davidaulloa/AmericanStories huggingface dataset:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
CONGRESS AND COMING
ELECTION ARE FACTORS

James A. Pollock & CO., bankers and
brokers. furnish the following. received
over their private wire yesterday after
noon:
Paine, Webber & Co., Boston.-Prices
f1uctuatcd within narrow limits today and
the volume Of business was small. Poll
tics seems TO be the cause OF dullness and
no one knows where il will end. Specu-
lation In coppers amounts TO nothing at
present and holders are patiently waiting.
Logan & Bryan. New Worthwhile the
active issues closed a shade higher than
Saturday, still more or less hesltancy
was In evidence, and 1t seems to be the
general inclination to await the adjourn
ment' Of congress before aggressive opera
tfons on the buying side are again con-
Quoted. II Is not thought that any radi-
cal tariff measures will be put through
at this session. but still the disposition
OF the lower house to haggle, presumably
for political advantage, has caused more
Or less concern. We still believe that
| monetary and investment conditions at
| this period are against general and
sustained upward movement In tho stock
market and think that lower priced is
sues. such as Steel. coppers, Erie. South
| ern Railway and the equipment Issues
Will present the greatest attractions On
the buying side,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
ELY CON. TO SEND
OUT WORK ON SEVEN

President and General Manager s. NJ
Levy Of the Ely Consolidated company
is back from q visit to the property and
he reports that the Zack shaft, which
is now being driven from the 500 to the
S00-foot levels, is at a depth OF 725 feet.
Progress has been slow for some little
time owing to the extreme hardness of
the formation, but the ground Is now
much more yielding and better progress is
anticipated as the shaft reaches toward
Its objective.
When this new work was planned the
officials determined to not begin any
crossCutting until the 800-foot level was
gained. But this plan has been altered
and crosscut will be started on the 700
foot level TO catch the vein developed on
several upper levels,
Mr.: Levy states that this work was de-
termined upon because II would place the
management sooner in possession OF ores
for production, while the management also
feels that it will more intelligently oper-
ate on the S00foot level by the experience
gained with the ores on the 700, 1t is es-
timated that about 500 feet OF crosscut-
ting Will have to be done on the 100 foot
level before the vein Is gained,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Mining Notes.

The net profits OF the Belmont com
pany in July were s114.oo0.
The Uncle Sam Richmond Anaconda
meetings will be held tomorrow. for the
purpose of pcrfectlng the merger arrange
ments.
Samuel r. Neel, the broker. has re-
turned from Il two weeks visit TO Duluth
and Chicago.
Engineer Henry Krumb has departed
for the Yellowstone. where he will spend
the coming week or ten days.
Two strlngers of good ore, one lead and
The other copper. are reported from the
Tar Baby property OF the Big Cotton
wood canyon.
Frank III. Orem, the attorney. left Mon
day afternoon for Hot Springs. Ark,
whore he will take treatment for rheu-
ma tism,
A sample of ore brought TO this city
from the Columbus Extension property
by Roy Benis WINS assayed yesterday. and
II was shown to contain 732 per cent
copper. 22 ounces silver and 00t ounces
gold. This rock came from The face of
the drift along the fissure on the lowest
Aynine level
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Home Treatment
tuberculosis.

Consumptive patients need ~
dread either the fate that formel
took all sufferers from lung T<
costly and inconvenient journeys
home to other climates or TO
pensive sana atoriun. Hundreds
staylng quietly at home, restorin
selves 10 health at the cost OF z
Ties of medicine. Here is one Wn
900 s. 5th St. Colwyn Darb
"GentIencn. For four year
troubled with cough. which grad
came worse. A physician pronou
case Consumption. and I was or
Consumptive hospital. MY
would not allow me TO go unu
tried Eckrnan's Alternative. Befo
taken the medicine three WeeKs
menced getting well. am IN
health now and have beeu GO
cured for ten years. stronSly
mend IT." . mA
Eckman's Alternative Is etfeo
bronchitis. Asthma, Hay Fever;
and Lung Troubles. and In upoyil
system. Does not contain poi5o
ates or hahIt-forming drugs. Eok
Schram johnson, Drugs. "Tne
substituiors," five (5) good stc' So
other leading druggists: Ask ioF
telling of rec0verieS and write 70
Laboratory, Philadelphia. Pa. q
tional evidence.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
OHIO COPPER FIRST
CALL GENERALLY MET

