Show r I Q a ii Milti Matters Z I I J. J RELATING TO PARK CITY DEVELOPMENT DE COMPANY I The Western Mineral Survey of the published a map showing the I holdings of the Park City Development company compan and their relationship to the big producers of or the district I The article accompanying the map follows I Recent developments In the American Flag property of or the Park City Delop D elop j j I ment company in the Park City Mining region I region lend credence to the belief that thata thata i a n a new steady shipper has been added to the th-e district Prior to two years ago ngo when the Park City Development took over opera opera- operation operation operation tion of or the mine the American Flag was worked Intermittently with varying de de- degrees degrees de- de degrees grees of or success The new company has extended development to depth and be beyond be- be beyond yond ond a major west east-west fault which crosses the property and has picked up new ore bodies In both instances Other operators worked the ore shoots up to the fault where they were cut off oU I 1 It Is reasonable to expect that there i I I I Is enough developed and probable ore oreto oreto to retire the bonded Indebtedness Indebtedness' against the American Flag property A. A L. L Hurley president and general mana mana- manager manager manager ger said today A substantial sum has been paid on the Indebtedness since the Park City Development took over the 1 property two years ago he said Mr Hurley Is of or the opinion that the worst problems of reviving the old pro pro- producer producer ducer are over The mine should re respond re re- respond spond spend rapidly to development from now on as the work up to now has revealed new geological data which points to the source of or the ore he said One shoot he said has developed al- al almost almost almost I most sensationally during the past week A face race of ore having a n. width of six feet r t has been opened in the 1201 I raise The ore carried from 44 to 84 gold and 23 to 35 ounces silver to the theton theton theton ton and 6 0 to 9 per cent lead and from 12 to 18 per cent zinc I This ore Mr Hurley points out is In I virgin territory and can be picked up with short drives beyond the fault on I the 1100 1000 and levels I The company plans to Install ne I electrical equipment at the top of or below the foot 1100 level and L gradually step up production During the past month the company has been hampered somewhat by a n ventilation problem and heavy snow storms which blocked the roads at times The ventilation ventilation tion problem Is being connected with a connection from the 1200 to 1300 levels which should be completed within two weeks O. O N. N FRIENDLY HONORED O. O N. N Friendly assistant general man man- manager manager ager tiger and treasurer of the Park Utah Consolidated Mines company was elect elect- elected elected elected ed governor of or the Utah chapter Ameri Amen American American can Mining congress Monday at the annual meeting of the chapter He re replaces re- re replaces replaces places J. J W W. Wade E. E A. A Hamilton was elected first vice governor James Ivers Ivens second vice governor gov gov- governor W. W J. J OConnor O'Connor third vice gov gov- governor governor and A. A G. G Mackenzie reelected secretary I The executive committee Includes Mr Friendly Mr OConnor O'Connor J. J O. O Elton W. W Mont Ferry D. D D. D Moffat O. O J. J Egleston I Paul H. H Hunt Gloyd M. M Wiles and Mr l Ivers ers were elected to the board of directors I tors tons of or the chapter Others who were reelected elected to the board are Mr fr Elton Mr Ferry Walter Fitch Mr Friendly E. E E A A. A Hamilton A. A I L. L Hurley Thomas F. F Kearns C. C T. T T Keigley Duncan MacVichie Mr Moffat J. J A. A Norden Nord n. n Mr OConnor O'Connor H. H E. E Rad- Rad I datz J. J D. D Shilling G. G W W. Snyder and Mr Wade I Annual reports of or the chapter were were read at the meeting m Ung which was held In Inthe in inthe 1 I the offices of the chapter In the Kearns Tuesdays Tuesday's Tuesdays Tuesday's Salt Lake Tribune I I ANNUAL REPORT TO SHAREHOLDERS PARK RK UTAH CONSOLIDATED I I MINES MIXES COMPANY I In the annual report of or the Park Utah Consolidated Mines company sent to 1 I shareholders General Manager Mana er Oscar N. N Friendly says I I The financial statements of your company company com corn pany for the year ending December 31 1935 are herewith submitted for your information These statements show a n anet net loss of before depreciation and a decrease In the net current as assets as- as assets assets sets of or The statements show that the company at the close dose of the year had In current assets after the discharge of all nIl liabilities ex except ex- ex except except that represented by Its Issue of common stock The losses for the year In the main represent necessary expenditures required ed to maintain the property during the continuance of or the policy of pro non which prevailed from April 1932 until near the close of the year 1935 at which time your directors de decided de- de decided decided that the gradual Increased con con- consumption consumption consumption of lead and zinc by Industry together with the price which can be obtained for domestic silver Justified the start of operations and the resumption resumption tion of extraction of ores The present price of base metals still leaves much to be desired but a continued Improve Improve- Improvement Improvement improvement ment In the economic situation should result In a further depletion of the large stocks on hand of these metals and I thereby remove the one factor which has