Show H 1 1 1 1 i aa 40 4 o F e I 1 I 1 1 t R v i 10 I 1 9 p a 11 I 1 gp at VM a t t eno r i I 1 STATE department LAUNCHES SIU ILI L ER MEETINGS press dispatches ol of the first of the week c conveyed anve the following ng information pursuant to the resolution passed recently by the senate the state department through diplomatic channels yas has begun EL a series ot of informal conferences with the leading nations interested in the worldwide world wide silver problem sounding them out to det determine elmine whether the they y will be disposed if a formal invitation is extended to participate in an international conference senator king who urged such a plan of procedure even before the pittman subcommittee began its hearings today conferred with secretary of state stimson and was encouraged to learn that this government has begun a move which it if it meets with encouragement will lead to an international conference the state department felt that at this preliminary stage of the negotiations little should be said but senator king after his visit expressed hope that some real benefit will ultimately follow GAINS or OF SILVER week to week increases in the price of silver to a new high point tor for the year of 31 cents an ounce marking a recovery from the record low price of 25 cents an ounce are most heartening particularly to the western sections of the united states where the plight of silver has been longest understood experts for some months past have been engaged in deep study tor for the avowed purpose of restoring the price ot of silver to something like an encouraging basis without any unanimity of agreement as to the artificial steps necessary to complete the rehabilitation of the silver market meanwhile silver seems to have undertaken the long and difficult climb back to stability through the normal channels of natural laws the recent gains are attributed tri buted to heavy buying in london and while they are encouraging they by y no means indicate that the silver problem has been solved the worldwide attention which is a now given to the problem however constitutes a most hopeful sign reflecting as it does recognition of an economic evil which must be solved tor for the he salvation of economic stability we have progressed toward a solution of the silver problem to the extent ot of gaining worldwide admissions that much ot of the economic depression is to be attributed tri trl to the debacle of silver producing centers saw the trend ot of events many months ago but their warnings were not sufficiently strong to con command imand the attention necessary to a comprehension of the widespread effects these th ese now are generally recognized with the result that informal diplomatic conferences are now giving some thought to the ultimate solution what action it if any these may bring is difficult to determine in this uncertainty it Is most encouraging to fotr note a tendency toward a revival ot of the silver 11 ma market arket without the aid of artificial respiration wednesdays salt lake tribune EW QUINCY REPORTS ALSO AN assessment directors of new quincy mining com any pany have levied another assessment ol of i cents a share which will wipe out the indebtedness edne as it was announced tuesday by A L hu hurley r ley president and beneral manager this announcement was made colnai dentally mentally ien tally with publication of the com anya annual report which showed a net oss ot of 63 for 1930 the company lid did not produce during the latter part t the year expending all ot of its energies toward developing the little bell property and portions of the new quincy nine mine the company incurred a heavy in acquiring the little bell property adya alk a total of 13 cents a share in assessment men amounting to approximately has been collected and applied to this obligation financial report made the companas comp anys annual report shows total assets of including cash on deposit liabilities include notes and accounts payable which are guaranteed by A L hurley who holds a first mortgage ge on the com companas comp anys yr property as security in the sum of 36 and other accounts payable totaling i ore sales during the year brought the company 43 and other income totaled making the total income tor for the year total expenses amounted to 38 leaving a net loss of the surplus as of december 31 1930 was carried at SO the report shows assessments levied brought in this figure does not include the 3 cent assessment which was collected after compilation of the financial statement in the annual report the addition ot of the 3 cent assessment reduced the companas comp anys indebtedness to approximately yo company 0 aed aed the report on the financial condition of the company and the physical condl condition of 0 the mine w waa as made by mr hurley 1 as follows I 1 I 1 at the time Is was decided to make the companas comp anys stock assessable the com coin pany owed around most of 1 which was drawing 7 per cent interest interests I 1 and some government tax which had not I 1 i been settled since that time the corn com j pany has spent about on development work in the property there has been thirteen cents per share chare collected I 1 1 in assessments we figured at the time that it would take three 5 cent asses scents to put us out of debt some of these debts have been carried along and are now cow working an extreme hardship on the people who are carrying them bo it has been decided by the directors i to 0 levy an assessment of 6 5 cents per share w which aich will clear practically all of the debts and i if there are any more assessments the I 1 amount will be small do development clork ork for some time past we have been working from twenty five to thirty men at the mine all on development work and up to date none of the headings being worked have opened up ore