Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-09-16

.M0NTANAN A DIRECTOR.
Details OF New Bontl Issne-IIDglisl,
4 Capital Interested in En-
&@ tcrprisc.


Who's who in the Ohio Copper com
| pany has at last come TO light Ever
| since the meeting OF shareholders at
| Portland, Maine, some little tlbe ago,
there has been a good deal OF specu-
lution INDUCED III as to who 1comprised
the official family of the organization.
Local officials, including the two Salt
Lake directors, interrogated on the
subject have declared Il don't know
and SO the public has been kept pretty
much IN the dark. Until yesterday, no
Information had reached Salt Lake
shareholders to Indicate that r. Au-
gustus Heinzc had retired from the
! presidency OF the organization.
| But according to a report sent out
from the New York offices the official
family, as organized at present is as
| follows:
James MacFarlane, president; RUS
sell Hopkins, vice PRESIDENT; Carlos
Wartield, second vice president; George
1 Baglin, secretary and treasurer; Colin
Mcintosh, mine superintendent.
| The directors are. James MacF,ar4
lane, Denver, colo.: s, Keith, Salt
Lake City, Utah; Thomas Weir, Salt
Lake City Utah; n. u. Catrow, Miami
l9isburg; o.; Russell Hopkins, Atlanta,
| Ga; d. . r. Hutchinson, Chicago. ILL; n
II. Aug. Heinze, Butte; Philip A. Car
roll. New York; Carlos Warfeld, Hell
ena, M ont.
The report states the capitalization
Ito be 100000 shares par value s1O,a
isthere being $4,000 shares Of treasury
stock not issued, 100000 shares Of
| which are erserved for the conversion
of the S2,O0O,OO0 6 per cent ten-year
| gold bonds. Of this authorized bond
issue, 100000 has been sold to the;
lstockholders at par, while the BALANCE
is being underwritten at the present
time.
SIGNIFICANT REPORT.
Then follows these significant para
| graphs III the report: .
"By the underwriting Of the unsold.
! portion of the present issue the COM
pany is insured ample working cap
ital, and will be in a position to de-
clare the first dividend on its stocks
iii 1910. Commencing with Sept !.
l5191O; 100000 is to be taken from the
earnings and placed with the trustee
of the mort gea tlmpire Trust COM
panys ofFeS Sew York City, to retire year
l ~ this amount of bonds at par, thus
yearly decreasing the outstanding
charges, providing bonds have not been
4 converted before this time. The bonds
/ Of the Ohio Copper company may be
4 converted into the capital stock of
| the company at any time. at the OPP
tion Of the holder, at the ratio 81
4 par value of stock for par value In
bonds, thus giving 100 shares of stock
for a 81 900 bond
4 THE company has ore. reserves de-
| veloped of 13.4S4,S55 tons Of an average
! assay of 1905 per cent copper. contain
/ ing copper values of S32, ,046 with
copper at lS cents per pound, which
4 gives a net profit of sl2.493514. These
4 ore reserves will supply the concern
! TRAITOR for many years. Development
l work now going on at the property Is
! rapidly adding to those ore reserves.
| The entire workings of the mine areAin
/ ore and with depth it is proving much
4 richer than in the upper workings The
transportation tunnel (Mascotte) will
/ connect with the working shaft $40 feet
below Its presnet deptht $3.50 feeD and
4 because of the fact that it's already in
i highly mineralized ground, Will give
i an added tonnage. of millions of tons.
III calculating the ore reserves of the
| Ohio Copper company no account has
/ been made of the higher grade copper
and gold ore In the mine. Colin Mcln-s
tosh reports thousands of tons of this
charactersof ore in the mine
CAREFUL TESTS MADE.
"During the past three years the
| company has conducted careful tests OF
\ the average grade oreir a concentrator
of $50 tons daily capacity and has
| shown conclusively that saving of
| SO per cent can be made. To be con-
| sentative all estimates of the operation
| have been made on a basis of 10 per
! cent extraction of the copper contents
| of the ore The milling of the ore has
/ been thoroughly demonstrated, and
4! having closely observed the adjustment
| of the new concentrating plants of the
Boston Consolidated and Utah Copper
| lac. which similar
| the Ohio Copper company is profitinS
i by the experiences of the older mills
| The items of copper cost and earn
| ings may be summarized as follows:
| The ores will concentrate is into one.
The concentrates will contain 0.06I5
ounces gold, o,d1o ounces silver, and
| 2l.681 per cent copper, Of q gross value.
| With copper at IS cents a pound, Of
s4471 per ton. Deducting So for treat
| ment charges. the concentration will
have net value of s4l.n per ION. The
| cost of mining is tons of crude ore Is
1 given at $12.60: cost of hauling IS tons.
1 $40: cost of milling Is tons SO: haul
| ing one ton of concentrates to smelter,
| 40 cents, giving a total cost of treat
| ing 1S5tons crude ore of s24.10.
Summarized" says the. report,
these figures show that the Ohio
| Copper company can produce and sell
/ copper at a total cost of cents per
| pound fob. New York, so that an eX-
/ cess ovei9 cents as the selling price of
electrolytic copper in New York is
| profit +"
ENGLISH CAPITAL IN IT.
| The News" has. ascertained from a
/ reliable source that very strong syn
/ dictate of English capitalists has be-
| come interested in Ohio Copper and
| that the syndicate is represented in the
| official family by President MacFar-