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Show MINING AND FINANCIAL Conflicting emotions were aroused by the annual an-nual report of the Utah Copper company last week. To those who are looking for a peg whereon where-on to hang criticism of the great enterprise, it was a bitter disappointment; to the element that shudders at the vision of a glut of the copper market, It sounded like the crack of doom; to the unprejudiced public it was a complete justiflca-t'on justiflca-t'on of manufacturing methods as applied to copper cop-per making, and to the Utah Copper shareholders it was as the music of the spheres. Without going beyond the domain of demonstrated demon-strated facts, the company shows that its profit-earning profit-earning capacity Is superior to the Vicissitudes of the metal market and insured for an ordinary lifetime by the supply of raw material available in the hills of Bingham. The guarantee of profits is found in the net production cost of 8.069 cents a pound, the average aver-age for the year, and the insurance of longevity is the development and blocking out of 152,130,-000 152,130,-000 tons of commercial ore, 60,000,000 tons averaging aver-aging 2 per cent, and 92,130,000 tons 1.6 per cent, copper. All this takes no account of the prospective pros-pective Increase in tonnage that will follow the development of new ground and the lowering of costs Incident to the doubling of mill capacity and the completion of the company's own railroad rail-road from mine to mills. There is no longer any mystery as to why the stock was recommended recommend-ed as a buy in advance of the annual report. If things in the vicinity of the mining exchange ex-change go on for the next month as they have in the last few weeks the exchange, in self defense, de-fense, will have to petition the companies on the curb to follow the Rexall into the big tent. J The brokers and the public, too, are familiar with 7 transient booms among the unlisted issues and are disposed to regard them complacently as passing posed to regard them complacently as passing fancies incapable of exerting permanent influence influ-ence on the general market. But the feeling grows that the taste for Alta-Cottonwood curb offerings is a progressive appetite. The more the publlic gets the more It wants. The mines are backing up the stocks and putting dollars in ore behind every share. Columbus Extension, for one reason and another, has been the liveliest live-liest of the unlisted Alta group. President Jacob-son Jacob-son points out $11,000 worth of mined rock ready JJ for shipment and gives the personal assurance - that the present force of men is able to extract dally 16 tons of oro, net value $20 a ton, at a maximum cost of $11 a day for labor, power, supplies, etc. That means gross earnings of $320 gross or $220 net, a day; $6600, net, a week; $79,200 a year 26 cents a year on each share-dazzling, share-dazzling, isn't it? Sounds somethinng like the figures the amature chicken-raiser estimating the increase of his flock by compounding the hatches! hatch-es! Really, though, it is conservative, for the Extension is scarcely opened up and ought to be found with its forecasts, that fault is in the estimate of stoping ground, or "probable ore". The calculation that the pay ore slants unward I, for half' a mile is pure theory. Columbus Extension, however good, Is on too narrow a base for a permanent market. One has to take its neighbors into consideration to get a correct idea of the substantial character of the curb offerings. Beyond the Extension, to the northwest, the Rexall is working in such likely ground that its shares have advanced five or six hundred per cent. In the last half-year. Its tunnel heading is rapidly approaching one of the contact veins that pans well at the surface sur-face and resembles, so far as it is known, the J (Contlnuedon page 18) MINING AND FINANCIAL. (Continued from Pago 3.) parallel veins on either side of it that have proved immensely valuable. Then next to the Rexall is the Cardilf which would have been a greater curb sensation than the Columbus Extension Ex-tension if its stock had not been held so jealously jeal-ously by the original owners. These owners seem content with the prospect of profit offered by the mine itself and highly tempting bids have dislodged only a few shares. In the tunnel already al-ready lun the Cardiff has developed for several hundred feet vertically and horizontally an ore bearing ledge from two to four feet wide that runs from $50 up to the ton. A deeper tunnel is planned which will give a depth of 700 feet on the ore body. Still north of the Cardiff, blanketing the divide di-vide between Alta and Big Cottonwood canyon, the East Carbonate is forcing itself on the attention at-tention of the public by meritorious showing. Streaks of ore running very high in lead and silver were found years ago in the surface d'g-gings d'g-gings of the East Carbonate. Later a tunnel was started from the Big Cottonwood side of the hill. The bore has been driven ahead as fast as the resources of the company permitted. A distance of 1,500 feet from tno portal and 1,200 feet from the surface has been attained. At 1,585 feet the tunnel went through a mineralized min-eralized vein. When the crew went back to drift upon it they soon opened a streak a few inches wide of the high-class ore found on top. Selected specimens assay 2,200 ounces silver and the average of the streak is said to be 60 per cent, lead and 150 ounces of silver. The East Carbonate is capitalized with 300,000 shares and has been paying for its labor chiefly in stock. Silence concerning the Howell consolidation, which includes the Baby McKee, is construed by Altans as an indication of success, especially as the treasury stock is reported to have been "withdrawn form the market. The Howell property prop-erty is along the zone with the Rexall, Cardiff and East Carbonate. It was a famous strip in the old days, but the surface deposits were exhausted ex-hausted after a few hundred thousand dollars were extracted from the shafts. Silver grew cheap and the proprietors did not think it worth while to incur the expense of deep mining by tunnel. All but the old Maxfleld mine lay idle for years. Reopening of the ore by tunnels makes virtually a new set of mines In the west end of the district. The east end, also is showing more substantial results than for years past. Some of the best mining talent in Utah has given unqualified un-qualified endorsement to the Utah Mines Coalition Coali-tion and within the last few days officers of the Emma company have put forth a claim to the recovery of the ore channel from which the old Emma mine derived millions. Thirty-five teams are engaged in hauling ore from Alta to the valley val-ley and one hundred miners are offered employment employ-ment in various mines and prospects during the coming summer. Looking from every standpoint the conclusion seems unavoidable that the Alta-Cottonwood Alta-Cottonwood issues are destined to play an important im-portant part in the speculative side of the regular regu-lar exchange. A leached out vein of carbonate rock only a few inches thick cut by the Eastern Prince shaft at a depth of 160 feet is hailed by the management manage-ment as conclusive evidence that Eastern Prince territory has undergone geologic changes identical identi-cal with those which resulted in the mineralization minerali-zation of the Prince Consolidated, the Piocho King and other adjoining properties. The vein dips to the northwest in the direction of one of the prominent contacts on the Prince Consolidated Consoli-dated zone. |
