Show A 4 ee P HK 14 4 J ar t d 13 1 t T W I 1 M I 1 A 1 I 5 1 I I 1 i 9 n 5 0 4 irl 12 11 8 0 r q C A 31 A 1 I 1 t ii feyt iya NEW PARK I 1 air CO 0 01 IFER falt toon BOON TO CLOIE CLOE arthur thomas who Is in charge of 0 consolidating the star of utah mayflower lla flower ind and palk paik galena mining companies into tho new park mining company in a statement bissu issued d under date ot of january ehat 11 announces that tho the financing ot of the new park mining company through the con conversion elsio 1 I 0 the constituent compa companies nl e s and the collection of ct 10 cents a all share e 0 on n tho the new stock issued is gradually coming to a cidie oil an the right to convert these shares v will ill probably pro bobly end within A ithan tile the next 60 63 days at the most mr thomas says the conversion comer sion at present will ap approximately 60 per cent ol of the original issue of these companies this Is approximately 30 per cent less than was expected the new company has done its best to protect stockholders in the older organizations and has urged those who have not converted their shares to da so because the management believed it would be the only way by which these stockholders could the money in their original investment when you bought your ur star or your mayflower or your park galena you secured sei asi shares I 1 in one mine ine by obtaining new park you are purchasing shares in what was as really rive five separate or distinct properties at the high price of the shares of these five properties you would have been obliged to pay approximately 5 a share should the new park mining company holdings ever be developed to a point where as much ore will be found as in properties that parallel them there Is no reason why the shares of now new park should not sell as high as those of adjacent mines silver king coalition shares sold up to 16 park utah shares as high as 15 new quincy shares sold at 3 50 and so on for many mines which in the same state or of development could not approach the holdings of the new park in value there Is no necessity tor for going over the history ot of star mayflower and park galena you who have held shares in them know exactly what we could tell you you purchased these shares share a in many cases tor for a dollar or more you knew what you were buying and you are now offered an opportunity to secure live five times as much value tor for a tenth of the surn sum many ot of you paid property of 0 the new park mining company comprises approximately 2000 acres of mineral ground in the eastern part of the park city district utah and includes not only the property formbly held by the constituent companies but also the columbus tug ot of war park city and S superior nor groups of claims c a aaion Is shares of 1 p par ar THE PARK UTAH ITAH MIKES REPORT despite three years ol of depressed metal alices pi ices caused by the stagnation ot of industrial demand G W lambourne president and general manager ot of the park utah consolidated mines company reported saturday to shareholders in the annual park utah report that the com banys financial position nevertheless remains secure statements for 1932 show a n net e t loss of 68 before dep depreciation t lo 10 n and a decrease in the net current assets ol of 04 the company has no fixed indebtedness no issue of preferred stock and has current assets of 34 after tho the deduction of all liabilities mr lambourne reported the market price of lead silver and zinc upon whose production your company Is dependent tor for its income has been the lowest in recorded history your officers with the realization that industry cannot indefinitely obtain these products at a price below the cost of their production have continued to maintain the policy of conserving the resources of the mines so that when these metals necessary to industrial progress are again consumed the company will be in position to place its products on the market on a profitable basis for the first tour four months of the year development operations were prosecuted without ore ex traction but at the end of that period your officers decided in the interest 0 economy to suspend all operations except such work as Is nes necessary essary to keep the mine jn in a state of repair and I 1 in n condition to resume production when metal prices recover the prosperity of your property is dependent upon the collective price of the three metals it produces and for that reason its loss of earning power Is not due to the depressed price of a single metal except in so far as the price of this one metal controls general industrial du conditions and the consequent consumption of the other metals in recent months the interest of the public of the nation has become so focused upon I 1 the part that the depreciation of silver has played in the general economic i sv 1 vi rv breakdown that it becomes become proper that your management should gi give you sa as 8 