Show GALENA fARM HISTORY I Story 01 English Gullibility In Brit ish Columbia S i SPENT MONEY AND QUIT 4 PROPERTY ADJOINS TH PAM OUS PAYNE MINE I British Investors Were Taxed a Nil lon and a Half For a Mine Tt Cost But 70OOONow Owed By Mr McCune and AssociatesE tensive Development Planned I A w IcCune returned to this city yesterday morning from an extended business trip through British ColumbIa Colum-bIa and Montana Hewas accompanied to Sal Lake by 1V L Hoge of Aim cnda and E G HJkert of Montreal who have become associated with Mr I McCune In the purchase of the Galena Farm an Important slverlead mine In British Columbia Connected with this mine Is an interesting story of English gullibility About five years ago an English company com-pany was Incorporated under the name of the Galena Mines Limited with an authorized capitalization of 2500 001 In 5 shares or this amount 1500000 was issued and sold at par for the purpose pur-pose of purchasing a property adjoining the great Payne mine near Slverton In the Slocan Lake mining district of British Columbia This purchase was part of the Curia group and is no I known a the Galena Farm Englishmen Were Fooled I As a mater of fact this property I was purchaSe for S70OOO for the Eng lsh company The English share hold ers were told that the mine could pay I about 5GOOOO per annum although at this time the developments consisted of a ffyfoot shaft and some drifting The management In the space of about I two years spent 100000 In cash on plant and development when the discovery I dis-covery was made that the ore was of I and a much worse Ioner still grade development than T Je open up the ore body shown In the upper up-per levels Several reports were made on the property for the English shareholders share-holders and It became evident that a further large expenditure of capital would be necessary before the mine could bl put 11 shape to pay dividends The funds by this time had become exhausted and as a result It became necessary to shut down the mine and the last page of this portion of the mines history was written some weeks ago when It was purchase by A W rcune VI L Hobe and IcGuaig Rkert Co of Montreal This Moat real frm is the owner of the Payne I mine the biggest mine and the one I that has paid the best dividends of any mine In British Columbia Extensive Development The new owners of the Galena Farm propose to develop and operate the mine on sCientific mining principles and considerable money wi be ex I pendld In improved machinery Rent reports have been made to the new owners of an Immense body of ore insight I In-sight Carl H Hand frnerl3 of Butte superintendent of the Payne mine has been place In charge of thd Galena I Farm There Is already a fine hoist I and compressor run by water power ee ro and rapid development of the mIne I has been determined upon Rich Montana Mine Mr rcCune spoke with enthusiasm of his WatCeku mine In Montana purchased pur-chased last fall This mine was ex I tenslveJJ work d thirty years ago and I H UUUU worth or Jold has alreauy been areauJ taken from It The vein has been worked for 4O0 feet to the water level and thirty shafts were sunk but the mining was done In a slipshod manner and Hnaly the great fow of water made the mine unprofitable This was due In part too to the fact that under the old system of mining but 50 percent per-cent of the values were saved whl now 03 per cent Is saved The water problem was the first one to be solved by the new owner When work began some time since 800 gal Ions oC water per minute had to be pumped out The shaft Is down now 200 feet and but 500 gallons per minute min-ute has to be pumped The two streams from which this water comes are being fumcd and all signs Indicate that the water can be handled The Watseka vein Is 150 feet In thickness and dips at an angle of 45 degrees Because of the ceat How of water and the Jack of facilities for handling I the mine has not been workel to any depth The new owner Is positve that when he has the water under complete control he wi have access to an Inexhaustbl body of ore that wi run 30 In gold to the ton The shaft now going down wi strike the Yatseka vein at a depth of bttmveen 300 and 40 feet and drifting into In-to the vein wi be done at various depths above this to facilitate the re moal of the ore Mr lcCune Is absolutely abso-lutely sure that he has a good mine In the Vatseka As to the extension of the Utah Pacific Into Nevada Mr rcCune would say nothing He had ben In such awhirl I a-whirl of other business since his return re-turn that he could say nothing as to railroad maters Mr Hoge and Mr Rykert wi be In the city for a few days the guests of Mr McCune |