The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-06
WILL MINE ON
MINERAL HILL
E. ]. Raddatz Organizes Strong
Company to Operate VaIu-
able Tintic Properties.
PROMOTED ON NEW LINES
GROUND HAS EVERY CHARAC-
TERISTiC OF TINTIc MINES.

For several months past e. ]. Raddatz
and his close associates have been round
ing up group of mining claims in the
East Tintic district, on what is known as
Mineral hill. Friday the last of a series
of deals was closed that completed the
requirement of a group of claims. half
OF winch are already patented, four have
peen purchased outright and eight have
been secured under options and are par
tally paid for The Tintic Standard Min
ing company, with a capital stock of
$l,VcO,OOO in 81 shares, has been organized
10 operate the ground and Mr. Rad
datZ has been made the president and
general manager.
This corporation has been formed and
ITS affairs whipped into business shape in
such revolutionary fashion as COMPARED
with the usual mining company promotion
that 1t is worthy of special mention In
stead OF organizing and taking the ma
lorIty of stock as the promoters Mr..
Raddatz and his associates have taken
only 5000 of the 100000 shares in return
Tor the money they have paid on ground
purchase account and the work they have
performed in rounding out the company S
possessions, etc. OF the total capitaliza-
ton $4,000 shares has been placed in the
treasury, while 10000 shares has gone
with the cash paid, in securing the ground.
i don't believe.N said Mr.. Raddatz
yesterday, that we shall ever need to is
sue much of the treasury stock; but it is
there If we do need it and 1t cannot be
touched unless it goes for the benefit of
the company and those who buy it. Every
share that has been issued represents
more than its par value right now to
its owners, so It can never be charged that
the promoters of this company held out
a lot of stock which cost nothing as a
perpetual menace to the value of the
treasury shares"
Ely Operators In II.
In addition to the local talent that is in
the company, two prominent operators of
Ely have taken large interests and are
included in the cOmpany'S board of direc-
tors The Ely men are Richard A. Riepe
and John A. Steele. Both have made for
tunes in the Ely camp through the sale
of properties to the big companies there
and both are still heavily interested in the
big camp of copper. They made their in
vestments in Mr.. Raddatz's company only
after personal examination of the prop
erty and study of conditions generally
in that portion of the Tintic district They
are in deep now and promise to go in
still deeper. They are practical mining
on that account their investment is all the
more highly priced by the promoters.
Why Mine Is Expected.
All of the mines of the Tfntic
district are located on some one of the
that cut the limestone formation of the
district. Cutting these assures at right
angles are numerous smaller assures and
it is at and near the junction of them
with main north and south breaks that the
camps great ore bodies make. There is
one of these great north and south fis-
sures running through the Colorado
Uncle Sam, May Day and other proper
ties. East of it is another which is found
in the Yankee. Beck Tunnel, Crown Point
and other mines. East of that is another
that shows in ground owned by Jesse
knight and others, and then comes the
great lode that is so prominently delin-
Gated in the properties of the Tintic Stand
ard company.
The north and south fissure in this
ground varies in width from thirty to sew
entyfive feet and shows low grade lead,
with some values in silver, gold and cop
per- Mineral hill is made up of precisely
the same kind Of sparry lime in which all
the mines of Tintic have been made, and