Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-01-22
MAG NELL OF
UTAH COPPER
President Of Big Bingham Com
pany Sends Out His Annual
Report TO Shareholders.
SPEAKS or LABOR SHORTAGE.
What plant in Lower Bingham Shonld
DO Under Normal Con-
ditlons.

Local shareholders Of the utah COP
per company are in receipt OF an adj
vance copy of the annual report OF
President Charles NJ. ManNeill. The
report covers the operations of the com
pany during the period beginning July
], 1905. and ending June 30, 1905 The
following shows partially what the re-
port contasns;
"yhe original plant, located In Blng-
ham canyon has been operated, as DUR
ing the first year, largely as an expert
mental plant, In the endesvor TO deter
mine the best possible method TO pur :
, sue in planning the new ana larger
plant at GARFIELD. Since the close OF
tho fiscal year ending Tune ~, lsoo'
the bingham plant has been completely
retnodeled as result of long series
of experiments, and in so far as 1t was
possible IN rcmodeling an old plant, II
has been made similar in general pan
of operation to the new GARFIELD plant.
Active construction WORK was CONF
menced early IN the year In the erec-
ton of the first unit of the plant at
Garfield.
''.rhe almost unprecedented shortage
IN labor and the tremendous demand
upon the steel machinery manufactur-
ers, following the general prosperity OF
the country have retarded the compile
tion of the first unit. The first uniS
viii. however. he completed and in OPP
Grafton by March. 1907. in the absence
OF further unforeseen delays. This ffst
unit should produce 100000 pounds or
copper per month The mill in Blns-
ham canyon, operating In It's perfect
condition, as at present, shouiq proo QUIZ.
500 900 pounds OF copper monthly. me
second unit OF the CARRIED plant
should be completed by July, 1907, The
operation OF the second unit should re-
( suit In an additional production OF y
100000 pounds of copper monthly /;
equaling a total output thereafter OF
100000 pounds monthly.
THE management has reason TO pre-
dict the production of copper at cost
of 8 cents per pound, with the new
plant a. Garfield in full operation and
the mine equipped 10 produce the tom
mage necessary, In accordance win the
plans of mine operations as at present
outlined owing to the necessity OF
opening ground and the resulting difii-
Guilty in Installing Immediately steam
Hhoyels to the extent ultimately needed,
the cost of mining for the first year or
Two will be somewhat excessive, as
cofirpared with the cost thereafter,
when the full complement OF steam
shovels shall be operating under ad-
yautageous conditions. The develop
nnent work has not yet disclosed the
extent of the ore bodles the apparent
conditions, however Indicate a reserve
which can scarcely be computed. The
entire average continues TO snow per-
centage OF per cent copper which
can safely be considered as being the
average of the tonnage to be handled
for years to come.
1.-THE operation of the Bingham
plant. heretofore referred TO as the ex-
detrimental plant, has been severely
hanpered by lack of proper railroad
service: The present equipment of the
Rio Grande Western railway Bingham
Canyon branch, being wholly made
auate TO handle the tonnage needed for
constant operation. The new line, now
nearing completion, which Is being
built by the Rio Grande Western Rail-
way company chiefly for the accomlno-
dalton of the business of the Utah Cop
per company and similar enterprises
will promptly handle, In accordance
with contracts made, the tonnage nee
essary for both the Bingham and the
Garfield plants.
THE Bingham plant notwithstand-
ing It's use largely for experimental
purposes during the year and serious
delay resulting from poor railroad SER
vice, shows a net income or $24b, 1S5. 95
from which the interest on the issue oil
FIRST mortgage per cent bonds amount
Ing to S5s. 800. the bonus of per cent
or s97. 600. for compulsory retirement
on this issue, taxes and oxtraordinar,
expenses amounting to Sc i42 SO, tota
OF s96, 1896 has been deducted leav'
Ing net income for the year ending
June 30, 1906 of $3.50, 6i3. 20. The frs
bond Issue Of SI50,O00 par value, bear
Ing interest az the rate OF per cent
was retired upon July l, 1906, neces
stating a bonus OF per cent. or s37,'
60O iinder its tRrns The new Issue OF