|Paper||Western Mining Gazetteer|
|Rights||No Copyright - United States (NoC-US)|
|Publisher||Digitized by J. Willard Marriott Library, University of Utah|
|Paper||Western Mining Gazetteer|
WESTERN MINING GAZETTEER. Mtcstcvu gtKunntj C6mvftm EASILY J)JSCOU.KAGEI. SALUTATION. of the Western Mininu Gazetteer OUIfc is before you. The fir I number Salt Lake City is the centre of a great mineral field, hence our idea for starting an exclusive mining journal here. We shall give full and authentic reports from the mines of the Pacific Coast States aud Territories in each issue, and our corps of correspondents will be limited only by the demand. It was our intention to have started a and enlarge as journal, but concluded afterwards to make it an patronage mav require. Those interested in mining will perhaps see the need of such a paper, but patronage is necessary to sustain it. The immense mineral wealth of Utah, Idaho, Nevada, Montana, California, Arizona, New Mexico, Wyoming and Dakota, must be made known to investors, and this is the mission of the Gazetteer. The present number was issued in three day and a half from the time the copy was placed in the printers hands, but we have no apology to make, and will only add that the next issue will be 25 per cent, better. -- 12-pag- e 8-pa- SOMETHING ABOUT WILD-CAT- S. There arc many who term a prospect a wildcat simply because it is not shipping ore. This is certainly incorrect. A company is organized for the purpose of developing some mining property ; the face value of the stock is placed at $100 and 100,000 shares are issued. Now this is no evidence that the incorporators claim that the stock is actually worth $100 per share, or why would the Company immediately place it on the market at 50 cents. The object is to get together a large number of persons in order to make the pro rata lor developing the property rest lighter on each one, and no false representations are made when it is distinctly slated, as in the majority of cases, that it is sold to obtain a working capital. Now where would be the sense in selling stock to secure a working capital for a dividend-payinmine; yet some are foolish enough to see but one side at the lime. The term wild cat can only be, properly, applied to a claim which does not even show a favorable formation lor a vein, or what is called vein matter. Suppose the mine U stocked at $100 per share, is any one asked to pay that price for the stock before the property is developed ? We have simply considered it a way of putting it aud has no rellercnce, comparatively, to the real value of the stock, for in nine out of ten cases from $5,000 to $20,000 purchased the prupeity lrorn the original locator. You arc akcd to put up only a few cents per share to develop the property and it is tacitly understood that the investor is willing to take the usual risk for its opening out into a paying mine. The same chances are aken every day, in all branches of business. The merchant buys a full line of general merchandise and credit them out to the surrounding farmers, who are considered responsible, and ere s and d. vnurs every green thing on long comes an army of their line of march ; isnt this the per cent, of trade ? The goods certainly must not be condemned. A stranger oilers a horse for sale. You become excited aud purchase because he is so very cheap, lie turns out be The horse was not carefully examined. A herd of cattle is bought in Montana and one in Utah. The latter winter nicely aud the former nearly all perish in the snow. Au extraordinary hard wiutei Perhaps so, but the cattle are dead. Mining is just as legitimate as any other industry. There are plenty of good properties to invest in aud the investor need only be as cartful when he places his in il mines as lie were purchasing ival estate, though he can, money of course, lake much gieater chances for the leturus are so much larger. There is only a single way in which one can till whether or not the showing will justify the price asked for the Mock. Demand the opinion ol some reliable mining man and act accordingly. The journals aild-cawhich howl the loudest, perhaps have an axe to giind, think-inthat by )elliug wolf they can work in tlieir nefarious schemes. g high-soundin- g grass-hopper- wind-broke- n. V t g - The New York Indicator sajs: Busints at the Mining Stock Boards, both here and on the Pacific Coast, seems exceedingly dull even lor 1 he street is full of telegram that give promise of sweet thingF, in many of the old favi rites ar an urlv but the price tor shaies does not respond. We predict that ihisfuture; is only one of the anomalies ot the market, and that an active iipvvmd movement in the "m1,1 if!?11 (,M slocks vviil aoun S(Jl in :utl an active la 11 campaign will lolluw. mid-summe- r. Prospectors arc, as a class, the most untiring of men, in searching for a claim. Yet, after once making a location fail, in many instances, to do the necessary work to develop the claim and place it in proper shape to be examined by an expert. If a mine is placed on tlic market, the question is very naturally asked what arc the developments, that Ibis property is worth the price asked? Do not get discouraged because your prospect does uot show up as handsomely as you would wish, for at the depth of 100 feel (this being the depth of many abandoned claims) you have not sufficiently opened up a claim to tell wliethei it is permanent or not. Take the history of many camps now lull of life and activity. Was it not lound necessary to sink four hundred feet on The Bodic the Comstock when the lode was first lost to find it again mines labored under the same disadvantage for years. At one time almost abandoned ; but one or two prospectors continued to work on, and, finally, it has made almost a second Comstock. Work was stopped for it is the years on many of the mines of Butte, Montana, and liveliest camp in that Territory. Such has also been the history of Arizona, New Mexico and this Territory. It is impossible at this vanccd age to sell mere prospects for large figures, and if a claim is worth locating, put in a few mouths developing it and prospectors will bt well paid for the time expended. V to-da- y EDITORIAL NOTES. The Grand Prize, North Belle Isle and Navajo Companies, Tuscarora, Nevada, made their regular bullion shipments ou the Dili inst. Tlic Bullion mmc, Wood River District, Idaho, will make a shipment of very fine ore to Salt Lake in a few days. This is said to be a nice property. And now comes the Dam Phool mine, Bingham, Utah, with a strike. The vein is five feet wide, and assays 50 per cent, lead and a trace of gold and silver. It is stated there are 1500 men in the Wood River and Saw Tooth Districts, Idaho, the greater part of whom are either prospecting or developing mines. The Barker mine, located in the Barker Mining District in the Belt Mountains, Montana, about CO miles south of Benton, has been bonded to a St. Paul company for $85,000. Gen. P. E. Connor has ordered the necessary machinery and will light his reduction works at Stockton, Utah, with the electric light. This is the first one in the Territory and will cost, put up, about $1,500. The Empire mine, Utah, has levied an assessment of $1.50 per share. The stock is held at $10 per share. There has been a great deal of systematic development on this property and the present showing is excellent. The annual convention of the American Bankers Association will be held at Saratoga on the 11th, 12th and 13th of August next. Over 7,000 invitations have been issued to the banks and bankers at borne and abroad. Among the topics to be presented will be the Silver Question, by Geo. S. Coe, of New Y'ork, and others. A company of capitalists has arranged for sinking a shaft 1,000 feet in deptli on a series ot locations recently made, adjoining the Alamcday in the mountains west of the town of Grantsville, Nevada. The enterprise is in the hands of men who have had large experience on the Comstock, and if carried out as reported means mining in a scientific manner. The Alice Company, Butte, Montana, expect to receive 2,000 tons of freight the present season 500 tons have been received already. The new 00 stamp mill will start tip not later than December 1st. This is the largest dry crtishiug mill in the world, and was built by Griffith Wedge, Zanesville, Ohio, the plans aud specifications having been drawn by W. II. II. Bowers, Salt Lake. Speaking of the metal market, the Engineering and Mining Journal of the 7th, says: The market generally has developed an undertone ot strengtl in nearly all departments. With everything now in its favor, this will in due course bring forth i s natural results, and, in the near future, higher prices will have to be paid all around. Without ill any way wishing to be bulls (or bears, for the matter of that), which is not our province, we think consumers would do well to consider the fact that the chances for rise arc now certainly greater than the chances for a fall.