Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-02-03
OHIO COPPER
COMPANY'S MILL
Plant at Lark to Be Provided
With Equipment to Handle
Four Thousand Tons.
TO INCREASE THE CAPITAL.
Shareholders win Authorize This at
Meeting TO BE Held This
Week.

An important notice has been re-
reived from the New York offices of
the Ohio Copper company which indl-
Gates that the finances of that corpora
ton will soon be placed upon more
solid basis than they have been during
the past two or three months. Among
other things 1t is proposed to double
the capacity of the mill as formerly
planned, and so instead of handling
an output of 1000 tons of ore a day,
ii is the intention to provide facilities
for the treatment of 1000 tons.
To secure the sinews with which
TO provide this additional equipment
and to meet some of the company's
present indebtedness it is proposed to
increase the capital stock of the cor
poration from 100000 shares of the
par value of $40 each to 100000 shares
of the par value of $40. and this mat.
ter will be legally determined at
special meeting Of shareholders to be
held in Portland, Maine, on next Fri
day. the 9TH inst
PLAN rs FAVORED.
Some local shareholders have beer
aware that such a move as that in
dicated in the foregoing has been in
contemplation, but nothing of an Off
clal character came out until today
when circulars, bearing the signature
OF President f. Augustus Heinze. were
delivered through the mails. 1t Is the
general belief among Salt Lake share
holders of the Ohio company that the
plan outlined for the raising OF capital
10 round out the enterprise is good
one and that 1t will have IA wholesome
erect tho stock of ha
ton. 1t means that the company af-
ter finishing up the initial section OF
the mill at Lark will take Immediate
steps to double its capacity and that
probably some time before the close
of the present year the second section
viii be ready.
The Ohio copper mine has long been
considered to ne one of the great
mines Of the Bingham camp. it ia
declared by some in position TO know
mat there are very few any greater
one immense ore body has been de-
Neloped showing a width of 500 feet
between walls where explored. tho
whole mass carrying copper values
equal to any of the so-cailed porphyry
mines of the camp with the ADVANTAGE
or having greater gold values.
COST OF LARK MILL.
After calling attention to the mag
nitude of the ore deposits Of the mine,
then stating that the cost of construc-
ton OF the mill at Lark as IL now
stands has footed up to S653,579.c1.
Mr.. Heinze adds
"A plan is now being considered by
which the company's first mortgages
gold bonds may be convertible into
stock at $40 share at any time prior
to Sept. /, 1912, and the balance of
the $2,000,000 total authorized issue
thereof rendered available for the
companys purposes. 1t is also pro-
posed that the newly authorized stock
may so be issued that so shares there
of may be allotted with each subscrip-
ton of the company's $1,000 gold
bonds. This will leave the company
Sl3. 100000 par value of OUTSTANDING
stock and S2,000.000 of unjssued stock,
which is held for the conversion of
the bonds"
II is believed here that 1t will be a
matter OF only q few weeks until other
important announcements will eman-
ate from the same source that this one
has. and that something definite will
be given ont regarding the plans look
ing towards the building of the pro-
posed smelling works, with which the
Heinze enterprises will be associated,
over in Tooele county.