The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-05-18
ANNUAL MEETING
Of SILVER king
Silver King Coalition Mines on
Monday Select Officers for
Season.
SPLENDID RECORD IS
MADE BY COMPANY
Reports Show That Immense
Territory Yet Holds For
tunes in Resources.

The annual stockholders meeting Of
the Silver King Coalition Mines com
pany was held Monday afternoon in
rhc local offices of the organization,
AS an indication of the great interest
taken IN this annual session, 1t is worthy
OF mention that there were represented.
either IN person or by proxy, total
of l,l50,S39 shares out of The 1850
BOO shares capitalization. The follow
ing directors were selected:
David Keith, Thomas Kcarns, w. S.
Mccormick, j. S, Bransford, NJ, S. Fox,
J. Frank Judge, W Mont. Ferry, Wind
sor V. Rice and James Irers. On the
adjournment of the stockholders. the
newly-elected directors convened for
The purpose Of organization, and the
following officials were selected: Presi-
dent, David Keith; vice president and
general manager. Thomas Kearns; sec
ond vice president. J. s. Bransford; !;
treasurer, w. S. Mccormick; secretary.
Frank j, Westcott. p. J. Talon was
chosen as flrst assistant secretary;
tredrick Eckstein, second assistant
vice president. Mcssrs, Eckstcin and
Baglin reside in New York, and their
offices were created for the purpose of
eypediting the transfer of the COM
pany's stock for eastern stockholders.
Superintendent Dailey's report
showed that during the year 81 .942
ions of crude ores and concentrates
were marketed, for which was received
the sum of $1,345, ,202.S7. The mill
was run during the year with ono shift.
aud when 1t is taken into consideration
the splendid record of the company un-
der such conditions, especially with the
metals at their low cbb in the past fiscal
year, one easily can appreciate what
the earnings Of the company would be
with the mill in operation at full ca
pacity, and betterment in the prices
of silver and lead. The company dur
ing the past year has paid dividends
Nos. 5, 4, D and 6, amounting to S144,-
800.
That the mine never looked better,
that there never was so great a blocked
ore tonnage in sight. and that the fu
ture is exceedingly bright, are appar-
eDt from the various reports submitted
the stockholders. One of these reports
was by Charles P. Brooks, the mining
engineer, who showed that the company
owns 297 patented claims. or 2.0SS.0l
acres OF mineral ground in Park City,
this splendid area extending for 20
600 feet along the trend of the ore
bodies aud mincralizcd system. Since
incorporation in 1907, the Coalition
company has produced 55,Ss2 tons of
ore, the gross value OF which was Sd
07%, ,095.27. the net value being $2,2i4,
906,27. and dividends paid since that
time amount TO Sl,ll5,S50,
Mr.. Brooks reports that the actual
and probable ores now available total
up to l30,469 tons. the average value
per ron being s32 %. the total net valu.
alton being $i,243.94l.I2. This vau
alton is gained after dcducting all the
expenses incident to mining and mar
keting. and does not take into consid
Grafton the milling tonnage. necessarily
large, which accompanies this better
grade rock. Mr.. Brooks states also
that among the future probabilities
from the Silver King Contact unde-
veloped, there can be expected $4,000
tons, of d net valuation of go .S5S,S0i.
while from the Crescent Alliance sys
tenn can he expected 296.300 tons OF
ore. valued. net. at $7,3os, Al, or a
total Of $50. .237, 7,2l5
Among the possibilities of the prop
King limestone quartzlte contact, which
is not taken into consideration in the
previous reckonIngs. If this contact
system, he states, is found 90 be only
one-haf as productive in the future IS
ii has been III the past, q very con
servative estimate of ore values there
would be $2S,39G,6i5 He considers
these estimates all conservative, and
believes they will be exceeded III time
by actual Developments
The company is now employing 315
men. and is entering on what everyone
predicts will be one OF the best seasons
ever enjoyed by il.