Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-05-21

inc United states Smelling Refining
Il Mining company has issued it's re-
port from the executive offices in Bos-
ton covering operations during the year
1907, for which period profits amounting
to s2.0iO2l3 were realized and dividends
of S2,16s5s0 We're disbursed The nm
distributed surplus on Dec. 81 last stood
at $4,000, against s1,99O,772 on Dec. 81,
1906.
The metals contained Ia bullion pro-
duced In 1907. including metals from
custom ores. but not including the pro-
duction in Mexico. were as follows:
Copper pounds) ...,..........3 s.51s.S7s
Lead (pounds) .............. So ST., 32i
Silver tounces) ................. 6139, 1853
Gold tounces) .......,........,. 235,S2a
The copper produced during the year
was sold at ain average OF 1888 cents
per pound; lead nj go cents per pound
silver at $500 cents per ounce; gold
at S20.56 per ounce.
The tonnage of ore produced from the
Centennial Eureka, Mammoth and
United Mining properties was 4o6,74S
tons. of which the values of the metal
contents were in the proportion of 56
per cent copper per cent lead, is per
cent silver and % per cent gold.
PRESIDENT sHARP's REPORT.
In his report. President William G.
Sharp makes the following state
ment:
"The balance sheet shows de-
crease of s1,433.569 in the surplus at
Dec. 81 1907, as compared with the
surplus shown in the last report. the
shrinkage being due to the abnormal
metal market conditions in 1907. A
large part of this decrease is repre-
scntcd in the reserve provided out of
earnings to write down the book values
of all metals unsold and in ore
stocks at the end of the year to the
market values at Dec. 81.
In our custom smelling business
the necessity of contracting for and
carrying in stock large quantities of
metals In ores and in process at the
smelters, in transit to. and in process
at the refneries for periods varying
from three to five months. resulted
in heavy losses due to the stagnant
metal market and the rapidly dcclin-
ing prices. These losses had to be
written off when the refined metals.
which had been purchased in ores
several months previously, were placed
on the market, or were unsold. or in
stocks at Dec. 81. On an advancing
market gains will be made in place of
losses, while the metals are i'm stocks
the year 1908 with all stocks of
metals unsold at the end of the year
including metals in process and in ore
stocks. marked down to market values
at Dec 81. when prices were prac-
ticallr at the lowest level of tina year.
AZ the Mammoth plant in Cali
fornid. there have been completed
during the past year, the enlarge
ment of the smelter. the construction
OF the converting plant: the con
structlon of the railroad to connect
the mine and the smelter: the con-
struction OF the railroad to connect
the Quartz Hill mines with the
| Southern Pacific railway. These are
now CApril, 1909 all in operation,
and will nearly double the smelling
| capacity at Mammoth, and permit the
| converting of Mammoth matte into
| copper bullion at that plant IN place
| Of shipping the matte to Utah 10 be
| converted AS heretofore. Another i'm
| portant advantage is that with the
| increased smelling capacity, and n
| converting plant at Mammoth. the
| Centennial Eureka mine I'm Utah will
| not hereafter be entirely dependent
/ on the Utah smelter Some ore from
| Centennial Eureka can now he ship
| ped to the Mammoth smelter in case
| of necessity.
al the smelling plant in Utah
| been made during the year with n
| view of avoiding damage to the sur
| rounding farms by smelter smoke. on
a recent showing in the United States
| circuit court as to what has been ac-
| complished In this direction, the court
modified Its decision so as To permit
| the operation Of the lead smelter.
| Preparations are now being made to
! resume at the Utah plant the smelt-
| ing Of custom ores and ores from
! Centennial Eureka and Bingham
mines"
WHAT MIR. HOLDEN SAYS.
Managing Director Holden says IN
| part:
From the properties in Bingham
| there were extracted during last yen
| 1881 tons. The mines are in good
| physical condition. owing to the in
| Junction in the smoke case these prop
critics were not extensively worked dur
ing the latter half Of 1907.
II am pleased to report final de.
| clsion by the United states supreme
court in our favor IN the case involving
! the extensive ore bodies under the
! Northern Light group. The dIssolvlng
! OF the injunction that has tied up
this valuable portion OF Bingham hold
| iugs has released extensive ore bodies
| that will prove ~ great value to fu-
ture smelling operations.
"A total Of l94,0l6 tons Of ore We're
! shipped from CentenniHl- Eureka during
! the year 1907 The mine rs In excellent
| shape. and the ore reserves have been
/ fully preserved.
During the year we purchased from
the Bullion, Beck s champion company
. n block of ground lying TO the west II
the old holdings.
The United States Smelling company
handled 6593O6 tons Of charge during