Show TOOELE SMELTER Sr ELTER TO TOBE TOBE BE RUNNING IN 1910 0 Dispatches from the east are arc to the effect that President Urban H. H Broughton Brough- Brough ton of the tho Utah Consolidated Mining company has issued a circular letter to I shareholders explaining the tho contract that was entered into with the new smelting company which has to I tako tah over o the lands taken up in in in o oI communication ISas ISas is isas I county count countIn In part the as follows During the eight years I have h presided presided pre pre- sided over ocr tho affairs affairs' of your company I have ha addressed you hut but once ex except annual report re re- re through the thc medi medium of an I port In Jn September IrlO 1907 1007 I denied certain crr tam tain statements that were being industriously indus indus- circulated in tho the public pre press s which statements have hn since been proved pro to be unfounded Closing of Smelter I now desire to give ti you ou information to tion upon a matter of importance your Jour company In January of this y year car carvour your our company's compans smelting plant in SaltI Salt bait I Lake Lako valley was closed by order of I court after tho the case had been bern earned carried to the tho court of last re resort ort Your company com corn I then theu confronted with tho lio pan puny pany was proposition of building a new smelting plant in another location which meant the cessation of production for about a n. year and a n half or the alternative e of or entering into a contract for the tho smelting smelting smelt smelt- in ing of its ts ores with the Garfield Smelt Smelting Smelting Smelt Smelt- ing company In February of this year yeara a contract 35 was mado for a period of one I year This contract was tho the best that could be bo mado made under the circumstances had the tho by its provisions pro your company compan option in six months' months time of extending extending extending extend- extend ing the contract for a n. second year Clr and the right of discussing tho Question ota ofa of ot a 3 certain modification mod and the making of a contract for a period of five fio years New Problems Presented f In In Tul Tub July your company exercised its option to extend tend the tho contract for a second sec see second ond year and informed the tho Garfield I Smelting ng company that it was prepared I to take tako up Ul the tho other questions The Garfield Smelting ng company notified your company that it would prefer to toI defer lefer these questions for ninety days I which your company could not agree to to I for for- forthe the rea reason on that certain options upon I II I land adjoining the smelter site ow owned I bv br your company expired October 1 Your company however er agreed to a postponement until September 14 upon the tho condition that its ts contract should I run for eighteen months from that date I On September 23 tho the Garfield Smelting company compan notified your company compan that it I could not change chango any condition of tho the existing contract but would make mako a I contract for or five e years but not on any anymore anymore more moro favorable terms to your your company compan Your company compan immediately as a protection protection protection tion exercised d its options on tho the lauds lands adjoining its new smelter site l Your company has hns now entered into a 1 contract with W. W D. D Thornton of Butto Butte for tho s smelting of its ores for a n. period of ten years commencing April 1010 the tho proper performance of which contract is guaranteed bv by four persons acceptable to your tour board boar l of directors Under the provision pro of this contract contra t Mr Ir Thornton agrees Will wilt Crowd Great Work 1 To erect a a. a smelting plant in county Utah to bo be in operation by April 1910 to treat the output of your company's mines up to 1 1200 00 tons per day at a rate which is cents per ton more favorable fa to your company com corn pan pany than the contract now existing with the Garfield Smelting company compan 2 To e from your our company at cost all aU tho lands and options it has acquired in Tooele county 3 To give sive your company an option upon any part of par value of tho the capital capita fart stock of the thc company to be bo formed to operate tho the new smelter upon as favorable 3 terms as may be extended to an any other taker or subscriber to stock Tho The cost to your company of transporting trans porting ore oro to the Tooele smelter will not exceed 15 cents per ton I All I AU figures fig in connection with the existing contract and that entered into with Mr Thornton havo have been approved ed by E. E P. P Mathewson of Anaconda your com companies company's DYs DY's consulting constine cons tine engineer Upon the basis of your company's present output of ore SOO tons per day the tho contract contract- entered into with Mr Ir Thornton will result in a saying saving to your com company pan as us compared with the contract contract con con- tract now in existence of over o per annum or 1 per share upon the capital stock of your company |