The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-04
MILLION DOLLAR
DEAL IS CLOSED
F. Augustus Heinze Gets the
Ohio and ReorganizeS Of
fetal Household.
BIG MILL TO BE BUILT
WILL HAVE CAPACITY OF 1000
TONS DAILY.

The deal for control of the Ohio Copper
company, involving about S1,OO0000, was
formally closed in this city yesterday
morning and at a meeting of the directors
of the corporation a reorganization of the
official household was perfected. A. ].
BEETLES resigned the vice presidency and
F. A. Heinze was elected to fill the va
cancy. Henry CatrOW. as secretary and
treasurer, was succeeded by Frank +.
Swindlef, one of Mr.. HeinZe's engineers,
and the rest of the old board, with the
exception of n. ]. CatrOW. president. and
Thomas Weir, manager, were all retired
and new men named.
President CatrOw and Mr.. Weir are both
heavy stockholders in the company yet,
and while Mr.. Weir expects and wishes
10 be relieved as manager of the mines.
Mr. Catrow will undoubtedly continue 20
serve as president of the company for
the present, at least. IN addition TO the
men named the directorate now consists
of W. f. Kidney, Duncan MacNlchle ana
Collin Mcintosh.
How Deal Was Engineered.
1t is said that final payment on the
option price of the nearly 10000 shares If
the stock that passed into the hands of
Mr. HeinZe was made several days ago.
and that the formal proceedings of yes
terday were simply in accordance with
agreement reached when the deal was
finally arranged, about one month ago.
Up to that time Mr.. Heinze lad never
mao an OptlOn on the property OF STOCK
Mr. Weir held the option and W1en he
presented the proposition to Mr.. HeinZe
the latter had the properties examined.
While he was satisfied then hat the
mine was worth the money asked for con-
troll dev eIOpment had not reached 4 sage
where he felt justified in doing business
and have the world understand that he
was behind the enterprise There was
then a lapse of about fortV-fIVe days
Shen nothing was said or done. At the
ynd of that time Mr. Weir told Mr.
Efeinze that he believed he was making
3 mistake IL not king hold of the prop
osition and, upon the statements made TO
him by Mr.. Weir. he asked for the PRIV
fiege Of again examining and Sampilng
the mine. 1t was this second inspection
and examination that settled the deal.
AIR. Heinze wanted TO understand and,
during the last thirty days the shown z
made has been such that Mr.. HeiuZe and
mis- engineers on their Saturday and Sun
gay "Trip to the property. realized that one
OF the big propositions Of the district
had been absolutely demonstrated
Two Thousand-Ton Mill.
Manager Weir had been contending that
the proposition justified the building of 4
I.OO0-tOn milling plant to replace the $50
ton mill that has been doing excellent
service on the property When Mr.. Hence
and his engineers got through with Their
inspection Sunday II was at once decided
that the property cOuld get along with
nothing less than a 3O0-tOn plant Yes
terday IL was formally and finally deCid =
to build Il and that with just as little
delay as possible. CIueTs for machinery
and equipment will be placed just n soon
as Mr.. Kidney. the milling expert on the
HeinZe staff, cen prepare the estimates
and get bids TOR the material.
Just where the mil Will be built has
not been definitely determined. 1t may
be a few weeks before it is. but the STATE
ment is auth0r:taiively given that the
mill will be constructed at one Of three
points under consideration and there is
no doubt but what ground will bC broken
before long 1t IS stated that the plant
will be so constructed that its capacity
can be. readily and quickly Increased End
il is intimated that 1t viii nOt bc hong
running at 200 tons capacity until al
enlargement is ordered.
If anything has been needed TO empnl-
size all that Manager Weir has claimed
for conditions in the Ohio property, since
he undertook its systematic development
last May. it is found in the fact hat il
today juStifies the erection Of d plant
Of such enormous capacity. 1t proves
also. that Bingham is growing 20 be
bigger camp every day.
Mr.. HeinZe and some of his engineer.
expected to leave for Butte again las
night. Ii is understood that Ohio will
become an asset of Heinzes United Cop
per company