The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-06
". F. SNYDER
MAKES A CHANGE
Sells His Stock In the Western Ex-
ploration Company and
Retires.
HAS INVESTED MILLIONS
o'MEARA-LYNcH CROWD HAS BIG
THING IN NEVADA.

After SucceSSIui anu eIS0IIO
career as president and general mana
ger of the Western Exploration COM
pany. its founder, Willard F. Snyder,
Yesterday afternoon sold his stock in
the corporation to his old business
associates and retired. George A.
Baird, the chief executor Of the T. l..
Kimberley estate, was chosen TO Ill
the vacancy in the presidency thus
created, and c. o. Ellingwood, who
has been the secretary and treasurer
of the corporation from the beginning,
had his duties and responsibilities aug
mented through the action of the d.
rectors in placing in his hands the
general managershIp, as we'll The
formal action taken yesterday is the
result OF negotiations that have been
pending between Mr.. Snyder and. the
other members of the company for
several weeks, and simply a business
proposition, not a suspicion of friction
having anything to do with the deal.
What amount of money was in
volved In the transaction, none of the
parties at interest would divulge, but
that il was heavy is apparent in the
known magnitude of the company's
opera tons. One interest reserved by
Mr.. Snyder was a better than one
tenth interest in the HOnerine COM
pany. or over so 900 shares, which has
a market value today of more than
$3.50, 900, with every prospect that it
Will be held at more than double that
much within a year.
Company Has Invested Millions.
During the five years that the West
ern Exploration company has been do
ing business in this and other western
IL
connections invested approximately
So, 600 in mining enterprises. It's
formation was the result of the early
business dealings of Mr.. Snyder with
the late P. L. Kimberley, Frank H.
Bull and others dealings which had
their birth in the sale by Mr.. Snyder
and his associates of the bulk of the
property now owned by the Annie
Laurie Gold Mining company in which
Mr. Snyder is still largely interested,
and which is now rated as one of the
big bonanza mines of the state. Fol
lowing the cOnSummatiOn of that deal
Mr.. Snyder continued to urge upon
Mr.. Kimberley and his eastern associ-
ates the splendid chances which this
region offered for profitable invest
ment and it was not long until il be-
came necessary to form a company
through which to handle the vari-
Gus enterprises that were taken hold
OF. Prospects and properties of great
er or less magnitude were taken IN
and financed in different camps of
Utah, Nevada, and California and.
while all did not turn out to be bonan-
zas, the company's investments on the
whole, proved exceedingly profitable.
Reasons for Selling Out.
Owing to the death of P. L. Kimber-
ley and the policy of his administrators
there has been a general change in the
affairs of the Western Exploration
company. Some of its interests have
been disposed of and others are being
closed out. The Balaklala mines have
been sold, the BuckhOrn is just as good
as sold, and so 1t has been going. Ev-
erythlng owned and controlled by the
company has been placed in good order
and Mr.. Snyder felt that a broader field
and greater opportunity would be af-
Iorded him to swing new undertakings
and bring new money into the west if
he relieved himself of the vast amount
OF detailed attention that the company's
affairs required. These were the chief
reasons which prompted him to sell out
10 his associates.
AS to the Future.
c. o. Ellingwood, the company's new
general manager, is familiar with every
one of the provisions of the agreement
by which Mr.. Snyder retired was that
ne should not persuade Mr.. EIlingwood
to go with him That was the hardest
nut in the negotiations to crack, as Mr.
Snyder would rather have lost any
point than that. He recognized the
wishes Of his old partners, however.
and Mr.. Ellingwood stays with the
company.
In the handling Of the company's
HOneTine mines z. J. Raddstz, general
manager of the property, will be de-
pended upon to do as he has done in
the past, sUoserve its every best in
terest
Willard Snyder retains the old offices
and the Western Exploration company
VIII take new quarters in the same
building. Mr.. Snyder Will establish
offices in New York, but Salt Lake will
be his headquarters. Several new prop
Ositions viii receive his attention dur
ing the present year. and he promises
u