The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-12-27

One of the most important mining
deals Of the year, meaning as it does
another stamp mill for the Tintic dis
trict, and involving the Sioux group
OF mines at Eureka. will be closed up
today by the payment of $4,000 on
stock purchased from the original
stockholders. The checks for the vari-
Gus amounts were yesterday drawn,
and this morning they will be presented
to the Commercial National bank and
paid, the money for their cancellation
having been received from the east
some time ago. The transfer of $4,000
of the 100000 shares of stock in the
Sioux Consolidated Mining and Mill
Ing company was made to George H.
Robinson superintendent of the Mann
moth, but that gentleman, while per-
sonally interested in the deal, was al
so acting for Franklin Farrell, the
nuld-nillionaire OF Ansoalia, Conn.
who is the heavy weight an the deal,
although not known in any of the
papers.
Some time ago Mr.. Farrell was in this
city, and before he returned to the east
he spent several days in the Tintic dis
rrict, which has always been a great
!. favoTite with him. The gentleman was
particularly struck with the showing
made in the Sioux group, which is
looked upon as one of the most valu-
ejble in the district, Tt is a, twin sister
of the Utah, which also attracted the
attention of Mr.. Farrell, and an effort
was made to include it in the nego-
tiations which were subsequently, OPEN
ed. The stockholders held out for rea--
sons of their own, however, and the
Utah was withdrawn from the deal,
the Sioux being left. This property is
located on one of the corners of a tri-
angle which would be formed by the
Observation-Disclosures and the Bullion
Beck at the other angles, and is pro-
ducing some very rich ores the assays
being well up in gold, silver, copper
and lead. Some extensive development
work has been done on the property,
and the ore bodies are we'll defined.
It ds a great group of mines. When
ne left for his home, Mr.. Farrell left
The final adjustment Of affairs to Mr..
Robinson, and the 26th day of Deem
per was fixed as the date upon which
the money was to be in the bank for
the purchase Of the control of the
stock of the company. At first so, 600
shares were talked of, but when the
deal was finally closed, Mr.. Robinson
and his associates had secured some
$4,000 shares, and have a. prospect of
obtaining others. The interested parties
held two meetings yesterday afternoon
IN the office OF Bennett, Marshall &
"A Bradley. and it was late last evening
7 before the final agreements were effect
\ ed and all Of the papers signed up and
delivered. One of the provisions of the
contract is that the Farrell-RobinSon
Side Of the house shall always have the
naming of two directors and the other
side two, William H. Bradley to be the
fifth. AS soon as the papers had been
signed and the transfers were made
the old board of directors resigned and
the new one was elected as follows:
Franklin Farrell. S. S. Jones, Ira D.
Wines. George II. Robins0R ;and Will
jam H. Bradley. Of these Mr.. Farrell
IS president; Mr.. Jones, vice-president;
and Mr. Robinson, general manager.
The gentlemen who are parting with
the major portion of their stock hold
3ngs, if not all, are Hon. David Evans,
F. H. Loose, Thomas r. Cutler, Reed
Smoot, S. S. Jones, James Sharp, John
Sharp, and others.
In order to carry out the provisions
of the contracts it will be necessary
for Mr.. Farrell and his associates to,
within the next six months, put up a
ZO-stamp nldll on the property, which
IS admirably located for the site of
the plant. The company controls its
own water rights and everything is
adapted for the operation of a mill.
The property has an almost unlimited
amount of milling ores already blocked
out. 1t is proposed to proceed at once
with the carrying out Of the contract.
and the probabilities are that before
the six morthS are gone the new mill
will be in operation.