Show Finds Fortune in Low Grade Bingham am Canyon Porphyries Utah Copper Company Demonstrates Demonstrates Demonstrates Demon Demon- strates to Doubtful Scientific and Business World Availability Availability Availability Avail Avail- ability of Copper Values STORY OF NINE YEARS READS LIKE FAIRY TALE I Concern Now Reckons Wealth Earned by Tens of Millions and nd Has Almost Unlimited Resources in Sight Yet INI years ago go hud had the the most emi emi- eminent eminent N NI-g NI nent mining man reran In lii the world stood at ot t the e- e intersection of Carr of-Carr Carr Fork and nn Binsham canyon arion an and pointed to lo the lie thereat great reat frn Crown frowning In moun mountain ln which I. I pushes itself Helf down into th the heart of or ham BIng-ham cleaving the tho camp In Jn two as asby asby asby by a hu huge huce c porphyry wedge wedge had hall e-hall had he declared that within a l. l half hulf score years cars a company compan would be organized this low grade product mined and the magnificent sum of ot In ht dividends be distributed among s several cral thousand fortunate stockholders stockholders- IS I'S well tell that mans man's contemporaries s would have smiled incredulously and tho the most fur seeing of or them would have scouted the idea bout About that time out nut of ot the great rent west came a a. young mining engineer el He Jh was CIe fresh h from college labors nn mid and yet ct had hall already received ed a practical schooling In western eln mining camps lie J wa was largo large of or frame mine strong stron of lit muscle muscle mus mus- cle ch and arhl clear of or brain a. brain a. a typical western western west west- ern roan man capable apale of big thins things of or new thin things After sonic nonie time ling spent cruising l cruis- ing illg about from camp to camp his eye ee fell upon a big Ig porphyry mountain In ham Many 1311 attempts had been heen I made and anti by 1 successful uce mining men too to wrest from ti the ruck rock t th the par liar tides of copper values which nature halt hail so grudgingly distributed throughout through through- out each cach ton tOil rf t lils luck lock Every l ef effort of- of fort ha had failed of It commercial success X W In iii This young oung man saw that by all allI then known processes of or the I moun mountain o of 13 15 to 2 per cent copper ore was ahl valueless lc s. s 11 He lie th n and them conceived the cheap cheal process of or mining this ore by I steam shovel ho methods methods- s- s I and Utah Copper company was born Not ot only that but ut from this l initial idea sprang three thrpo o other great mines mine the Nevada ada Consolidated tho the Ita Hay Consolidated Consolidated Consolidated Con Con- nail and Chino Copper It was fiS about this l time that this young oun mining cn engineer D D. D C C. Jackling Jackling Jack Jack- ling presented his big hl- scheme to tn I n C. C M 11 r. r and null Spencer p Pt uro It was entirely now new but It sounded oj plausible So o It way wa in June 1003 1903 when was wan paid for tor a ayears ayears years year's option on a n group of or claims claim In tm i iTil a n. portion nf or this g mountain A com company pan W. W was wis I formed to tak take over I r this option opton called c tho tit Utah I Copper Company of at Colorado The capitalization was ImmediatelY Immediately Immedi Immedi- the new company proceeded to erect creet a mill null with a capacity c. of ot COO tons torn for tor the treatment of ur the ores Before tin tho option hn had expired the mill mil Marl d demonstrated IJ that the values value could be hc recovered from thc these o low low- grad rad ores so o tho the balance of or the tho pur- pur e price amounting to lu to together together tu- tu gether with certain bonds and ancl stocks W was paid lallI Thc Then n a n new w corporation was known as Utah Copper Company of or Now New Jersey with t a capitalization capi capi- capitalization of ur 4 or ur sha shares es yf ot 10 par value This reorganization reorganization was made In April 1901 and the now IIO company absorbed tho the Colorado concern on OIL July 1 I 1901 J. J Jinn Even Een up to this time Om when the new company compan had hud begun c un to demonstrate beyond question its lt ability to do things 8 on big lines piling up tip profits where whore before all had hod been losses looses cancelling can can- ceiling large obligations and adding uJ equipment and mills costing millions even e then fow ow people believed In the possibility of or making Utah Copper a commercial success Some of ot tho the leadIng leading lead lead- Ing mining g Journals of ot the country went so far tar as to warn Varn Investors In a against It It claiming that It was not nut possible to PD pay dividends dl on ore con con- only 2 per cent copper And AmI AndIn I In spite of nf f th the remarkable record of the past eight and a u half halt years sumo of or these the Journals journal continue their skeptical skeptical skeptical criticisms Tho company ha has hils Issued 1 additional additional ad all- shares of l stock toek constructed construct ll two great concentrators acquired d tho the extensive mt raining and ond milling proper- proper tics lles of the tha Boston and a controlling interest In the tho Nevada e Consolidate Consolidated Con Con- and has converted into stock the in bonds Issued b by tho the company compan Today it has haa no bonded In Indebtedness indebtedness In- In whatever anti and the tho books of ot the tho company show how an Investment in mine and mill of or practically Besides this It has outside Investments in investments In- In vestments representing These cover tho the controlling interest Inthe in inthe inthe the