4 Boston report says that the 50-cent
cali, representing first installment on the
81 assessment levied OH Ohio Copper
company shareholders in reorganization
has been paid by practically all Of the
stockholders. OF approximately 130O,-
p0o shares only 100000 shares have failed
to pay
The United Copper company has been q
heavy holder OF Ohio shares and in View
OF the fact that II had no available funds
TO meet this assessment, the United man.
sgement made arrangements to enter the
Ohio reorganization through a loan suf-
hcientIy large TO cover the assessment
The recent Injunction preventing any
arrangenent OF tie United company's as
sets did not interfere with the loan.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
ACCOUNTS soLiciTERl
National Bank of the Re

A thoroughly modern savin8s
meut conducted in connection
bank. Safe deposit boxes for xsA'
Depository.
cav. vice president; w. =. Earisf
a. cuDbertson, assistant eaeniS
Capital paId In. e3oo, ,ooo eaes'
en- time dep1elea. M
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Report of Directors.

The directors, In a report to the stock-
holders. say, In part:
ION July 81 the cash on hand and IN
bank had been Increased to httle oVes
$4,000 with no debts excepting curreh. tt,e
bills and accounts payable. During the
wear a great many improvements nave
been made decreasing costs of operations
as is evidenced by the fact that the COST
months was 81 "a per ton. against s2.o2222
per ton during the last SIX montns, aho
ms most Of these economies did not 60
into effect until the latter part OF Marcn:
months will show a similar reduction IN
costs, l. e.. we are now operating at
saving OF over 40 cents per ton as COM
pared 70 our costs OF q year ago.
'fIt has not been considered wise TO pay
any dividends because Of the eatenlng
attitude toward part Of our orc oooies
OF the Ontario Mining company con
Germ owning some property contiguous to
the Coeur d'Alene Development compa.
ny's tunnel, Pending some settlement OF
the possibility OF such controversy, your
management has thought it the part OF
wisdom to conserve the company's cash
resources.
"some time In April a director Of the
company, Mr Carter. demanded OF your
company stock, with the threat that IN
the alternative he would block the plans
OF the company. Upon refusal to comply
with this demand, a SUIT was Drought
with a lot of irresponsible allegations, a
protective committee was formed, and
this committee IS now soliciting proxies.
This suit will be answered In due course.
and your management has no doubt that
it Will be fully vindicated before the
proper tribunal.
During the period Immediately follow
ing the panic. Mr., +. Augustus Heinzee
was able to prevent claimants against
the company for debts aggregatiue some
thing over $4,000 from foreclosing or do
ing anything TO impair the ownership OF
the property by Its stockholders. These
obligations have. in the meantime. all
been either paid OF settled: something
over $4,000 has been spent in new equip
ment- and providing better facilities for
more economical operation; one third OF
the stock of the Occur d'Alene Develop
ment company has been acquired by the
company, and practically all Of the stock.
over 90 per cent Of the Coeur d'Alene
Metal, Mining and Smelling company. and
these are now In the treasury Of the
Stewart Mining company.
"Your company has been put upon a
basis where It Is making very handsome
profits, and would be justified, excepting
for the threatening litigation already re-
ferred to. In making disbursements TO the
s. hotd
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Means Large Saving.

II Is learned that In order 10 make
these connections the Bingham New
Haven management Is now continuing a
drift for approximately 900 feet, and a
raise is being driven TO connect with the
Utah Consolidated tunnel work which
will take about sixty days yet to com
plete. The company is also constructing
the required ore chutes and pockets, the
whole campaign to cost in the neighbor-
hood OF $1,000.
That this expenditure easily Is justified
when measured by the certain economies
TO result is apparent when II Is taken
into consideration that under these new
conditions the BIngha M New Haven COM
pany VIII save not less than S1.50 per ton
In its production cost over the conditions
that have prevailed. and during the past
fiscal year the total production OF the
company measured about $4,000 tons, The
saving, therefore. will be capable of
making up for this new construction ex-
pense Within a very short time. and the
Increased net earnings Will find their way
into the pockets OF stockholders by way
Of the dividend route rather than into the
expense OF production under the former
plans
The international smelter and the Utah
Consolidated tramway, therefore. arc
serving their purpose for the Bingham m
producer as we'll as for the interests that
conceived them
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
CLIFF COMPANY IS
SHIPPING STEADILY