in a commercial quantity they are just getting into the ore horizons where we are expecting results we are expecting three of these the headings to pick up ore at any time one heading beading in particular on the of the little bell where we are cross cuttong the fissure system looks extremely encouraging at the present time we have cut a couple of fissures on this crosscut cross cut which we are going to prospect however the main fissure Is 13 a short way ahead of the present face of our crosscut cross cress cut exit and looks very promising theres there ils also a strong fissure a on the lie that ise have v done one some work on with numerous showings of high grade ore ind inci we ve arc starting to work on this face again your management and board of dl di are optimistic as to the possibility of picking up ore of a commercial grade beffie sale date on this assessment mr hurley added that since his report was written the development on the level ol of the little bell property bad opened up bunches of high grade ore and that the outlook for opening anub a substantial ore body in the near future was exceedingly bright SILVER KING COALITION PASSED david keith was reelected re elected president of the silver king coalition mines company at the quarterly board of direr tors meeting held wednesday in the companas comp anys offices in the kearns building salt lake city all other officers were also reelected re elected they are M J dailey general manager thomas P F kearns vice president W mont ferry vice president and managing director S B La laiskin inkin secretary and james ivers treasurer the directors issued the following statement at the conclusion it if the meeting the directors of the silver king coalition mines company have decided to pass the usual april dividend believing that the depressed metal market Is temporary ore shipments have been curtailed and while earnings have been substantial they have not been equal to dividend requirements it Is not believed wise r to encroach further upon surplus account stockholders may be assured that the passing of this dividend is altogether to their interest on the current market the directors believe that metals are worth more in the mine than their profits would be in the bank COPPER there are signs on the horizon of improvement pro in n the copper industry this Is the natural result of stimulated building and industrial activity there Is nothing of the luxury about copper it Is vitally essential to progress in a thousand fields of endeavor the electric gas railroad automobile a multitude ai of great industries in addition to home bull ders present a steady and growing demand tor for copper the ray of light now shining through the me metal tal gloom should prove a glad tiding idling to those states in which mining Is a leading industry PRK PARK CITY properties D defaulted BY nonpayment NON PAYMENT the following park city properties 1 have been a advertised by the state tor for non nonpayment payment of corporation tax together wi with h amounts due including quite a leavy cash penalty park standard min ing company park city coalition park paris kearns mining company park central mining company park contact mining company park gold mining company park acty divided mining company and park city oil and gas syndicate the amount due on these properties range irom from down to 27 00 STOCK SALES FOR WEER WEEK FRIDAY east utah 30 new quincy ac park city con 1581 24 and 40 park konold 1000 ac park nelson bc park premier 2700 ac 91 ac park utah 2 05 and silver king coalition g and SATURDAY park city con 2500 24 c park premier ac sliver silver king coalition and MONDAY new quincy cf 5 down to ac park city con 2000 park konold ac park premier 1500 9 and loc sliver sil ver king KI ig coalition park rk ut utah ab TUESDAY new quincy p 3 and csc park utah 2 00 silver king coalition east utah 1000 be park city con park premier a a loc WEDNESDAY glen allen alien unlisted 2000 be new quincy 2300 a 3 and be silver king coalition e THURSDAY new quincy be park city con park konold 1200 ac park premier loc park utah ht a and silver king coalition 1460 and i HIGH OF ORE STILL BEING FOLLOWED superintendent john D fisher was over irom from the star or of utah yester yesterday d ay he had nothing particularly particular lv new to report further than work Is being pushed ith all possible speed in fix the north crosscut and that small email seams of 0 high grade r ade ore are continues to appear and disappear with aggravating regularity mr fisher reported that some ot of these seams cut the past week showed exceedingly high grade ore and now the one great desire is to discover from whence it caroe came 1 I 1 ORE CUT IN THE al morning at the mayflower superintendent wm win gay reports a Bs wre vre was vas cut in the long tunnel showing rome apparently high grade ore the extent of which not yet ot of course being determined A local stockholder was over at t the property yesterday and was much pleased with the present showings lie he brought some of the ore over with him bior the purpose ot of getting an assay the quality appears to be tiptop tip top and now if sufficient quantity Is uncovered there will be general rejoicing OVER FROM TIIE TIFF PARK STANDARD jim byrne came over from the park standard yesterday and reports conditions more promising than ever the entire face ot of the drift continues highly mineralized crosscuts Cross cuts on both sides of the drift are being run and they too are I 1 highly I 1 mineralized with every indies tion of ore in the close vicinity mr byrne will return to the property tomorrow as lie he says present conditions are of 01 that interesting character making it hard to remain away lor for more than a day or so SHIPMENTS park city consolidated park utah consolidated 1072 silver king coalition total I 1 |