The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-25
HONERINE DEAL
IS CLINCHED
Mine to Be Thrown Wide Open at
Once and Mill Started
by April l.
BIG FORCE OF MEN NEEDED
PETER HACKS ASSOCIATES NOT
YET DISCLOSED.

While it will require a few hours, ana
possibly day or two yet, to clean up
The details of the transaction, 1t may Ce
stated with certainty that Peter HACK
and his associates have closed the deal
with the Western Exploration COM
pany. the p. l. Kimberly estate and
Frank H Bull for the central of the
Honerine Mining company. Not only
that but previous to Mr.. HACKS de-
parture for Los Angeles last night ar
rsngements were fully perfected for the
starting of the Honerfne cOmpany's big
milling plant on the first day of April
and the inauguration of a wide-open
campaign of mining at the property.
This means that within thirty days the
property will be sending to market
more than 100 tons of crude ore and
concentrates per day, as a minimum,
and that from 900 to $4,000 per
month will be rolling into the COM
pany's treasury. The modest force OF
men that has been kept on development
during the past several weeks is to be
augmented by more than 100 additional
men. and the camp of Stockton will en-
ter upon the period of prosperity and
boom for which the residents of the
, camp have been waiting for the past
several years. Coincident with the re-
lease of this information the announce
ment also came from official sources
that the IdDDtuB u INC IlStCliCo ven
in the drain tunnel some little time ago
has been followed by disclosures Dor
dering on the sensational. Since the
vein was cut 1t has been drifted upon
for fifty-eight feet UP to yesterday
noon, and every foot Of the distance
has been through eight feet of ore of a
shipping grade, with nothing to indi-
cate when the limits Of the shoot would
be reached.
Deal Involves Over 81 100000.
JJp to the present it has not been pos
sible 10 get Mr.. Hack or any one III
possession of the data to give even al
intimation of the amount of money in
volved i'm the transaction, but the I'M
derstanding is that Mr. Hack and his
associates acquire something more than
265 600 shares of stock in the pending
transaction, which requires the pay
ment of over 81 600 900 to the vendors
mentioned. With this stock and the
more than $4,000 shares previously pur-
chased, the Hack syndicate holds q
better than three-ffthS interest II
what is undoubtedly one of the biggest
and best silver-I ead-cOpper mines il
this country. 1t is one of the best
opened. best equipped and best located
mines in the state of Utah. 1t is a mine
ready to be worked. not a worked-out
mine and engineers familiar with Il
declared yesterday that it would dem
onstrate its right to stand at the head
of the list of lead-SilVer producers OF
this region within two years, II thC
management. whoever it might be, saw
fit to place it there. As a matter OF
fact. Superintendent E J. Raddatz ha:
more than once declared during the las
year that it would not worry him {
bit TO send through the tunnel an aver
age of 500 tons per day, should he b'
called upon to do So
Newhouse May Be Involved.
Who is associated with Mr.. Haacl
in this proposition is something which
has been carefully guarded, though 1
would not be surprising to hear, one o
these fine days, that Samuel NeWhOust
was in the play and that the min,
would not be operated to capacity unit
such time as its ores might find lodg
ment in the smelter which 1t is believed
he is sure to build on the. west shore o
Utah lake. Be that as it may, however
it is now certain that the property i
not to fall into the hands of the Amer
lean Smelling & Refining company and
to that extent, at least, the deal help
Just so much in warding off the dealt
of competition in the smelling world o
the west.
That the American Smelling oompan,
wanted the Honerine mine is certain
that the experts who examined it 70
the Guggenheins reported unfavora bl,
is also matter of history. and a fac
that the chief owners of the DrOpert,
have not tried to deny: that the repOr
was justified by the physical condition
or lack of condition of the property
they just as clearly knew was untrue
for there was not a. moments hesita
ton In throwing the mine open to Nh
HACKS engineer and crew when h
asked that he be given permission Z
size up the mine for himself that h
might exercise the option the Othe
crowd had surrendered in the eviden
hope of scaling the price
It is presumed that about the first o
the month, as just as soon as it is pos
sible to close up finally the details o
the purchase. there viii be a reorga1 :
cation of the Honerine'S official hoIscs
hold. At that time the "cOlOred gem
men in the wOOdpile' may poke hi
head out.