Grant Snyder. general manager of the
Cliff Mining company, on his return
from this Ophir property stated yester-
day that ore shipments at the rate of
one car daily are being made and that
lie property generally is In hrst-class
condition. The operation OF the railroad
line is highly satisfactory to the Cliff,
MI Snyder states that on the 550-foot
level in the Tony winZe d good BODY OF
orc is being opened, and. as this is the
deepest level OF the property, the favor
TO the company.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
SILVER KING WINNER
OF ANOTHER SUIT

A n opinion was handed down by the
United States circuit court of appeals In
st. Louis a few daystago in the case OF
ton Mines company, in which Judge
Willard affirmed the ruling OF the lower
court and assessed the costs against
plaintiff. This case was tried by Judge
Marshall and judgment was awarded the
King company. The plaintiff claimed a
ne-fourth interest in the Capital Lodge
claim at Park City. and through her
attorney, John A, Shelton Of Butte, tried
to establish her title. The title is now
vested in the King company absolutely.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
AS to July Results.

Final results OF July operations arc not
available at the time Of writing this re-
port but an average of over 5000 toms
daily has been treated with two sections
running continuously and a third only a
part of the time. The grade OF ore has in
creased somewhat as compared with the
second quarters results, and the esti
mated extraction for the month is above
72 per cent. which Is excellent In View OF
the fact that the ores still contain a con-
siderable quantity Of oxidized copper min
erals difficult to recover. Grade OF con-
centrates is increasing with Improvement
In quality of the ore. For June the aver
age was about 26 per cent and for July the
concentrates will contain over so per cent.
This Is an important factor In reduction
OF per pound costs for transportation and
smelling OF concentrates. The produce
ton for July VIII pc we'll above 10000 900
pounds.
The fourth section Of the mill IL prac-
that the four sections can be operated at
their full tonnage until late in September,
The nth and last section will he complet-
ed about the end OF September and II Is
expected that mining and transporta ton
capacity and facilities will have reached a
stage where the estimated capacity Of
5000 tons per day for the plant can be
supplied In October Under favorable
conditions the concentrator has developed
a capacity of nearly 1900 tons per sec
tion and 1t Is certain, therefore that the
Siderablv in excess or 5000 tons per day
for which il WAS designed.
The power plant together with the
transmission system to the Hines Is oper-
ating economically and is OF ample ca
pacity,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
duction Gpounds} Nv II, ,oso.sso l.49o,ssl
Better Grade of Ore.

In our last report it was explained
lhat the low recoVerles were
due to the large amount OF
oxidizcd copper minerals existing in
the ores mined in first two months of
the quarter, BY June. however, bet
ter quality OF ore was available as deeper
levels In the steam shovel pits were
reached. and for the month Of June the
average recovery amounted 70 over II
per cent,
The average cost per pound of copper
produced during the quarter after de-
duction OF smclter allowances. but with
out creditlng miscellaneous income, was
s.02 cents as compared with 1865
cents for the preceding quarter.
The actual cost per pound OF direct opera
lions was substa ntially lower for the sec-
ond quarter than for the first. but at
the beginning of tho second quarter a
charge was established Of 30 cents per
ton OF ore mined 10 create a fund for
the retirement of the development and
striking expense. This charge amounted
Tor the quarter to over Is cents per
pound OF net copper produced, and the
direct operating cost Of production for the
second quarter was accordingly about /
cent a pound lower than that for the first
quarter. The financial results Of opera
tions for the second quarter as compared
with those OF the preceding one were as
follows,
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
G|ROUX IS SAFELY
ON EARNING BASIS
Official of Company States
Earnings Are Sixty Thou
sand Dollars Monthly.

