The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-06-21
WIENER COPPER
MAKES BIG DEAL
Michigan and Local Talent
Takes Over 81 Claims and
Will Build SmeIter.

A deal has just been consummated
which involves the passing of about
one-third OF the properties of the Wei
mer Copper company TO a new crowd
and which. it is figured, will eventually
bring everybody connected with the old
company out with a big profit on the
investment. Iron Mountain, Mich.
operators have been joined by Salt
Lake interests in the formation of a
S5.OOO,OOO company under the laws Of
the sta tie of Idaho. TO take over the
properties under a lease and bond. the
execution Of which is 10 be ratified at
a meeting Of the shareholders of the
Weimer Copper company on the 9th
day of July.
The purchasing company is to be
known as the Idaho Copper company.
and its lease and bond are to cover
nfty-one of the 1870 claims of the old
company, including all ground so far
developed. Articles of Incorporation of
the new company were mailed to ST.
Anthony for recording yesterday. r. L.
Hammond of Iron Mountain, Mich, is
president; Z. P. Jennings of this city is
vice president: E. H. Eaton of Iron
Mountain is treasurer, and j, H. STRAIT
ton of this city is secre tary. while the
St Anthony, Ida, the laws of the state
requiring a resident director.
Terms of the Deal.
Under the terms of the contract that
has been entered into the Idaho Cop
per company will have to put up SO. 600
almost Immediately TO pay the out
standing Indebtedness of the old COM
pany and clear title TO the Paymaster
ground. The lease and bonding COM
pany also agrees TO pay a minimum
royalty or rental of $4,000 for the first
two years, and a minimum of $4,000
each year thereafter. To meet this
payment II agrees 10 give the old COM
pany lc for every pound of refined
copper produced and 10 per cent of the
value of any other metals produced
and marketed; so that, in case the roy
alties amount TO more than the mini
mum at any time the old company gets
the benefit. II is further agreed that,
if the bond and leasing company de-
cides at any time within the three
years TO make complete purchase of
the fifty-One claims il may do so by
paying the old company the sum of
$4,000, 900 for them. In that event the
Weimer Copper company. the old COM
pany. would be able IL distribute "a
a share in the shape OF dividend. The
Idaho Copper company also agrees to
keep a force of not less than ten men
AT work during the life of its lease.
which runs for fifty years. and TO do
any and all other things that would
be just and equitable, including a
pledge TO keep the ground free from
debt and incumbrance of any kind and
10 surrender the same al any time
should il fail to carry out its oblga-
lions 10 the old company.
Tramway and Smelter.
Previous 10 his return TO Michigan
Friday afternoon, President Hammond
stated that his examination of the
properties, backed by the reports of f.
p. Jennings, the well-knOwn engineer
who is now identified with the new
company, he had not the least misgiV-
ings as 10 the outcome OF the enter
prise. He stated that just as soon as
the details were all arranged his COM
Pany would go to work and make
things hum at the property.
THE mines will be thoroughly and
systematically opened" said Mr.. Ham
mOnd, "and before long we shall con-
struct a TamWay from the property
down to Birch creek. where a smelter
will be built and the ore converted into
a high-grade product for shipment. We
know precisely what is needed, and the
proposition will be swung into shape
without a moments unnecessary de-
lay"
II is understood that f. P. Jennings
viii be the cOmpany's consulting en-
eineer and metallurgical expert. and
that he win have everything to do
with the installation of the reduction
plant. which is 10 consist of a process
new 10 this western country, but which
it is already known will work 20 per-
lection on the ores of the property and
permit the making of copper at an ex-
ceedingly low cost. J. H. Stratton of
this city will be manager of the mines.
other Ground to Be Handled.
In the meantime. it is declared that
the old compOny will soon give leases
and options on its remaining territory,
which consists of the north and south
extensions of the fifty-One claims
taken hold Of by the Idaho Copper
company, so that, before the present
year is over il is expected three or
four more companies will be operating
along the great mineral zone covered
bv the possessions of the Weimer Cop
per company. and inside Of two years,
il is predicted. the old company will
be receiving royalties of huge proper
tons, while the operating companies
will make such showing that nothing
short of the out and out purchase of