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Show p EEKLY JSeWSPAPEF llNING JnTERESTS OF THE SALT LAKE CITY, SATURDAY, DECEMBER 11, 1SS0. VOLUME I. GREAT IRON DEPOSITS. i At a recent meeting of the Academy of Science in New York, Professor John S. Newberry read a paper on the Deposits of Crystalline Iron Ores in Utah as observed during his recent exploration. The aggregate of iron in Utah, Dr. Newberry said, was such as to throw into the shade all other known deposits in this country. lie had seen enough lying loos during his short tour in the southern section of the Territory to keep all the foundries in the United States in operation tor a hundred years. lie should first, however, preface his observations with a brief geological summary, for Utah was as interesting to science as it was likely some day to become in the coal and iron industries. A mountain range traversing the Territorv formed a boundary between the and cretaceous formations into which the tract watf divided. One of the most striking iron deposits upon which the iron has ever rested consisted of a group of hills, from ,000 to 2,000 feet high, which were penetrated to a great depth with parallel veins of iron ore. As one crosses the valley of which these eminences formed a local boundary, they are identifiable from a distance of five or six miles as masses of metal. The type of metal was the magnetite (or magnetic ore) whose inky blackness of coior gave the range the appearance of mountains of coal. One of these hills rose to a greater height than the. rest, and in this the iron axis was disposed, in strata as exter-tiar- y 1 so-calle- DEVOTED TO THE d The declaration of the fourteenth dividend of the Oro La Plata Mining and Smelting Company naturally suggests inquiry into the prolits of the smelting business. It is a matter of general knowledge that the original owners of the Oro La Plata furnaces had little or no money when they came to Leadville. In the space of two years they had accumulated fortunes. and the company which has succeeded the original firm of Bordell, Withered it Co. Jj EST. NUMBER 17. Th),(33 Is. 7d. is tn be deposited by Mr. Gager. The mine, with all machinery and a clear titlo is to he conveyed to the new company, and the old company to bo at once liquidated. All litigation to cease, and mutual releases to bo given to the company the American defendants, and Mr. Albert "Grant. THE ASSESSMENT QUESTION. has a princely income, as the monthly dividends show. The members of the old firm are believed to spend most of their time in relishing the pleasures of Now York and Paris -- a holiday to which their previous labors fairly entitle them. This is by no means a solitary instance. James B. Grant's means were quite limited when he came to Leadville in LS7S, and the amount he received from his relatives was less than is generally supposed. His consists now of nine furnaces, seven of plant which are large, and the ore usually carried, cannot represent less than 400, 000. Ilis habits of life are as modest, retiring ami frugal as ever, but he must he a very rich man. Of the business ol the Elgin Smelting Company more definite statements may be made. This company was started last year lv Messrs. (Jarbutt it Sherman, the former of whom, a Canadian 0 hii th, but a graduate oi Harvard, had been keeping selmol, and it we mistake not, had been Superintendent of Public Instruction at Denver. During the last six months of 1S70 the Elgin Smelter, with only one furnace, made a net profit of 2o 000. This was at a time when there was active competition among smelters for ores. Yet the books of the Elgin are believed to show a net piofit of o. i() jH.r ton of ore treated. Hilling A Ellers are generally understood to have done better. Tln ir furnaces never got out of blast, they have been run economically, they have been fed with good ore and ihe prolits must have been large. Ih e ro again discussing the assessment question in New York. There is a mining company there which has what is generally believed to he a very good mine ami those that know most about it are not discouraged becauso the working capital of the company has been expended upon it without the discovery of a bonanza. They are confident that the expenditure of just a little more money would result in the opening up of an ore body and the paying of dividends. Unfortunaetly, however the laws of New York do not permit the levying of assessments lienee the shareholders in the mine in question must either abandon it or take up a collection, so to speak. It is, however, very certain that a voluntary subscription result in a few putting up the coin in order that the many 'might divide the dividends. It