bearing formations and mineralized fissure systems from which other mines of the district have produced some in mineral wealth and it possesses every natural faculty facility for development ot of a big mine the report shows mr dunyon who Is also president and manager of the park standard directed the operations that developed several of the big dividend paying mines of park city and Is credited with po possessing messing a more intimate knowledge of park city formations and oie conditions than probably any engineer operating in the district dumans dum oils report the detailed re report port of mr dun dunyon on follows the property of the park standard mining company Is located in the blue led ledge ge mining district wasatch county ut utah a h about three and one half miles in ili an air line southeast of 0 park city it comprises twenty claims with an area of sixteen hundred feet wide and one ral mile lelong long approximately two hundred acres also a lease on one hundred and forty acres of school land there is enough water on the property tor for culinary compressor alid like purposes three distinct sediment sedimentary aly formations occur in this property beginning on the surface at the east side of the property the highest or youngest formation the woodside shale triassic age extends west tor for about three hundred feet next going west Is about thirteen hundred feet of the park paricity city formation carboniferous succeeding this the ontario or weber quartzite carboniferous extends to the west limit of the school land these three formations extend for approximately one mile north and south in this property the beds of these formations strike approximately north 45 degrees west and dip from 35 to 55 degrees northeast the ontario quartzite is the oldest formation overlying this Is the park city formation which Is overlaid by the woodside shale the woodside shale Is about one thousand feet thick the bottom two hundred feet of which is in this property the park city formation Is about six hundred feet thick and the ontario quartzite about two thousand feet all the thickness of the park city formation and at depth all the thickness of the ontario quartzite Is contained in this property the main ore bearing fL fissures of the district have an average strike of north 60 50 to 75 degrees east east cast west to south 75 degrees east however the strike a of any fissure may tor short dista distances licasui v vary a r y considerably from the above c courses arse s some of these fissures dip northerly and some southerly fissures with a strike of north 80 0 degrees east are ore bearing wt but only slightly as compared to the other systems these fissures too with one exception are the last fissures formed ed and lault fault the ones belonging to the other systems the development voik done on the park standard plo property perty has pi oven tile the existence of all these fissures with the tha exception ol of the north 30 degrees east to be in its ground extensive masses ot of porphyry occur in the immediate vicinity both north and west of the pro party this eruptive rock anted antedated atea the formation or matlon of the vein fissures and the deposition of the ore even the y more ore recent porphyry dykes are cut ahr through 0 jugh and faulted by the mineralizing mineral izing fissures the ore dearing formations ore deposits in sedimentary rocks conform to the law that certain beds are susceptible to replacement above others some formations are very favorable to ore deposition while others are to a limited extent in each mining district certain beds or formations are more easily replaced of mineralized than others and to in these the largest ore quantity or value Is not deposited in the park city district the ontario quartzite and the part park city formations are the favorable formations tor for trie the deposition of large ore bodies the on tario quai Is the formation in which the great bodies of ole oie of the ontario ont r I 1 0 dalyard Dal daly yand and park utah are found foun d while nu h th the park paris city format formation lor contal contains t the 1 I 1 large ore deposits of the silver king IV coalition silver king consolidated daly judge and daly west mining companies properties above the contact of the ontario quartzite with the park city formation occurs a thin bed of quartzite locally known as the jenney janney quartzite in the daly judge and daly west mines this quartzite Is about 50 feet above the ontario quartzite and in the silver king coalition and sliver silver king consolidated mines about feet on top of this narrow band of quartzite Is a bed of gravish lime in this bed of lime occur the great bodies of ore of the silver king coalition daly west daly judge and silver king consolidated where it Is intersected by the mineral izing fissures ns this lime bed will be replaced from a few inches to in places feet on either side of the fi fissures with a thickness of from 2 to 30 feet the beds immediately above slid and below this ore bearing bed are usually barren within the past few years another lime bed considerably higher ili the park city formation has been found to be ore bearing in the duly daly west and daly judge mines however the greatest part pare ol of the production has come from the bed resting on the jenney quartzite it may be possible that other lime beds in fix this formation will be round found ore bearing development the mouth ot of the park standard tunnel begins begin in the park city formation about feet below the bottom of 0 the woodside shale it follows a bed of black shale la in a northerly direction for feet where it turns directly west and crosscuts cross cuts the park city formation to its contact with the underlying ontario quartzite at approximately feet above the ontario quartzite it ers the ore bearing bed of limestone however this Is intersected at a point where there Is no mineralizing mineral izing fissures at about the contact of the park city formation with the ontario quartzite a north south fissure assure was encountered this fissure has been followed both north and south at a point feet north of the main drift strong northeast and southeast fissures have been found these are being followed to their intersection with the ore beacina limestone tills this lime should be intersected within with IM u the next feet in each drift at a point feet south ol of the Int intersection erection of the main drift with the north south fissure a strong southeast fissure has been encountered this al also also Is being followed to its intersection with the ore bear ing limestone which should be leached beached within the next feet conclusion the park standard has the ore bear ing formations the mineralizing mineral izing fissures an and d with development should become a paying property respectfully submitted N A DUNYON mining alining engineer june 1927 PARK GALENA mutes MIKES ANNUAL REPORT TO stockholders the annual report of the park balens mining company was submitted to stockholders saturday by J F P featherstone secretary and treasurer the park galena comp company any Is the newest producer of the park city district one of the richest and |
| Reference URL |
https://newspapers.lib.utah.edu/ark:/87278/s6j115kw/7984935 |
