The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-12-27

whenever the name OF Park City IS
mentioned there springs into the mind
the picture, either in reality from ac-
tual witnessing of the place or of the
stories that have been told of it, of the
great Silver King Coalition Mines COM
pany's property. IT is like a fairy
story, this tale of the Silver King and
the millions which have been taken
from the depths of the mines in that
district Perhaps there is no better
known mine in the country than the
Silver King. 1t has a reputation which
is as wide as the world.
The Silver King Coalition Mines
company was formed in May 1906 I'M
der the laws of Nevada 1t came about
in the great boom that the mining in
dustry had in that banner year of
mining and proved a good move for the
company in more ways than one
Housecleaning has got to take place
in large corporations as well as III
small houses, and the result is always
a fresh start on greater lines and ul-
innate satisfaction all around.
The development work of this COM
pany has, as usual, been a maintenance
of the development ahead of the pro-
duction and the very complete equip
ment above and underground and also
the usual reserve that is always KEEP,
mining corporation. Dividend disburse-
ments commenced in October, 1893 and
except for a brief time during the sii-
yer slump the mine has been in opera
ton, and IT has been pouring out
continuous stream of wealth. During
1906 the Silver King produced approxf-
mately As, 600 pounds OF first-ciass
ore, worth an estimated amount or
s1,5O0,000, and also $4,000, 900 pounds of
/ 10 icl,
concentrates by the milling process,
having an estimated value of s625.000
The total value of the yield during the
year was therefore in the eighborhood
| of s2,125, 600. OF this amount there
was declared a total dividend of $780,
GOO to the stockholders, which at that
| time brought the grand total dividend
declared up to the gigantic sum or
| $40, SOS. 600. Since that time this has
been increased, until today the total
dividend of this famous company is
| $11,375, 900.
The formation of the company meant
not only a new life for Park City, OUT
| its influence was distinctly relt In all
| parts of Utah. Many millions of dol
! lars worth of ore have been taken from
| its mines. the greater part of which has
| been utilized in the upbuilding of a
greater Salt Lake City and state of
| Utah and for the individuals who are
fortunate in its ownership. They. in
turn, have left their personalities
/ stamped in various creditable ways
upon the states history. It's wealth
| has been distributed mainly in this
| commonwealth because the owners
have preferred TO keep their money at
| home and use it for the states mani
| fold growing industries. The influence
that the Silver King exerts upon the
commonwealth is emphatically notice
able in the figures showing the total
receipts of the mine and the devidend
disbursements of the past year. and
| from which it appears that there were
| expended for labor. for the treatment
OF ores and for transportation very
! large sums, in all aggregating upward
| of 81 000, 600.
But Silver King fame could not be
kept within the small limits of Utah.
1t has carried the mineral possibilities
of the state wherever mining literature
is read. and has probably been cited
more TO investors of what nature some
| times does in disseminating the metals
| needed by man in place of profitable
! extraction than any other mine in the
world II stands i'm a class of its own
in many respects and is therefore en-
titled to be denOminated the Golconda
of Utah. Park City is regarded as
Utah's banner camp, principally be-
cause it is the home of the famous Sill
yer King mine, which marvellous bo-
nanza has always yielded handsomely
and because it was sending out mil
lions of dollars annually before several
of the present big mines had passed
| into the development periods they are
now enjoying. In fact, the Silver King
deserves to rank as the biggest mine
of its class in the world Its prodigious
| capacity for making large tonnage
every day in the year and during many
successive years, is uneQualed, and the
regularity OF values contained in its
ores IN phenomenon in mineralogy
Many richer spots than it have been
found but few rich spots have proven
so large in boundaries.
The principal owners of the former
Silver King stock were David Keith
and former United States Senator
Thomas Kearns. Their Identification
with the property began with its dis
covery and they have steadfastly con-
trolled its destinies, disregarding IN
doubtedly many f1attering offers from
outsiders who desired it, and who would
have likely carried out of Utah the
principal earnings had possession beer
passed TO them.
In this respect these two gentlemen
rising from modest positions in life
have chosen to take a course opposite
TO the generality of men upon whom the
mantle of big productive mine owner
ship has fallen in many other states
and who sold out their properties and
spent their wealth in other commune
ties, or chose to 1--we elsewhere than iI
the vicinity of the mines and confer
the blessings of their large incomes
upon localities remote from the points
of wealth production. AS owners of the
Silver King, Messrs. Kearns and Keith
were enabled to do much toward the
advancement of the states interests in
every way, and seldom have they lei
the De Lamar interests. While with