Salt Lake Tribune | 1910-01-04 | Page 1 | Nevada Con. Knocks Utah Copper Stock

NEVADA CON. KNOCKS UTAH COPPER STOCK Special to The Tribune. NEW YORK. Jan. '!. Efforts have been made this weok by Nevada Consolidated Interests which favor the proposition to transfer the control of that company to Utah Copper and by Utah Copper Interests to secure control of the. majority interest. These efforts have failed. With a view to preventing the ultimate success of. the plan to secuie the majority stock. President Phillips and Jplrertors Ilulm and Smith have Issued a, circular to stockholders In which they claim lo show the relative worth of the two proper-tics. proper-tics. ' As to Nevada, the circular In part sn.j-3 that it? operations are being carried on advantageously and- profitably, and that "First, there have been developed In the Nevada Consolidated ground IS.000,000 tons of ore averaging i per cent copper, to which no referenco has cer been made In any report Issued by the Nevada Consolidated Con-solidated company" On I'tah Copper the circular In part says: "First. Instead of having 60.000.000 or 00,000.000 tons of ore deriionstratod, Utah Copper has something like 30,000,-000 30,000,-000 tons. "Second That the average copper tenor of this ore does not exceed l.t per cent, "Third That, the yield of copper metal per ion of oro handled in now only iS.G pounds. "Fourth That the Utah Copper ores arc gradually growing leaner, nnd that the company's dividends are believed to bo In peril from reduced enrnings "Fifth That Utah Coppor Is rapidly reaching a point where it will probably be compelled lo abandon its steam shovel operations and resort to underground methods." The circular concludes wjih nn argument argu-ment that there Is no reason why Nevada holders should accept ono share of Utah for each' two and a quarter shares of their own.