Show I 1 J BINGHAM CANYON A A RIVAL KIVAL OF UP BUTTE DU I 1 I 1 C J s FROM DAILY HERALD OCTOBER 15 X dispatches from boston yesterday stated that american smelting smelling Sm elting refining company interests had bought in the open market between and shares of the boston consolidated companas comp anys stock private negotiations are declared to be under way for the purchase by the smelter interests of control of the company to make it part of an enormous consolidation of bingham mines the ultimate object is to make bingham a rival of butte as a copper camp and of salt lake valley the greatest smelting smelling sm elting center in the world the mines it is proposed to take into the combination with their approximated estimated market value are as follows utah copper co ohio copper co M boston consolidated soli dated to these may be added the newhouse when the immense new concentrating mill and smelter now being constructed at garneld garfield are completed and in full operation it is expected that not less than tons a day of ore will be coming from the boa boston consolidated and utah copper mines and that the annual production of copper was pounds and it is decreasing while the entire state of michigan second on the list of copper producing states turned out pounds or less than this one company can place on the market annually after two years this production means sending GOO big cars of ore a day from lit C zaw 40 S YIN 11 V al P 4 S ira the utah copper companas Comp anys concentrator photo by mines in beaver coun ta with an estimated market value of 10 making it require roughly estimated to swing the consolidation the first two companies named are already under bond to the american smelters shelters Sm elters security company the smelting smelling sm elting companas comp anys mining corporation two years from date and thereafter will be not less than pounds having a value of to this is in addition to the output of other bingham companies which exceeded pounds last year the total production of the amalgamated copper company in 1904 the consolidated mines estimates of the number of men to be employed are rou roughly lily made as follows mining and shipping ore milling and smelt in ing total annual wages figured at average of a day every move that is now being made by the corporation po ration known as the ai american securities company a twin brother of the american smelting Sm elting 1 refining company points unerringly to the conclusion that the all powerful combination has determined to become one of the largest if not the greatest factor in the world of copper production it is just as certain that its selected field of operation is utah with bingham as the base and the point of the mountain to the north and bordering on the shores 0 of f salt lake the location at which the mighty task of reducing millions of tons of ore per annum will be carried on in the beginning it was announced that the american smelting smelling Sm elting company would erect a copper smelter of 1000 tons daily capacity in order that it might take care of business that its present facilities compelled it to pass up to some of its competitors subsequent events have entirely lost their entity with magnitude of the field and its almost incomprehensible resources were laid before the shrewd calculators of the guggenheim household by its army of experts and engineers who were charged many months ago with making a careful examination it is now the intention to put up a 2500 ton plant scope Is enlarged reports from these sources had hardly began to reach headquarters when as shown or more of capital and its bond issue of to be used in the buying bonding leasing or otherwise handling of copper producing mines while the experts of this corporation are scouring aring the country from mexico to alaska for the purpose of learning where there is copper and which fields may in the future have to be reckoned with real business is being done in utah early in the year the properties of the ohio copper company at bingham were secured under a bond that has yet a few weeks to run then the control of the utah copper company was sought and will it is deemed certain be eventually landed and now comes the report from boston and new york that american interests are picking up all the stock possible in the boston consolidated company and that a deal for the purchase of at least a control is pending president samuel newhouse is now in new york 00 5 V PA ALU Q A partial view of bingham utah by the moves that followed it was determined to hold the utah opper copper c field against all comers and make of the american companies an institution that would be no less powerful in the world than the amalgamated of butte the first move in this direction to attract public attention was insistence with which the american smelting smelling Sm elting company worked with copper products to secure longtime contracts contracts running from five to twenty years the output of the newhouse mines was landed and so was that of the boston consolidated and of the utah copper companies these were the principal properties pro berties per ties desired others were landed as best they might be and all of them before the company was able to handle more than a small percentage of the ore they were able to produce then came the formation of the american smelters shelters Sm elters securities company with its and his representatives here plead ignorance as to what foundation the reports have but no one familiar with what the american company is doing believes other than that there is foundation for them whether the cactus properties of the newhouse company are figuring in the negotiations has not yet been touched upon but the local mining world is prepared to hear that that property also will be included assets will be enormous these are all propositions that it will require many millions of dollars to swing but as assets to the combination acquiring them the purchase price would appear insignificant when measured by their real worth under conditions that would permit of their being mined and their outputs reduced on a scale of which they are capable the figures are big ones to juggle with but for purposes of illustration the matter might be fra framed nied up tip something like this boston consolidated shares 5 has fifty one claims pa par r covering acres acre acres of which is copper bearing por phyra carrying about two per cent in 1 n red metal the acres being lode ground with over tons in sight it is being developed by thirteen tunnels above the first two of which more than tons of ore is exposed it is believed that to buy the mines would take at least although at the boston exchange price for the shares yesterday the value would figure a little under the ohio copper company capitalized at P under bond for comprises more than acres ships twelve per cent ore and mills tons a day of 2 per cent ore or better development has made property worth several times the price of bond utah copper company capitalized at market value at present ov over er owns acres of lode and copper bearing porphyry and is now milling tons a day and preparing to treat tons more an amount that present development shows can be produced for an indefinite number of years newhouse mines cactus is capitalized at and selling at about holdings in beaver county are extensive has over tons of ere cre in sight and is milling about tons a day the combined output of these mines is already in the neighborhood of 2000 tons of crude ore per day the mines of bingham without the cactus are capable of producing producing any tonnage right now that equipment can be provided to handle and the expectation is that within a couple of years the boston consolidated and utah ua copper will be sending to mill not less than tons per day looking into the future granting that all of these mines eventually goes el to the american company as now seems probable and that it will have to pay or more to get them it will require little figuring to see that they will have secured bargains which from a business standpoint a standpoint of longevity productiveness and earning earn nol capacity could hardly be found anywhere else in the world of mining with a grasp of this magnitude on the copper mines of this state as a starter with the mines that the big combine is known to have acquired in surrounding states and smelting smelling sm elting t works in advance of anything in the world as respects capacity it is not n and economy of operation hard to see where utah will shine as a producer of the red metal where a great many thousands of men are to find employment and where the american smelt ers and the american securities company is within a short time going to hold a commanding position in the copper world |