Show Park City Property To Be Under New Management From Tuesdays Tuesday's Salt Lake Tribune NEW YORK April 6 AP The AP-The The Anaconda Anaconda Anaconda Ana Ana- conda Copper Mining company reliably informed financial sources mid laId Monday has purchased a large block of stock inthe in inthe inthe the Park Utah Consolidated Mines com corn I pany Details of the transaction will be made known by the securities exchange commission I I I I COMPANY U lI EXTENSIVE OUK I According to well informed sources in Salt Lake Lako mining circles purchase of the large privately-owned privately block of Park Utah stock gives Anaconda Copper Mining company control of the Park City lead zinc and silver producer and the big copper company will take over management management management manage manage- ment through International Smelting and Refining company to inaugurate an ex extensive extensive extensive ex- ex development campaign It was understood locally that the deal Involved around shares o of stock and payment of approximately 1 Anaconda already held an interest In- In terest in Park Utah Consolidated J. J O. O Elton general manager of the International Smelting wholly-owned wholly operating subsidiary of Anaconda Copper Copper Cop Cop- per is on a trip to Idaho and Nevada camps and could not be reached Monday Monday Monday Mon Mon- day for a statement O. O N. N Friendly vice president and anti general manager of Park Utah Consoli- Consoli I 1 I dated was in New York City Monday in connection with the reported deal Name Changed The Park Utah company was we called the Park Utah Mining company until I 1925 when the name was changed to Park Utah Consolidated Mines company and the Park City Mining and Smelting company the Ontario Silver SUver Mining company com coin pany and the Daly Mining company were I taken into the new firm The Park City Mining and Smelting company was a a. re reorganization reorganization reorganization re- re organization of ot th Daly West Mining I company the Judge Mining and Smelting i iI 1 I company and the West Ontario Mining I I company Park Utah Consolidated owns I I 35 per per percent cent of the Mining company also I The company and Its subsidiaries have acres of patented mining claims in I j Summit Wasatch and Salt Lake coun coun- I I ties Underground workings include I miles of drifts tunnels and crosscuts reached by five deep shafts and three main transportation and drainage tun tun- nels I Produces Fire Fl Metals l Last year the company produced 1709 ounces of gold ounces of silver sliver pounds of lead pounds of zinc and pounds of or copper The company employs an average average average aver aver- age of persons In its history the company has paid in dividends the latest one oneat oneat oneat at the rate of 10 cents a Share mare in April 1941 The company's latest financial statement statement state state- ment showed total current assets of Including cash In banks and current liabilities of Current production is coming both from the main Park City operations and from the Keetley unit In the East Park City district More than 1000 tons of ore Is being mined weekly at the former location and around tons a week at Keetley I I I I 1 Officers Listed Officers of the company besides Mr Friendly are Lawrence Fox of Salt SETt Lake City president Adolph G. G E. E Hanke or of Carmel California vice president J. J J. J William Stoner of Salt Lake City sec sec sec- treasurer and Paul H. H Hunt of Keetley mine manager sec sec-I Anaconda Copper already held an In Interest Interest interest In- In terest In Park Utah and was represented on the board by Mr Elton Last year C C. E B Weed of New York City general I manager of mines for Anaconda also was elected a a. director Other directors are Mr Fox Mr I Friendly Mr Hanke Charles Lange of Cincinnati and Mrs E. E B. B Tobias of Salt I Lake City I Anaconda Copper Mining company announced Tuesday in New York City that the block of privately-owned privately stock In Park Utah Consolidated Mines company company com corn pany which It has purchased amounts to shares and raises Anacondas Anaconda's total Interest In Park Utah to shares Since several persons connected with the present management of the Park City district mine sold their stock to Anaconda in this deal the big copper company now has has- hasa a managing control of Park Utah There are shares of Park Utah outstanding and shares in inthe inthe inthe the treasury There are no other large blocks Lawrence Fox president of Park Utah confirmed Tuesday in Salt Lake City I that he had disposed of his Interests to Anaconda O. O N N. Friendly vice president p and general manager is in New Yarn YE City In connection with the deal and 11 It was reported but not confirmed that he be al aim ahto o has sold his Interests I Charles Lange and Mrs Catherine H H. Luedeking of Cincinnati Ohio contri contri- buted buted about shares to the block bought by Anaconda the Associated Press and Dow Jones reported Tuesday from Cincinnati Lange is a director and anti Mrs Luedeking widow of Otto Luedeking Luedeking king wealthy a former director director dl di- di rector of Park Utah Luedeking held about shares at the time of hi his death several years ago The regular annual stockholders stockholders' meet theet- meetIng tag Ing ng of Park Utah Is scheduled to be held May at Jersey City New Jersey a at which time the board of directors is ex expected expected ex- ex to be changed in line with th tIle the new lew position of Anaconda The remainder of the block acquired by Anaconda apparently came from the late ate George Lambourne Interests and other Salt Lake Interests I Details of the transaction will be re revealed revealed revealed re- re later by the S E 0 C at Philadel Philadel- phia It has been reported that Anaconda paid around for the block of stock Last year the Park Utah had a gross Income of and net profit of The mine produced tons of ore averaging 1405 per ton and containing 1709 1700 ounces gold ounces silver pounds lead pounds zinc and poun pounds pound hl zinc The Anaconda Copper Mining company I U is expected to develop the property through the International Smelting and Refining company a aV wholly V olly owned sub sub- which operates several other Anaconda controlled mines lne in In tb this re ro- ro I gion glon including Mountain CI City CoP Copper company North Lily Mining company National Tunnel and Mines and Walker I Mining company |