The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-11-18
FOR SIX MILLIONS
Royal Copper Company Has
Been Incorporated.
OWNS FAMOUS CACTUS
BARTON SEWALL. SAM NEW
HOUSE AND OTHERS.

What is destined to become one of
the biggest copper-producing PROPOSE
lions in this state has just been sue
cessfully launched by President and
Manager A. B. Lewis of the Imperial
Copper company, and Gill S. Peyton.
1t is nothing more nor less than the
formation Of a 81. 100000 company to
develop and operate the famous old
Cactus property and adjoining terri
tory covering over 200 acres in San
Francisco district, Beaver county, and
northwest Of the Imperial, in Copper
gulch.
The new company mas been christen-
ed the Royal Copper Mining company
and the S5,00O,000 capitalization is rep
resented III 100000 shares of a par
value Of SO each. The corpora ton is
being formed under the laws of the
state of Illinois and its completion only
awaits the going of Mr.. Lewis TO Chi
cagO, for which point he VIII leave as
early next week as possible.
or the total number of shares in the
organization only one-haIf have been
subscribed, the other half going into
the treasury TO meet future emergen-
cies.
Among the subscribers to the new
cOmpany's shares are some of the
strongest financial operators in the
whole country.
Those who viii guide the new enter
prise during the first year of its exist
ence are A b Lewis. president, Bar
ton SeWall vice president; Gill 5. Pey-
ton, treasurer; Robert J. Coleman, gen
erai manager, these, with the addition
of W H. Alexander, completing the
board OF directors.
Barton SewaIl is the vice president
OF the American Smelling & Refining
company and Mr.. Coleman is manager
of Samuel NeWhOuse's interests in this
state, and the conclusion drawn from
that fact is that the gentleman repre-
sentS Mr.. NeWhOuSe as well as him
self in the Royal company.
NJ. NJ Johnson, the well known eZ-
pert ana mining engineer, under whose
guidance the Boston Consolidated
company is prosecuting developments
on It's Bingham properties, has been
retained as consulting engineer, and
work at the property is now being
pushed with force of about twenty
five men.
The property has been developed
through working shaft 800 feet deep
and main tunnel 44O feet as well as
in numerous other places along the
great cOpper-bearin zone which ira
verses the cOmpany's possessions and
recent shipments to the local smelters
give good idea Of the character OF
the ores there being mined For five
carloads the average was over Is per
cent copper, and 81 IN gold and silver
values. Samples taken from all parts
of the mine gave returns of from 8 TO
50 per cent copper, from S4.20 up to SIS
in gold, TO 20 ounces in silver. with
an iron percentage of Is to y, the iron
alone paying more than the freight
charges The smelter management de-
clares it to be the most desirable class
of ore imaginable and with the i'm
mense bodies already blocked out in
the mine and the perfect system OF
development planned fer the future the
cOmpany'S prospects are bright indeed.
A new three-cOmPartmeat shaft was
started a short time ago and AT a
depth of ten feet high-grade ore was
encountered and as work progresses
the values increase.
In No. 1 crOsscut of the Cactus tunnel
an average sample of the entire fifty
foot breast of ore gave returns of 90
per cent copper, S5.15 in gold and silver
with per cent iron.
The Cactus property was formerly
owned by a French and English Syndi-
cate which, through internal cOnten-
tons. closed down the mines. as vel
as the mill and smelter with which
they are equipped. Litigat ton enSued
and the property was bid in by the
company's bondholders. After the re-
demptiOn period had expired the prop
erty was occurred by the founders of the
Royal company, and if nothing happens
It VIII be one of the biggest copper
producers in Utah within the next few
months.
General Manager Coleman and En-
gineer Johnson left for the mines last
night, intending 10 return Tuesday OF
Wednesday next with President Lewis