The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-07
Story Of Formation of This Great
Trust.
RICH MEN IN COMBINE
HOW THE GREAT ENTERPRISE
WAS UNDERTAKEN.
capitalization Likely to Be Increased
From the SIS, 100000 With
Which a Beginning Is Made
Utah Properties to Be Absorbed
Probable Effect of Trust.
fsnecial Correspondence


New York, May 3.--Probably no
company ever organized had such
great wealth back OF it as the Anal
gamated Copper company which was
incorporated in Trenton, n. j., on April
%. While the capital of the company
is at the outset but $4,000. 600, its char
ter gives il the power TO increase it
without limit, and well-informed per-
sons predict that it viii not be long
before it VIII be up in the hundreds of
millions.
Some idea of the enormous wealth
back of the company can be had by a
glance sat the following list of officers
and directors: Marcus DAILY, president;
Henry Rogers, vice president; William
Rockefeller, secretary and treasurer;
and the directors, in addition to the
officers named, are Albert c. Burrage,
Robert Bacon. Roswell +. Flower, f.
j. Olcotu and James Stillman.
Messrs. Rockefellei. and Rogers are
Standard oil magnates and both mil
lionaiTes many times over. MIR. DAILY
has long been the manager Of the
great Anaconda CGz,,,sa company. and
Is also Il multi-millonaire. Mr.. Olcott
Is president OF the Central Trust COM
pany of New York; Mr.. Flower is an
ex-governor of the Emn--e state, and
the most conspicuous figure in Wall
street today; Mr.. Bacon is a member
of j. p. Morgan d Co: Mr.. Stillman is
president of the National city bank of
New York, and Mr.. Burrage has for
years been identified with the Standard
Oil and large gas interests. Every
one of the latterly-named gentlemen
count their wealth by the millions, and.
as stated, TO company ever organized
had interested i'll it so many enor-
mously rich men.
The stock of the new company is Of
fered for public subscription at par IN
til tomorrow. and it is known To have
already been many times over sub
scribed. and 4 "skyrocket" course in
the price Of the stock is predicted as
soon as Ike subscription books are
closed.
Organization Of Trust
= history Of the gradual formation
OF this gigantic enterprise is of great
interest 10 me entire financial world.
and doubiy 50 70 mining communities.
The first animation that the Standard
Oil people had become interested in
copper mining came i'll October. 1897
when men We're put 10 work in the
Arcadian mine. and rumors We're rife
that MeSsrs. Rockefeller and Rogers
were Interested in the property.
Next there were rumors that the
Standard oil people were buying stock
In the Butte q Boston mines. There
was much mystery concerning the OPP
erationS Of the Standard Oil magnateS
in copper stocks, arr not until the fall
of 1888 did it become positively known
that they were really investing heavily
in those securities. There were re-
peated denials from seemingly author
itative sources that Messrs. Rockefel-
Ter and Rogers were lin copper" and
just as often the announcement was
made from other sources that they
were. Next, the Standard Oil people
turned their attention to the Boston
d Montana property. The then own
ers of the controlling interest in that
property fought the aggressive policy
of the Standard Oil interests and en-
deaTored to retain control of the mine |
A battle royal, in the mining markets. |
followed, and the end saw Messrs. |
Rockefeller and Rogers masters of the |
situation.
Other mining property was pur-
chased by the Standard Oil interests, |
until. when the Arnalgamated COM !
pany was formey, they owned a con-
trolling interest in the following |
mines: