Show New Nev Park Acquires I I Control Of East Utah New Park Mining Co has obtained voting control of East Utah Mining Co which has adjacent properties properties- In the the I Park City district The disclosure was made In filing of c registration of securities with the securities and exchange commission and I Ithe the Salt Lake stock stack exchange I Voting control was placed at of the outstanding stock of the East Utah company It was obtained through exchange of or shares of New Park stock for shares of East Utah stock Recipients of the New Park stock were Mining Corporation Olin In In- Industries IndustrIes Industries and F. F Eberstadt Inc They formerly controlled East Utah Reached October 23 The agreement was reached October 23 sold shares of East Utah received shares of New Park Olin Industries sold shares of East Utah received of New Park and Eberstadt sold shares of East Utah got 1098 shares of New Park p rk The contract between New Park and the vendors of the stock provides that Olin OUn etc can be called upon to furnish two directors on the New Park board East Utah and New Park were one one- onetime onetime onetime time partners with Olin Industries etc In the General Connor Mining Co holding Joint ground In the Park City district New Park recently obtained all of General Connor prop prop- properties properties properties by selling some shares of New Park stock to East Utah In x x- x change for that firms firm's equities In Gen Gen- General General General eral Connor The General Connor firm firms Is s now In process of being liquidated as a corporation Control l Returned I Voting control of the odd shares of ot New Park stock In the East I Utah portfolio Is now returned to New Park as result of this latest deal Along with the stock goes voting I control of assets of the East Utah Mining Min MIn- Mining MIning ing Co They Include acres of I mining lands In the district i In tn cash In United States gov 1 gov- gov government gov 1 eminent securities Those figures are I i contained In East Utah's financial re- re port for for the the year 1949 That report was wasl 1 appended to the S S' S E O C registration I letter New Park officers announced that I principal reason for the transaction was to obtain control of land adjacent jacent to the Cunningham tunnel In East Utah ground This property will be enveloped I at a later Inter date by New Park New Park had previously obtained right to use the East Utah tunnel as part of the consideration In purchase of I General Connor I I Reports Income I Along with the registration filing New Park reported net Income of for tor the nine months ending September 30 and net Income of for the month of September 1950 1050 I Production at Its mines In the Park i iI City district hit dry tons during September which Is about an average month W W. H. H H H. Cranmer president of or the company said Thursday that the In Income in- in income come como picture of western mines would I be bo conditioned by what the government does In terms of defense buying of ot otI metals what effect the fifth round of ot I wage Increases will have and whether there will be sufficient mine labor to spur spur activities New Park expects to raise Its production production production tion substantially after the first of ot the year ear with completion of installation ofa of ot ofa II a large electric hoist Thursdays Thursday's Thursdays Thursday's Tele Tele- Telegram gram I 1 I |