Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-03-21
DOES Mr. HE|NzE
CONTROL BINGHAM?
George /. Walker, In Boston
Commercial, Indicates
That He Does.
NOT BoSToN.OWNED CONCERN
Boston Con. Big Orc Bodies--Ore VIII
Yield $40 Per Ton on 49,
Cent Copper Market

George L. Walker, In discussing Utah
copper stocks IN the current issue Of
the Boston Commercial, maintains his
usual optimistic attitude towards some
of the Binyhams and, among other
things, says;
Bingham Consolidated is no longer a
Boston-owned company BY far the
larger portion OF It's stock has been
purchased or is held under option by
the Heinzes or their companies In New
York. why the stock has been bought.
or what the plans Of the purchasers
are, Is not yet diyulged.
one who has been Intimately assoc
ciated with Bingham interests express
es the belief that Messrs. Heinze and
Cole are working together In Utah,
with Water Fitch as their Salt Lake
representative. He believes that the
Bingham company will form the nue.
leus of large copper and silver-lead
mining and smelling company, which
will take over the valuable Tintic, Park
City and stockton properties recently
optioned by Walter Fitch, and that the
new company VIII be an active COM
petitor Of the United states Smelling
and American Smelling & Refining
companies.
The contracts under which Bingham
Consolidated has been smelling the
concentrates OF the Utah Copper and
Cactus mines will expire some time
this month. AS has been stated previ-
ously these contracts while not neces-
sarily q financial loss to the Bingham
company, have utilized nearly the full
capacity Of its smelter and prevented
II from treating ores from Its own
mines on which very large profits could
have been made during the past year
of high metal prices. Beginning next
month, the Bingham Consolidated CONF
pany should be able to show net earn
ings at the rate of s. to 81 per share
annually on It's stock.
The sharp decline In Boston Consoli-
dated stock this week Is said to reflect
the hitch 10 negotiations between
Messrs. Newhouse, Untermeyer and
Kramer, on the one hand. and the Gug-
genheim interests on the other, II seems
| that Newhouse and associates demand
| ed better consideration I'm the con-
| solidation for Boston Consolidated, and
| the Guggenhelms. opposing this propo-
| sition, fought the admission OF the
| Newhouse Cactus company.
Recent private correspondence with
| Utah mining men leads me to doubt
that the sulphide smelling ore devel-
| oped In the Boston Consolidated prop
, critics carries as high values as current
| reports would indicate. There Is little
| II any reason to doubt that Boston Con-
solidated Is a property Of tremendous
| demonstrated value 1t Is estimated,
| for instance, that this company has
500 900 tons Of parphyry ore, which
viii yield a net profit OF 81. per ton on
13-cent copper market. If the deposit
We're as large as estimated, and the net
Yield per ton were only 81. coming divi-
dends OF 81 900, 100000, or more than
10 times as much as has been paid by
| Calumet & Hecla would be indicated.
on shipments OF $50 tons of ore day,
Boston Consolidated Is now earning
$4,000 TO $4,000 per month, net. The
company could easily double It's output,
but the Bingham Consolidated smbelter
is not prepared to handle the Increase.