The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-02-04
BIG BLOCK BINGHAM
IN STRONG HANDS
Boston Reports Bingham Con.
Passes to Interests Close
TO Guggenheims.

York city and papers signed whereby a
big block OF the stock of the Bingham
Consolidated Mining and Smelling COM
pany has passed into the hands OF very
strong interests saws the Financial News.
The exact amount is understood to bc In
the neiRhborhood % 5O,0U shares and the
price has been set at between s25 and $40
per share. The buying that WAS In evil
dencc In this market last week was the
passing of shares held by local people
into the hands OF these same strong peo
pie, Other local interests also sold their
holdings last week
Guggenheims Are Behind It.
The transfer of the Bingham stock has
been made TO interests closely allied TO
the American Smelling and Refining COM
pany, although inquiry at their Office I'm
New York failed 10 bring forth a confirm
alton Of the story. The papers Affecting
the exchange were signed I'm New York
shortly after noon OF the 10Th There has
been persistent rumor that the shares
OF the Bingham Consolidated were to be
taken into tho United states Smelling.
Refining and Mining company, in transfer
Tor the common stock share Tor share,
but this story as well as that stating
That there was to he a reorganization OF
the company by the new interests has
been denied.
Property One of Best
As has been pointed out the value rep
resented by the shares OF the Bingham
Consolidated Mining and Smelling COM
panN represents one Of the cheapest values
in the Bingham canyon In comparison
with the selling prices of adjacent prop
critics AT $40 per share the stock rep
resents Total value OF the property OF
100000, while other adjacent properties
with their large number OF shares repre-
sent values from twice TO three times as
great.
Plant Is Efficient.
It must be remembered that the Bing-
ham Consolidated has a big smelling
plant, and one that can be depended upon
to do satisfactory work on Bingham ores
at all stages The efficiency OF the plant
has unquestionably been added To by the
skill of Superintendent Gormley. who has
Installed the roastcrs and reVerbcrntory
furnaces which have made the handling
of huc dust and fines at n profit possible
The mines OF the company. particularly
the Dalton and Lark and the Eagle and
Blue Bell, have also improved In physical
immeasura bly, the Improvement
I'm these properties was estimated by
conservative man at about 81 600. 90 dur
Ing the past three months Bingham has
been earning money during the
past three years and has spent large sums
10 improve tho property up to a point
where IL could handle It's ores I'm the most
manner.
Still Better Era Dawning.
The several contracts for custom ores
WHICH HhNt DtHll very DUrUcnSOtnp. expire
within sixty days. and a the end OF that
lme the property should be In the best Of
shape 10 show what it can do when work
ng on Its own ores 1T would seem that |
.he large interests that have become In |
terested I'm the property have taken the |
most opportunc time 10 do 80, for IL now |
3 at the end OF a long and laborious de- |
'elopment campaign, which has finally |
'esulted successfully
May Declare Dividend
II Is understood that an auditor Is al |
work on the books OF the company, and |
hat the results OF his labors have been |
'cry satisfactory, Dnd show a neat sur |
llus standing on the right side OF the |
cdger. IT was currently reported that the |
company would be in condition to pay a |
dividend during the first three months Of !
he present year. Whether this VIII be |
lone or not remains to be seen IG Is |
tatcd authoritatYely that there viii be |
10 change In the management which will |
continue as al present and that the prop |
,rtE VIII keep operating right on the line |
hat has been previously laid out for IL