Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-12-09
KING COALITION
ANNUAL REPORT
This Company Begins New Policy
OF Giving information to
Its Shareholders.
DOUBLE DIVIDEND is POSTED.
Checks TO Be Sent Ont on 3tst Inst.
For s75,Ooo--capt. Mac
Nichic's Exhibit.

For 1915 ,O00-Capt. Mac
Nichic's Exhibit.
The first annual report ever issued
by the Silver King Coalition Mines
company was circulated among local
shareholders today. and 1t contains
much valuable information relative 70
the financial and physical condition OIL
the properties Of the corporation Ut
Park City. simultaneously, came the
announcement tfat the directors OF the
company at q netting held yas'rr,lay
afternoon had rosted a. double 'liN i
dend: or, instead of the usual quarterly
disbursement of sls75oo, checks WI
20 out on the 31st inst. for twice TINS
amount, ar ss76cco.
The report contains detailed stare
ment from Captain Duncan McNlchle
who had but in several months tune
in conducting d thorough examination
OF the silver King proneftles' anu,
among other things, shows that tne
actual and probable ore at present
available In the mines is approximate
Nv a little more than 99,0OO TONS, MY -&
ing gross value Of $3.50, 5000, or u
net value of s3,67l ,64s.S9. In addltion
to the available ore, as stateu, tne
report estimates the possible ore IN
the undeveloped portion OF the COM m
ranv,s domain at no less than 974.75o
tons. But IN arriving at the propaple
value OF this ore, the report cuts the
tonnage in two and then assumes tnat
Ire average net value of the available
r,,.f. viii prevail. This is given at
ssh .TG per ton. net, so the 4S7,3lI tons
figured show q value of S2o, 2.o boob.
1T is therefore made to appear that tue
company's available and possible re-
sources. after cutting the estimated
.nossihle tonnage in two, is s2s,S9s, 2S2.41.
n arriving at these conclusions goid
was figured at $40 per ounce, silver a.
5g.2s4 cents per ounce for % per cent,
and lead at $3.50 per 100 pounds tof
80 per cent. The lead and silver price
is tho average New York quotation
for ten years, ten months, to NOV. !,
1905.
FINANCIAL STATEMENT.
Property purchased by sill 40
vers King Mining Co.'s ooo,SoS' 80
Pr6perty purchased by Sill
Yer King Coalition Mines
K - :
,r.t,, 1898 j ,2S7, 1886. 06
paid for out of earnings...S 4o4, S35. W
paid for with stock ....... ssz'soo.oV
-- -----------e.
,ra,,i S /, 2S7335. 06
RECEIPTS AND DISBURSEMENTS.
Receipts 80 arc o,e >,
Ny s ST., 95,2I5.10 |
Ni ise
s19,9T4, 142 .04
,,;.,,,,,,s,on,onts-
,,,,,L'is,a,', ~ .sl1, 22S, AS. 90 |
and improve
f1'lu .044, 790. II |
J, lll.,l'. ;, GERS 666. SO 4
,-,,'s,, 80, 1,,nd Nov 1. 1908. 322 365.2S
St's'i " ------ -----
1854 142 .04
,ooe ese $50 "a !
cash on ll'ha l'ee' = i'es On ooo' M, |
Ore IN transit $3.50
Ise see "a
II vii, he seen from tho financial
statement that while the ne, d,v ,nn big
hoin IN The reserves, there will be a
large accumulation Of surplus through
ore shipments for the present month
Ia add TO the nearly $4,000 that IS still
m hand, or will be when the ore in
transit is paid for
1t is simply impossible to give much
OF a notion of what the mines look like
today in the brief space here utilized,
neither is it possible to give the
amount of gold, silver, lead and cop
ncr produced by the mines, as those
figures do not enter into the reports
That have been tabulated. To under
stand all the good features of the re-
mort it is necessary to have all the
fables for reference and the splendid
mans that show the underground
workings, and which accompany the
After dealing with tho geological
formation OF the district and after
describing the various vein systems