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Show md to Uat tb stock of the Utah Cop-par Cop-par company, on the Naw York Stock exchange ex-change - As la well known, tha Guurto-hetms, Guurto-hetms, American Smelting and Refining Interests, own a vary lara block of Utah Coppar stock and control tha management of tha company. John Hays Hammond la roanaxlnf director of tha company. It la planned to hare Utah Copper Increase Ita output rapidly to 11.000 tona of ore dally, making Ita production approximately approxi-mately 125.000.000 pounds of copper annually. an-nually. It would aeem. therefore, that there are possibilities of an ultimate valuation val-uation of $100 to $200 per share for tha stock. I expect to see Increased speculative specu-lative activity In this stock and higher prices for It In the near future. I'tah Apex has encountered good ore In Its Paxvenue tunnel. This tunnel enters en-ters the company's properties at great depth. It Is how 2200 feet long. The ore Just encountered Is believed to be the Parnell vein. ' Consulting Engineer Pierce made an estimate es-timate some time ago that the Parnell vein would vleld 730.000 tons of shipping ore. and a like amount of milling ore. between the Andy tunnel and the point where It was to be. and now has been, cut by the Parvenue. This Is one of the most Important developments In the history his-tory of the I'tah Apex enterprise; and If further development demonstrates that the vein is of average slxe and richness at this depth, the stock should more than aouoie in pncw. The Utah Apex company is steadily increasing Its ore shipments, and its operations op-erations are now showing good net results. re-sults. Its new smelting contract will help Its net earnings materially. The company com-pany now gives every promise of becoming becom-ing one of the important producers and dividend payers of the Bingham district. The Olrouz Consolidated. Glroiix Consolidated, selling on the curb around $9.50. The company has l.ooo.noo shares, of which 930.000 shares are outstanding. out-standing. 70.000 shares remaining In the company's treasury. The company has no debts and is said to have over $220,000 cash on hand. It owns 1050 acres of ground, all patented. Its porphyry ore deposit occupies a higher elevation than that of the other companies operating in the camp, and It Is within the Olroux property that the big porphyry dike comes In contact with the limestone formation. A great contact vein, nearly 1000 fwt wide, locallv known as the Alpha vein, follows this contact for a dlstan. c of nearly a mile on the Olroux property. It has been opened to a depth of 1 t by the Alpha shaft, and a crosscut from the lower level has opened twenty-four feet of ore which Is said to average 19 3 per cent copper. This furnishes a basis for the belief that the fjlroux company will open up an almost unlimited tonnage of high-grade sir.eltinK ores In this contact con-tact vein, and possibly also farther out in the limestone, where replacements should occur as Is the case In the Bisbee ami Bingham districts. I am told that .150.000 shares of Giroux stock is tied up in a pool, and that tuds as high as $18.50 per share have been made for these holdings. The amount of floating stock is not large, and In my opinion a limited speculative Investment In it will bring big results befnre the end of the present year The company has pj-rcxtui a 250-ton smelter and Is building the first 500-ton unit of its concentrator Its smelting ore will apparently carry a good excess of iron, making the company absolutely Independent of all others. UTAH AND ELY COPPER STOCKS IN BOSTON PUBLIC EYE Utah and Kly copper stocks ate . ommg to the front in Ronton In Walker's weekly letter In the Boston Commercial these (,i.ks are discussed as follows: Boston Consolidated ofM' lals expiess, confidence that they will he able to .nm-plete .nm-plete the 30"0-ton mill, now under '.instruction, '.in-struction, without Increasing the .ompany .om-pany s capltaJ or otherwise .ailing on stockholders for new tnot,e . They believe be-lieve that the company's entire financial requirements can be taken .are of with casn on hand and shipments of smelting ore from Its sulphide mines. The companv com-panv is now sending forward .".00 tons of these ores dailv. giving 1' a production j of l ..o.t 0(Ci .r more pourds of .opper monthly. After Its new rrill Is rorrpleted. Ron on ( 'onso'iidated should I able to prod ne at least 3.000.000 pounds of copper mon'h-iv mon'h-iv a' ft gross cost of '. to 10 cetts. gl -ir.g it a profit of $4''io monthly, or : $.'.. 4"0 AA.i annually, eguivalen' to more I ttiHii $9 per snare on a 2.' -cent copper marke'. With such earnings the .om-panv .om-panv would be able to pav for the further additions to its milling capacity and at the same time distribute dividends without with-out expanding Ps capital. ! Is not Improbable, Im-probable, however, that the management manage-ment mav de. ire to build the se. on.J and th'rd units of i-s ml'l immedla'elv af'er the first unit is given a thorough lest, and In such an even' the monev v''i probable be raised by a s'o.-k Issi" to stockholders. Great Possibilities. K.B p.e,.pe realize lie p.o j. j hi 1 1 t 1 e s and proha h : k les w 1 . h are Oourd tip in 'l,e Bo'ton i 'on solvate.) rr.pei'v Brirfly s'a:el. there is a bed of nilllltig o--e al-'Ui "00 feet lor.g I'.'.fi feet wide ard averaging aver-aging 200 to r,.1A ff-et thick. It lies at a depth rtf fif'v or slx'y feet beow the .ur-fa .ur-fa e. and the superrl' ial material is t.e -ng temoved wi'h stean; shovels and ral1-road ral1-road trains and preparations made to mine tins "te h, the same inexpensive pro. ess The tncs' .areful and painstaking painstak-ing milling tes's furnish basis for Hi" belief tna' this ore utll teld a' least twentv-flve pounds of . opper and 2' cents in go ri and silver to the ton. giv ing it a ralue of $S on a 2.r.-. ent copper market, mar-ket, or $4 per top on U.-.ent .opper It is expected lhat gross operating .osrs will amount to es than $2 pet ton, te. suiting in a profl' of $.' to H per ton As there are at least 1 2". (""i.i.in.fl tons of 'his ore however, there are probabilities of n earning of $l?S.ooo.flon. or nearlv $200 per share for Boston Consolidated . . apttal s!oci even though th ptofl's shoitl.i amour' to onlv- $1 per ton More Are Opened. In addition to thi Immense deposit o' mt'lirg "t. th ronipanv Iirs opet,ed two large t,4ios of smel'mg ore similar to thH rrineci bv the Utah 'onsolldate.1 companv. though perhaps not unite as high in grade The lat'er ore twxclies are estimated to he worth $h.'ii0.o.tii net. though further development mAv add considerable con-siderable to their demonstrated extent and value Utah ('opper will bene (in fin shares a,). diitonal s'o. k to st." kholdrrs. pi" rata, at $?S This will give the .ompany $1.-r.oi.oo.i $1.-r.oi.oo.i additional ash with which to complete the work of development and eojnpment at ns mine and to construct Its big .-on. ent rat mg plant. The company is building two units of its mill. Instead of onlv one as originally planned F7a h unit will he capable of treating .tflrto tons of ore daily, and their completion will enable en-able the company to put out SSflO tons of o-e dallv Soo tons continuing to go to the old mill In Bingham canyon, as at present. With such an output. Utah Copper should produce about 60.000. 000 pounds of copper annually at a cost of 9 ent. or less, per pound. This would provide net earnings of $5 to $fi per share on a 15-cent copper market, or more than $14 per share on a 15-cent market. The capital increase probably will not have a depressing influence on the market mar-ket price of the company's atock, aa the rights should sell above $1 and be equivalent equiva-lent to a dividend of that amount. It is stated lhat application has been |