The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-06-28
ORGANIZES TO BUILD
IMMENSE STEEL PLANT
; Utah Iron Coal Company the Name of a New
Corporation Acquiring Big Holdings
Trust May Be Back of -SenatOr B. Lewis Only Person Pub
icly Known at Present

a ENCOURAGEMENT was made yester-
Il day by State Senator A. B. Lewis
that a powerful eastern syndicate
had acquired heavy holdings of Utah
iron and coal land and would spend
$25.o 100000 to SSO,0OO.OOO in opening the
mines. building railroads. and in put
ting up an immense steel plant. To
this end the Utah Iron & Coal COM
pany viii be incorporated this week un-
der the laws of Colorado. 1t viii have
a capital of $40, 00O,O 00 and viii issue
bonds to an equal amount The bond
issue is to be placed in a short time,
10 furnish funds for the work
Mr.. Lewis declines absolutely TO tell
whom he represents, except that they
are experts in the iron business, and
amply able to furnish the vast amount
OF capital necessary for the undertake
ing. Information from other sources
leads TO the belief that they are men
connected with the United States Steel
corporation.
May Mean Great Struggle.
Should this be true. it may mean the
beginning of a gigantic struggle be
Tween J. Pierpout Morgan and
John D. Rockefeller. Morgan
controls the steel trust. Rookie
Teller has just gained control Of
the Colorado Fuel & Iron company
The proposed plant would be in direct
competition with the Colorado corpora
ton. Unless there should be a division
OF territory. giving the Utah company
all west of the continental divide a
bitter warfare would be likely to be
precipitated. In the initial cost of pro-
duction, the Utah company would have
an enormous advantage
AT the present time I am able to
state but little" said Senator Lewis
yesterday. Il am not the principal
in the transa ctiOn. / am acting for a
syndicate of eastern men who are ex-
perts in the iron business and who are
amply able to supply all the money
necessary for an extensive plant They
a have told me to go ahead with the pre-
4 lminary moves, and all the money
needed would be forthcoming. I have
secured over 5000 acres of iron land
IN Iron county. having In sight millions
of tons of high-grade iron ore. I have
also taken options on some extensive
tracts of coal land.
Immense Steel Works.
1.-THE people for whom I am acting
are preparing TO put up immense steel
works in Utah They are talking of
putting ia S25.Q00. 600 to $50. 600 600. The
plant VIII include blast furnaces, rail
mills. and other works for the manu-
faCture Of different kinds Of steel prod
ucts on an extensive scale. the capacity
being considerably over 1000 tons daily.
within a few days the articles of
Incorporation OF the Utah Iron & Coal
company viii be filed in Colorado. The
capital stock viii be $50, 600, 600, all COM
mon shares. There viii be a bond is
sue Of 500 600 600, at least part Of which
viii be placed at once, 50 as TO furnish
funds for the construction. 1t is the
intention TO erect the works in Utah
but I cannot yet say where the lOca-
ton viii be. II is planned, however
TO provide a water supply for a city OF
$4,000 inhabitants where the works are
That is all the Information 7 am at lib
erty to give out at present"
Mr.. Lewis was asked if John Q. o.
4 good or any Of the other men recently
forced out of the Colorado Fuel & Iron
company We're in the new enterprise
He declined to answer this question OF
any other bearing on the identity of the
people with whOu, he is associated. G
c. Parsons. a Denver attorney. is il
the city now on business connected
with the corporation.
To Hold Meeting Soon.
The papers are ready and will be
fled soon. as the first meeting, for the
purpose Of organizing, is to be held tbs
second week in July. Some mixing OF
the identity of the hackers of the en-
terurise may be gained then.
The iron properties on which option.
are now held by Senator Lewis include