Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-08-04
CASH is UP FOR
UTAH COPPER MILL
American Smelters Securities Com
pauy Will Take Entire s.
900, 900 Bond Issue
PRESIDENT M NELL IS ASSURED
VI This and Leaves for Colorado
Rio Grande will Rush Work on Spur
To New Plant

When President McNein OF The Utah
copper company pulled out for Colora.
40 Yesterday afternoon, h. loft with the
assurance that the American Shelters
securities company the successor Of
me 5uggenheim Exploration company.
would take the entire issue Of the S.
100000 worth Of Improvement bonds,
"hieh We're authorized at the recent
meeting Of the directors Of the company
~ colorado Springs While the stock.
noIier3 nave not ratified The action
taken by the directors. there s not the
sllghJesl doubt but that they VIII DO
50 at ihe special meeting to be called
Tor That purpose.
WIN assurance OF this the Securities
company has loosened it's purse string
and the Utah Copper is authorized 10
draw such monies as are needed ON ac.
count OF construction pending the com
pletlon OF the deal, Under the terms OF
thc transaction the Securities company
mas The privilege of converting the
Dohds INTO stock within live years, at
the rate Of S26 per share. At the same
time The Securities company. which al
ready owns block OF 46 900 shares has
"A call on enough Of the personal stock
or Messrs, Mcneil Penrose and Jack
llng and others to give them a control
OF the mine and, Of course. the manag-
ing and directing Of It's affairs.
Manager Jackling has commenced Or
ganizing his forces for the campaign OF
construction now before him ana the
letting OF contracts for the proposed
bVO0-ton NH are now In order Tho
contract for the excavations will be
let within the next 10 days
QUARTERS FOR OFFICIALS
Among the first things to be provided
will be quarters for officials of the
company and this forenoon Mr.. Jack
ling directed firm of local architects
to commence the drawing of plans for
a number Of dwelling houses office
buildings, etc.
II vas learned from MIR. Jackling that
the Rio Grande will commence work on
the spur 10 the copper mill and TO the
American Smelling & Refining com.
pany1 copper smelter just az soon al
the contractor, the Utah Construction
company, can get the required equip
ment ON the ground.
The impression has gone out that
the line will leave the Bingham branch
at Revere station. This is wrong. The
point OF diversion will be at the five
mile post west of the Bingham juno
ton station. The road will bear off
TO the northwest following the foot
hills Of the Oquirrh range of noun
tans, coming IN above the site Sc
leCted for the concentration. From |
the point where the road leaves the |
Bingham line to the copper plant, the |
distance Is IA miles the copper shelter |
viii be three miles beyond that, which |
Will be the terminus.
This line will be used I'm the trans |
portation Of supplies machinery and |
equipment for the works TO be erected |
and later viii be utilized In the trans |
portatlon OF all supplies into camp and |
for outgoing freights, Passenger trait |
tic to the mill and smelter townsite will |
be handled by the Rio Grande over this
line. The Salt Lake Route will prob
ably operate trains into the new town |
later but no trackage arrangements
have been made as yet.
Eventually. It is believed. another
line viii be built a cutoff from Bng-
ham, over which the ores of the grea.
copper camp viii be transported. That,
however II a later consideration.
Manager lacking proposes to push
the work OF construction with all pos
sible haste, and by the expiration OF
twelve months, expects to have the
first units In commission,
After the retirement OF the existing |
bonds and costs the company VIII have
s2'OOOO0O with which TO carry out It's
project