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Show INTER-MOUNTAI- N MINING REVIEW. option on the Centennial-Eurek- a and some good ground opened up. The mine defaulted, and the deal 1000 level was run west 1430 feet and was declared off last Friday. In Just- the stopes promise to yield well. The ice to the property, which is conceded to be easily worth the full amount greater quantity of ore from shaft No. covered by the option, the causes of 3 was taken from the 600 level and tothe failure should be stated. The op- ward the surface. The superintendent tion was taken by a Mr. Walcott of estimates that it will take two or three St. Louis, in behalf of himself and other promoters, who claimed to have years to work out the upper levels formed a syndicate to tke the mine. above the old drain tunnel, and they of should They were to receive 10 per centfromi produce a large amount of ore. or $300,000, the purchase price, From shaft No. 3 west to the Daly the owners as their commission, but were not satisfied with this enormous line, he says, we have 500 feet of' to place the backs from the 1500 level up to the 1000 profit, and endeavored one-hamillions. four and at property assert that they would level, this being virgin ground which The promoters have been able to accomplish this feat yet remains unprospected, and should had not the sum they were to pay the produce ore enough to run the mill for owners been made public, through one some years to come. of the stockholders. When their cliThe drain tunnel was extended west ents discovered that they were expected to pay four and a half millions 2135 feet, and a drift run north to confor a property for which the promoters nect with shaft No. 3. This will be were paying but $2,700,000, they quite continued to and through the Daly naturally demurred and withdrew from the deal. The holders of the op- ground. The volume of water running tion then asked for an extension of out of the tunnel is twenty inches sixty days, expressing confidence that deep by five feet wide, and the flow is they could place the property within that time, but the owners firmly re- 8100 gallons per minute. This water fused to grant any extension whatever, operates an electric plant, consisting and at 3 o'clock, July 10th, the option of two generators and four motors, was declared forfeited. The principal power, furnishing 800 lights for stockholders have all along expressed indifference over the fate of the option the mills and mines, and power for the and exhibit no disappointment over Ontario and Daly machine shops and the result. The management will cons. tinue the conservative policy it has alDuring the year the mill treated ways pursued. The extraction of ore net tons of ore, of an average assay has been resumed and the monthly was $1 share dividend of per paid yes- of 45.48 ounces per ton, saving 92.2 per $1,770,-00to the total terday, increasing cent, and producing 1,276,547.88 fine ounces silver, and 951.80 fine ounces of The Ontario Report. gold. The milling cost was $6.30 per ton, and the total expense The annual report of the Ontario Sil- was $22.53 per ton. operating with 1894, Compared ver Mining company for the calendar there was an increased tonnage, lower year 1895, just sent to the stockholders, values, higher percentage saved and is, as usual, a most elaborate and com- less cost for production and operating plete resume of the companys opera- expenses. The cost of extraction, howtions during the period covered. It is ever, showed an increase of 38 cents, embellished with a set of sectional owing to the fact that the ore was maps, showing the underground work- - taken from the upper levels, out of ings, territory stoped, etc., from which small and narrow seams of low-grait is supposed that there is still an im- ore that had been passed over in premense amount of virgin ground, notvious years. withstanding the great production. The The bullion product for the year sold following is condensed from Superinfor $849,851, and the ore sales aggretendent Chamberss report on the con$47,297, the total net proceeds of dition and working of the mine during gated ore and bullion sales being $855,722. The the year: All the levels running east from No. operating expenses were $685,672, and 1 shaft and all running west as far as the cash balance was increased from No. 3 shaft, are practically exhausted $267,296 to $462,638, and $34,941 was exand abandoned, and the pumps and pended on the electric light plant and machinery have been removed from the the water supply. The net cost of theshaft. The 700, 800 and 900 levels of drain tunnel to January 1st was $544,No. 2 shaft are exhausted as far as 509, and the statement of mine and mill