Show around the state the east tintic gintic coalition mining company is planning to increase its capitalization from shares to shares in order to secure financing for development work nork reports from eureka are that the anaconda copper company through the international smelting smelling Sm elting has taken over the addie and other mining claims and property in the east tintic gintic district for development wigginton E creed of san francisco president of the columbia steel corporation of utah and of the pacific gas and electric company has been selected as the principal speaker at a t the banquet to be held during the annual convention of the utah associated industries on the evening of january 28 late in february if the present rate of sinking can be maintained the new shaft of the iron king company will connect with the drift now bein being an driven on the 1300 level of the older workings of the mine this does not mean that the new shaft will have a depth of 1300 feet by that tinie time there being about feet difference in the elevation of the two hoisting plants shipments of iron ore from the property of the dragon Comoli consolidated dated mining company at tintic gintic have been stopped for the present as contracts with the american smelting smelling Sm elting refining company have expired the dragon has been shipping chipping about fifty tons of iron daily to this smelter and occasional shipments have also been going an to the midvale steel company at midvale utah shortly after the first of the year the eureka standard company will commence drifting from the new shaft which now has a depth of nearly 1000 feet the drifting will be on oil the level where the first station was cut some time 0 ago o and also on the lowest level which will be at or near the 1000 foot point the eureka standard controlled by EJ and associates is considered one of the most promising undeveloped groups in the eastern end of the untie district shareholders of chief consolidated are being granted the privilege of subscribing for the new shares authorized zed at the rate of one of the new for four shares held the he price is a share of the new stock will be ue set aside for the conversion privilege of the holders of the OOOO bond issue it is stated no portion of the shares of new stock will be offered to the public ilow the price of a share it is stated the new stock is is being issued to finance the expanding business of the company mcany following out suggestions of G C crane well known geologist who in examination of the spent a few days an ail property the ma management i nage ment of the zuma at tintic gintic ha has com ced work in a raise from the level this raise was started some years cowhen ago ao when some ore was mined front from the level and work there was stopped when it was decided to 0 sink the main shaft mr crane liked the showing in the praise raise and suggested Y ested that some work ibe be performed there athers ers who are familiar with the zunia zuma feel that there is a good im level 1 chance ance of getting a body of commercial ore above the cold affected operations it in weather apparently has not american rican fork district roads are open and canyon h made ade ing is proceeding steadily shipments a are re being na ra the pacific mine the american leasing company is is still shipping completion of a new road up mary alary ellen gulch has been a boon to mining in that part of the district since work can be continued two months longer in the fall and started a month earlier in the spring development of the live yankee 6 group of the american leasing companas Comp anys property has abeen abee ii very successful and seven carloads of ore have been shipped recently production of the silver wave group is also good some of the very best ore that the chief consolidated mine mine at tintic gintic is now producing is coming from the deepest workings of the property more than 2300 feet below the surface which is also the greatest depth that has yet been attained in tintic gintic according to the eureka reporter several years ago the mammoth mining company operated rather extensively on a level that is 2380 feet below the collar of their shaft this level producing quite a lot of ore but the mammoth shaft has a greater elevation than the chief shaft hence the 2300 level in the chief is the deepest by several hundred feet in the tintic gintic district it is now practically certain that a development campaign will be taken up tip at the east tintic gintic coalition property early in the new year for some time the officers of this company have hava been at work on a plan to increase the capitalization and dispose of the additional stock to provide a working fund for the thorough development of the mineral land which is in the east tintic gintic section and quite well located A meeting of the shareholders has now been called to vote on this proposition the date being jan 3 it is understood der stood that the company now has shares of stock most of which is outstanding representing this stock having a par value of 5 cents a share it is now proposed to make the capitalization increasing the number of shares to B H and henry A knapp of pennsylvania are now the sole owners of the old time scranton mining property located in the extreme north end of the tintic gintic district they purchased the mine buildings etc at sheriffs sale at tooele thoele on oil december 12 when everything that the company owned was sold under foreclosure of mortgage the amount at which it was bid in was about this sum of money perhaps considerably more had been expended by these men and their associates in the protection of the property which has been idle during the past twelve years or more nothing definite has been given out by their representatives in this state but it is believed work will be res resumed in the near future |