Show 1 I 1 pl M aie I iea 1 il I 1 T 1 I vi i rul ii al g M e e 14 U 4 9 q y aa 41 i A W WH H 1 A 9 P 1 ANNUAL REPORT or OF TIIE THE PARK UTAH consolidated MINES COMPANY NET LOSS SHOWN at the annual stockholders meeting of the park utah consolidated mines company held the past week president geo I 1 W v lambourne submitted the following interesting report even though showing a net and regrettable loss presidents president a report the general depressed state of 0 business and the resultant low level ot of prices obtainable by producers or basic commodities modi ties are too well known to require explanation needless to say your company which Is a producer ot of metals required in commerce has had its income and scale ot of operations seriously affected by the stagnation of demands and uses of these metals values fall 60 per cent A few comparative statements will give shareholders a concrete picture ot of what these lowered prices mean in terms ot of monetary receipts and will make evident the advisability ot of the policy ot of operation which your officers have adopted while present business conditions prevail in the five year period prior to 1931 the average price received tor for silver lead concentrates was per ton tor for 1931 it was but 1817 in the same five alve year period the average price received for zinc concentrates was 1262 12 62 tor for 1931 it was but the relative price tor for shipping ore had bad approximately the same ratio the decrease in return being entirely consequent rise upon the depressed market price up an the voting down of the la fol lette castigan bill to prove that their contention was right and that this local community can at least carry Us its own load I 1 the news believes san francsco Francl co can it own load serious as our situation Is it Is tar far less serious than U it T cl in ni i c pitr r lei in the est st ar ard d middle west but we are riot not carrying the load today and we shall not unless every man end and every everl woman with a few do irb ipas to spare responds bith the same spirit in which we answered the appeals ot of patriotism in 1917 clearing skies are promised for this spring and summer by many favorable signs we can well be hopeful and confident ot of the future but let w u not base our confidence a refusal to I 1 face C the facts no assurance of better times just ahead will teed feed the hungry today nor save gave the homes of those about to be excited or dispossessed JULE SINGER JACKSON I 1 0 of f silver lead and zinc which at date of 0 this report Is materially below the average price tor for the year 1931 more diore ore in sight inasmuch as the price ot of these metals cl annot permanently remain under the cost of production the management in may 1931 decided to limit the extraction of ores to the quantity necessary to be removed in purely or exploratory work vork and androls his still being followed toll owed it was it was an opportune time to prosecute important exploratory work in new sections of the property anil anh to tor for production when become more favorable in n accordance with this plan operations were placed upon a budget basis which would permit a maximum of exploratory work consistent with a reasonable loss td the treasury measures were also taken to make savings in operation and overhead and to institute other economies up to the present time a number of these exploratory drives have not reached their objectives but an increased tonnage of ore has been put in sight as a result of the years operations A not net loss shown the profit and loss statement which Is a part of this report shows a net loss before depreciation and depletion of this figure Is based upon charging all alf exploratory and development expenses ag against alnut operations although the year has been a most unsatisfactory one I 1 for the company from a standpoint of earnings it closes the period in a good financial position balance balance sheet to december 31 1931 current assets cash in banks ore in transit notes and accounts receivable va 50 60 U S government securities and municipal bonds total current assets property and equipment investment mining properties and claims park utah consolidated mines co ontario silver mining company depleted value i plants tunnels and equipment 30 less reserve tor for depreciation I 1 total property and equipment I 1 investment 1 investments in other companies deterred charges to oper operations athons 6 supplies I 1 at mine 30 current liabilities I 1 accounts payable p 9 35 92 dividends unclaimed C 28 total current liabilities r capital stock capital stock authorized shares par value 1 00 per share 00 less treasury stock r less stock total capital stock Out outstanding standi amne stock of park utah consolidated mines S co to be issued to minority stockholders of ontario silver mining co shares surplus paid in surplus 41 earned surplus 47 total surplus i 7 detailed profit and loss statement income ore sales net interest on investments loans and bank deposits miscellaneous income net federal income tax refunds total income 4 expense mine operating expense de development V elop ment expense ml mill 11 operations 32 ore expense 82 administrative taxes and general exp eap total expense net loss before depreciation and depletion depreciation 1931 net loss for year 1931 exclusive ot of depletion charges 4 73 aloyed today breadwinners bread winners are out of 0 employment in san francisco six thousand families comprising individuals divi duals are being supplied with food purchased by the official relief agencies at an average cost ol of 20 cents a day lor for each individual and single ringle men are being ted fed twice a day these are the highest figures since the depression began five times as many families are on relief today as were being fed last spring and with no prospect of betterment in the immediate future relief funds are almost exhausted and no additional funds in sight evictions and loss ot of homes partially paid tor for are growing in number human tragedies are being enacted dally daily sul sui aides director direct 0 r of the associated charities assures us that san francisco Is feeding its people better than any other city we have provided no funds for the payment of rent or interest on homes when hundreds of volunteer men and women now being enrolled begin their canvas tor for jobs next month they will know and so will the potential employers to whom they talk that even a few days work will save some family from eviction or loss of their partly paid home success of the campaign depends