Nevada Consolidated Copper company company com com- pany and the entire Issued Issue capital of ot the BIngham Garfield RaHway Railway compan com com- pan pany During During- this eight and a a. hair YC years the Utah Copper com company pan has produced approximately I pounds of ot copper a and 1111 mined and shipped d about tons tone of ot ore From this enormous enormous enormous enor enor- production came the thc sixteen millions distributed to stockholders stockholder's In inthe tho the shape shapo of ot dividends s. s A 1 Prosperous Y Year The year ear now closing has b been n ex extremely extremely ex- ex tr mel prosperous with the Utah CopI Copper Copper Cop Cop- per Tho Thu earnings from operations wIlllie will wilt willbe I be lie close to This accrued principally from tho the total of oC about 97 i- i pounds of or copper for tor the year But for tor tho the labor troubles that began bosan on September 18 tho tle total for tor 1912 1913 would un undoubtedly J have reached Q pounds of or copper manufactured In addition to these earnings s the tho company corn com pany will wilt receive from the Nevada Consolidated Consolidated Con Con- in Jn the form torm of or dividends about for the year ear This mal makes 8 the years year's receipts about 9 59 At present tho the company compan Is working t practically at normal at both mine and at tho the employing about men In all The rhe dally tonnage taken talen from Crom the big his pit and from the tho underground operations I is to OOOO tons while the overburden represents represents represents rep rep- resents a dally daily handling of ot many thousand thousand thou thou- sand and tons ad additional Tho The oro Is scooped out by hy IS to 20 O big steam shovels i els Is s and dispatched over O tho the mile IS-mile Garfield and tho the D D. 11 It G G. railways s 's to the tho Garfield mills Hero Here Heroth th the tha Magna l and md Arthur plants are arc beIns being be be- lug Ins operated at capacity handling this great real tonnage e concentrating twenty tons Into one eta These TheaE concentrates concen coteen- s arc run rim over to the tho smelter at Garfield where the they are arc converted into great greil copper bars ars and then shipped chipped east cast to tile refineries The These e bars contain cot con tain considerable Aol gold and silver sliver C Considerable speculation Is being Indulged In Indulged In- In ed In as to t the le number of tons o or of orI developed oro ore In n tho the Utah Copper properties properties prop prop- I and as to the probable life of ot oftie tie the company under the present enormous enor onor- production It Is expected that I th the next annual report of tho the company will show about tons tonN of or ore developed and partially developed In n his regular letter In iii tho the Boston BOlton Commercial CommercIal Com Cont- mercial George L. L Walker the tine well well- known copper statistician says alon along this line hue It huts hUM been conservatively estimated that there thero Is sufficient ore In its property property prop prop- erty to enable Utah Copper to produce pounds of copper Opper monthly for or 42 12 years ears If It it can cnn do this and sell Nell Its product at an av average rl C of ot 15 cents a pound the stock now has an amortization amortization value of ot more than I think this stock stoel should be purchased now for Cor Investment n and also that it should be beh h Iw d for an advance all of at 1 least 30 10 a ashare share In spite of ot the results of at tho the Septem Septem- ber bet strike the Utah Copper production for tho present year ear shows a gratifying gratifying gratify gratify- ing Ins Increase over joer over that of ot last year c 11 r. r In 1911 1011 tho total production was 66 pounds of or copper Tho estimate of at pounds for tor 1912 Is s an In Increase increase increase in- in crease of or over or pounds With metal holding near tho the present high levels Je It Is estimated that Utah Copper Coppa dividends for tor the coming year ear wIllbe will willbe willbe be on em an nn basis or nearly double those those of at the past year which amounts to Inclusive of ot the theone theone theone one recently declared Tho The Utah Copper company Is 15 now In Ina a a. strong financial position and Is la today today- carrying nearly 5 worth of ot copper on hand Dc Despite the fact that during the past few fow months the company compan has had to face raco serious labor troubles the year has haa been een the most prosperous in Its eventful history It has baR entrenched entrench itself It Itself itself it- it self on such a firm foundation that even if copper fell tell back Into tho the cent 13 column there would still be large largo annual annual annual an an- nual profits ahead Tho The company can produce the red metal for 7 75 73 cents cent a pound In 1913 1912 It anticipates a production production production pro pro- of or near pounds Note late In t the he minds of most pe t tIn Copper company compan is associated ti with the red metal only and J lt It is a 3 surprise he when It Is known that each year eur th the receipts from gold and Ihor amount to over o In 1911 tho gold production was ounces silver slI The Tho total area of ot Io lode e mining claims amounts to 7 acres and all told the acreage owned Is acres an empire In itself The underground workings total over thirty miles One engine operating over O the tho fling fling- ham Garfield sky line hauls forty tort cars containing five sixty tons each cach or ora ora ora a net trainload of or 2600 tons tom or pounds pound to the train Copper was made In 1 1910 10 for cents a pound In 1911 at cents cents- cost and In 1912 for tor about 75 cents a pound |