Durango semi-weekly herald., 1902-01-06
MILLIONS AND BRAINS UNITED.
Gigantic Combination is to Work the
Rico Mining District.
Denver Republican.l


torate. the personnel of which prob
ably represents more wealth ant
mining experience than has ever be
for been seen in any mining compan.
in the United States. This corpora
ton is the United Rico Mining com
pany. formed yesterday, with a cap
italization of $3,60O,00O, with head
quarters in Denver and the field OF
operations embracing almost the en-
tire Rico mining district.
The directors are David H. Moffat
who has backed so many mining sue
cesses in Colorado; A. B. Roeder, well
known in connection with the Rico
Aspen tunnel; Walter Beam, a lead
= ing assayer and metallurgist of the
Rocky mountain region; Joseph l..
Caven. president of the Real Estate,
Title, Insurance and Trust company
of Philadelphia: William N Coler.
81 of the banking house of Coler &
Co., New York, brother of Bird S.
Coler, former comptroller of the city
of New York; William n. McKelvey,
leading financier of Pittsburg and
the Standard Oil company; William
Standard Oil company, and a person
al representative of Andrew Carnegie;
James H. Lockhart. of Pittsburg,
prominent In the Standard Oil COM
pany, and Samuel Newhouse, of
Utah, owner of the Newhouse tunnel
at Idaho Springs and other mining
ventures in Colorado and Utah.
The officers of the company are.
w. N. McKelvey, president; vice pres
idents, ID. II. Moffat and Samuel New
house; secretary and treasurer, A. B.
Roeder executive committee, Samuel
Newhouse. chairman A. B. Roeder
and Walter Beam. Percy S. Rider
of Rico will superintend the entire
property.
The formation of this company will
mean much not only for the town of
Rico, but to the entire mining indus
try of the state. A quarter of a mil
lion dollars has been expended in lit
CATION over the property in the last
nine years, and on the ground hot wa
ter, dynamite and fire arms have been
resorted to by the employees of the
contesting companies. The fight at
haSe obait tNu oNCi lhC Lights VI lHe
Group and Lexington tunnels with the
Rico-Aspen Mining company, and le-
gal proceedings were commenced in
the United States district court. The
Rico-Aspen company won, but the
case was appealed, and has gone all
the way through the successive courts
to the United States supreme court,
which last fall overruled the lower
courts.
The most noted legal talent in the
state has been arrayed on the oppos-
ing sides. Representing the Eu-
terprise and other companies were
Senator Henry M. Teller, ex-senator
E. o. Wolcott, Joel F. Vaile, the late
Charles H. Toll and Reese McClosltey
of Durango. For the Rico-Aspen Co.
appeared Chas. j. Hughes. Jr, Thorn
as, Bryant & Lee, and Morrison & De
Soto.
The consolidation relieves the camp
of Rico of practically all litigation,
and seventy-five lawsuits We're en-
tered yesterday in the federal court
for dismissal. In the place of three
or four large companies operating in
u SEPARATE WutH lue COuTlS
permitted, and fighting in the courts
all the time, the largest acreage own
ed by any single mining company in
this country is now brought under a
single management, which the direct
ors assert will carry on an extensive
development not only in the upper
contact from which alone shipments
have been made, but also the lower
ore zones which can now be operat-
ed unrestricted by the mandates of
the courts.
The consolidation represents a cash
Investment of upwards of $4,000, 900
of which $3,60O,OOO is represented in
the taking over of the various proper
ties. There will be no stock for sale
and the allotment was made to the
companies represented in the combi-
nation, the properties of which were
appraised on the basis of actual cash
values, production and acreage.
The executive committee which is
composed of some OF the most expert
enced mining men in the state, will
meet at Rico early next spring and
decide on plans for the future devel-
opment of the property. Enlarge
ment of the smelter and mills of the
new company is one of the projected
improvements.
The United Rico Mining company
owns more than 1000 acres of ground,
larger acreage than any other min
ing company in the country. The un-
derground workings are almost 55
miles in length. and from one end of
the company's property to the other
is good days ride on horseback.
Among the mines embraced in the
combination are the Enterprise, Rico
Aspen, Swansea, Rico Townsite &
Milling Co.. Atlantic Gable. Rico
Mines Co., including the Rico smell
ter. of capacity of $50 tons a day,
and mill of 100 tons capacity; the
Grand View, New Years, Hope and
Cross, the Group, Lexington, Syndi-
cate and Onomo tunnels, and the