Show Park Utah C Consolidated Makes es Ari Annual ual Report Park Utah Consolidated Mines Mince company comp com com- comI p patty pany ny C Continental Bank b building Satur Saturday Saturday Satur- Satur ur day reported net Income for 1941 after atter taxes and depreciation of or equal to t to about 7 74 74 4 cents per share of outstanding outstanding out out- stan standing ing stock In 1940 the net earnings totaled or about 14 H cents a share The property located In the Park City mining district produced tons of ore are during the year for a net smelter return of making an average average average aver aver- age value per er ton of 1405 O. O N. N Friendly Friend Friend- ly vice president and general manager reported in the annual printed statement statement statement state state- ment to stockholders These figures compared with 1940 pro pro- production production production of tons with a net smelter smelt smelt- er return of or an average value per ton of 1270 Metal Output Dips The metal content of the ore shipped In n 1941 was as follows Gold 1709 ounces silver er ounces lead pounds zinc pounds and copper copper copper cop cop- per pounds Metal content of 1940 production was gold 2049 ounces sil silver silver sU sil- ver ounces lead pounds zinc pounds and copper pounds At the close of the year net current assets were a decrease of 17 17 from the end of 1940 One dividend of 10 30 cents per share was paid In April The same some was paid In June 1940 Operations of the property were on a two shift basis five days per week and an average of were on the payrolls of the ther company for which they received In wages which was approximately 60 per cent of the gross value of all ore sold Friendly reported Higher daily dally wage rates and advances in In the unit cost COEt of materials have been factors in increasing the cost of mining ore I Resume at Keetley Your company has fully realized its responsibility to use every effort to produce produce produce pro pro- duce so as to do all in its power to develop and produce these needed materials materials materials mat mat- for the war effort As a part of this program the original original original nal main shaft at the Keetley unit has been reopened and extraction has started on the pillar of ore which was left around this shaft below the drain tunnel tunnel tunnel tun tun- nel level The additional tonnage from this section will wUl bring an excess production production pro pro- over th the 1941 quota for the Immediate future but its tonnage is limited and any excess production later In the year must necessarily come cone as as' the result of the favorable outcome of exploratory drives now In progress and those to be started in the near future Your property still stUl has had much undeveloped undeveloped unde unde- territory which justifies justines exploration exploration explore explore- tion and It Is hoped that the ratio of the price of metals to the Increased cost of operation can be Improved so that amore a a. amore more rapid program for the uncovering pf these undetermined resources will wUl be possible VENTURE VESTURE CAPITAL IS 18 NEEDED FOR MINING I The Denver Mining Record The outlook for metal mining In Colorado Colorado Colo Colo- rado and the west this coming spring la Is excellent The bonus prices for new and excess production of copper lead and zinc zino means greater profit for operators operators operators opera opera- tors and will ill prove an incentive for thousands of businessmen to undertake I mining development The taking of Jong long chances has made America great Speculators Speculators Speculators Spec Spec- have backed up Inventors of wild Ideas and have helped to make the nation greater through these inventions and the new horizons they have opened Mining and oil speculations have been responsible for greater national wealth I than possibly any anyone one other single ef ef- ef i fort Some people like Uke to make wild statements statements statements state state- I ments to carry a point These people are heard to repeat that preposterous statement that there has been more moret I t money lost in mine development than I has ever been taken out of the mines Cripple Creek has produced in gold Who has the the- temerity to I say that has been lost in I I I Cripple Creek development The Comstock Comstock Com Com- stock lode Butte Leadville Bisbee and scores of great producing districts have produced at least for every dollar that was ventured in their develop develop- ment Some of these so-called so mining failures failures fail faU- ures of early days are the great producing producing producing ing mines of today Some me mines go thru several failures before commercial ore Is struck and stockholders are rewarded reward reward- ed with dividends A development company company company com com- pany is organized starts sinking a shaft but is compelled to quit before ore la struck The property later goes Into new hands and work is resumed That may happen several times and andI each company had some part port in is winI winning win win- ning fling final success If the first company had been adequately financed it might have continued development and bit hit the ore Venture capital is necessary to open new mines The ideal method is for several hundred individuals to cooperate cooperate cooper cooper- ate thru a corporation In the financing and development of prospects into mines Mine financing was given a ablack ablack ablack black eye ere when state and national legislature legIslature leg leggy failed to analyze corporate methods of financing Legislators Legislator al allowed allowed allowed al- al lowed company officers to turn development development development devel devel- companies into stock selling schemes by falling failing to adopt legislation to prevent stock selling to become a racket I I All that is is' necessary ry to prevent fraud fraudin in mine financing is to prevent compa companies nies from selling any shares I. compa-I. except I treasury shares and to make sure suro that every dollar raised from stock sales goes into the company treasury and is used economically to develop the property prop prop- ert erty If u that law had been enforced forthe forthe for the past half century there would be no shortage of metals for war purposes today today to today to- to day except perhaps those metals that have not yet been found In our western states No better method of financing mining development has been found than the corporate method and it was wu i an unfortunate day for the west and t the nation when companies were allowed allow allow- ed to sell and nd transfer any shares other than han trea treasury ury shares LOCAL L MINING STOCKS l THURSDAY Thirteen Issue traded to- to toBAH D- D Salt BAl Lat Lake I Exchange change today today including Including three local Issues few PaTk Park City Consolidated 2000 Consolidated 2000 a 40 Silver SUver King Coalition Coalition shares changed hands ranging from slid slid sliding I ing down to FRIDAY Sang Bang ang went the boom on Salt Lake Exchange today Only four Issues were traded Silver traded Silver King Coalition being the only olly local local and and was greeted with a material material ma ma- slump in price Five lots lots shares starting shares starting at and dropping to closing closing at d asked V h. h On the curb New curb New Park drops a cent 1000 selling for Park City Consolidated Consolidated 1000 1000 Q 40 4 I SATURDAY Tame trading on Salt Lake Exchange today Eight Issues found round customers customer With Sliver Silver King Coalition the only local and still slipping 35 sUpping 35 shares selling at 3 75 MONDAY Business slow on Salt Bait Lake Exchange Six Issues traded today today including including one local Neil Park Park 1000 1000 25 Closing bid asked On the curb Silver curb Sliver King Coalition took a step upward 1200 selling for per per up up 12 cents TUESDAY TUESDAY- Four Issues only traded on Salt Lake two today today two being locals New New Park slipped sUpped back to 1800 1800 selling at that figure 1 Silver King Coalition holds on to selling at that price WOn On On the curb curb Silver Silver King Coalition Coalition- 5 6 WEDNESDAY Metals Lead copper 1165 1185 zinc L Local cal stocks Six issues only changed hands on stock exchange today with today with one local New Park continues slipping two sUpping two lots lotsof of each went each went over the counter at off off closing Q bid asked ask ask- ed ed SHIPMENTS Park City Consolidated Park Utah Consolidated Park Utah Keetley New Park Silver SUver King Coalition con Park City Utah Total |