The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-10-15
PANS|ON OF
u. S. SHELTERS
Since January Company Has
Spent $500, 900 = Nearly
$4,000, 900 Appropriated.
NOW PUTTING OUT STOCK
I EARNINGS FOR SIX MONTHS
$1,759, 200.

meeting OF directors OF the United
IS Smelling, Refining & Mining COM
"A in Boston, it was voted to sell 3d.
shares of preferred stock. and 5O.O6S
res of common stock of the company,
to give to the common stockholders
right to buy one new preferred share
one new common share, at par $780,
The two shares, for every six common
IS held by them, at the close of bus
on Oct. IL, 1906. Subscriptions must
ade for both preferred and common
stock must be subscribed for on
'tore Oct. 26, 1906. at the City Trust
sany. Payment for stock shall be
IN four equal instruments, payable
II rs, 1906 Nov. 26. 1906, Jan. q. 1907,
FEB. Il, 1907 This sale of 50,06S shares
common stock and 80, 068 shares Of pre-
rred stock has been underwritten at par
Lee, Hfgginson & Co. for a commits
ion of per cent In circular to stock
holders II Is stated:
The present outstanding capital stock
H9.4S9 shares preferred and 800, 400
FsnareS common stock. Upon the compile
ton or the above sale there will be out
standing 469.52 shares preferred and 25O-
4i3 shares common stock, leaving in the
treasury 2So,473 shares preferred and &c.,
bzI shares common stock.
mere has been expended since Jan. l.
1906 In the purchase of interests in new
properties. In the purchase of additional
shares OF stock in properties i'm which
your company and its subordinate com
panies were already Interested and in adj
dltions to these various properties the
sum OF S45O0,0Oo. all of which is properly
chargeable to capital account. The value
or the supplies and metals in the bullion
on hand and ore at the smelters is an
proximately $6.0OO,O0O. Your directors
oiuons TO the properties under their con-
troll the further sum of s1,557.O00 and they
Del1eve 1T wise to expend at least 81, $50 900
In addition thereto.
hn nIar- -
refinery and at the smeters will permit
a larger output, but will also necessitate
the carriage OF much larger amount of
metals in bullion and ores. Your direc-
tors believe that it is wise for your COM
pany itself to carry these metals between
the time of purchase or extraction from
the mines and the time OF sale of the fin
lsneo product rather than to borrow
money thereon.
The net earnings of this company and
It's subsidiary companies for the six
months ending Aug. 81. 1906. are estimated
by your treasurer at $1759,000 The exact
figures can only be given after the final
ucts.
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.
''The Richmond Eureka mine has begun
production. but several months must
elapse before any substantial amount of
ore can be shipped therefrom Develop
ment is progressing satisfactorily 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 before next summer.
The lead Smelter in Utah has been
doubled in size, and should be ready for
full operation before Jan. l. 1907 Needed
additions are being made to the convert
ing plant at the copper smelter in Utah
which, however, will not be completed be-
fore next summer Additions are also be-
ing made at the Mammoth smelter AT
kennett but these will not be completed
before next summer. The lead refinery
near Chicago should begin operations in
the near future, and the additions TO the
copper refinery in New Jersey are well
along toward completion. The improve
mentS In your mines and the increase of
custom ores IN the market will probably
require In the future further additions y