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Show K MINES Ah 0 MINING Hh Hi ALTA AND BEAVER OPEN THE NEW YEAR HI WITH GOOD NEWS. REGULAR CALL LIST- Hj LESS WITH BUSY OPEN BOARD. HJ Anyone who can get a news sensation out of HJ this week's mining gossip can get sunshine from H1 cucumbers or profits from the stock exchange. H The fact that it was the week after the holidays H had something to do with the lack of startling de- H velopments. After a period of relaxation and mer- H rymaking the miners, and some of the managers, H too, had a feeling of sympathy for their drill heads H and lacked the heart to pound them violently. H There is, nevertheless, reason to rejoice over the H latest intelligence from Alta and from the Frisco H , district in Beaver county. The Utah Mines Coall- H Hon company, in the first named camp, is about H to demonstrate, if it has not done so already, that H It will pay to open up the numerous surface ore H bodies with low-level tunnels. After driving 1,800 H feet the Coalition tound itself in a regular rorma- H i tion traversed by continuous and well defined H veins. A few days before Christmas there ap- H peared in the face of the tunnel streaks of sllver- H lead ore from which samples of almost any value H could be picked. Investigation showed that the H uore had broken into the old Oregon vein at a H depth of 900 feet from the surface. The Oregon H vein was one that had given no returns in the . Hi' early-day shaft workings. There was no expecta- H tion that it would do better on the tunnel level. H The best that was hoped for was that the Oregon H , -would keep to its walls and prove that the geolo- H' gy had not been disturbed in its thousand foot H descent. Hence the occurrence of values was a H ; glad surprise. Now the Coalition management is H . saying: "Since thp vein which was worthless H n the higher levels has become enriched with H1 1 depth, may we not lok for big things when the H i tunnel cuts the four veins that yielded pay ore at H' the surface?" Another 500 feet of tunneling will H1 bring the miners under the old workings and into M the ledges toward which the bore was directed, x I Important as the development mentioned is to the Coalition, it is still more important to in mineral min-eral section in which it was made. Big and Llt- j tie Cottonwood are pitted with shafts from which M ore worth millions in the aggregate was taken h twenty or thirty years ago. In time the deposits B above the water level were worked out and the B mining companies were deterred from exploration M through deep drainage tunnels by the cost of such M work and the lack of evidence that the values, or m even the veins, went deep. The Utah Mines Coall-m Coall-m tion brings the first reliable proof of this continues continu-es ity. There is now every inducement for the nu-M nu-M merous Alta tunnel enterprises, projecieu ur un-M un-M der way, to press ahead with fresh vigor. Most m needed of all is a combination of mine owners for B the construction of a main trunk drainage and M transportation tunnel gaining 1,500 or 2,000 feet B depth, from which laterals can be run to Individual B properties. There are but one or two routes on B which such a tunnel is feasible. It will be a large B undertaking to acquire a right-of-way and raise the B money for the improvement, but the Alta com-B com-B panies will have to shoulder it sooner or later or B forego the wealth that underlies their properties. H B The million dollars earned by the Beaver Car- B bonate mine in the Frisco district for its early B proprietors looks smaller and smaller as the new B company adds to the blocks of ore exposed from B two hundred to three hundred feet under the B workings of ye olden tyme. A few whuks ago an B expert, after puttering around on the 700 level of B the Stepmother shaft, declared that the company B had on and above that level fully a million dollars B worth of milling ore. Since his examination the B east drift has entered and opened for twenty feet fHr'ft!' jflBKfflBMBgys'WBmMEIt a shoot thai approaches closely the values which distinguish smelting ore. The body is much wider than the drift how much wider will not be known until some crosscuttijig is done. Samples, which are said to be under rather than above the average aver-age of the shoot, show 15.5 per cent lead and 20.6 ounces silver. The sti'lke becomes all the more impressive when it is remembered that it was made 640 feet from the surface and that the ore was found previously in a trench at the surface. The dip, or rake, of the vein gives more than 640 feet of stoping ground. The Rattler shaft went down, it appears, for 400 feet parallel with this ore body without finding It. Other portions of the Beaver Carbonate are looking well. Instead of taking fright at the proposed reduction reduc-tion of the Colorado and Iron Blossom dividends and the change from monthly to quarterly payments, pay-ments, the public manifested approval by investing more freely in the two issues when the innovations innova-tions became known. Finding the cut-dividend-quarterly-payment policy so popular, the Sioux Consolidated, which had already taken up the first part of the program, adopted the second by passing pass-ing a resolution at its annual stockholders' meeting, meet-ing, In favor of profit scattering every three months instead of every month. This was the most interesting incident of a very quiet reunion of shareowners. The election of Grant Snyder lo the board in the place of George Smoot, was the only change in the directorate. Mr. Snyder is to represent eastern interests in the company. Hereafter speculation as to the earnings and the generosity of the Tlntlc companies wm continue con-tinue for three months instead of for four weeks. If the status quo were maintained, the Colorado would pay 24 cents, the Iron Blossom 16 cents and the Sioux 9 tents in dividends each quarter. But it is all off with the status quo! The Colo- rado and Iron Blossom bread money Is going to be trimmed and the question of the day is: "How much?" Some persons known to be strong on the guess, place the quarterly from the Colorado at 15 cents; that from Iron Blossom at 10 cents and Sioux's at the present rate 9 cents. It will bo a bad year indeed if all three of these Tintic I companies do not pay the present market price , of their outstanding stock in dividends in 1910. To the unbiased observer this looks like a cinch, although the sometime patrons of the stockmar- ket do not seem to see it. In the matter of real live fun the open board, on which the unlisted stocks do their gymnastics, has the regular calls of the mining exchange lashed lash-ed to the mast. There is always something doing do-ing on the open board. Last week it was Opex and this week It has been Uintah Treasure Hill that afforded the entertainment. The Uintah does not claim much in the way of visible ore, but it is said to have some high grade assays from its trespass tres-pass suit against the Silver King Coalition, upex has retired to the background for the time being, but its managers are thought to bei ready to give it a dose of oxygen at the psychological moment. It requires no prophetic gift to perceive that the open board speculators are going to hear from Opex again. |
