The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-10-22
WILLING To TRUST
UTAH CON. COMPAN
Engineering and Mining Jour.
nal Has Faith in Officials
of Company.
UTAH CON. ALWAYS
HAS BEEN HONEST
If Decision Is to Build New
Smelter, Then That Is
Correct Thing,

The Engineering and Mining Jour
nal has an editorial on the Utah Con
solidnted smcltcr situation which is OF
interest to local circles. The Engineer
ing and Mining Journal. rs will be
seen, favors the company IN its de-
termination whatever that may be, and
is a contrast with the action of the
Boston News Bureau. which has op-
posed the new smelter. The editorial
follows:
"Thc intention of the Utah ConSoli-
dated Mining company 10 build new
smelling works near salt Lake City is
interesting because of the prospect IT
offers tor further competition III smelt'
my at that point, although, OF course,
SuCn competition Will be limited TO
pyrItic ores ana such dry ores as can
DC smcltCd upon Il copper basis. Inc
management of the company has been
crinclscd ror It's ueclSlon 10 incur TINS
great expense, estimated roughly to be
$4,000. .UUU, IN view III the tact that the
mine OF the company has only about
tour years OF ore supply devcloped;
and. the doubt az to the continuance OF
ore. With these circumstances III Is
pointed out that a renewal OF the CON
pany would be cheaper in the end.
1.-THE management Of the Utah Con
solidated Mining company has n good
deal of intelligence and also some re-
gard for dcceucY iu It's actions with
respect TO the stockholders OF the com
pany. Consequently, 1T is only talr TO
suppose that it has given due consId-
Grafton to the important question by
which it has been confronted. AT the
of
had u development Of 1,2O2,9o0 tons
Of ore, against 100000 tons at the
end of the previous year, Several new
orc bodies were discovered during 1907,
and the outlook for the mine was re-
gardcd as promising. In 1905 1907 the
company smeltcd at the rate Of little
less than 100000 tons per annum. We
do not know the terms of the existing
contract between the Utah Consoll-
dated Mining company and the Gar
field Smelling company; 1T has been
rumored that they are about Sl.oO per
ton higher than the cost used to be
to the mining company when 1T was
smelling its own ore. IL the mining
company were to build new smelter
al cost of $3,000,000 to treat 1900
600 tons of ore, and that amount only,
an amortization of something little
less than $3.50 per ton of ore would
have to be figured, besides the interest
on the investment, but the expenditure
of S2,000.000 for construction only
ought to build works of much larger
capacity than 100000 tons per annum,
at least twice as much, and the Utah
Consolidated Mining company Is un-
doubtedly reckoning on smelling a
good deal of custom ore, besides good
deal more than l 100000 tons from its
own mine Consequently it is not a
question OF amortization in the brief
period OF four years.
"The Utah Consolidated Mining
company has always been noted as
one Of the commendablc concerns that
make good reports to their stockhold
ers, these reports comprising state
ment of en- essential factor, namely,
the amount Of ore developed remaining
III the mine at the end of the year,
which is commonly kept secret. Tho
company has had, and still has, high
order of management and technical ad
vice of the best character, and it is
only reasonable to suppose that it
knows how 10 figure The difference be,
tween the yield of Il smelling contract
and the cost OF smelling on its own ac-
count. -
The Boston News Bureau has the
following, which is apropos in connec-
ton with the above editorial:
1--WE recently stated that the Stand
had been materially reduced; that the
entire ownership Of the stock by the
Standard Oil people who are in the
management, with any possible af"
filiatcd interests, amounted TO less
than 10000 shares. We were extreme
ly liberal in our estimate. We have
inspected recent stock list OF the
Utah Consolidated company and find
that Henry II. Rogers and William
Rockefeller, who two years ago were
the largest stockholders Of record, to-
day have not single share of stock
standing in their names and the only
holdings which in any way could be
identified with these interests are as
follows:
Z. II. Broushton, son-in-law of H.
Annie Il. Benjamin. daughter Of II,
Samuel l.. Clemens mark Twain) i, $50
Chase Barstow ...o..- .,...,.,...3.IS .IS2
Total ..... ...,.... -..,..-..,...7 1901