South Utah Mines and Smelters - Stock Certificate

Office: 165 Broadway, New York. Mine office: Newhouse. Beaver county. Utah. Officers: Hugo Hoffstaedter. pres.; H. G. Robinson, sec.-treas., with E. P. Earle and Samuel Newhouse. directors; W. L. Heidenrcich, gen. mgr. Inc. Feb. 28. 1910. in Maine, as successor of Newhouse Mines & Smelters. Cap., $5,000.000: shares $5 par; issued $4,300.000. Debentures: $919.000 of 6%. 20-year income bonds, convertible into stock at par. remaining from a Sl.500.000 bond issue put out by the Newhouse Mines & Smelters. Interest on bonds is said to be payable annually, but only if and when earned, and then out of net profits of the year's operations. The old company defaulted in interest on its bonds, and the property was bought for $500,000 under foreclosure, old shareholders being given stock, share for share, plus a pavment of $1 per share for new stock. The reorganization brought about $600,000 into the treasury, of which all but about $200.000 was required to liquidate the floating debt of the old company. The annual report for year ended June 30. 1918. showed an operating loss of $16.112. increasing a former deficit to $188,572, and gave current assets as $83,060 and current liabilities as $7,650. No report has since been issued. Listed on Boston Stock Exchange and on New York Curb. Equitable Trust Co.. New York, transfer agent: Windsor Trust Co., registrar. Annual meeting, third Monday in October Property the Cactus mine, 13 claims, with miscellaneous holdings, including the Midvale placer. 168 acres, water rights at Wah Wah springs, mill, town sites and grazing lands, total holdings of 7.882 acres. The Cactus mine shows monzonite-porphyry country rock, near a limestone .contact, and ore is essentially an irregular mass of brecciated monzonite, carrying copper impregnations, including some oxidized ores in the upper workings, but at depth mainly chalcopyrite. associated with pyrite. There is about 168,000 tons of developed low-grade ore scattered about the mine that averages 1.30% copper. Much of this ore will assay only 1.03%, while some of the smaller blocks consist of 1.75% ore. Such material can be profitably handled in the company's mill with flotation units, but as there seems to be no chance of finding additional orebodies it will not pay to reopen the mine and remodel the mill. Development: by two working shafts of 600' and 900' depth, with levels at 100' intervals, and connected on the 600' level with a 6,300' main haulage tunnel. The mine has upwards of 4 miles of workings. Equipment: includes 200-h. p. steam plant, with a 150-h. p. hoist good for 600', and a 40-drill air compressor, both operated electrically. There also is an auxiliary electric hoist on the second level. The mine and mill are connected with the Salt Lake Route. Mill: the 1,000-ton mill contains three 10x24" crushers, 4 sets of rolls. 1 Huntington mill, 22 Harz jigs, 58 tables, 8 slimers, 16 Callow tanks, settling tanks and classifiers. The old tailings were treated by Utah Leasing Co. on a royalty basis. Ik 1914 a $175,000 flotation plant was built for this purpose. The tailings were exhausted in 1919. and the company plans treating their ore reserves in this mill. The untreated tailings contained less than 10 Ib. copper per ton. Production: from 1906 to mid-1914, amounted to 22,412.082 Ib. copper: 146,148 O7. silver and 6,443 oz. gold. Mine will not be reopened, but the company is free from debt and has about $70,000 in the treasury, in addition to the mine and mill equipment at Newhouse. It is on the lookout for mining properties worthy of development.

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