Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1901-12-23
FUTURE OF ALASKA
Millions for Development of
Copper River Country
The Mines of That Region Considered
Among the Richest in the World.
Some Projected Railroad Building.

seattle. dec. ia TRANSACTION IN
volving the proposed construction and
equipping of a railway from Valdes to
the interior of the Copper river coun-
try and the transfer of rich copper
properties in the latter district is re-
ported to have been effected at Chi
cago. Portus B. weare. formerly of
the North American Transportation
and Trading company, is mentioned as
president of the corporation which is to
undertake the mammoth deal. The
capitalization of this company is placed
at s9.000,000. The price paid for the
mining properties was s1,125,000. upon
the terms of s55, 200 down and the re-
mainder when experts for the company
return o favorable judgment of the
value of the claims.
F. B. Millard. one of the owners of
the claims, together with l.. c. Dill
man. local promoter. is credited with
the execution of the transfer. The news
was brought to this city by ]. d.
Meenach. a well-known Valdes mining
man who has returned here from the
east Before leaving Chicago Mr.. Nee
mach met Mr.. Millard. In the course of
conversation the latter. disclosed the
transaction Mr.. Meenach. in repeating
Mr.. Millard's statements, said:
Huge as may seem the magnitude
of the proposition, believe it is true.
The amount of capital invested is not
too much for such an undertaking. 1t
has been long established fact that
the development of mines in the more
remote districts of the Copper River
country would require the investment
i.,f, - .l-Irr
all that has; held the district back. It's
values are known by the best of author
tiles to be higher than those of any
other known properties. Syndicate de-
rvelopment was the one outlook for the
company, by reason. of transportation
facilities.
Mr.. Millard told me that there re-
mained no doubt as to the closing of
the transfer. He said the buyers of his
property had gone into the matter after
a careful study of the situation. They
had made careful calculations before
launching the scheme. Aside from the
great profits to be obtained from the
working of the copper mines. the rail-
road in stself, will undoubtedly be Il
large dividend payer. 1 was told that
the company contemplated the outlay
of $40. .000.000 for the construction of the
railroad alone. This seems unreason-
able and is the one impracticable point
in the report Experienced contractors
and civil engineers have surveyed the
possible pathway OF the railway. Their
estimates of the expenditure required
averaged approximately sS.OO0.00
Though Investigations in connection
with the sale of the mines have all been
completed, a few matters of minor i'm
portance are. yet to be attended to.
These consist principally of procuring
the signatures of all the parties dis
posing of their property to the deed
which transfers ownership. Mr.. Dill
man. it is said. is in charge of this
work and is at the present time travel
ing about the United States to the diff
ferent cities where the owners live
Locally. the report was at first re-
ceived with some misgivings as to its
authenticity. So many stories have
been originated about fabulously large
transfers that the first mention of the
reported scheme occasioned distrust
However. upon authorities being quot
ed. serious attention was at once given
and great interest taken in the details
1t being a generally known fact that
both Millard and Dillman We're in the
east for the purpose of interesting large
capital was the best substantiation of
Mr.. Meenach's account.
Should it develop that the proposition
is bona fide, the possibilities for the
country Interested are enormous. VAL
des' growth to a leading city of the
Alaska coast would be assured. The
entire country along the railway line
would be open to prospecting and the
possibilities for rich discoveries, ex-
perienced mining men say. are little
short of wonderful. The main point in
consideration. however. is the full de-
velopment OF the known discoveries.
The object of Mr.. Meenach's visit to
the east is also a matter of import to
Valdes. After consultation with the