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Show Il-i NT ML AGAINST 1 UTAH CON. PLANT E' ' i Ij ixcorge L. "Walker Believes lie-jh lie-jh pods Bearing Stock Are my, Entirely Untrue. 1 ! SMELTER ACTION IS I XOT HASTY DECISION Jo I HJ I j Company Acting Along Most Ap-Ij Ap-Ij ' . proved and Well Selected I lan of Procedure. I " Out of the storm of criticism that . attended the decision of the Utah Con-i. Con-i. , solidated company to erect its own , smelting plant in Tooele county, pro-Erf pro-Erf teats that apparently have- littlo to do fj with the actual merits of the situation. I a cheerful voice is found in the la6t I copper letter of George L. Walker, the J J "well known Boston copper writer. II is . , suggestions are well timed and will R bear reproduction here. JI is article fol-m fol-m lows: M "Utah Consolidated declined to Ir 39.00 this week as the result of selling 1 started by an article published in a II Boston financial publication, which I have every reason (o believe was both B ( misleading and untrue. The article count cou-nt tains statements, for instance, that the Wt notion of President Broughton. in exer-K exer-K cising land options for a smelting plant, Kn yr&B not concurred in by all of his as-wftl as-wftl ( poclates; and further on that at a hastily hasti-ly j ly called meeting of the directors, at Wi J which all were not present, it was deli de-li cided to execute the land options and 14 ' build the" smelter. I I "Of courso it is not expected that gl all of the stockholders of any com-B com-B , pany would be in perfect accord on a 1 1 matter or as much importance as that , of building a now smelter; nor is it I reasonable to believe that all the.di-I the.di-I j " xectors of any corporation would like-II like-II ly be present at a meeting held at this III timo of the year. It should bo sufll- jf ciont that a majjoritj' of tho dirdctor3 f reached the decision, if any such de cision really has been reached; and President Broughton. under whose management man-agement Utah Consolidated has distrib-. distrib-. uted millions of dollars in dividends. I should certainly be trusted to direct its , affairs at this time, especially when 1 Ibis plans have the approval of those of the board of directors who arc avail- ,' able to attend meetings. "I have reason to believe that the gentlemen referred to in the article I as having sold Utah Consolidated are ' . still very large holders, and T do not I believe that they have boon sellers at any time during the past year. I know ' that the plans for tho erection of a ' new smelting plant have received the i most caroful and painstaking attention 1 from both & business and metallurgical i standpoint, and that the action of the I management is neither hasty nor ill-ad- . J vised. It is a most interesting fact v that tho same people who are criticis- I iug tho Utah Consolidated managc- J -went's action now, condemned it a .year i .ago for making a custom smelting con tract, nnd declared the company had lost its ore body through a fault. The newspaper referred to is usually correct cor-rect on Utah Consolidated when it re-i re-i cords dividends declared, but at no oth- j er time. 1 "For two years past the Utah Con solidated 's management" has been push-' push-' ing development work lateral' and at depth in the mine, and prospecting extensively ex-tensively underground with a diamond . drill. Stockholders may rest assured that . unless there is more than twice a four years' oro supply in the mine tho com-1 com-1 pany will not 'spend $3,000,000 on a new smelter. I wish to go on record as j predicting- that the smelter, land and 1 all, will cost less than $2,000,000, and ! that before it is finished Utah Cou- ( solidated will have secured some of the I most profitab'o custom smelting con- t tracts in the Salt Lake district." ' . . Ore Shipments. Tho Pioneer sampler on "Wednesday re-t re-t leased S cars of ore from Utah and 1 . from Nevada camps. Tho Taylor & Brunton company re- , , leased 4 from Utah. 1 from Idaho and 1 i car from Xevada camps. ( . Metal Market. The metal quotations for "Wednesday, '.posted by McCornick & Co.. were as follows: fol-lows: Silver, Clljc; lead, -.52; copper, ;ac- |
