The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-31
TRENT AND THE PENoBscoT.
How Well-known Salt Laker Picked
Up $4,000.

The Independent of Helena recounts the
following at the expense of L. C. Trent
of this city:
L. c. Trent of Salt Lake is in Helena.
Mr.. Trent was in the early days of Mon
tana perhaps one of the best known men
among miners in this state. His pres
ence in the city recalls a striking reInin-
iscence Of former times In the '70S,
when he represented the Fraser & Chalm-
ers company and Mr.. FrUe, for whom n
celebrated piece of mining machinery is
named, and he was intimately associated
with the development of some of the
properties that have since then been di-
rectly instrumental in the building up of
the mining interests of the state. 1t was
in 1871 that the Psnobscot. near Marys-
vile, then owned by Nate Vestal, created
such a furore in the mining world and
when the quartz mining interests of the
state began to slowly forge to the front.
The former mine was talked about for a
time as no other mine in the west. Mr..
Trent believes that no piece of mining
lSoperty was ever more widely spoken
of and written of. in proportion to its
size. before or since. Old-timers will re-
member a circumstance OF that time, in
connection with the PenobScot property,
that illustrates how cheaply money was
held by those who were connected with
the mining industry.
1t was in the course of his business that
Mr.. Trent made the acquaintance of Nate
Vestal and the suggestion was made that
he buy the mine. The price was $500 900
and it seemed so low to some of the 9th
ers who were indirectly interested in its
welfare that considerable opposition to
the sale at that price was developed and
efforts were made TO persuade VeStal not
to dispose of 1t so cheapiy. Trent finally
took a bond on it at the price originally
mentioned and agreed to make a pay
ment in 60 days of S75. 900. the remainder
of the purchase price to be paid in equal
inStallments The bond was not given I'M
til much discussion had been had Us 10
the details and the advisers of Vestal
finally asked Trent:
Suppose that some one comes along
within co days and offers US q much
larger sum for the property
In that event. was the reply. 81 would
take $4,000 and release the bond
That didn't hasten the agreement any,
but Nestal still thought well of selling
and at length the bond was executed,
with the insertion of clause providing
that in the event that the owners desired
to annul their contract they might DO so
upon the payment of 5000. That made the
bond practically worthless. so far as the
prospective purchaser was concerned. 1t
ShrOuded il with so much uncertainty
that he could not have offered the prop
that it would be there when the time
came to close the deal. Mr.. Trent orac-
tically abandoned any idea of doing any
thing with it He did not even take the
he left the city TO continue
his tour of the state. Nothing was done
toward putting the mine upon the mar
ket.
These little details came out afterward.
They weren't generally known at the
time or the sequel would have been dif-
ferent. Each party looked at the prop
osition from a different side and neither
knew as much as is known now of the
relation of events to each other.
In the meantime. a new set of events
had begun to shape themselves. The
Penobscot continued to be exceedingly