Show OHIO COPP COPPER R ROUT OUT OF WOODS I Finances Arranged and Mill to toBe toBe toBe Be Hurried to Early Completion HOW DELAYS CAME ABOUT ALL EQUIPMENT HAS NOW BEEN ORDERED Thomas Weir who was In attend attendance attendance attendance ance at tho the directors meeting of the Ohio Copper company in New Now York on the was at his desk d sk again yes yesterday yesterday He brings good news newa concern concerning concernIng concerning ing the affairs of the company and says there is no question but what The big milling plant will be ready to go into commission by the tho first day of next March He did not watt walt to see seethe seethe I Ithe the final details of the financing of the proposition rounded out outs but he ha says the tho matter was so close to beIng fi ti finally finally nally arranged that he Is ia certain that Captain Duncan MacVichie will wUl be In possession poss of all the particulars on his arrival a few tew days from now The Ohio Copper company and Ifs Us affairs said Mr Weir have not been oven badly Jarred by the financial crash that has hit so 50 many of the tho big undertakings In the country To be sure financial conditions and other un unavoidable unavoidable Unavoidable 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 corn company company pany for the th new materials and con construction construction construction of the buildings The com corn company company I pany agreed arced to complete Its deliveries I by July 1 L It was to receives receive a bonus of a L day for every day inside l of I that time that it completed deliveries and was to lose a day for every everyday day da over that time The usual rail railroad railroad railroad road difficulties prevailed and the th company could not make good goad but I 1 want to say that the Minneapolis com corn company company pany has done all that any company could have done and it has now practically practically practically 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 register register register ister against it The Ohio Copper company had ar arranged arranged ranged for a bond issue Wen Wien every dollar had been practically Subscribed tubs crib ed edIt it was found that the laws of Ne Nebraska Nebraska braska under which the company held its charter harter contained provisions that made it difficult for a mining com corn company company pany to follow so it was decided to de do delay delay dolay lay the issue of ot the bonds until the could reincorporate under the laws of Maine That this action was approved Is shown by the fact that over of the shares in the company were represented and voted for the move Well that of course delayed matters In the meantime the financial clouds began besan to gather and some of those who had subscribed for bonds were unable to take them oth others others others ers took less than originally intended and the result rosult has been that the theom com company company pany has not had all the money money it needed to push things through All Equipment Ordered But the worst Is over Orders have been placed for machinery and equip equipment ment mont and this will begin to arrive pos possibly possibly possibly sibly about as us soon as it would have dono done had It Been ordered earlier as the railroad companies are not now so socon congested con with business as they were The manner in which the company has been financed I am sure will be bo re released released released leased In a few tew days and every share shareholder shareholder shareholder holder will be satisfied Work in tho the shaft has never been stopped neither has the work of connecting with it through the Mascott Masott tunnel so every everything everything thing thins will be finished up about the time tho the mill Is ready to start Mr Ir Weir states that previous to the notification ho received to attend the meeting he lie w ws s not aware that he ho had been leen en made a II director In the new company being an eastern corpora corporation tion with headquarters In New York and with F A Heinze as the spirit in the tho proposition and the tho chief shareholder ho he presumed that eastern men would be selected to make up the board He Ho states however that the board carries the tho names of gf three Salt Lakers namely David Keith Duncan MacVichie and himself Staley Gif Gifford ford tord of New York Is Ms president F A Heinze vice president while tho the other director Is N J Catrow Mr Weir states that Mr idea In not accepting the presidency was in order to have that official a resident of New NewYork NewYork NewYork York and in order to prevent delays In business that might result if ho he took the place pace and then spent sp nt a great deal of his time timo in the west ru fJ he will like likely likely ly Iy do Financial and Copper Conditions Mr Weir believed that financial con conditions conditions conditions are improving and that they will so continue He declares it is and will be much easier casler to get gold than it will be bo to restore confidence in the country for some time to come He is not a pessimist however and declares ds that things will right themselves and m ar that once Improvement begins to be noticeable by the masses then busi business business business ness will hum again Before a real turn for the better a n permanent turn can be reasonably ex expected x Mr Weir thinks the copper in interests interests Interests of the country will wUI have to get together and agree on a rate of production production tion tf n 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 haye been worked out up to the present time Mr Weir believes it will be settled In a II way that will start the wheels of industry buzzing again before many months have passed |