depressed their sale value Events of or the past four years have proved the wisdom of those In charge of the company's affairs In their policy of not wasting Its capital resources by pro pro- producing producing producing and marketing its products dur dur- during durIng ing lag a n period when the metals could not b b b. add except at a n great grent sacrifice The management desires to express its ap ap- appreciation appreciation ap- ap predation for the th patience shown by bythe bythe bythe the stockholders and their many expressions expressions expressions of approval of this policy Stock Stock- Stockholders Stockholders holders very properly desire some definite definIte ite statement concerning what they may expect relative to the future production cf the property in net returns but from the very nature of the ore deposits of the Park Pad City district this Is Impossible as the ore occurrence In that district is such that no extensive tonnage can be actually blocked out In advance and also because the main potential value of the property consists In the prospective e I Ivalue Ivalue value of its large undeveloped territory along known kno mineralized ore zones In addition the prices which can be be- ob ob- obtained obtained ob- ob tamed In the future for the ores when they are nrc mined Is an unknown quantity i I and will be an Important factor In fu- fu 4 ture tune earnings I The primary policy of the manage manage- management management ment for the immediate future Is to press development and exploratory In these undeveloped territories for the purpose of or discovering and uncovering new ore deposits though It be at the 1 expense of or immediate profits profitS' In the short time that operations have ha been i under way no large new ne tonnage has been een developed but encouraging results have havo been accomplished Production of ore at the date of or report Is approximate approximate- approximately ly two hundred tons per day This out out- output output output put will be bo increased when mine and market conditions warrant It is with great regret that announce announce- announcement announcement ment meat must be made of the loss during the past year ear by death of or Mr George W W. Lambourne for many years the pre pre- president president of or your company to whose broad vision islon and faith in the future of or district has been largely responsible the I gathering together of the valuable mm- mm Ing lag area now owned by the company and the successful development of an Important producer of mineral wealth Balance Sheet The following is the consolidated bal bal- balance balance balance ance sheet of the Park Utah Consoli Consoli- Consolidated Consolidated dated Mines company and Ontario Silver Mining company as of December 31 31 1935 Assets Current Assets Cash In Banks Notes and Accounts Receivable Receivable Receivable able less reserve Investments In Bonds at Cost Federal Land Bank Bonds Federal Land Bank Bonds U. U S. S Treasury Bonds I Home Owners Owner's Loan Cor Municipal Bonds I Total Par Value Market Value Total Current Assets 8 Fixed Assets Mining Properties and Claims Park Utah Consol Consoli Consolidated 1 d a ate t e d Mines Company Book Value Val e Ontario Silver Mining Com Corn I I I I pany Depleted Value Plant Tunnels and Equip Equip- i ment p. p Less Less Reserve Reserve for Depreciation tion I I Total Fixed Assets I Investments in Other Com Com- Companies Companies panics Deferred Charges Supplies at nt Mine f Liabilities Capital Stock and Surplus Current Liabilities Accounts Payable 8 Dividends Unclaimed Total Current Liabilities Capital Stock Capital Stock Authorized 2 J j I shares par value I per share I Less Less Treasury Treasury Stock Less Less Stock I Total Capital Stock Out Out- Outstanding Outstanding Outstanding standing Stock of or Park Utah Consoli Consoli- Consolidated Consolidated I dated Mines Company to tobe tobe tobe be Issued d to Minority l Stock Stockholders Stockholders holders of or the Ontario Sil SIl- Silver SIlver Sil- Sil Silver ver Mining Company Company 2847 2847 shares Surplus Paid In Surplus Less Deficit Balance Beginning of or Year Net Loss for Year 1935 Less Adjustment Reserve for Contingencies 64 35 5 Total Surplus I AT THE TilE PARK CITY DEVELOPMENT ELOI DE PROPERTY Word from the Park City Development this morning Is to the effect that ore I showings are Improving as development progresses progresses ore ore Increasing In value and future decidedly bright Ore marketed this week tons I STOCKS AND METALS FRIDAY mAY mAYBar I Bar sliver silver 44 c lead and j I I copper and zinc 1 Two local stocks changed hands to today to- to today today day i Park City Con 2200 31 and 30 c c. I I I Silver King Western Q I SATURDAY No change in price of metals Local Lo al stocks Two vo traded In all at lower figures Park City Con 1300 Q SOc I New Quincy 2000 G cZ 2 c. c Silver King Western Q 39 and MONDAY I No change In metals Local stocks show up a bit better to today to- to today today day Park Panic Utah was again called shares selling g down to 5 00 Park City Con 1200 30 and 30 SO c. c Silver King Western a up up 2 cents cen ts TUESDAY J I I Metals unchanged Local stocks a bit off oft again Park City Consolidated 1100 Q j 30 2 and SOc Silver er King Western Dl Q WEDNESDAY I INo No change In price of metals I I Local stocks weak Keystone Q lOc I I. I Park City Con 1972 Q 4 30 30 and Silver Sliver King Western Q j THURSDAY I Metals same same and and only one local sale Park City Con 1300 Q 30 and i I SHIPMENTS SHIl Park Utah Consolidated Park City Consolidated Silver King Coalition con Park City Development Total |