An official OF The Glroux Consoldat ed
company Is quoted in the following man
ner In regard to that company's earn
ings and general affairs:
we expected 10 be able to ship at
least the minimum under our contract
with the Stcptue by the first of May.
That contract provides for q shipment
of 900 tons minimum and ZOO tons
maximum daily, Sunday included AS Is
usual with mining operations, jt has
taken our Mr.. Mills much longer to get
ready than lie could figure the first part
of the year The result Is that he is just
now shipping on a scale where We cX-
pectcd TO be by the first OF May.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20

FORENOON SALES.
Colorado, 1000 at zoe
Lower Mammoth. 11ss at SIC: 5000 al 7c.
May Day. 1000 at 15lc.
Phoebe Demijohn. 10000 at 9sc.
Uncle Sam. 800 at 16c.
Union Chief. $500 at 15c; 1900 at 155c.
Shares sold, 214SS.
Selling value, s24SO.63
OPEN BOARD.
Piochc Demijohn. 800 at &c.
62c: 1000 at 6ic,
Uncle Sam. 300 at 16c.
Wilbcrt. 200 at 21tc,
Utah Con-, 900 at 23c
Colorado, 100 at l9c.
Silver King Coalition, 100 at SO 90
Shares sold 10,50o.
Selling value. sl526.75.
AFTERNOON SALES.
Lower Mammoth. 1000 at 6lc
Pioche Demijohn. 1000 at esc 1000 at
9sc.
South Iron Blossom, c0O0 at 4c.
Swansea. 1000 al 6.c.
Uncle Sam. 500 at l6c
Union Chief. 1900 at 15c
Shares sold, $4,000.
Selling value, S101220.
OPEN, BOARD
Cedar. 200O at lac.
Iron Blossom, 500 at $i.27h.
Lower Mammoth. 1000 at SIC; 5000 at SC.
May Day. 900 at 16c.
Opohougo, 1000 at l3c,
Prince Con-, 200 at Sl.50; 250 al sls71.
Uncle Sam, 100 at 16c
Colorado. 400 at 1910.
Silver King Coalition 100 at sc. 90 81 91l
Shares sold. $3.50.
Selling value. s325s.25.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
MINING STOCKS ARE
COMING INTO DEMAND

If the business Of the local exchange
on Monday is an indication of what the
week will contain for the mining share
market, the situation will clear SPLEEN
didly. for while trading is not excessive
there Is enough demand TO keep the fca-
turc stocks firm. There was good sup
port TO many issues yesterday, and tho
total trading called for the exchange of
62.SGS shares OF stock. the market value
of which was SS33S.I9.
The following were the closing trans
actions.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Increased Mill Efficiency.

This new contract demonstrates that
the Bingham New Haven property is in
first class physical condition, and that
production cali be expected from tho
large ore bodies OF the mine for an in
dehnlte period The management is en-
gagged I'm the addition of six new vanners
10 the concentration plant which will
mat erially increase the general efficiency
OF the mill. This expenditure alone will
call for about $4,000
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Financial Statement.

Total net profit for
quarter. . -. S390,196 $22S,021
The above earnings for the second
quarter are computed on the basis OF 1893
cents per round Cor copper, the average
price at which sales were made for fhc
period, as conpal ed with 1885 cents per
pound for the first quarter. It Will be
seen that crediting miscellaneous income
for the quarter toward reducing the cost
of production would have resulted in a
cost of less than II cents per pound.
This class OF income Will be permanent
and comparatively regular, but as the
production increases the revenue from
this source per pound OF copper pro-
duced will be proportionately smaller.
Two sections Of the plant at Hurley
were in continuous operation throughout
section was ready for operation about the
first of April, but for various reasons only
two sections could be operated oontinu-
ously. During the month of April and
part OF May the water supply was Insult
f1cient to operate more than two sections
on account OF delays in completing the
permanent water system During the
month OF May some difficulty and delay
was experienced in the fine crushing de-
partment In treating the first ores mined
from the Hearst section. This was due
to their clayey nature. which resulted In
their retaining a very high percentage OF
moisture, rendering fine reening diff
cult and necessitatInR some changes In
the screening plant In the fine crushing
department.
During June temporary labor disturb
ances at the mine were responsible for
some shortage In ore supply and for this
reason II was not until after the close OF
the quarter that three sections could be
operated regularly.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Better Copper Values.

