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Show ' "M "' " I HlH. j The Market and the Mine. I Conditions on the Mining Exchange must be im proving. The actual discovery of ore has resulted in a rise of 25 cents a share for New York. If this sort of thing continues the stock quotations may in the course of time, become a criterion of the physical physi-cal state of the mines and not a mere index of the cleverness of the speculators. New York has waited wait-ed a long time. Its management has met with ' many discouragements, but each succeeding mes-j mes-j sage from Park City has painted the find on the , 800 level in more glowing colors. If the ledge at that level is nearly as promising as the reports indicate it to be, $1.00 is not an extravagant price for the stock. The bears may bring about a temporary tem-porary reaction, but the ultimate result will be a still higher valuation. Other active stocks have fluctuated with a greater of less rapidity at each call. While the net result is a standoff there is no disputing the fact that there is a better tone to the market and renewed interest in mining as a means of making two dollars grow where one grew bo-fore. bo-fore. Since the last issue of this page Lower Mammoth Mam-moth has jumped from 15 cents to 25 cents. Carisa has registered a gain of 5 cents. Little Chief was 3 and is now 4. On the other hand May Day has failed to justify the brass band campaign started two weeks ago and is facing a net loss of 3 cents for the week. Silver Shield has fared little better. Daly-Judge is a half-dollar to the bad, closing around ?5. Uncle Sam and Yankee Con. made several sev-eral false starts and the end of the week finds them at the same place as the beginning. During the week which closed Saturday night ' the number of shares sold amounted to 139,051. The purchasers gave up ?37,407.G1 for them. A substantial gain was recorded In the ore and bullion bul-lion market where the settlements totaled up $587,-900,an $587,-900,an Increase of ?150,000 aver the week before. The latter, however, was only a five day week. Bingham. The Utah Copper Co. has had two new strikes in its. workings on the Quinn property. One consists con-sists of four feet of red oxide of copper and the other of 13 feet of ore averaging 5 per cent copper. Thay are on opposite sides of the canyon. A representative rep-resentative of the Allis-Chalmers Co. has been testing test-ing nVHftncoolc jig on Utah Copper ores this week. Bingham Con. has drifted 150 feet on the Dalton-Lark Dalton-Lark ledge finding continuous values the whole way of 7 per cent copper and 30 ounces silver per ton. Boston Con. is to have a mill of 10,000 capacity capac-ity and a railroad 30 miles long to connect It with the mine. Word is brought by President Newhouse that the $2,000,000 of convertible bonds for these improvements were' oversubscribed. The site of the mill has not yet been made public. The mines of the company are producing 200 tons a day. Bingham Cfcntral has entered a body of mineralized lime 80 feet from the mouth of Its tunnel which shows spots of galena. Fortuna sent a consignment consign-ment to the smelters this week which ran 3.G copper, 4.6 silver and ?1.40. It has ore at five different places in the mine, the latest being near the surface and running 12 silver and $2 gold. A payment of $45,000 was made to Eagle & Blue Bell stockholders on their Bingham interest's by the Bingham Con Monday. Utah-Apex is again forwarding for-warding lead and copper ore and the management promises to increase the output to 50 tons a day. Surveys for the railroad from the Utah Copper properties to the new mill site at the point of the mountain show a maximum grade of 2 per cent. It will accommodate standard locomotives and cars. Col. E. A. Wall has taken possesion of the West Mountain company's properties under an option. op-tion. Alta. The Continental-Alta mill is now employing two shifts. Sixty tons of high grade are now on route to the valley smelters. Columbus Con. mill is producing pro-ducing 22 tons of concentrates each day. From the bottom of the shaft the ore body has been followed 40 feet and crosscut for 15 feet without revealing a wall. Alternate streaks carry 6 copper, 18 lead, 30 silver and $2 gold. The other ore Is of milling grade. A tunnel Is to be run on the Kennebec 50 feet below the old stopes by means of which a large body of $40 to $50 ore can be extracted. The ore was left at a time when It cost more to handle the mineral than It does now. From the Alta-Quincy tunnel the management has drifted 50 feet east and west. The ore is being sacked as It comes from the vein. The tunn,ol bore is nearly 1400 feet and should tap the Sodan lode within 100 feet. Tintlc. The Godiva has tapped the lode now being exploited ex-ploited by Uncle Sam and May Day. Connection was made east of the main dyke. It was reached by a crosscut made at the depth of 750 feet. Ore of both, smelting and refining and milling grade carrying values in lead, silver and gold occur In the vein and the full width of the body has yet to be determined. The discovery is said to presage a mill. The Mammoth is constantly increasing its tonnage having shipped 300 tons last week. The Ajax is raising and sinking on a promising vein which discloses both load and copper In consldera- 1 ble quantities. 11 Park City. 1 The Now York's veins are found to havo come ll together at the 800 level and formed one large ore 1 shoot. With some of the proceeds of a recent as- H sessment the management of the Steamboat' will !H drift from the tunnel, upon a promising fissure. flH Silver King and Daly West shipped 1297 tons of H ore last wok. At the Ontario the force which has been drifting around the obstruction in the drain tunnel has nearly completed its work. A bulk- H head is being put in and pipes will be thrust H through into the imprisoned flood. News that the H flow has begun is expoctad hourly. H All Over the State. H The mill at Newhouse is handling GOO tons of H ore from the Cactus every day and putting out 100 H tons of concentrates in the same time. Hancock jH jigs are to be given a trial. H Work has been resumed on the Signet in Amer- H lean Fork canyon. The tunnel in the Bog mine H at the same place has gone through the channel of jH water tapped a short time ago and is dry again. jH The Black Diamond at Stockton is getting some H high values at the intersection of the prinoipal vein H with a cross fissure. Samples run as high as 70.7 B per cent lead. H Fred T. McGurrln and M. A. Breeden havo se- H cured an option on some claims on Granite moun- tain east of Milford that have liberal quantities of 11 per cent copper ore. The option calls for $25,- fl H The Ophlr mine and mill at Stateline 'will, it is said, be placed on the market by the owners who H live ill Detroit, Mich. tH Officers of the Sevier Con. Mining Co., operating Hb on Gold mountain, will recommend to the stock- H holders that the size of the mill be doubled to ac- ' comodate the increasing output of the mine. fl The Golden Roof tunnel in Beaver county will M be driven aitrft'lior 100 feet under a contract let last M week. This will give a horizontal depth of 1,300 M H The Twin Pines group south of the Virgin river M aas been acquired by a syndicate of Missiourians. M They have boon shown and they propose to show M others that the property can bo made to yield lib- jH oral returns-in gold. |
