The Intermountain Catholic. (Salt Lake City [Utah] ;) 1899-1920, 1902-07-26
EASTERN MILLIONS FOR
UTAH'S IRON DEPOSITS.
Long Pending Deal Brought to Sue
cessful Finish Yesterday.

|
cessful Finish Yesterday.
A DEAL of greater magnitude than
| n has been carried out in this city
for a long time, and one that
must eventually result in building up
the commonwealth of Utah as no 9TH
er single business transaction has ever
done, was consummated in this city
| yesterday. 1t was the sale of the ia
! nous iron deposits near Cedar City
for sum aggregating over $2,250,00
to Peter l.. Kimberley and Frank H.
Buhh both of Sharon, Pa, the latter
| multi millionaire iron and steel OPP
orator, and the former better known
locally as the purchaser of the famous
Annie Laurie gold bonanza and NOV
ing spirit in the Western Exploration
company, that has done so much dur
ing the past year orr two for the
building up of the mining industry in
this region.
The deal was clinched late in the
afternoon upon the final investigation
of titles and the drawing of contracts
by Mr.. Kimberley's attorney, John G.
Williams, of Duluth, Mimi, and while
the terms of the contract allow the
purchasers eighteen months in which
to make final payment there is rea-
son to believe that the last dollar will
be turned over to the vendors before
the year closes. What sum was de-
manded and paid on the closing Of the
transaction yesterday was not dis"
closed, but that it was a handsome
one there is no doubt.
The properties involved consist of
nearly 100 patented Claims and lode
and placer locations enough to run the
fol To Ok 1oiy ,Hrao
ing some of the finest bodies of iron
ore on this continent today.
The vendors in the transaction are
Colonel S. B. Miner and Messrs. Dean
& Learch, who come in for about
$1,000,000 on holdings amounting to
seventy-one claims; Matt Cullen and
the A. G. Campbell estate, with eleven
claims and rake-off of approximately
$50O,O00 the Walker brothers, with
about the same number of claims; the
Thomas Taylor estate, seven claims,
and James McGarry, with sixteen
claims, all exclusive of the locations
that go to make up the total acreage
involved, and with various sums I'M
the price, as stated. re
The consummation of the great I'M
dertaking was the outcome of the
months of negotiation conducted by
Witcher Jones, who has spent a year
in, the east as the representative Of |
the vendors. Last winter the propo |
sition was brought to the attention |
of Mr.. Kimberley, Who has handled |
more iron property than probably any |
other man in the country-his deals on
the great Mesaba range alon aggre-
eating over 5000 1000, 000-and, after lis /
tening to the report of his expert, John
H. i IT. So,
twenty years or more, he decided to
take a hand The preliminaries lead
ing up to the climax of the transac-
ton have been in progress for months
but so well guarded has been every
move that it was only during the past
few days, or since the arrival of Mr.
and the homecoming of
Witcher Jones, that any accurate idea
of what was in the wind was obtain
able.
The monster deposits of iron en-
braced in the property secured can be
imagined more easily when it is known
that Mr.. Kimberley's expert declared,
after visiting the mines, that he had
seen more iron ore in one day of his
trip than he had ever seen in a week
before in his life, and, there is not a
deposit of iron in the country with
which he is not perfectly familiar. The
ore in the district named averages
over so per cent metallic iron, and
ANALYSES show that it is purer and
freer from phosphorus and other de-
iterious substances than any other
ron in this country.
At the close of the transaction, Mr..
Kimberley was asked what would be
done with. the property and he said
It would be mined and prospected thor
oughly, but farther than that he was
not willing at this time to disclose his
plans.
1t is a foregone conclusion, how
ever, that the day is not far distant
when works will be established for the
of the ore into ali kinds of
structural iron and Steel and in this
kind of enterprise the population of
the state and its Importance as an in
dustrial center must forge ahead in
q manner that will be surprising.
The iron mines of Utah are nearer
to the San Pedro harbor on the west
coast than is Pittsburg to the Atlantic
coast and the day is approaching when
A market for all the steel and iron that
can be produced at this point will find
an outlet there. The building of the
new railroad, now under way, will
solve the problem of transportation.
Other features of the enterprise now
being incubated by Mr.. Kimberley and
his associate are promised in the near
future.