The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-12

On basis of $4,000 for the property,
or 20 cents share, on top of a bonus
of $5,eOO. paid yesterday. and an agree
ment to spend $4,000 in development
work at the mine. the long-taIked-of
Annie Laurie dear was successfully
brought to a bead in this city yester-
day. With it goes an option on the
stock of the Snyder improvement COM
pany which calls for its surrender at
made on the Annie Laurie on the
tender of 100000, or 81 a share. The
details Of the latter proposition. how
ever, viii not he concluded until today,
so they cannot be given at this time.
p. L. Kimberly, the millionaire iron
manufacturer and mine owner of
Sharon. Penn. is the gentleman who
takes the properties and the deals are
being closed in his behalf by Waite: G.
Filler. who came out for that purpose
couple of days ago.
Annie Laurie Option.
The terms of the option on the Annie
Laurie group require that Mr.. KIM
berry shall do $4,000 worth of work
on the property between now and the
18th day of next April and that from
the time the $4,000 has been expended
he shall be given thirty days in which
to make payment of $4,000 and take
possession. The $4,000 is to be used in
a plan of development marked out by
Expert L. c. Rutan. ana while the
18th of April is named as the limit of
time in which to make the expenditure.
all parties at interest declare the money
viii surely be spent between now and
the end of the year so that the final
showdown viii come by Feb. 1.
History of the Deal.
The history of the deal is interesting
and romantic. Early in the year Frank
j. Cannon. with the assistance of
Willard f. Snyder, the chief pro-
moter Of the Snyder Improvement
company, and one of the largest prop
erty owners IN the Gold Mountain
mining district, where the property is
located, secured q six months option
on the fOrty-fiVe claims embraced in
the original scheme and after in
augur3ting development work on
large scale, Mr.. Cannon undertook the
formation Of a syndicate 10 handle the
property on basis of 81 ,000,0 A
certain amount was to be paid in cash
and a portion OF the stock in the big
corporation was to be ISSUED to the
VI lt1 iAidA ONiitlS dS we'll various
causes, principal among which was lack
OF time, prevented the contamination
of Mr.. CanBon's plan and as the day
on which the options would expire ap-
preached il looked as if the different
properties involved would revert to the
men and companies owning them and
tsiat nothing at ali would be done.
Then il was that Mr. Snyder, whose
pluck ana energy has gone so far to-
"a TH harafrn rrs~-s =.
tenuen of the outside world started
for Chicago. Mr.. Rutan had previously
made detailed and exhaustive eXamina-
ton of the Annie Laurie property and
had included in his report a general
description of the district. par
ticularly that portion embraced in
the Snyder Improvement company's
possessions. Armed with that report
and a set determination to do business.
he went among the men who were
hanging fire on the original PROPOSE
ton and succeeded in getting Mr.. KIM
berly TO come out and see the district
and what inducements ii held out to
the investor Judge H. c. Aldrich, the
well known Chicago lawyer as well
as l.. c. Luck, the millionaire maltster
and mining investor with Messrs. Filler
and RutaD made up the party which
MIR. Snyder brought back with him The
together and an effort was made to
get a short extension Of the option held
on that ground. Failing in that. the
original scheme had TO be abandoned
and an entire new deal undertaken.
The party went to Gold Mountain
examined the property and returned to
this city, the result being that Mr.
Kimberly made an offer to the Annie
Laurie folks as outlined above The
gentleman then left for home and when
notified of the arrangement which had
been agreed upon at this end, he sent
Mr.. Filler back 10 close the bargain
While the deal lacks much of being
what the promoters expected on the
start, it accomplishes what Mr.. Sny-
der has been working for during the
last eight or ten years namely. the
Ringing in of capital to develop what
Mir. Rutan unhesitatingly declared last
evening to be the making of one of the
greatest ga!d camps in the country.
Expert Rutan's Opinion.
After matters were practically ad-
justed last evening and Mr. Rutan was
at liberty to talk, he told The Herald
man that he had been in all the gold
mining districts of the country, but
now here had he seen mere favorable
conditions for the profitable employ
ment of capital than those possessed by
Gold Mountain. 1t was the best tim
bered district south of British Column
bia: L had sufficient water to furnish
light and power for all the mines and
mills that would ever be operated and
most of it could be mined at great
depth by tUnneling. The ores We're of
a very desirable character, being prac-
tically free from refractory elements
and tests made by him on large sam
pies showed that as high as 81 per cent
of the values could easily be extracted
by the cyanide process.
Snyder City, the gentleman said. was
beautifully located. had a splendid
water supply and he thought it would
not De long till a thrifty. thriving min
ing community would be built up at
that point. The district was traversed
by good roads and railroad commune
cation was near at hand.
Mr. Rutan says the district has a
great future before it and inside of an
x-aar 11za r.rpr7irfS min l,a -, l.