| Show United Park Mines Reports Loss Losso o of for 1959 Operations I United Park Fark City Ity Mines Mineo Company Company Company Com Com- pany Park City lead silver lead zino producer Friday reported not net loss 1081 of for the year ear 1959 without with with- out deduction tor for depletion John M M. M Wallace president and ond andS S 9 S. K Droubay vice president and general ral manager said this compares com coin pares paroo with a loss of or com I durIng during during dur dur- I ing 1958 1953 for the tho company one of at two firms still actively mining In Inthe Inthe inthe the district Poor POOl Conditions Condition Market conditions for lead and zinc were poor In the district during during dur duro ing 1959 and domestic mining continued continued con con- in a state of or depression said eaid the company's annual report to shareholders Prices at years year's end 12 cents and 12 cents per pound for lead and end zinc zino In comparison with 13 cents cente and 11 cents a pound at the beginning begin begin- ning of 1959 shareholders were told In order to keep operating losses lossee at a minimum the rate of development work In the mine was further reduced although continued geological studies made it possible for our engineers to tomake tomake tomake make development work A Inglr effective But Dut It t Is also becoming increasingly Increasingly increasingly difficult to maintain or ors or reserves and to tako take care of ot neo nee necessary essary euary underground maintenance with tho relatively low income r from sales Bales of metals the report said Continued Price Drop The management reported that world oversupply continued to depress tho prices for tor lead and tine during 1959 and import quotas Imposed in lu the tho fall tall of ot 1958 1955 failed to stimulate activities off ott domestic mining as intended Your directors believe that It iL ItIs itIs Is hi to keep on producing product ing lug ore at a minimum annual loss rather than shut down and suffer sutter substantially greater expenses expenses because of the tho maintenance work which would be Ibe required to pr pl pro pro- serve Important l workings Shareholders were also told cold that our employee have to to cooperate in the fullest measure measure mea men I sure with our efforts to maintain main mala- tain an economical operation through acceptance of ot an essentially ally unchanged wage contract for for for- tho the third consecutive year year ye r Last year United Park sold sola worth of ore compared d with in 1958 An initial loss of ot wa was Wu reported for tor the Star Dust Quarry QuanT building stone division op operating ratIng rat ing fag In White Pine County Nev Neri Nevel for the year 1959 I United Park City had total cur current ur rent assets of f as of at IDea 31 1959 versus n like date in 1958 i |
