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Show REVIEW GIVEN OF TIJTfCOPPEfi Walker Letter Draws Favorable Favor-able Deductions From the Report of Company. In Iho Walker Copper Letter of June 30 Is an extended discussion of the affairs of tho Utah Copper company, with very favorable deductions. The letter shows that the company has rocclved about 511 .S50.000 nc.t from sales of stocks and bonds to equip the properties. Of this there was expended for the construction' of mills, purchases of property, the construction con-struction work necessary at the mine, railroad building and other expenses $13.-G0G.7S3. $13.-G0G.7S3. Including $3.23l,2S7 quick assets. The company also has paid dividends, exclusive ex-clusive of Us share of the Nevada Consolidated Con-solidated income, of $5,310,075. Tho letter then concludes as follows: Tonnage Is Measured. At present Utah Copper has 1.5G2.599 shares of stock outstanding, of which 144,512 shares were Issued in exchange for the Nevada Consolidated stock now held In Utah Copper's treasury. Therefore, There-fore, 1.US.0S7 shares, which at $50 have a market value of $55,901,350. represent the Utah Conner and Boston Consolidated proportlos. rilagna and Arthur concentrators, concen-trators, the Bingham &-. Garfield railway and other equipment. Assume that the company has 250.000,-000 250.000,-000 tons of ore. 203.500.000 tons having been developed already. It may be expected expect-ed to vlold at least 5.000 000,000 pounds of copper, figured on the basis of only twenty pounds recovered to the ton. This copper In the ground is given a value of only 1.12 cents per pound by the present pres-ent price of Utah Copper stock, notwithstanding notwith-standing it la being produced and sold at present at a profit of 4.31 cents a pound, Without making any allowance for the prospective early roductlon of over a cent per pound in the cost, or the benefit of a higher metal market, tho compRJiv's ore resources are selling in the market now for only 25 per cent of their net value. Utah Copper is a finished enterprise. Its construction Is practically completed. Within two or three years its deferred stripping account will begin to be reduced, re-duced, It has constructed and completed a reduction capacity which will enable It to increase its production approximately ,75 per cent when metal market conditions warrant. It is now an 8 cents per pound producer, and within a year or two It will bo putting Its copper on the market, all expenses paid, at a cost of less than 7 cents. Life of Property. On an output of 20.000 tons of ore dally, resulting in a production of at least 140.-000.000 140.-000.000 pounds of copper annually, which will be its production In the near future, between thirty-five and forty years will be required to exhaust its ore body. Producing Pro-ducing 140.000,000 pounds of copper yearly the company will be able to pay. including includ-ing Its income from Nevada Consolidated. $6.50 a shure on Its issued capital slock with copper selling at 13 cents, and each cont per pound that copper sells above that price will add another dollar per share to Its annual net earnings. In my opinion the groat mass of criticism criti-cism now being published is tending to befog tho Investing public and obscure the merits of Utah Copper. When there comos to be a full public appreciation of the Immense demonstrated value and earning capacity of the Utah Copper company com-pany its stock will be sought as an Investment In-vestment at prices ranging between $75 and $100 a share. At its present price It Is one of the safest Investments and surest speculations In tho mining world. |