White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1911-03-19


out during the week before in New
York that the Giroux Consolidated
Mines company was going to gobble
up the Nevada Consolidated, pit,
smelter, mines. concentrator and
railroad; and In return the Nevada
Consolidated was going to take over
the holdings of the Giroux Consoli-
dated Mines company in Utah, in
Guiding the new smelter at Tooele
canyon.
Up to date there has not been one
single fact advanced to sustain the
rumor, which had its inception in the
New York brokerage firm of Charles
A. Stoneham. In these days of great
mergers, with apologies TO the Sher-
man Antitrust law; and with defer
enee TO the United States supreme
court; anything Is possible in the
way OF titanic consultations: but
the rumors have the barter and sale
and swap already made.
No information Is to be had in this
district to bolster up the rumor or
no information on the subject On
the other hand, Cole and Ryan are
too we'll known In the financial
world to be charged with buying a
pig in poke Before eonsummat-
ing such a deal 1t would be quite in
keeping with such a tremendous
negotiation that the purchasers
would aquaint themselves with the
condition OF the property. II deal
of the kind were on the pit would
now be oyerrnn with mining engi-
neers; experts would be inspecting
the coneentrator and smelter: ae-
countants and auditors would be
pouring over the books of the big
plant at McGlll and the Nevada
Northern Railway company.
No such a force is on the ground:
and no such a force Is expected.
What would there be In IL for the
Guggenheims TO make such a trade?
The Nevada Consolidated is produe-
ing the lowest cost copper in the
world. They are taking from the pit
daily more ore than ever in the his
tory of the great workings. BY the
first of the month the Steptoe plant
viii bt III luit Dldhtt iut
concentrator operating its four units.
the smelter its reyerbatories. the con-
verter its four furnaces. At Copper
Flat t-iey Will be turning out between
5000 and 10000 tons of ore every
day. The price of copper may go TO
the lowest notch and the Nevada
Consolidated would still be produe-
ing ore while more than three-quar-
ters of the copper producers of the
country would be compelled TO close
down on account of the cost of their
production.
The Nevada Consolidated holds
the worlds record for low produc-
tion; It Is quite possible that the Gil
roux Consolidated may In time reach
the same low point of production; il
Is more than likely that the cost of
production will be still further cut
down by the use of fuel oil, which Is
proving a great success in the smell
ter. The Nevada Consolidated has
In its Ely holdings its best money
maker; the Guggenheims' pet propo-
sition. No such money can be made
in Utah eoppers; then why the swap?
If the Guggenheims really wanted TO
sell their holdings, Including the
Liberty pitt with its good showings,
the Ruth mine with Its 5000, 600
tons of ore reserves; and the Cum
berland Ely with It's big tonnage of
high grade ore, the question arises
would this be the time TO sell It?
Stocks are low. and the price of
the red metal is low; and it is pos
sible that stocks will not go to any
very great height until the metal sit
uation is cleared. If anybody thinks
he is going to get control of Nevada
Consolidated for less than $40 a
share, he has not looked very closely
into the conditions of the property,
nor into the books of the company.
The production of copper is being
curtailed where the production of the
metal costs too much for present
prices and this means that the
majority of the copper producers to-
day are treating only their high
grade ore, with the exception of the
low grade porphyry properties; of
which Nevada Consolidated takes
first rank In low cost
Should IL be possible with all the
foregoing reasons why it should not
be, that Cole and Ryan, or the Am
algamated, would take over Nevada
Consolidated holdings, the transfer
would give an impetus to the district
for the next two years, which would
amount to one of the greatest booms
ever witnessed here. Two or more
units would be necessary at the con-
centrator. and the capacity of the
smelter and converter increased.
On the other hand, the district
1uantu IN coo tho Giroux pnerated