The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-25

] lngly fine material and, incidentally,
| the same is true of more than three
quarters of the tonnage of copper sui
phide ores from the company's various
| Bingham mines. The concentrates cut
| the capacity of the furnaces down, in
creased the accumulation of fine dust
and raised operating costs. Two rever-
| beratOry furnaces are now used to treat
| the flue dust and fine ores which have
previously been calcined in the COM
| pany's roasting plant.
May Make Changes.
THE news from the west that through
the advice of F. Augustus Heinze, who
| is apparently now in control of the
company's affairs. the directors have
voted to spend $4,000 on the smelling
plant probably means that two of the
blast furnaces will be changed to lead
smelling stacks, and that more rever-
! beratOry furnaces ard more roasters
will be added. By screening Bingham
ores and treating the fines in reverber-
atOries and the coarse in blast fur
naces. considerable economy could be
effected.
Will Not Be Moved.
There is little probability that the
Bingham smelter will be removed to
at present. The Bingham company
has made a determined fight against
the unreasonable demands of the
farmers in the Salt Lake valley and
has furnished large amount of the
evidence which has defeated their most
extreme contentious. The company
went to the extent of purchasing
large tract of land lying directly be-
tween its own and the Utah Consoli-
dated smelter and running it as a farm
along almost precisely the same lines
that are followed by agriculturists in
general in the valley. 1t has dem
onstrated that this farm, located in
the very center of what the farmers
call the smoke zone, can be made to
pay handsomely. and that its vegetable
and live stock products are the very
best in the state. These facts have
been brought before the courts and
have done much to check the, wild
scramble of the ranch owners for re-
dress at law.
ut may be said in commentator Of
the Bingham Consolidated company's
smelling practice that it uses only
about per cent coke in its charge,
and that its smelling expense is only
about $3.50 per ton of ore treated. 1t
will be plain 10 smelling authorities,
however, that as at present constituted
there is not sufficient copper in the
companys ores TO permit of highly sat
isfactory smelling results. 1t is proba-
bic. however. that Mr.. Heinze plans to
overcome this difficulty by securing the
rich concentrates of the Ohio Copper
company, which can be handled prof
tably after the company's reverbera-
tory smelling capacity has been in
creased.
Heinze Is Mighty.
LAS has been previously stated. a
large interest in the stock of the Bling
ham Consolidated company was pur-
chased a few months ago at around
$50 per share by F. Augustus Heinze
and associates. 1t is believed that he
added still further to his holdings on
the movement in the stock which car
ried the price to around $50 per share
AT present his word seems to be law
in Bingham affairs and there can be
but little doubt that he intends to give
the cOmpany's management a great
deal of his personal attention in the
future. Mr.. Heinze tells his friends
that he is highly pleased with the re-
suit of his examination and his ex-
perts' reports on the company's mines
He is said to have declared his belief
that there is $1.000000 worth of silver
lead ores in the largest Individual de-
pcst in the Dalton & Lark vein, and
also to have expressed establishment
at the great size of the copper sui
phide deposits in the Commercial,
Brooklyn and Lead mine properties.
Can Increase Profits.
After the expenditure of $500, 600 on
its smelter. the Bingham Consolidated
h -
tons of ore daily. of which perhaps 200
to 300 tons would be lead-silver. The
profit on the latter ores would run
from $40 to SIS per ton, and on the cop
per ores there should be an average
profit of SO per ton on a 15-cent copper |
market This opens UP the possibility |
of future net earnings of S. to 81 per |
share annually on the companys out I
standing capitalization.
During the past year or two the |
cCmpany's net earnings have varied |
from 1000 to above $40 900 per month, |
and the company probably earned bet |
ter than 81 per share on its stock last |
year. Throughout the period of I'M
satisfactory profits, however, the work |
of opening up it's ore deposits went on |
persistently, and the increase in the |
capacity of the smeiter, which is sug-
tors, is now fully warranted by the |
condition of the mines.
Harvest at Hand.
1T will be recalled that the Bingham
Consolidated Mining & Smelling COM
pany has only 10000 shares of stock |
and 81 600, 900 of bonds outstanding. The /
bonds are convertible into stock at $50 |
per share. If they are retired through /
conversion, therefore, the company's
total stock issue will amount to but
10000 shares With the stock selling
at $50 and the bonds at par, the prop
erty has a market valuation of only
S. 800. 600. The very large amount of
ere in sight and the excellent prospect
of its continuance both at depth and
laterally makes this market valuation
seem more than justified.
THE strong point in favor of the
Bingham is the fact that a larger pro-
duction and much greater earnings are
only prevented by lack of furnace ca
pacity This obstacle is to he over