OCR Text |
Show MINES AND MINING Tho Westorn Pacific Mining 'company, 'com-pany, which ownB mining claims -on Silver Island In the Grent Salt Lake, died articles of Incorporation last week. Tho profits that linve accrued to Investors In-vestors In Goldfleld stocks by the recent re-cent rlso In tho .price of these secur-ites secur-ites Is variously estimated at from $50,000 to $100,000,000. Tho news hna been Hashed from lloston that u big corporation Is being organized to take over the Witch group of claims at My, Nov. It Is claimed tho Standard Oil company Is back of the project. At thu regular quarterly meeting of tho directors of tho Consolidated Mer-cur Mer-cur company, held in Salt Ijike Inst week, thu usual dividend of 2c per share, or $25,000, wus posted .for .payment .pay-ment on December III. From fifty to seventy people n day aro rolling Into My, Nevnda, now nnd, as coon us It Is possible to get material mater-ial and men to handle It, the camp will experience' such n building boom as no new city ever saw. Thu Commonwealth Mines company Is tho name of u new corporation Uia bus been orgnulzed under tho laws of Wyoming to operate In Heaver county, coun-ty, Utah. U Is capitalized for 000,000 shares of a par value of $1. Within the heart of tho Fulrvlev, Nevada, district at this time nre seven properties, half of which could be shipping hlgh-grndc ore, wpro It not for tho consurvntlve policy which Is being pursued by their management. Tho development work lu progress on tho Louise Con., near Ogden, Is demonstrating the continuity of the vein. Thu drift to the south is now In about 400 feet, showing ore all tho way, and u recent development showB soven feet or grey copper. Notices have been posted throughout through-out tho plant of the Machuth Lease, nt Mackay, Idaho, .announcing tho fact that tho mutiageineut had mado an Increase In wages of all the skilled labor employed, amounting to from 25 cents to 50 cents to each man per day. Two inlneH of Guldlleld are idling up their hlg,. -grade oro to make a million dollar shipment, and it will bo a guess until thu ore is finally placed aboard the cars as to which will be the first to break the world's record, The mines In this unique raco arc the Hayes-Monnette and the Francos-Mohawk. The directors of the Nulldrlvor company com-pany met in Salt Lake last week and levied nn assessment of three cents a share on thu outstanding capital stock of thu corporation. It will bring Into the treasury nearly $9,0Q0, which will be applied to development work. The shaft lu now down 880 feot. The East Hutte Montana) company com-pany Is today earning about $7,000 per month from the leasers now operating operat-ing the property on a royalty basis. Hy January 1 next nil leasers will be excluded from the property. Hy this time the company is planning to ship to thu Washoe, smelter 300 tons of oro per day. Experts who havo been scnrchlng thu Sierra Mad re range of mountains, north ot Ogden, havo made tho most flattering reports as to their richness, not only In many of tho rare metals, such as rungstate and molybdenum, etc., but also the garnet, which Is used bo extensively as n polisher for metals. A prominent mining man says that My, Nevada, will outstrip Hutte, Mont, so far In ten years that the marvelous wonders of the latter camp will appear ridiculous by comparison. If two or three. Instead or ono big smelter enterprise develops, tho camp will boast u population ot 100,000 souls, ho says. Thu large plant of tho Utah Smelting Smelt-ing company near Ogden, began operations oper-ations lust week. The smelter Is thu first to be erected In this locality, and Ib backed by thu Kccles Interests. Tho plnnt Is situated ono-half mllo from the Utah Hot Springs, und Ib connecb ed by n spur with the main lino of tho Oregon Short Line, Nell 01111b, one or thu very early day miners of Pnrk City, and at one tlmu Bhlft boss In No, 2 workings, died In Pasadena, California, last week. Nell Olllls came from Nova Scotia and went to work at the Ontario mlno within a year or two nfter Kb discovery. dis-covery. Tho feature of Salt Lake's business situation for the past ten days has been thu unusual number of lug mining min-ing companies organized here, No less than half a do? en companies havo filed articles of Incorporation with a total capitalization ranging close to $5,000,000. The subscription allotments to tho stock of tho King Edward silver mines, thu Cobalt company of which Samuel Newhottsu is president, and Harnoy Ilariich, Harry Payne Whitney Whit-ney and Migene Meyer, Jr., aro directors, di-rectors, have now been mado, says a Boston paper. John 11. Wolmer la now regularly shipping to the Salt Lake mnikot copper cop-per ore from Idaho that Is averaging butter than $1.50 a carload, net. His first shipment wns mado In October, two months, or such u matter, uftor he hnd taken possession of tho property prop-erty Is operating |