stockholders tock holders of an important producer of that metal e some facts governing v e g t the b e betrea dorne inc tte go present breakdown k n in i its price ri C e and c correct 0 r any conclusions that the factors which brought about this depreciation ale thle the same at as control other ties the low price of silver has been brought about abo ut by artificial means and not by overproduction a fact not generally appreciated by the casual observer the primary cause was the governmental selling of the sliver silver reserves ol of india with its resultant repercussions sliver like gold unlike other commodities are not consumed in the period in which they lire are produced their price Is not therefore directly dependent upon the rate of production this truth Is readily understood when it Is realized that the greatest recorded annual production of silver liver Is but two find and one half per cent of tho the total amount of metal in existence end and this rate of production cannot be materially increased from any known sources regardless of any price which can be obtained tor for the metal the use U ol of silver as a a supplemental monetary medium can be accomplished without the establishment of a fixed ratio of its price to that of gold thereby eliminating opposition from those opposed to the bimetallism of the your officers note with satisfaction the general growth ot of opinion amongst economists om ests and peoples throughout the world that an increased value for silver Is a a necessary factor of general economic recovery r SILVER KING ANNUAL REPORT DIRECTORS ELECTED stockholders of the silver king coalition mines company at their annual meeting monday reelected re elected directors and received the report of 1932 operations As summarized by david keith president the annual reports disclose a continued adherence to the policy of retaining a complete operating organization a maximum of employment consistent with an efficient and balanced operation an increase in ore reserves and a generally general ly improved physical condition of the property 11 the management in bringing about these results reali ats should have the commendation of the stockholders the presidents report continued As in former years the ready coop co op aeration of the staffs and employed emp loyes at mine mill and office has been gratifying indeed in the face of trying times their cheerful attitude and usual loyalty have facilitated a not too easy task the reelected re elected directors are M A r J dalley A C ellis jr W mont ferry william J halloran jay H harris james ivers edmund J kearns thomas F kearns and david keith the report of mr dalley dailey general manager follows owing to the continued low price of metals the policy of limiting ore production has been continued the output has teen been curtailed to a point where little or no profit was realized from operations at the same time development and exploration of new territory has been pushed vigorously and with gratifying results every effort has been made to provide work tor for employed emp loyes economies have been practiced and expenses reduced wherever PO possible without loss of efficiency in plant operation salary and wage reductions were made during the year of approximately 20 per cent with the continued decline in metal prices slopes that cannot be profitably operated have been discontinued temporarily pora rily these with all the openings passages and equipment necessary to their working have been kept up so that maximum activity could be resumed on short notice the property was operated continuously bously with the exception of sundays and holidays an average of em aloyes tor for days of the year an increased amount of development and exploration work was accomplished it aggregated feet or 2991 feet more than was done in 1931 the total cost cast was 34 the west end the main shaft serving the southwestern er portion of the property was completed during the year to the 1900 foot level with the extension of the laterals literals late rals on the 1900 level now being driven the mineralized fissure system and ore bear ing horizon will become accessible at greater depths than was heretofore attained development has been directed with especial reference to the bedded and als zones and substantial tonnage have been added during the year to the ore reserves previously blocked out in mining operations 44 tons of shipping and tons of milling ore was extracted the milling ore yielded 19 I 1 tons of 0 lead concentrates and tons I 1 of zinc zin c concentrates all ali the lead concentrates were shipped of the zinc concentrates 10 tons were placed in storage to awalt await better metal prices after deduction ot of freight and smelter charges the company received ironi ore sales bales interest rentals and income from other sources amounted to thus the total gross income tor for the year was vas f baia Wa ia expenses expenses of mining milling administration