Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-04-23
UTAH COPPER HOLDS
ITS ANNUAL MEETING
general Manager ID. G. Jackling De
I.... .uut Ee-crvc- Are In Excess
c. 1J.UOO.OOO Tons at ore.


N." York. April -3-Tha full pam
p... report ol the Utah copper conn
iu.. .r OBJ. year ended Dee. 81 show
a. 10. ot sIi0,sIS5. which embrace cost
90. property prepaid expense improve
m.Its. o.e. supplies, etc.. ana cash in
Or. liabilities appear the interesting
t.m 1f undivided profits" of S29f364i
Dine accounts anayzo this item as be-
lll uruuts covering period from June
90 1885, uu tU the close of the fiscal
year. Of the total amount given as UNI
tIsIcI .r1hts &l,5i-.6ss Dos represented
iu the balance sheet aH excess of fixed
assets over liabilities and &l.3s0.52a as
excess W current assets over current
liabilities General Manager ID. e..
JHcsNrt comments upon the position
uf the company during the past year
in part. us follows.
'arhc development for the year re-
suited 'u an addition 90 the develop "a
and partly developed ore-beirng areas
Ot about "a acres. making total de-
Nc'opueut and partially developed Orc
bearing area of l0i acres. The net guam
tty of ore remaining lu this area De- iu
excess of 90.O00.O00 tons. The total pro-
ductUu by the two concentrating plants
of copper contained In concentrates
was jlf2.Sij pounds, the average
grade of concentrates for the year was
uufroXmately 26 per cent In copper
tue average price received for copper
sold during the year was 1915 cents
per ruuad. the average cost per pound
% copper produced. based on the not
pounds 0f copper resulting after smeltcr
deductions and allowances were made,
Was N.761 cents per pound
For the fiscal year ended Dec. 81 the
report states chat the underground de-
veiopmout amounted 90 approximately
$4,000 feet The balance sheet shows
total assets and liabilities Of Sf.0S3.sl5
increase. S9l3.53l. and undivided profile.
&29is627. an increase Of S690,355.
REFLECT OFFICERS.
The retiring directors we're re-elect-
cd About 100000 shares were
voted out OF 100000 shares out
standing
President c. NJ MacNenl remarks
in part ass follows
"No amount has been set aside FOR
depreciation OF plants and surface
equipment Of the company up 20 the
present time. The plants and equip
ment OF the company are now in FIRST
class condition in every particular.
simultaneously with the conduct 81
the negotiations looking 70 the acqui-
-ition Of the property OF the Boston
con olidated Mining company and the
1arcs above enumerated of the
Nevada Consolidated Copper COM
pany your directors offered 20 the
stockholders Of the Utah copper
company and To the shareholders Of
the Nevada company, who might eX-
change their shares for shares Of your
company the right 20 subscribe 10 ad-
ditional stock az $50 per share.
"The offering resulted In the sale Of
%. 437 shares.
Excepting q few small suhscrip-
tions. an the stock has been paid for
in flll bv the stockholders. resulting
Boo an additional capital Of S3,67i,S5O.
which. since the close OF the fiscal
year. has been received by the COM
pany.
"This additional capital will be
utilized in part for the enlargement
~ the mill acquired through the ac-
QUESTION of the property Of the Bos-
ton Consolidated company TO a capac-
itv of az least 5000 tons per day
and modelled after the Magma plants"