The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-25

! Mining circles in this city were not
convulsed with surprise to any great
extent yesterday afternoon when the
announcement was made that Captain
J. R. De Lamar had surrendered his
option on the Mercur mine. and that
the deal had been declared off.
Since the arrival of the captain in
the city a few days ago, The Herald
has had the only interview with this
gentleman that has beer published, and
in this the captain took pains to i'm
press upon the writer the fact that
there was no certainty that the bond
would be taken up, and it was his evil
dent desire that the public should have
an intimation that there was a doubt
as to the contamination of the Mercur
deal; and it is for this reason that the
people of this city were not greatly sur
prised when ii was noised around that
the bond had been returned to the
Mercur company by De Lamar and
that the sale had failed of consumma-
ton.
Tuesday afternoon. as stated in these
columns, Captain De Lamar and his
general manager. H. A. Cohen, were
closeted for a long time with the officers
of the Mercur company, and it is stated
that at the close of the conference no
satisfactory terms had been agreed
upon by the interested parties. At high
noon yesterday. however, Manager
Dern of the Mercur received note
from Mr. De Lamar, in which the cap
tain stated that he would not take the
property, and with the note was in
closed the option. so that it would seem
as if there was no intention to make
further efforts to hold this valuable
ground.
In this note the captain stated that
he had conferred with his London peo-
pie and that it had been decided by
them that it was best TO let the bond
lapse.
At the office of the company it was
learned that the management was
highly pleased with the treatment that
had been accorded the company at the
hands of De Lamar, who had an
nounced his decision in the premises as
soon as he had formed it, which was
certainly an act of courtesy, as, ac-
cording to the terms of the bond. the
decision might have been withheld I'M
til the 22nd of next month
Of course the money put up by De
Lamar, s25,OO0 has been forfeited to
the company. but the captain IS
blooded and no mention of this has
been made by him, and II is probable
that nothing will ever be said regard
ing the matter. unless it is by some of
the stockholders of the company, w.
it is said. are looking out for the an
nouncement of an extra dividend on ac-
court of the rake-off-
Manager John Dern informs The
Herald that now it is the intention of
the company to begin work on
larger scale than ever before. and as
mill of the company at Manning is to
be increased in it's capacity to 300 tons
daily, and il will not take long to
make this addition.
When the news became known yes
terday afternoon it was noticed that
large proportion of the stockholders of
the company in this city were we'll
pleased with the result of the deal, and
there were many who stated that they
were well satisfied to have the mine
remain under the old management,
which had always given excellent salts
faction in the supervision of the prop
erty and in looking after the welfare of
the shareholders.
In his interview with Tho Herald a
few DAYS ago. Captain De Lamar init
mated that the bond would rot be
taken ND unless the amount specified in
the same could be measured out in the
workings of the property, and il is now
believed that in the examinations that
have been made of the mine during
the mast two months. these have failed
to reveal this amount of ore ready for
extraction. although there is no doubt
in the minds of mining men but that
in this property there are many mill
lions in ore.
AS it is. the people of this city are
well pleased with the result.