improvements shows a total expendithey run east, that is, to the great east ture of $1,766,185. The local value of faulting fissure, and also west as far all assets is given at $2,337,609, and at as No. 3 shaft. The 1100 level was ex- the date of the report the company had $13,175,000 in dividends. The tended 250 feet, but nothing of import- minepaid has 507,481 tons of ore, ance was discovered. The 1000 and 1200 containing produced 31,903,441 ounces of silver, levels are to be more thoroughly pros- which sold for $30,211,657. pected before being abandoned. The Mercur Abstract Co. 1300 level has been driven west 360 feet. This company was organized in 1895 The work on the 1500 level has princi- and has the only complete set of abbeen and the has stracts of all mines and real estate in pally stoping, yield Tooele county. These records cover all been good. No. 3 shaft was sunk 150 feet dur- mining property in Camp Floyd, Dug-waDeep Creek, Ophir, Rush Valley, ing the year. The stopes above No. O level have been very productive, and it Free Coinage, Skull Valley, Tooele, Willow Springs, West Tin-ti- c, will take some time to work out this Hercules, Columbia, Mercur, and other minpart of the mine. The stopes on the ing districts. In preparing these abstracts a sys100, 200 and1 300 levels cannot be detem has been followed which is supended on for a large amount of ore. perior to any other now in use in the The 400, 500 and 600 levels yielded fair- West. The company, which is comly well, and nothing was done on the posed of E. W. Genter, James B. Hick700. Genter, have offices There is some good ground still man and Theo L. 150 Main street, Salt at Tooele City and to be prospected on the 800. Theo L. Genter, Lake City, Utah. The 900 level was run west 1600 feet manager. 7 ORE AND BULLION. $3,000,000 lf 75-ho- rse saw-mill- 30,-2- 50 0. All classes of ores continue in plenti- ful supply, with1 the smelters running at their full capacity. For the week just ended the base bullion output of the smelters was $8568 greater than the preceding week, and the total bullion output showed an increase of $25,127. The ore transactions were $31,314 in excess of the preceding weeks figures. The base bullion oqput of the smelters for the week was $106,749, divided as follows: Pennsylvania, $46,374; Germania, $36,600; Hanauer, $23,775. There were also shipped cyanides to the value of $9790; Ontario silver, $19,521; Daly silver, $24,589, making a total bullion output of $152,995, against $127,686 the preceding week. Ore purchases were reported as follows: Germania, $24,500; Bamberger & McMillan, $9486; McComick & Co., Commercial National bank, $26,050; a total of $101,136, against $69,822 the preceding week. $41,-15- 0; Silver. Silver has declined three points during the week, but the opinion prevails that the market will remain steady and suffer no further loss. Shipments have been large and speculation dull. Following were the fluctuations during tlxo W6k 68 Thursday Friday Saturday C8 Monday 68 68 68Tuesday 6SWednesday Record Prices. Highest (covering a period of ten years) $1.19c, August 19, 1890. Lowest, 58c, March 3 and 5, 1894. Lead. The lead market continues depressed, the quotation remaining at $2.90 throughout the week. There is no prospect for any material improvement in the near future. Record Prices. Highest (covering a period of ten years) in October and November, $5.25, 1890. Lowest, $2.87, January 10, 1896. SALT LAKE NUGGETS. de y, the mining engineer, has returned from a trip to Mr. Charles Toppan, Montana. Packard, manager of the Eureka Hill company, has returned Mr. John Q. from Chicago. Mr. O. B. Hardy, the manager of Bingham Copper company, has returned from the East. Hon. E. J. Raddatz, owner of the Glencoe and other Camp Floyd groups, was in the city during the week. Mr. E. W. Senior, of the firm of Senior & Ladd, will leave for the purpose of working up investments in Utah mines and realty. He will distribute 10,000 copies of Utah Revealed, and extend his trip as far as Boston, expecting to be absent about two months. Mining Incorporations. Frisco Mining and Milling company Capital, $200,00, divided into 200,000 shares. Following are the officers: E. W. Genter, president; George Haver-camJ. A. Earls, secretary and treasurer. The company owns a lease and bond on the Frisco claim, in the West Mountain district. p, vice-preside- nt; Every Millionaire Made bis Fortune from Some Invention. Send us sketches of your invention for a free opinion of merit and patentability Our fees due after patent is granted We will gladly refer you to many of our successful clients. 908-90- 4 Washington Patent Agency, G St., N. W., Washington, LARGEST IN THE WORLD. JL. C. |