upon the shattering of our complacency and our realization that a CRISIS of human hu man misery is upon us affecting thousands of our best citizens federal relief has been rejected by congress congre under pressure of or from rom president hoover and without any effective protest from the people of san francisco and california and elsewhere officers and G 0 W lambourne president and general manager adolph 0 E hanke first vice president lawrence fox second vice president 0 N friendly treasurer and assistant general manal manager er J wm win stoner secretary p H hunt mine manager directors 3 0 elton salt lake city utah lawrence fox salt lake city utah adolph 0 E hanks hanke new york city N Y G W lambourne Lambo ume salt lake city utah charles lange cincinnati ohio otto luedeking cincinnati ohio william wraith new york city N Y REVIVING MINING IMPORTANT it if the various plans to restore the value of silver succeed the nation will be bene fitted in two ways by renewed opportunities port unities for foreign trade which will result in stimulated industrial activity at home and by a revival of mining operations erat ions in the western states mining Is one of the largest industries in some states it normally employs more men than any other industry pays more in taxes to the state and Is the largest purchaser of supplies poverty prices for metals have forced the industry to retrench and the thel I 1 effects of that have been felt throughout I 1 the nation anything that will again make mining profitable will do much to help the country at large to solve the problems brought on by depression I 1 STOCK SALES FOR MEEK FRIDAY new quincy p 2130 silver I 1 ling king coalition park king 1000 eje c park utah SATURDAY silver king coalition Q 3 10 find and MONDAY silver alln king coalition 6 4 I 1 TUESDAY 2 I 1 new p a vi iv park city con ac park Feml Fi emler er 1000 5 5 c allver king coalition 3 00 WEDNESDAY now new quincy 2000 2 2 and I 1 lc jc park premier 1000 51 bac C rrt ork uth ith yoo 0 silver king coa coalition clitton THURSDAY new quincy 0 lc LEAD PRICE NEARS LOW I 1 MARK IN HISTORY harold bowman mining editor of the deseret news says I 1 the recent decline tn in the price of lead to cents a pound lias has placed the grey metal near its lowest price on record the previous low mark f tor 0 r 1 lead ead was in 1897 when it sold down to cents cen ts a pound the lowest point on record was in 1896 when the metal sold at 2730 cents a pound B ALLEN BACK IN MINING GAME GAIE IN PARK CITY DISTRICT there has been a change made in the management of the park king property over bover ori on the east side newton A dunyon has been succeeded by james B allen alien who for many years operated in this district in the days of the ITe treasure asure hill glenallen glenellen Gle nallen south dakota and various other properties of the camp through his efforts much outside capital was secured tor for development and many men given employment the record predicts predicta mr allen alien will succeed in making a mine of the park king he Is thoroughly familiar with formations of the district Is a hard worker and a hustler in referring to the change at the park king the deseret news newa of tuesday says development work was resumed today at the park king mining company property situated in the eastern end of the park city mining region under the direction of james B allen alien well known park city operator the property has been closed down tor for the past tour four months mr allen alien and his bis associates have taken a bond and lease on the property and plan to thoroughly explore the park city limestone horizon the most productive horizon of the district mr allen alien has been active in the development of properties in the park city district and Is familiar with the geology and ore occurrences of the region the resumption of work at the property will give employment to ten men the new management plans to sink the shaft an additional feet from its pro sent bottom at feet according to those who are familiar with the property the park city limestone will be encountered in the shaft at a depth of about feet I 1 development at the park king property heretofore has been confined to exploration in the oxidized zone above the foot level several promising have been encountered but nothing ot of commercial importance has been developed it Is the intention of the present management a to sink to the limestone horizon and then crosscut under the present showing according to mr allen alien the present Is intense enough to warrant the new development work I 1 with the view of finding replacement ore b bodies 0 dies in the limestone the property Is traversed by the mchenry fault zone that Is responsible tor for a large part ot of the ore deposition in the eastern end ol of the district mr allen alien said machinery at the property Is now being overhauled and sinking will be started ns as soon as everything Is put in shape mr allen alien stated a the objective limestone beds should be reached within 90 days he added PARK CITY consolidated ELECTS DIRECTORS stockholders ot of the park city consolidated soli dated mines company meeting at ogden tuesday elected directors and the directors reelected elected re officers the officers are governor george H dern president J J beeson vice president and general manager W R n wade and norman ble vice presidents james H devine vice president and secretary the other directors are H al rowe bowe J L chadwock B R B porter J A howell and ulilis pratt ITE ARE ALL ALI PRAYING FOR FAVORABLE RESULTS the congressional coinage committee under the direction of chairman somers win will commence hearings on the iniesta gatlon cation ot of the silver situation next monday the at ath th at washington D C billere Is a general sentiment that good results will tollow follow flom this tion ond and action taken that will prove beneficial to the white metal heres croy hoping that such prove the i case press dispatches announce the following will be among those wilo v ho 1111 lia during the week james P warburg of new york inter 1 rato nl acceptance bank L W knoke federal resene bank of new york H K pipi el ild american metals company F p H brownell american smelting smelling Sm elting and ing company james Kec Kasher irving TY trust U t company a W leman irving trust company C E funke chase IZ national bank B A duls dula national city bank B M baruch capitalist S fa P Bo manje Bo boraby bonaby Bon iby riby india K X c lt LI banker and merchant shanghai china i SHIPMENTS 1 silver buver king coalition |