is probable that a few more dilemmas like this will lesult in a change in the assessment laws. The legisalture might at least pass a law allowing the stockholders to assess themselves by a majority vote of stock. This would perhaps satisfy those who do not like to see trustees shorting and assessing the stock of the mine they are running. Stock Report . actly parallel to each other as lines could be drawn upon the blackboard. While the prevalent ore in this region was magnetite, it was, with abundant nevertheless, interspersed masses of hematite; and there were many Gold a.i Si i. vk n in Alaska. Important discoveries of gold and silver quartz ledges points where the two were intimately intermixed and blended. As cue journeyed from have been made on the Xasse River, in the point to point in this region the surface was vicinity of Alaska. The specimens which have been shown areverv rich. found lobe strewn with boulders and broken Miners think that such a He mass remembered masses of iron. the ledges are located on British territory, hut about twelve or fifteen miles south of Iron city, are very near the boundary line. Prospectors THE EMMA MINE. which was 1, 0U0 feet long by f00 broad, and on the Xasse River, when the recent earth200 feet high a vast castelated crag of black quake ocrtinvd, represent the shock as very Tin following is the arrangement made with violent. Glaciers wen split from base to sumProfessor Xewberrv had found magnetite. abundant evidence in their fibrous structure, Mr. Trenor W. Park, bv which he restores' mit, and great masses were east in the valleys 1,11,1 l'm'ks' oinpU-of llie alimentary orin of many of these ly filling them, mimi t(, th(, Kmmil st(dmhlers, um jtllu . vast deposits. Metamorphism had gone on: . .. ,, 0I oewlopment ol here upon a giant scale. Anywhere one might Ul os ,l "ol tHe siimi. he following arc the chief features An American mining journal asks why tb pick up vast masses of natural lodestone. 'L'lu The variety of structure was also surprising. of this arrangement, as given hv the Loudon mining industry is not more fully prot octet ,an it Here was a mass as solid as east iron near by Minintj World of November 13th Nearly every article of domestic was a mass that was soft, decomposed, and production in the I nited States is protected by The mine, with a guarantee of u!licicnt an almost prohibitory tariff with almost tin stained blood-red- . Within six to ton miles of this vast deposit of iron was an abundance of working capital, is to he handed over to the solitary exception of gold and silver mining the host of coal to work it, so that one could shareholders, who are to receive share tor This is highly reprehensible. These industries stand on the brink of an iron hill and look share in a new company to he formed. the are as deserving as any, They are thoroughly down upon an enough coal to convert it. Pro- nominal capital of which is to he l'7(M ),()()(), in American, and it is notiling more or less Thai foul blot upon the American hirin' that- the' lessor Newberry, in concluding his essay, 70,000 shares. Of these .0.1)00 go to theorig-inal and the ivmainding 20,000 are not thoroughly protected. Montreal (Car shareholders, predicted a great future for this region. to he are apportioned among the debenture- - ada) Short whit r. We shall look with interest for the full text of this paper to see to what extent this holders, the vendors, and for cot of liouidu-- i he ( i AKTTKKi; suggested this and doubtles I he debentures are ol two classes. Tlioi. . . . vast. body of iron ore is industrially valuable, lion. h.dth has r Short to it. reference fEn. (J.j first or preference debentures will receive by its freedom from phosphoric acid. 1,1 ,jK1 t,3Ui3 in cash, and the ordinary debentures C2S.000 in cash and .Co2,S20 j;i shares fullv! THE PROFITS OF SMELTING. sliaris. 11,000 mi to'. Too ciuirmmis aiii.mnt of momy lyinjr idli paid u i. Of tlia nt Mr. Iark and ilia vundors; U!1S to the li,,ui- - 1,1 ll,(' 1,,ll,k ",l 1,0,11 ,1.lls montry and tanadi :,11 "'B certain that there will he bnder the caption The Profits of Smelt-hng- , dator ol the present company for general pur- in mining uarly in tin- spring. the Leadville Circular gives in its hM poses ; and 2.,'iOOaro suliwriM fur Mr. Park "" 1!sue the following interesting rexunte of the as working capital, An per share to he paid jurtunes acquired from the business of smolt-1!,f- now, and the balance as required. rl in; Gazkitkkij will he The cash enlarged to doiihh in that district the past two or three years: representing these various payments, namclv, its present size on the first of January. 1 i j i r 1 j j . ; j s- - : ' a 1 1 li-- r 1 - J w |