| Show WANT COMMITTEE ON UTAH CON CONS SMELTER L Hayden Stone Co Large Shareholders Favor Further Further Further Fur Fur- ther Consideration Hayden Haydon Hacon Stone Co the tho Ijo Boston Boston- ton ton- New ew York brokers broken are tal taking hlf a 3 hand handIn hanl hanlIn In the controversy over the tho Utah Consolidated Con Can company's proposed ed new now smelter nelter In their latest market lettel letter let let- tel ter r- r tho the brokers say Wo Vo believe that we wo are nrc tho the largest stockholders of ot record of tho the Utah Consolidated Copper company and for tor rca reason on especially we arc are doubly sorry rry to see the split spilt which has oc occurred occurred oc- oc between the president of ot this company compan and ami the executive head of oC ofle the le American Smelting Refining company compan re regarding tho the extension of ot oftie the tie contract tor for treating Utah Con ol- ol dato dated's s 's ores at the Garfield smelter ThiM ThIH split has probably been beon due to the ti he fact that the Garfield Garfeld plant has IH Ii had ad mechanical difficulties which should hould s be overcome in the near future This 1 his has lias mado It I difficult for CO them to 0 give u a L rate satisfactory to tho other I larte parties artles based on the tho results which t the they hey obtained from their old ole metallurgical metal metal- 1 works Vc Fe e bellevo that a lit little lit lit- lt- lt t tle te Ic patience on both sides after a S stud study tudy of oC existing conditions wo would ld re reS resul result re- re s sult sul In the near future in a long time contract contract Wu We c do not know that an any great cat I harm arin has been heen done In the exercising of or C f tho the land options recently but hut we wo wedo t do In to feel very stron strongly ly that this thin should hould I not be followed by ly the expenditure of ot from rom one to two millions of ot dollars In Inthe th the he erection of ot a smelter until It Is ts s C demonstrated to the entire board hoard of directors of or the Utah Consolidated Copper opper company that such uch a course Is wise Vise and tho the most profitable o 0 oIt It I It Is the rule that in the building of f all aU smelting plants the they vastly ex exceed exceed ox- ox eed the original cost and this Is no 10 1 better betel exemplified than at Garfield Garfeld o AVI Iou to Develop Io Further We Wre have ha e It ii from one of or the tho directors direct direct- ors ora of or the Utah Consolidated Copper company compan who Is largely Interested himself and most loyal to that company com corn pany that the ore reserves at present are we equal to about four years years' ars' ars tion ton at the present rate This does not mean that this will wi bo he the tho total pro pro- of the mine hut but It would seem to be bo a wiser plan to carr carry development development develop develop- ment work worle further before making a lan largo o investment in a smelting plant unless s it should bo be tho the policy of or the Utah Consolidated to embark In tho the smelting business which would not be In our opinion altogether advis advis- able We Vo furthermore feel teel that the Garfield Garfel Garfield Gar- Gar field fel smelter after ator KB its many vicissitudes tudes is Js going to be 10 so 50 10 arranged ultImately ultimately ulti ultI- ull- ull matel that the Utah Con Consolidated ol can cn get Its ores treated as us economically and profitably as b by the erection of ot its s It own smelter and save this largo large Investment Invest Invest- ment ment We think It might bo 16 wise for Cor tho the directors to consult with wih some of the principal stockholders and a committee commit commit- tee be he formed to make a study of this whole matter mater a |
