The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-10-15
HAVE ADDED TO
THEIR POSSESSIONS
United States Company Sells
Stock to Provide the
Needed Funds.

At meeting of directors OF the
United States Smelling, Refining &
Mining CO. yesterday afternoon, it was
voted to sell 5O.06S shares of preferred
stock, and 5o,O6s shares OF common
stock of the company, aud to give to
the common stockholders. the right to
buy one new preferred share, and one
new common share, at par. 500, for
the two shares, for every six common
shares held by them, at the close of
! business on October 10, 1906. Sub
scrlptions must be made for both pre-
ferred and common stock, says the
News Bureau of the ninth.
The stock must be subscribed for
or or before October 26, 1906, at the
City Trust CO. Payment for stock
shall be made in four equal install
ments. payable October %, 1905, No
vember 26, 1906, January 2l, 1907. aud
February 2l, 1907. This sale of 50,-
06S shares Of common stock and So
06S shares of preferred stock has been
underwritten AT par by Lee, Higgin-
son & Co. for a commission of 2 per
cent In circular TO stockholders II
is stated:
"The present outstanding capital
stock is 419,459 shares preferred and
300,405 shares common stock. Upon
the completion of the above sale there
will be outstanding 469,527 shares pre-
ferred aud 350,473 shares common
shares preferred and o,527 shares
common stock. There has been ex-
pended since January !, 1906, IN the
purchase of interests IN new properties,
in the purchase of additional shares
of stock N properties in which your
company and its subordinate companies
were already interested, and in the
additions 10 these various properties,
the sum of approximately S4,500,000,
all or which is properly chargeable 10
capital account The value of the sup.
plies and metals in the bullion on
hand and ore at the smelters is ap.
proximately $4,000 900. Your directors
have appropriated for extensions and
additions TO the properties under their
control the further sum of 81, ,551 900,
aud they believe it wise to expend
at least 81 1,250,000 in addition thereto
The enlargement Of the plants at
the refinery and at the smelters will
permit larger output, but will also
HttScSlldlS lIS Oh HlucQ
larger amount of metals in bullion and
ores. Your directors believe that it
is wise for your company itself to
carry these metals between the time
of purchase or extraction from the
mines and the time of sale OF the finish
ed product. rather than to borrow
money thereon. The net earnings of
this company and its subsidiary COM
panies for the SIX months ending
August 81, 1906, are estimated by your
treasurer at Sl,759,000. The exact
figures can only be given after the
hnal payment for copper, silver and
lead products. The managing director,
Mr. Holden, reports that more ore is
being developed IN the United States
mines at Bingham, In the Centennial
Eureka mine at Tintic and IN the
Mammoth mine in California than is
being extracted.
"rhe Richmond Eureka mine has be.
gun production, but several months
must elapse before any substantial
amount of ore can be shipped there
from Development IS progressing salts.
1sctorlly both at this mine and at the
Real del Monte mines IN Mexico, but
the mills at the latter mines Will
probably not be ready for operation be.
fore next summer The lead smelter
N Utah has been doubled in size and
should be ready for full operation be.
fore January ], 1907. Needed additions
are being made to the converting plant
st the copper sulelter in Utah, which,
however, will not be completed before
next summer. Additions are also be-
Ing made at the Mammoth smelter at
Kenpett. but these will not be com
pleted before next summer. The lead
refinery near Chicago should begin
opera lions IN the near future, and the
additions to the copper refinery in New
Jersey are well along toward compile
ton. The Improvements in your mines
and the increase OF custom ores IN the
market will probably require in the
future further additions.