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Show TEK MAMMOTH C0PPER0P0LIS. Editors Herald; - Inyourpnper of yesterday morning morn-ing you make allusion to the Mammoth Mam-moth Copperopolis in a disparaging way, and I deem it but justice to myself my-self and the company to give the facts in the case. The company have ex-pended ex-pended in the past two years on their property in Tin tic, in the development of their mine, building a large mill and two furnaces, and the necessary houses in connection, about $100,000. Tbis amount ia in addition to the large sum paid in the purchase of the mine. During this time the company com-pany have employed an average of fifty men daily, aud paid them regularly regu-larly at tho expiration of each month up to the time of the monetary crisis bust fall, which proved so disastrous to the whole country and depreciated values to such an extent as to bankrupt bank-rupt all who were not prepared to meet the crisis. At that time the company had on hand and were producing pro-ducing a large amount of copper, which depreciated, causing a loss of not less than $15,000. Had it not 1 been for this fall in copper, the wages : nf men employed by the company ; would have been paid promptly as heretofore. The mine is developed as iollows: One tunnel 304 feet; one tunnel 300 feet; four shafts from 100 to 175 feet each; four winzes, eight levels, and tramways, schutes, etc. , necessary for extensive working of the mine. The mill is fifteen stamp, and is regarded as one of the best, if not the best in the Territory. The furnaces have proved a great success. The mine is now in line condition, and capable of yielding from the present developments, from ten to twenty tons copper ore, and from fifty to one hundred tons quartz milling ore per day. The property is known lo be of great value, and comparatively the debts of the company are small. Arrangements are now being made to settle outstanding claims, and work will be resumed with increased vigor in a very short time. Early last Spring the company did advertise in the London Minim Journal Jour-nal the sale of debenture bonds,20,-000, bonds,20,-000, the purpose of constructing amill and furnaces. The bonds were not all sold, but $S4,000 has been sent here and expended in improving the company's property in Tintic. The bond-holders have a mortgage on the ' mill and mine for the apiount of ' bonds sold. "Phat mortgage was received re-ceived here and recorded in the p public pub-lic records about four months since. The creditors familiar with the condition con-dition of the company, express their willingness to wait until the company can extricate themselves from their present embarrassment, which they hope to do at an early date. S. W. Valentine, Manager. |