"As the Morris and Bunker Hill mines
are being opened. We find that the cop
per Is of much higher percentage than
was disclosed by the drill holes. This
has been so without exception. and un-
doubtedly this will prove TO he the case
as 10 our total estimates OF porphyry
ores In general.
1.-THE property is now on a self-su-
staining basis and for the first time In
its history is able to pay its own way
and make big money. AS soon as the
maximum production Of 1900 tons daily
OF these Dorphyry ores is reached, we
shall commence again the development
and exploitation of the rich. direct
smelling ores existing at depth in the
Alpha territory. On the basis of our
porphyry ores alone, as disclosed by our
report Of February &, 1912. the Giroux
shows net values OF upwards of sS0.o00.-
900. exclusive OF gold and silver values
aud OF the high grade, Understanding
ores in tht Alpha and contiguous ter
rltorY"
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
STEWART ISSUES A
DETAILED REPORT
Present Earnings and Condi'
ton of Property Explained
to Shareholders.

Accountants who have been auditing
the books of Stewart Mining company
report TO President Heinze that for tho
twelve months ending Juno So 1912. be-
fore deducting expenditures for develop
mcnt work, profits were sS15,355, of which
s25s. 797 accrued between January L and
June 80. Income account. by months,
for the year IL as follows:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Growth of Tonnage.

We shipped in May 4sIl Ions averag
Ing @.42 per cent copper In June VIC
shipped ,5,162 tons, averaging LIS" per
cent copper. In July we shipped 25.oSo
TONS averaging 20l per cent copper
''On July so VIC shipped 935 tons from
the Morris and Bunker mines, all un-
derground Since then we have bceu
shipping daily this quantity or more, and
arc increasing 1t with view Of getting
il up 10 1900 tons daily at the earliest
moment The orc shipped IN August
averages 20 per cent have no doubt
that before the end of the month we shall
reach the 1900 tons daily maximum out
put.
''Of course, we have not gotten down
10 the lowest economies. but the August
shipments show that We are running at
clip Of upwards Of 100000 pounds net
recovery monthly. Shipments Of 1900
tons daily will more than make 1000 900
pounds monthly At the rate OF 955 tons
daily. we estimate that we are making
upwards OF $4,000 monthly. and on our
max ximum output VIC ought 10 make
about s1.o0O.ooO net profits yearly.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Progress at Mine.

At the mine the usual progress in strip
ping has been made throughout the quar-
ter, with the exception OF tine month OF
June. when these operations were inter
rupted by labor disturbances. The total
yardage of stripping for the quarter was
504, 900 yards. as compared with $4,000
for tho previous quarter. During the same
time 264 900 tons of orc were mincd. OF
which 1S9 900 tons was shipped to the
mill, the remainder being stored on the
stock piles. No drilling development was
done. except such as was necessary
The. transportation of ores from the
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
BINGHAM COMPANY
AND NEW CONTRACT
Binghan-NeW Haven Ar
ranges to Utilize Tunnel of
the Utah Con.
SHIPPING TO TOOELE
Great Saving Is Assured and
Larger Net Earnings viii
Be the Result.

Although II is known in general way
that the BinGham-Ncw Haven company
is shipping its copper and lead ores 10
the International Smelling and RcnninG
company's smctcrS at Tooele. being one
OF the most important customers of TINS
new smelling factor in the local Held, 1t
Is not generally appreciates that by VIZ
tue OF this new contract the Bingham
New Haven will he able to bring about
economies that will materially increase
its earnings
At the present time the product oi
This weli-knowu property Is being sent
across the Oqurrh range TO Tooele via
The Utah Consolidated tramw7y, but In a
manner that Is only temporary. The new
plans of the company contemplate the eX.
tension Of the necessary sinking and
drifting TO connect with the No. q. or
main working tunnel level of tho Utah
Consolidated property, via which the
production OF the Bingham New Haven
mine will be made instead Of over the
company's own tranway.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Ore Shipnents.

The Utah Ore Sampljng company on
Monday released cars Of ore from Utah
. cars from Nevada. 3 from Colorado and
from Idaho camps.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Boston Mining Stocks.

James A. Pollock & Co., bankers and
brokers. furnish the following. received
over their private wire yesterday after
noon:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Nevadas In San Francis

James A, Pollock & Co.. bankers and
brokers. furnish the following. receiy ed
over their private wire yesterday after
noon:
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-08-20
Metal Market,

The metal quotations for Monday, post
cd By Mccormick & Co, were as follows;
Silver. s2sc; lead. $3.50; copper, s17.40.