Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-06-19
Mexican Property viii Become
Producer Sooner Than
Expected.
NEW FURNACES FOR MAMMOTH
Net Earnings of California Mine $780,
600 Per MOnth-Cumpany's
Earning, Annually.

From Boston has come some inter-
csung news concerning the future plans
Of the United States Smelling Refining
and Mining company. which will be
read with a good deal OF local interest.
Exploration work and the construc-
ton OF the new plant at the Mexican
property Of the company. il is said has
made such progress that 1t is now ex-
pected this property viii become a pro-
ducer several months earlier than an
tcipatcd when II was purchased early
this year.
Work has now reached a point where
II Is expected one furnace for the
treatment 0f silicious ores will b. ready
Tor operation next February and the
second by July 1907
The management Is very enthusiastic
over the Mexican property and expects
10 develop very large ore reserve as
iu the case Of the Mammoth mine -Four
or five valuable mines are expected TO
be developed, as the Mexican property
IS more a mining district than a single
mine.
The company has recently let con-
tracts Tor the building Of two additional
furnaces az the Mammoth mine. 70 be
completed next spring. making five In
ALL Managing Director Holden esti-
mates there b. more than &l000N. 900 net
value Of copper exposed al the Nam
moth, figuring the price Of copper az l3
cents The net earnings OF the Mann
moth are now about 100000 a month.
Although the earnings OF the United
States Smelling Co. are very large
from It's Utah minis and smelters, the
Mammoth mine and smelter and the
De Lamar refinery n is not the inten-
ton Of the directors 10 declare diyi-
dends on the common stock this year.
preferring To declare the initial diH-
dend after the Mexican property has
become a producer early next year.
a new element adding TO the earn
ings Of the company viii be the placing
In operation next month OF the SO per
cent increase In the be Lamar REIN
cry. a tWo-thirds stock interest IN
which was purchased by the United
States Smelling Co. last spring. Net
earnings from this source viii be s25.-
900 a month against $4,000 Is AZ pres
ent The De Lamar plant will have
refining capacity ~ about l00,000000
pounds Of copper per annum with the
accompanying gold and silver output.
The RiChmnnd-Eureka mine In Ne
yada. a silver and gold proposition
m0stly silver in which the United
States Smelling owns large interest.
began producing about a fortnight ago
and Is now producing 90 tons day.
This production viii shortly be IN
creased 10 100 tons. The maximum
profit 10 be derived from this property
VIII probably not be- reached. however,
before next summer. as the extensive
pumping machinery now being in
stalled 10 reach the bottom Of the
mine will not De completed for some
time. There was over so 600. 900 worth
OF ore taken out Of this property pre-
yious to 1871. when the mine vas
closed down Before active operation
ceased an ore less than $40 On value
was rejected; now so ore has great
value.
Net earnings Of the United States
Smelling, Refining & Mining company
for the past FIVE months were about
81 300 900. or 40 the rate of $500 900 per
annum. against net earnings for 1905
Of 81 .S92.l3N AT the present rate the
company is earning over II per cent on
the 2Ng. 1913 shares OF common stock tpar
$500 after the payment Of the per
cent dividend ON the il96i9 shares Of
preferred stock, which calls Tor Nf10,-
400 per annum.