Show BOSTON DISCUSSES UTAH APEX utah apex mining minin 9 has declared a regular b quarterly dividend of 35 cents a share on its shares share of outstanding r stock payable july 15 to stock of record tuly july 3 this is the second dividend to be paid thus far aurim during 1 1925 at the rate of 01 35 cents a share quarterly initial L payment at this rate vas nas made april 15 last previous to which company had aeeti een disbursing for sonic some time at die C quarter it erly v rate of 25 petits ts a share nr As s stated abed in this letter two weeks ago utah delaware fining acini ng has claimed all ore on the 2400 foot level of utah apex lexand and the latter has been served notice by international pelting that no more ore froni from this level will be taken for its until overn ship of the ore has been decided says the e boston commercial international smelling smelting Sm Sni elting which is the divner of utah delaware delaware el aware both being controlled by ana londa 00 claims s ownership enship er ship to this ore on strength of an old court coni ahn decision which ic gives ives utah delaware all derivative off shoots claims claim of althe the yampa pa vein utah apex on the other hand 1 ore s the ore by y apex rights its contention is that the extends into the utah delaware sidelines but not the to endl end lilies which h would give them ownership of the ore due when working 1 agreement mant c entered into with utah butali delaware this is v vein i was discovered s several evera I 1 months ago at higher levels utah apex has been able to mine the ore body on its own 2400 foot level through a lateral working from the utah delaware property and all ore thus far taken out has been extracted through workings of the latter company utah delaware interests have now refused to permit additional ore being withdrawn from the 2400 foot level although the utah apex workmen are allowed to break down all ore which can be contained in the drift utah delaware mining was formerly the utah consolidated mining company which lost a verdict to utah apex about two years ago on another disputed ore body miners in the bingham district are said to hold the opinion that unless utah delaware can prove actual contact L between the lead ore body of utah apex on the 2400 foot level and the yampa vein it will have no better claims on oil the body than had utah consolidated in the old apex suit of two years ago if on the other hand physical contact is established between the new lead ore body and the yampa vein ownership of the ore will be questionable A conference recently took place between leading officials of anaconda and utah apex at which it was decided to make further underground examinations at the two properties er es in order to determine apex of the disputed ore body 17 further urther meetings are understood to have been arranged after preliminary investigations have been made at the mine while international smelting smelling Sm elting b interests have intimated that ownership of ore might be settled without litigation the dispute alters materially the immediate earning prospects of utah apex operations of the company in early part of the year were at highest rate in its history more ore being shipped than ever before the reserves also reached a record high level in first four months of 1925 utah apex earned or nearly 1 a share on the outstanding shares as against 6 quarterly dividend rate of 35 cents a share the company is an efficient producer recovering approximately 90 of the lead content of its ore so that even on a market for lead as low as 7 cents a pound earnings more than sufficient to cover quarterly dividend rate of 35 cents a share were possible on oil lead market averaging C nearly 8 cents a pound utah apex earnings showing I 1 was gratifying its prospects on basis of development of what promised to be the biggest ore strike in the history of bingham canyon were bright enough to warrant a market advance of several points in price of the shares share which are arc quoted on the boston stock exchange naturally the present situation has resulted in in prices for the shares materially lower than the high of 3 rec recorded corded in january of this year |