Show New Park Mining Co COr Reports Record First Quarter Earnings New Park Mining Co ice he- ports R Record e cor d First Quarter Earnings San New Francisco-New Park Mining Co r reported e p 0 r t e d record first quarter earnings to shareholders shareholders shareholders share share- holders at their annual meet meet- ing S Sales a ale l e s for three months ended March 31 1969 were with earnings of equal to 12 cents per common share Figures for the same period a year ago were in sales and a loss of or one cent per share Included in both years are gains from sales of securities of four cents per share in 1969 and one- one half cent in 1968 Represented either in person or by proxy were shares or about 65 per cent George W. W Day president said that the large first quarter increases indicate a return to scale full-scale operations after the smelter strike of 1967 68 and include sales and earnings of recently acquired Soloco South Louisiana Contractors Inc Reporting on first quarter operations John S. S H Holland lland executive vice president and general manager told stockholders stockholders stockholders stock stock- holders that production at the Mayflower Mine Wasatch County was down slightly but due to higher ore grade total output remains about the same as the like period in 1968 Holland also announced that mining gas and oil exploration exploration tion programs were proceeding satisfactorily with encouraging encouraging ing prospects such as recent news reports of major gas discovery discovery discovery dis dis- covery in the Canadian sector of the Arctic Sea area I William M Mann executive e executive vice president reported that during during during dur dur- ing the past year New Park has evolved a planned program of growth by expansion into the an a and n d service areas a are r e a as s sallied allied with the natural re resources resources resources re- re sources industry The develop development development development ment of this program Mann said resulted in our first acquisition Soloco oil drilling site preparation company Soloco's 1968 sales were up 25 per cent over 1967 and I am amable amable able to report that the first quarter of 1969 is again 28 per percent percent percent cent ahead of 1968 with a commensurate com corn increase in profits This has been followed by pending pending pending pend pend- ing acquisitions of LOR Comani Companies Companies Com Com- ani s Great Basin Steel Co and Taylor Steel Co all serving serving sery- sery ing the natural resources industry in in- in In the formal form l business of the meeting r elected the incumbent board of directors amended the articles of incorporation of the company to authorize an increase of common common common com com- mon stock shares from five million million mil mU- lion to ten million and ratified the appointment of auditors Following the meeting directors directors directors tors met and re-elected re incumbent incumbent incumbent bent 0 officers f f ice r s for the ensuing year tear ear including William Wesley Goodson recently elected vice president of N New e w Park and president of Soloco purchased by New Park in to December 1968 1968 The Mining Record Treasury Lifts Ban on Melting Melting Melting Melt Melt- ing Coins Was Washington ington DC D.C. The D.C.-The The United S States tat e s Treasury has lifted the ban on the private melting of silver coins effective effective effective tive immediately according to toan toan toan an announcement made May 12 1969 The ban has been in effect since 1967 In addition the GSA will sell one and one half million ounces of silver weekly instead of two million o 0 ounces u un n c e s effective May 17 Observers believe that the GSA will cease selling its silver sUver early in 1971 Also in the future anyone will be eligible for bid for the silver The Treasury also will permit s silver i il l v e r obtained from melting coins to be exported The p price r i ice c e of silver is ex expected expected expected ex- ex to drop slightly as a re result result result re- re sult of the Treasury action although observers point out that over the long pull it will mean an increase in the price for the white metal It is believed by some that bringing this silver sUver out into the open may have a temporary depressing effect on the price of silver but the drop in the market today would be nothing startling It is thought that the action will discourage speculators speculators speculators specula specula- tors from shoving the price up upward upward upward up- up ward and will provide for a amore amore amore more stable silver market in the future It is believed this action will take the Treasury out of the market in two years and from that point the price should increase increase in- in crease in an orderly fashion United Park City Mines Co Stockholders Meeting The United Park City Mines Company stockholders annual meeting will be held on Tuesday Tuesday Tuesday Tues Tues- day May 27 at the Kearns Building Salt Lake City Publication Information Circular Factors in Selecting and Applying Commercial Explosives Explosives lives and Blasting Agents Agents- described as an unique guide is obtainable from the US U.S. Government Printing Office Washington DC D.C. at at- 40 per copy Orders should specify the full title and should cite Catalog No 1 ORE SHIPMENTS Twenty carloads of ore from the United Park City Mines Co during the week of May 12 including 16 were shipped from the Park Par City Union Pacific Depot METAL PRICES Copper was unchanged with major producers holding at 44 44 1 4 1 1 4 per poun pound Lead was firm at 14 2 1 l American Zinc Co initiated another increase with the price of zinc from 14 to 14 2 1 1 per pound Silver dropped from to 1745 gold slipped from to 42 85 per ounce |