Show Annual Report Of Silver King Coalition I Increased silver production and greater I tonnage mined by Silver King ICing Coalition Mines company In 1941 compared with 1940 1040 were offset by higher operating costs t I and decreased production of lead and andI zinc the company's annual printed report report re- re 1 I port Issued Saturday revealed says Sundays Sunday's SunI Sun- Sun l days day's Salt Lake Tribune I Average prices of ot cents a a. pound for tor lead and cents for tor zinc compared compared compared com com- pared with 1940 prices of cents for tor or lead and cents for tor zinc Increased the company's Income from these metals although decreases In production were were noted The company mined and milled at Its I Park City property tons of ore i I compared with tons mined and tons milled in 1940 Principal Principal values were In silver lead and zinc with some gold and copper Silver Leads Income The report stated that silver production production production tion accounted for tor per cent of the value of ot metals meta lEI produced lead per percent percent percent cent zinc 2678 per cent gold 25 per percent percent percent cent and copper per cent This compared compared compared com com- pared with 1940 percentages of ot silver sUver lead zinc 2517 gold and copper 92 Commenting comm on the outlook for 1942 James Ivers vice president and general manager said Computations indicate that the Increased price set by the office of price administration for tor metal output output output out out- put In excess of ot 1941 production approximately approximately offsets the Increased labor costs Involved in the overtime required for tor such increase In production As previously reported the company's 1941 net profit was after atter Income taxes and depreciation equal to 33 cents per share of ot outstanding capital stock compared with or 38 cents a ashare ashare ashare share on the same basis In 1940 Total Income for tor 1941 was against In 1940 Profit before depreciation tion amounted to last year equal to 37 cents a sh share re compared with or 43 cents a a. share In 1940 Both years the company paid 40 cents per share hare in quarterly dividends of 10 cents per share From date of ot incorporation incorporation tion in 1907 to the end of 1941 the company company company com com- pany paid in dividends At tho the close cloe of the year current as assets assets assets as- as sets amounted to against 1 a year earlier Current liabilities were against at the tile end of 1940 A total of 1092 tons of zinc concentrates concentrates concentrates concen concen- made in former years and held In stock were sold In 1941 Mining haulage and hoisting costs casts totaled in 1941 against I I the year before Total mining and milling milling mill mill- t I ing expense wo WM against 1 in 1940 On July 1st wages were Increased approximately 9 II per cent Development work amounted amount d to feet at a cost of The year before before be be- be- be fore tore development advance was feet at a cost of I M M. G O. Heltzman manager of ot operations opera- opera I 1 I reported that the tons of ore milled produced tons of lead concentrates a averaging per ton per percent percent percent cent lead ounces silver sUver 1389 ounce gold and per cent copper tons of Iron concentrates averaging per ton per cent lead 1362 ounces allver sil silver all sU- ver vert 13 ounce gold and 95 per cent copper and tons of ot zinc concentrates concentrates concentrates con con- averaging per ton per cent lead ounces silver ounce gold 16 per cent copper and per cent zinc zinc I Values aloes Continue In 1940 tons tone of lead concentrates concentrates concen concen- averaged per ton per cent lead ounces silver 1247 o ounce nce gold and per cent copper The tons of ot zinc concentrates ran 88 per cent lead ounces silver sUver ounce gold 17 per percent cent copper and per cent zinc Total metallic content of the tho ore tire mined and milled in 1941 and of the 1092 1093 tons of ot zinc concentrates sold from I storage was pounds of lead ounces aU silver vet 1869 ounces gold pounds of ot copper and I pounds of zinc Comparable 1940 figures including including 2345 tons of ot crude shipping chipping ore ore are pounds pound of lead 1 ounces silver 1974 1971 ounces gold pounds of copper and anet pumas of zing zinc Net smelter returns returN In 1941 1041 after atter de deducting deducting deducting de- de ducting freight and tr charge s w were re against the tho thoi i I previous y year nr I ute state a and county tUN totaled IIO oo CM 61 f and I federal federal f computed 1 state and federal In I. I I 1940 Employment totaled persons at atI Ithe I the tho end of the tho year an Increase from GOO a year earlier S. S B B. B Lamkin secretary and treasurer reported that for tor federal tax purposes per cent of ot the cent 10 quarterly dividends were from current earnings I I and therefore taxable the remainder I being from depletion reserve and noni nontaxable non- non i i taxable For Utah state tax purposes he heI I said the quarter first dividend was i iI per per percent cent taxable the second per percent I cent ent the third per cent and the I fourth per cent I Richard R. R Lyman was elected to the i board beard of ot directors succeeding the late I A. A IlUs Jr who had been associated with the company since sinco Its Us Inception METAL I AND LOCAL STOCKS THURSDAY Metals Salt Lake settlement prices Lead copper 1165 zinc The Salt Lake Exchange is 18 worse than bombed today Four Issues only were traded with traded with local stocks at lower quotations quotations quotations quo quo- and no sales New Park broke through on the he curb curb curb- selling for tor 25 cents FRIDAY Seven Beven Issues only traded on Exchange today New Park being one of the seven 1000 1000 selling an odd lot of 70 shares going closing closing at bid asked Curb sale sale New New Park Park 2800 2800 Q SATURDAY The activity on the Salt Lake Exchange Exchange Ex lIz- change these thele war-days war is simply as as- as Only one mining issue was traded today today and and that one happ happened neet tobe to tobe tobe be the New Park Park going and 75 shares buyers buyers evidently holding back to see what happens during the two day Sunday holiday holiday Sunday and ond Washington's Washington's Washington's Washing Washing- tons ton's birthday TUESDAY New Park was the tho only local Issue o othe of 1 the six that found customers today today- four tour lots two of ot one of and on one e of ot sold sold Closing at bid asked On the curb New curb New Park 68 Park 08 a Q WEDNESDAY The Tho Salt Lake Exchange Exchange are aro just jus t aggravating In these war days days daY seven n ne L Issues were called today with today with only on one e local New Park Park Q SHIPMENTS Park Utah Consolidated Park City Consolidated New Park Park Utah Keetle Keetley Silver King Coalition con Park City Utah Total I tI t |