Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-06-10
UNITED COPPER MAKES
SPLENDID SHOWING


In view or tho attacks made upon the
United copper co. during the recent
litigation against r. Aug Helnzo. its
president, Mr.. Heinze has issued an
exhaustive statement regarding the
company and its properties In the
form OF letter to stockholders.
The holdings of the company are as
follows:
practical control OF the ohio Cop
per CO., together with $4,000 OF the
comp9ny's first mortgage bonds
2-Through the Montana Purchasing
Co, control OF the Stewart Mining 60.
II held, the Montana Co. owning 67325O
shares OF the issued capital of the
Stewart, which amounts to LOi3,262
shares
S-Two-thirds OF the capital stock OF
the New York a. Pittsburg Coal co. and
through the Montana ore Purchasing
Co the FIRST mortgage of S600.0O0 on
the property. This property comprises
approximately 10000 acres. located In
Washington county, Pennsylvania,
which is underlaid by the "Pittsburg
seam" OF coal.
THE British Columbia lands owned
by the company consist of an undivid-
ed one-h half interest In $40 geo acres To-
Gated in the southern part Of British
Columbia, and lie In the vicinity OF
the Columbia a. Western railway, a
section OF the Canadian Pacific sys-
TEN.
6-The Lexington mine Is held by the
la France Copper Co.. which In turn
Is controlled by the United Copper Co
The Basin Reduction Co. owned by
the United Copper Co.. which consists
or completely equipped mill with all
Its appurtenances erected at cost ex-
ceeding $500, 900. IL now in actual OPP
Grafton and beginning the treatment OF
the Lexington ore.
s-The Danielsville claims. situated
In Deer Lodge county. about 20 miles
from Anaconda, Mont. consists OF
some 10 claims extending approximate
~ over $50 acres which were acquired
by reason OF their promise of develop
ing gold ore.
OTHER SECURITIES.
Besides these holdings the company
holds variety OF securities OF other
companies with whose management it
has no connection, but which are OF
a substantial value.
The Rirnina Gold Dixie, owned by the
company, is located about seven miles
south aud west OF Rimini, Montana,
which is the nearest railway station.
IL covers an area of 200 acres and has
not yet been thoroughly developed.
but exploitation In and about the prop
erty has disclosed an immense guam
In closing this interesting letter Mr..
Heinze says that the financial condi-
ton of these underlying companies Is
such that II will be necessary in the
near future for the management to
determine whether or not it Is practi-
cable to dispose of some OF the COM
pany's properties and In that way
secure the necessary funds to meet
present obligations and future requires
ments, or whether some other plan
must be devised. The directors will en-
deavor 10 perfect a plan which I'm their
judgment will best conserve the inter-
ests Of the company. and place IL upon
a firm. financial basis.
While the management IL not in
clined to modify previous statements
regarding the intrinsic value OF the
properties owned and controlled by the
company. II is stated that their de-
velopment and the consequent returns
which may be expected therefrom Will
be postponed unless plan for further
financing be adopted, and it is expect
ed that the submission Of such a plan
will not be long delayed.
The annual meeting OF tho United
Copper company, was held at Ho-
hoken late Wednesday afternoon. 1t
was expected that the long looked
for statement of the financial condi-
ton OF the company would be given
to stockholders at this meeting A
printed statement to stockholders
signed by +. Augustus Heinze as presi-
dent. however, explains that "as the
books Of account of the company have
been taken from It's possession and
not yet returned, It is impossible at
this time to make financial state
ment. As soon as they are returned,
such statement win he prepared and
mailed to each stakeholder"
DIRECTORS CHOSEN
There were 349.43l shares OF stock
represented at the meeting, all OF
which were voted for the following
directors; r Augustus Heinze. r r..
Kilroy, l.. A. Durham, NJ. NJ. Joyce.
George Lane, Bernard G. Hughes, GER
hard Kerhue. dr., j. b. Coates and X.
II. Rabbit.
The only incident at the meeting
which promised to duplicate the
sensational scenes at last years
meeting was when one of the per-
sons present holding "A proxy re-
quested to see the stocklst of the
company which II was stated was open
for Inspection. During discussion
with the secretary of the company,
however. as TO the proxy holders
right TO see the stock list. the meeting
was declared adjoured.
The directors OF the United Copper
company have organized by re-elect-