The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-08
UNITED STATES MINING.
George L. Walker Comments on
Company and Its Affairs.

George L. Walker, in the Boston Com
merciaL comments on the affairs of the
United States Smelling. Refining & Min
ing company and tells of possible changes
in the company's official household, as
follows:
United States Smelling common. which
sold as high as $40 early this year, mas
been particularly heavy OF late lts
weakness is commented upon in financial
circles. where it is quite generally known
that 1t has never been widely distributed,
the common stock being held b. about 90
and the preferred by about 100 total OF
1000 stockholders. A company having as
many shares of stock as this, 35O,4'5 OF
common and 469. 527 Of preferred, would
naturally be expected to have 1000 to 5000
registered shareholders. The public mas
never taken kindly to the stock because
of the unusually large underwriting prof.
its which have gone to directors ana syn
dicates when new lots of stock were is
sued and beca use, of the sale OF properties
to the company at higher prices than
they were said to have cost the directors.
1T was recently stated in a Boston
financial publication that holders of about
10000 shares of common and preferred
stock had been forced by financial con-
siderHtions to dispose of it privately at
S37 Der share. Later on .the names OF
Messrs Clark Coolidge and Holden were
mentioned as the sellers. and other d.
rectors as the buyers of this large block
of stock. l get 1t from sources which J
consider reliable chat the price was not
s37 but SO
ut is rumored that as result of the
recent transfer of stock and the practical
elimination of Messrs. Holden, Clark ana
Coolidge as factors, r. ID. Evans may
again be elected president of the com
many 10 succeed William G.. Sharp, Wno
succeeded Mr.. Evans a year or two ago.
and that Mr.. Evans VIII again under
take the work Of making the company
a big financial success
THE United States Smelling company
owns some very good properties. the best
of which are the Centennial Eureka at
Tintic Utah and the Mammoth mine and
smelter at Kennel, Cal. There is consid-
cradle lead ore of good grade in its prop
erty in the Bingham district, but the
copper ores IN those mines are too low
grade to yield great profits. Its Ricn-
mond Eureka in Nevada is another prop
,erty of considerable value The COM
pany is understood to have made money
in its smelling opera tons until the de-
Cline in the price of copper. lead and sill
yer began six ~ eight months ago since
which time its smelling profits at most
have been very small. The anagement
host nerve and discontinued buying ore
when prices were on the very bottom
THE largest investment which the
company has ever made IN a mining
property was in the Real Del Monte mine
at Pachuca. Mexico. 1t is estimated that
between S3.GG0009 and s4.000.o00 will have
been invested IN this property before the
mine is equipped to make the company
any financia! returns. II is described as
a mountain of gold ore. The very bad re-
suits which have come from other gold
mining investments by Boston people. es-
pecially in mountains of gold" causes
this part of the United States Smelling
enterprise to be viewed with no little
scepticism. This investment has consul
erably increased the cCmpany's capital
fsvaar ion 4
the stockholders Will have to content
themselves with such dividends as it,
copper and lead mires and smeters and
copper refinery can earn.
United States Smelling preferred stock
Is probably good mining Investment at
present prices, ald it is wholly possible
that the common stock will advance
again to its former nigh prices. 1t seems
TO me. however, that there are many
copper stocks which offer much greater
possibilities, and which have infinitely
more demonstrated value behind them.
compared to market price