The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-26
OHIO COPPER
OUT Of WOODS
Finances Arranged and Mill to
Be Hurried to Early
Completion.
HOW DELAYS CAME ABOUT
ALL EQUIPMENT HAS NOW BEEN
ORDERED.

! Thomas Weir, who was in attend
ance at the directors meeting of tbs
/ Ohio Copper company i'm New York OF
| the 18th. was at his desk again yes
terdny. He brings good news concern
| ing the affairs of the company anC
| says there is no question but what The
| big milling plant will be ready to &C
| into commission by the first day oil
| next March. He did not wait to see
! the final details Of the financing of the
proposition rounded out, but he says
the matter was so close to being fl
nally arranged that he is certain that
| Captain Duncan MacVichie will be In
| possession of all the particulars on his
arrival a few days from now.
THE Ohio Copper company and its
affairs" said Mr.. Weir, "have not
been even badly Jared by the financial
crash that has hit so many of the big
| undertakings in the country. To be
sure, financial conditions and other I'M
avoidable occurrences have held back
mill construction some, but it is safe
to say that no other new undertaking
in the west has been so little bothered
Here is the situation:
How Delays Occurred.
Last February it was decided to
build a new mill and contracts were
| awarded the Minneapolis Steel COM
pany for the new materials and con-
Struction of the buildings. The COM
pany agreed TO complete its deliveries
! by July 1. 1t was to receive a bonus
of 500 a day for every day inside OF
/ that time that it completed deliveries,
and was to lose 500 day for every
day over that time. The usual rail-
road difficulties prevailed and the
company could not make good, but ]
want TO say that the Minneapolis COM
pany has done all that any company
could have done, and it has now prac-
ticaily completed what is claimed to be
one of the finest pieces of structural
work ever turned out by any company,
anywhere, and there is no kick to reg
lister against il.
The Ohio Copper company, had ar
ranged for a bond issue. Wien every
dollar had been practically subscribed,
it was found that the laws of Ne
braska, under which the company held
its charter, contained provisions that
made it difficult for. a mining COM
pany to follow, so il was decided to de-
lay the issue of the bonds until the
company could reincorporate under the
laws of Maine. That this action was
approved is shown by the fact that
over $50, 900 of the 1000 900 shares in the
company were represented and voted
for the move. Well, that of course,
delayed matters. In the meantime the
financial clouds began to gather and
some of those who had subscribed for
bonds were unable to take them; 9TH
ers took less than originally intended,
and the result has been that the COM
pany has not had all the money it
needed to push things through.
All Equipment Ordered.
But the worst is over. Orders have
been placed for machinery and equip
ment and this viii begin to arrive, pos
Sibly about as soon as it would have
done had it been ordered earlier, as the
railroad companies are not now so
congested with business as they were
The manner in which the company has
been financed I am sure will be re-
leased in a few days and every share
holder will be satisfied. Work in the
shaft has never been stopped; neither
has the work of connecting with it
through the Mascot tunnel, so every
thing will be finished up about the
time the mill is ready to start
Mr.. Weir states that, previous to the
notification he received to attend the
meeting. ne was not aware that he
had been made director in the new
company; being an eastern corpora
ton, with headquarters in New York,
and with f. A. HeinZe as the directing
spirit in the proposition and the chief
shareholder he presumed that eastern
men would be selected to make up the
board. He states, however, that the
board carries the names of three Salt
LakeTs, namely, David Keith, Duncan
MacVichie and himself. Staley Gift
ford, of New York, is president; f. A.
Heinze, vice president, while the other
director is n. j. Catrow. Mr.. Weir
states that Mr.. Heinze's idea in not
accepting the presidency was in order
to have that official a resident of New
York and in order. to prevent delays in
business that might result if he took
the place and then spent a great deal
of his time in the west, as he viii like
~ do.
Financial and Copper Conditions.
Mr.. Weir believed that financial con-
ditions are improving and that they
will so continue. He declares it is and
will be much easier to get gold than il
will be to restore confidence in the
country for some time to come. He is
not a pessimist, however, and declares
that things will right themselves, ano
that once Improvement begins to be
noticeable by the masses, then bust
ness win hum again.
Before a real turn for the better, a
permanent turn, can be reasonably ex-
pecte1, Mr.. Weir thinks the copper in
terests of the country will have to get
together and agree on a rate of produce
ton and rates. There has been a
great deal of negotiating to this end
during the past few months, but there
has been too much difference on some
features of the proposition for the
thing to have been worked out up to
the present time. Mr.. Weir believes il
will be settled ia way that will start
the wheels of industry buzzing again
f.of