The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-01-11
SAMUEL NEWHOUSE
AND THE N|P|sS|NG
Utah Mining Man Reported to
Be Slated for the
Presidency.
WALL STREET INTERESTS
WANT HIM AT HEAD
What Is Essential for the Plac-
ing of the Mine Upon
Proper Basis.

Late Thursday, and in the presence of
The Tribune representative, Samuel
Newhouse received from Boston a mes
sage to the effect that he was slated
for the presidency of the famous Nipis-
sing company. When asked by The Trl
bune if he desired this position IN the
Cobalt section, Mr.. Newhouse stated
that he could not say; that he never
desired to refuse or accept any place
until it had been offered to him from
authoritative sources. Mr.. Newhouse
admitted that during his recent visit
TO New York a great many Wall street
interests in Nipissing had urged HIM TO
accept this executive ONCE with the
Nipissing now held by Capt De La
Mar. but he had not given them any
encouragement.
"The Nipissing Mines stated Mr.
Newhouse. Twill need systematic
course of development by the most
expert of talent. | believe from the
reports of many reliable engineers that
the Nipissing property can be placed
in position to yield from 100000 to
Sl000,00 n month. In order 10 do
this. however. there will he needed an
installing of a great amount of machin.
cry. II will necessitate the driving of
at least three different main shafts with
8 most complete crosscut development,
on account OF the scores of rich veins
that cross the property
''Tlis viii also necessIJate smelling
facilities. which, understand the COM
peny has not at this time. While the
Nipissing enterprise is a very com
mendable one for colossal profits, TO at
tain this end it will require year or
thereabouts Of the most heroic treat
ment. ] believe such n course impera-
tive if results of Importance are TO be
achieved. -
When asked if he was large stock
holder in the Nipissing company, Mr..
Newhouse smiled and admitted that he
was a stockholder, without, however,
prefxine the word "largc.' - Mr. New.
house already has been closely identified
with the camp of Cobalt being presi.
dent of the King Edward company, now
operating in that district. II will be
in the nature Of triumph for Utah
should the Wall street interests in
Nipissing select Mr.. Newhouse to lend
his moral support and mining cxpe-
rience TO unravel the many unfortunate
entanglements now enmeshing this fa-
NOUS property, and Boston evidently be-
lieves that he has been selected for the
task.
The Nipissing deal has been the one
absorbing topic of Wall street for sew
eral weeks, or ever since the Guggen-
helm interests chose TO lose the mil
lions already invested in the company
rather than secure possession by spend
ing many millions more. This action
on their part has been assailed from
many quarters in the most vigorous
fashion, and II caused the greatest
slump in Wall street known for many
years. In spite of this action, the
world in general has not lost faith in
Nipissing, and it can not be anything
else but gratifying to local circles that
Utah talent should have been looked
to for the man to solve the difficulties.
The Nipissing mines are owned by
the Nipissing Mines company, and shey
are being operated by the Nipissing Mi
ming company. The annual meetings of
both organizations will be held in
A uril