International., 1925-08-17

f, regime the mining ground en-
braced now in the present prop
critics of the Utah Copper Com
pany's Imperial domain in Bing-
ham Canyon, Utah, laid compare
lively idle for years. The noun
tains cut by Bingham Canyon are
colored a brilliant red, and, ac-
cording to Stevens, the great au-
thority on copper mines, the form
alton is classed as 'monzonite, an
altered, decompsed, friable, por-
phyry ****** with some chalco-
cite and some chalcopyrite quite
evenly DISSEMINATED THRU
OUT THE PORPHYRY, WITH
OCCASIONAL VEINLETS CAR
RYING HIGH GRADE CHALCO-
CITE AND BORNITE."
Previous to 1900 those prop
critics were owned by number Of
small companies whose shares
were HAWKED about for years
at cents-per-share, from Salt Lake
to New York on the strength of
the RED MOUNTAIN which they
embraced. Little or nothing was
known then about what became
later the much sought "MONZON-
ITE-LOW GRADE DISSENT
MATED PORPHYRY;" so the
market for those cents-per-share
stocks was practically nil-for had
not the old time biologists, min
ing experts, metallurgists and
mining men ,scoffed at the idea
that commercial ore could be
found in such a formation? Prac-
tically, in their heyday, a genera
ton before, these same experts
had broken away from hidebound
traditions of their predecessors
and had opened up the Lake Su-
perior deposits, the Comstock
Lode, Butte and Homestake.
Success and age had made them
skeptical and conservative about
formations unfamiliar to them,
though they, in their vigorous and
younger days had defied time
worn metallurgical theories of
their predecessors and plunged
into uncharted realms of metal
lurgy which made their names syn
onyms for success they now
thought they knew it all
and treated the new and
younger school of doubters
and experimenters with exactly the
same disdian their own respec-
tive predecessors had shown them.
A few cautiously daring and in
vestigating miners and new school
metallurgists saw the Bingham
| Canyon RED MOUNTAIN and
became enthused. Though poor
J in this worlds goods they soor
2 obtained from the local Salt Lake
banker, w. j. Mccormick and {
few moderately we'll fixed but
lion hearted miners and mer
chants, sufficient backing to en-
able them to adjust preliminarie.
/ -sampling, organization, etc.
etc.
In that way the present grea
Utah Copper Company was born
i Following statistics indicate tht
Alladin lamp-like results:
The Utah Copper once "Wild
cat, soon began it's public career
at the opening price Of SIS PEI
share, in spite of a large under
lying and outstanding bond issue
which was increased soon to So.
i OO0,000.00. Copper content OF
the ground embraced is said to bt
around one per cent (1%). Al
the end of 1924 Utah Copper hac
! paid $83.25 per share in divi
dends, had liquidated all indebt
edness and acquired huge cash
surplus. At the peak Of the alb
normal copper demand during the
great war it commanded a price
Of $i3O per share. Current
quotations on New York Ex-
change are over $4,000 per share.
The few thousand dollars ven
tured by Banker Mccormick at
the start made him the richest in
dlVldual banker in the Mountain
States, and the few lion hearted
miners and merchants became
fixed for life. All from de-
spised parvenu "monzonite cop
per-" considered too low grade
| for commercial product.
Another despised iron hat''
neighbor of the low grade mon
zonite Utah Copper Company, in
Bingham Canyon, was acquired