and other costs including taxes of 16 ind and depreciation ot of 37 amounted to 1024 20 there remained a net profit ot of which was war carried to surplus the zinc concentrates cen in storage mentioned a bove above should add a substantial amount when improved prices warrant shipping the concentrating mill operated continuously during the bear i car treating tons ot of ore no changes or improvements ot of were made during the year the average quotation ot of silver toi foi the year was 27 cents an ounce ot of lead 3 18 cents a pound copper 5 cents a pound and zinc 2 cents a pound n d lead contributed 54 12 1 2 per cent silver I 1 40 per cent zinc 1 12 1 2 per cent gold 3 12 1 2 per cent and copper 12 1 2 per cen cent of the total receipts from ore sales in the budget a liberal allowance fo for development work to keep ore reserve 3 ahead ot of ore extraction has been madr no water has been al allowed loved to accumulate in the property was expended during the year tor for salaries and wages waged the sum slim ot of 33 the physical condition ct cf the property Is excellent anil and with even a moderate betterment in th s me metal al market the returns from your acra I 1 acre estate in th tha park city mining zone may be relied upon to meet all reasonable expectations the report of mr air perry ferry vice president and managing director follows the past year 1832 1932 was one of tailing falling commodity prices and tills this tendency still continues productive industry has become unprofitable and industrial stagnation 1 Is the result the average prices of I 1 lead silver zinc and copper tor for 1932 were the lowest in a quarter of a century the average price ot of lead lor for 25 years Is 5 58 9 cent per pound for 1932 1 it t was 3 2 cents the average price of silver tor for 25 years Is 65 12 1 2 cents per ounce for 1932 2 it was cents the average price of zinc tor for 25 years Is 6 6 cents per pound for 1832 1932 it was 2 9 cents the av average er age price of copper for 25 years Is 15 12 1 2 cents per pound for 1932 it was 5 6 cents it Is quite evident from the foregoing that the operation of nonferrous metal mines could not be expected to yield a profit the problem which the directors of your company faced in 1932 was made up of several factors the best interests of the stockholders of this company was uppermost but was crowded for first place by a sense of civic duty and responsibility to the state and community it was determined to continue operations on a substantial scale in order that steady work might be given to faithful employed emp loyes who with their families were dependent solely on this company for their livelihood in the pursuance of this program the companas comp anys surplus has remained intact and an increase in actual ore reserve has been effected tills this plan has been successfully carried out as the reports submitted herein will show continuous work has been provided for about men the physical condition of the mine Is excellent due to substantial development work carried on oil while no assurance can be given far any immediate relief from the unfavorable conditions of 1932 it Is nevertheless never theles confidently believed that an improvement Is more than an idle hope it seems probable that silver will be recognized as a mony money metal with the consequent rise in the commodity price level to a point where metal mining will again bearo be profitable certainly the silver king coalition mine Is in physical condition to again earn substantial dividends when that day comes STOCK SALES ros WEEK FRIDAY silver king coalition iff a park city con 1000 0 6 1 ac silver 14 1 4 cent higher 26 I aa SATURDAY park city con 1056 a 6 and ac part parl utah q 1 co 05 silver king coalition IGO sa 2 75 silver advanced lii sent ent to 26 4 MONDAY park city con 0 ac park utah silver king coalition CA silver strong 34 cent higher it at 27 TUESDAY I 1 park city con 7 sliver silver king coalition 80 2 70 sliver silver unchanged 27 THURSDAY pars park city con p i so park utah R new nev quincy 1000 e lotie lc king coalition 0 9 2 80 silver 27 sih shuei er king coalition pounds SILVER DROPPED BICK I 1 20 elve 3 dropped back baci today alid alday ay to age monday february at p rn to this I 1 sin am inviting all members and friends of the church we have had ro no meeting ot of the board during the hard winter months there are arc only three more months ot of this conference Con terence year important matters are to be discussed and plans initiated to bring the year to a successful close I 1 need aud and much desire the counsel of the people who live here and wish the community church to continue Us its work in the town please consider yourself invited and attend this meeting it if you nt lit into that classification following our business session the parsonage family would be pleased to have a clr social entertainment for or those I 1 who may be with us D A GRECO Past cc 6 |