| Show SALE OF THE PAYNE MINE property in british columbia in which A W mccune was interested spokane wash nov 25 the payne mine near sandon B 0 which paid in dividends during its corporate existence under canadian ownership has been ac quiren by robert E of spokane vice president of the oregon washington navigation company and his associates and will be incorporated in british columbia as the payne mines limited with a capital of of which is to be in 6 per cent preference debentures and the rest in common stock the purchase price has not been made public but it is reported to be between and 1000 the deal was negotiated by henry J pierce of spokane associated with and pierce as subscribers to the new corporation are A F mcclaine president of the traders national bank of spokane R J danson counsellor of spokane guy W talbot president of the pacific power light company J A cranson representing the general electric company of portland colonel N E linsley consulting engineer and W E general manager of mines announcement is made that the company s first operations will be confined to tile the development of the payne mine though the corporation has options on several other groups in the slocan district A lower crosscut tunnel is being driven to tap the ledge at a depth of 1427 feet from its outcrop or feet below the lowest of the old workings this tunnel will be feet in length when it reaches the vein its portal is two and one half miles by wagon road from sandon and one and a quarter miles from the canadian pacific main line the property contains the longest continuous shoot of silver lead ore so far developed in the province of british columbia it is feet in length and has been worked only to the foot level the showing in the bottom of that level is as str at any other part of the mine but the workings were so wet that efforts to sink with the equipment available were out of question it is an interesting sidelight on the venture of the new company that the 1200 foot level of the rambler caribou mine feet from the ore shoot on the payne is feet lower than the deepest of the old workings on that property it was on this horizon that the rambler caribou mine appeared to play out and it was only the tenacity of the owners of that that finally proved the permanence of the ore bodies at greater depth the payne mine was one of the sensa dional discoveries about twenty years ago which led to the development of the slocan district its original locator was jack seaton a native of tennessee he sold the property for cash to S S bailey at that time a hotel owner in spokane and I 1 seattle A W M mccune of salt lake city utah retained a quarter interest in the property by reason of a grubstake grub stake within two years of the time that mr bailey started the development of the property his interest was bought byar by mr mccune for shortly afterward a third sale was negotiated this time to a syndicate of prominent business men of montreal the purchase price was in the neighborhood of aside from the profits earned by the individual owners of the mine under canadian ownership it paid dividends of from the date of its discovery to the time that the last shipments of ore were made in 1904 the average value of its product was aton a ton its shipments consisted mainly of clean galena ore but a considerable sid erable tonnage of zinc concentrates and lead concentrates also was marketed during the years of its greatest activity the average metallic contents of its product ranged from to ounces of silver and from 60 to 69 per cent in lead a ton |
