Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-11-03
CONSOLIDATION OF
ELY PROPERTIES.
Some Moves Being Made Look
ing Towards Merger Of
Big Copper Mines.
---------- -----------------
GREAT TONNAGE IN SIGHT.
stcploc smclter Employs One Thou
sand Men--Nevada Con.
And Cumberland Ely.
GREAT TONNAGE IN SIGHT.

Important developments are pend
Ing in the control of both the Nevada
Consolidated and Cumberland Ely
companies, says an eastern exchange.
The west is sending in queries about
a change Of ownership being in order
The companies are controlled by the
Guggenheims. Among the parties seen
yesterday that are interested in these
Ely, Nev94ta,properties no DEFINITE news
atrending ettner to attlir:.t or deny the
reports that are current could be Sc
cured
T..e sensational advance in the stock
OF the Nevada Consolidated Copper
company from 81 up to SIS during the
past month lends color to the rumors
which attributed the buying of these
properties to prominent local copper
interests. The name Of the Amalga-
maed Copper company, has been used
in this connection, but on Investigation it
develops that this conjecture was ar,
rived at simply because several of the
individuals mentioned as in the deal
are connected with large Butte copper
interests.
the facts as at present confirmed
show that two months ago several
owners of large blocks of Cumberland
Ely and Nevada Consolidated COM
panS stocks were asked to put a figure
on their stocks. at which they would be
willing 10 let their Interests go. What
price was put on the stocks is not yet
public AT all events a request was
made at the same time by the peo-
pic making the offers to leave the
stock alone and not influence It's mar
gket position in any way. Whatever
prompted this request Is not known
The advance III Nevada Consolidated
recently has of course. been partly due
TO English buying the stock having
been listed on that market abroad.
It is quite evident that something
Is in the wind Mt the present tins,
though it is not likely that it in any
way refers to the RECEIPT merger OF
these properties concerning which 90
much has been printed.
The tonnage in sight in the Nevada
Consolidated Copper company at ELY,
isfigured at 100000 tons by ]. Park,
Charming. The ore is low-grade. aver
aging 2.3 per cent copper. The ore Is
mined in one section OF the property
by steam shovels at a cost of 40 cents
ton, and in another section Of the
property by the underground carins
system The ore is hauled to McGill,
where the Steptoe smelter is located.
The Steptoe smlter, just completed
after 16 months work at an outlay of
So.0O0,000, is employing 1000 men The
concentrating mill Of this plant, begin
mig Oct. 10, was divided into threa
units of a capacity OF 1850 tons each
Later it Is hoped that each unit vii,
work up TO 1900 tons OF ore a day,
Each unit is subdivided into two sec
tons. Beginning Get. Is the three units
VIII be handling 1000 tons or ore A
day. The fourth unit is now undsl
construction and will be completed on
April /, 1909 The converters have
a capacity OF So tons of blister conner
a day.
The Nevada Consolidated Copper
company in September. produced 500
900 pounds of copper. No positive IN
formation is yet at hand, showing cost
of production, though it is placed below
nine cents.
Tho Cumberland ELY Mining com
panS has opened up fiat porphyry ore
deposit measuring 3,S00,0O0 tons of ore
that will average from 8 to 4 per cent
copper, of which almost 100000 tons
of ore have been blocked out on three
sides. All of this work has been com
pleted In the Veteran mine of the COM
pany's holdings at Ely. OF which 1t
owns 49S acres in various groups In
the camp. The equipment for hoist
ing this &C on large scale Is un-
limited.
For September Cumberland Ely pro-
duced 100000 pounds of copper Before
the end OF the year, however, this COM
panY's copper output is figured on a
basis of 100000 pounds a year. Costs
are estimated at nine cents pound
The company also owns half in
terest in the Steptoe plant,