The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-23
F. Augustus Heinze Unreseryed-
Iy Makes This Announcement
on Monday.
ONE MILLION DOLLARS
IN BONDS ARE SOLD
Trip Abroad Bears Fruit and
Mill Work Can Proceed
to Completion.

On returning from abroad Monday
morning +. Augustus Heinzc, the con-
trolling factor OF the Ohio Copper COM
pany, unreservedly pronounced his trip
to finance the company success. Over
the private wire system of James a Pol
lock & Co, yesterday came the following
from New York city:
If. Augustus Heinze, president of the
United Copper company, which is the
holding company Of the Ohio Copper and
Davis-Daly companies, has just arrived
from abroad. He says that during his
absence he successfully financed the Ohio
Copper company within Itself, that Is 10
say, without being required 10 sell or
otherwise raise money on the British
Columbia timber lands owned by the
United Copper company.
1.-The financing, said Mr.. Heinze, was
accomplished by the sale OF 81 900 600
worth OF bonds OF that company. which
were held in the treasury. This Will pro-
needs of the Ohio Copper company in the
extension of the plant, the present ca
pacity of which is about 1000 tons OF
ore daily which is produced at a profit
OF about seventy cents a ton, From
daily output of about Sl100 the capacity
of the Ohio Copper mill, by the eXpendl-
ture OF new money, VIII be Increased 10
about $4,000 day. l have entered into
to.
On numerous occasions reports have
been sent east and from the east to the
west that the Ohio Copper had been
financed successfully, but at no time has
Mr.. Heinze or any one close TO him given
authority for these rumors. eventually
statement from Mr.. Heinze yesterday
compels belief, therefore, by all the west
tern stockholders, and the news will be
received with the most sincere gratitca-
H.. I..lS .Niy.,a all
along the delay in bringing financial or
der TO n copper proposition of the state
great and worthy,
The. Ohio Copper company is capital
value $40 each, Of which 100000 are
issued, In the treasury. the company
retains 200, 900 shares OF stock Tor the
of converting the S2000,00o first
per cent bonds at $40 a share.
or par. 1t has been thought that 81 200
600 bonds had been issued, but judging
from Mr. HeinZe's statement YESTERDAY
this is incorrect. II he has disposed of
s. 900. 900 worth of bonds. that amount
must Of necessity be in shape for disposal
from the treasury. James MacFarlane Is
president of the company, Carlos War
field Is vice president. George Baglin is
secretary and treasurer. Colin Mcintosh
is general manager,
1t is generally conceded that the west
ern management Of the Ohio Copper COM
pany has done remarkably we'll in get
ting the mine and mill to their present
state OF perfection. Handicapped by the
lack OF funds, the mine is brought TO IL
where it could provide tom
mage easily for mill of practically twice
the ultimate or originally planned ca
pacity. The mill Is only half completed.
yet IL Is treating at times within 200
tons of the planned capacity OF the whole
plant. averaging as shown by Mr., Henze,
only 400 tons below the capacity planned
FOR the whole mill, In addition to being
brought to this sound physical condition,
as shown in these columns on Sunday,
tables and crushers when they can be
purchased, the management banking on
having the completed mill in operation
within month of the time this missing
equipment is received at the plant.
Stockholders have been free with their |
criticism OF the manner in which the |
financial end of the Ohio Copper has been
.ial loss in the cndeavor to hold fast to
their stock interests during several bad |
slumps In the stock, but they nave recog- |
nized that Mr., Heinze, a fighter OF re-
nown. has been having the fight of his
life In New York. 1t looks as II lie has |
other climb in the mining and financial |
world. and IL is Illustrative of the merits |
IF the Ohio Copper property that he has
retained a bulldog grip on his Ohio in |
terests throughout his financial and pros
ecution storms. trusting to the Ohio To
and him, TO enable him TO come back |
again.
with the certainty that. with copper AT
from 123 10 13 cents per pound. profit |
IF 10 cents per ton can be reaped from |
he Ohio Copper ores, the many million1 |
)f developed tons awaiting extraction look |
mighty good to one in view of the con-
-lnually rising price of copper these opt-