The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-04-24

The great copper trust, with its
backing of s40OO0O,OOO, has reached
into Utah and laid its grasp upon the
two most promising copper bonanzas
of the state.
Samuel Newhouse, president, and
| Thomas Weir, general manager of the
Utah Consolidated company, better
known as the Highland Boy, have
rendered their designations and a
representative of the copper trust has
succeeded to the presidency. Mr.. Weir S
successor has not yet been named.
The Associated Press announces that
the American end of the international
copper trust was promoted by the
Standard Oil syndicate. 1t will be re-
called that the Standard Oil people, q
few weeks ago, paid s6,000000 for a
controlling interest in the Utah Con-
solidated. The new president is Albert
c. Burrage, said to be one of the
heaviest stockholders, and a member of
the Standard Oil syndicate.
Thus, it will be seen, the same fin
ancial interests that are promoting the
copper trust are in full control of
Utah's famous copper property, that is
worth, upon the basis of recent trans
actions, $12, 100000
1t will also be recalled that the recent
purchase and consolidation of the
graph and Niagara properties was ac-
complished by a syndicate closely
allied to the Standard Oil crowd and
it is proposed to develop these mines
for copper output. Nearly S., 600 900
We're involved in this deal.
Thus, the projectors of the copper
trust have expended nearly $1O,000,090
in acquiring control of two of Utah's
copper propositions. But many more
ha ad ho
expects to absorb Utah copper mines
as fast as the enterprising citizens of
the state develop them.
General Manager Weir, when seen
yesterday, confirmed the report that
President Newhouse and himself had
rendered their designations, Mr.. Bur-
rage, he said, was elected to the presi-
dency at a meeting of the board of
directors held at New York last week.
He had not been informed whether
new general manager had been select
ed, but expressed a dSire to be re-
lieved at an early date, as his other
Utah interests demand his attention,
and, furthermore, he did not wish to
retain the management, since his as
sociate, Mr.. Newhouse, had retired.
In speaking of the connection be-
tween the copper combine and the Utah
Consolidated, Mr.. Weir stated that he
the new owners of the stock, and even
if such a deal had been consummated,
he would not likely be advised of the
fact Immediately, inasmuch as the
control of affairs was now held III
Boston and New York.
The mining industry of Utah is deep |
ly indebted to Messrs. Newhouse and
Weir, the retiring officers of the Utah |
through whose sagacity +
and enterprise the copper resources of
the state have been brought to the at !
tention of the world. 1t is but a short !
time ago that they secured possession
of a comparatively unknown group of
claims in the Bingham district, famous
as producer of gold, silver and lead, |
but having no standing as copper !
camp. This property hGS been swiftly /
into copper mine that, in |
the opinion of experts, rivals the Ana J
conda. It's new smelling plant will soon {
be in operation, and the thousands of ,
tons of ore that have been blocked out /
will then begin to move to the reduc-
ton works.
To Mr.. Newhouse is due the credit for 1
financing the enterprise, he having sue (
,eeded in placing the stock at London
upon basis of S12, 900, 900 for the prop
erty. 1t is understood that both gentle
men netted handsome fortunes in re-
ward for their pluck. They are heavily
Interested in other properties in the
Bingham, Tintic and Mercur districts,
% which, it is expected, they will now
give greater attention. Mr.. Weir is
of the Ajax, which, under his
expert direction, is to be developed on
I most extensive scale.