OCR Text |
Show The Market and the Mine. The great day of noise and patriotism has knocked the business of the Mining Exchange galley gal-ley west this week, and it will take possibly another an-other week for the brokers and investors to recover re-cover from the celebration sufficiently to devote a sober thought to the unexampled prospects of Utah's mines. Notwithstanding the diversion, however, the board reopened Wednesday after a three day's armistice with a normal volume of business and quite a little activity in certain stocks. Yankee Consolidated, since the declaration declara-tion of its dividend, sells at 41, where it sold a week ago at 38; Carisa commands about the same price it did last week; May Day, instead of recovering, re-covering, has dropped two more cents from her figure, and commands only 5 and a fraction. New York is back in the ranks of the fifties again, having lost the gain made last week. Silver Shield has not only got a look in at the trading but has risen about the same amount that New York has fallen away, selling at 26J. On the whole the month of June bore out the hopeful predictions made in this column with enlarged en-larged totals. The sales amounted to $137,522.82 for 725,332 shares of stock. During the four days the exchange has been in commissoin since the last apearance of this page the number of shares sold has been 66,555, and the selling price $18,214.85. The metal output for June as shown by the ore and bullion settlements was $2,105,000, to which must be added the copper, gold and silver contained con-tained in the matte from the independent smelters of the valley. The weight of the June product was 5,900,000 tons. From the results during the first six months it is safe to estimate the copper output out-put for the year, assuming that the price does not decline greatly, at 70,000,000 pounds. BINGHAM. Utah Copper company has reached the All's Well ledge with its drift toward the Ohio Copper company workings. Ground will be broken for the 6,000-ton plant of Utah Copper, south of the Great lake, during the present month. Boston Consolidated has begun work on Ben Hur tunnel No. 2, which is to explore the ground north of the bluffs. In its Metropolitan tunnel the company has entered a body of 1.8 per cent copper ore thirty feet from the mouth. Surveying has begun for the railroad from the mine to the new Bostonia plant I at Pelican point. Twenty-six cars of timbers have been deposited at the mines recently. Utah Consolidated Con-solidated will, this week, put a new tramway 400 feet long, into commission. It will be used' exclusively ex-clusively for conveying supplies to the mine and will relieve the ore-carrying tram of much of its responsibility. The Saturn properties have been purchased from their English owners by P. J. Donohuc, George L. Nye and Michael Klopen-stein. Klopen-stein. The purchasers will organize a company to exploit the properties, which have already been productive of much pay ore. Charles Lawton has resigned the presidency of the Bingham Consolidated Consoli-dated mines and will return to Michigan. The second Edwards roaster will be placed in commission commis-sion by the Yampa smelter this week. The workings work-ings are prepared to furnish a tonnage of 1,000 daily to the furnaces. A statement made by the management of the Butler-Liberal shows that its debt on June 28 was $17,078.29. This will be reduced re-duced $10,000 by a subsequent assessment. Much of the indebtedness was for equipment, and the mine is in the best possible condition for future operation. The Southwestern Securities company of Los Angeles is investigating the camp with a view to acquiring interests. TINTIC. Yankee Consolidated pays its first dividend for four years this month. Stockolders will receive $25,000, and the treasury will by no means be depleted. de-pleted. Tintic ore shipments last week totaled 121 cars, of which the Centennial contributed 46, Gemini 14, Mamomth 11, Eagle & Blue Bell and Victor each 10. Carisa shipped 16 cars of ore. Ten sets of leasers are in ore. The shoot entered by the raise from the 700 level is proving a strong one, the ore running 12 per cent copper, 18 ounces silver and $3 to $4 gold. In making the raise 100 tons were sent down the inclines. The management manage-ment is now directing all its energies to the improvement im-provement of the air circulation. Eureka-Hill lessees, of. whom there are seventeen, will soon be in the market with creditable shipments. Each of five operators took out twelve tons last week. The Greeley Gold Mining company has purchased pur-chased three claims in the North Tintic district from Edward W. and Alfred Nelson. Eagle & Blue Bell properties are producing eighty tons a day. The drift on the 1,000 level should reach the objective ore deposit within 100 feet. Management Manage-ment of the Raymond-Illinois company is preparing pre-paring to begin work this month. Stock of the amalagmated company is being readily accepted in lieu of the shares of the two constituent companies. com-panies. Fire on Monday night destroyed the pumping plant at the Mammoth and cut off the water supply to the Mammoth, Lower Mam- j , j j 1989 moth, Star Consolidated and Ajax. A small pump ! j'j j v 4 HH is being rushed to the scene. Little time will be '! '! Hfl lost as there is much work that can be done to iff fBBJm advantage on all the properties affected without . IHH water for steam. The Emerald is 150 feet from J 8KH the 900 station, and should soon reach the cross- ij , Si Hh ing of the veins where higher values are looked j mHH for. High silver assays have already been found j, jj Hfifl in spots. ! ! j p I IBn PARK CITY. HH In the California a cave from thirty to forty j IHH feet in height has been entered 250 feet below the i BH surface. The chamber is walled on one side with j , . j J Bfl galena and lead carbonates for a distance of j! j ' j'j Bfl twelve feet. The Ontario drain tunnel will, it is j' i H Hfl iow predicted, be cleared of its obstructions with- j j ffl in ten days. The innermost cave, it is thought, iH will be found 14,000 feet from the mouth where 1 j : ' HH the ground has always been bad. Water has risen ! ! j ' 19 to the 1,200 level of the workings. The Ontario i j Hh is shipping its No. 2 dump to the smelters and de- ! HH riving a profit therefrom. Six men will be em- ( jfl ployed this week at the Columbus on Bonanza flat , ; to work on a tunnel contract. Results are expected 1 1 1 at the 400-foot point, which will be reached in ' , ! ninety days. i j i flU Hl ALL OVER UTAH. ; B Tne Honerine drain tunnel at Stockton has at- ' , jH tained a depth of 8,200 feet and should be con;- j I , ' j H pleted in October. The mill is still taking values : Jil l from the tailings left by an old plant. j j ; ' jH Black Diamond directors are beginning to dis- ! ji HI cuss an independent mill for their property at ' ' I 'j ' Hi Stockton, now that the tonnage of ore in sight is ! ' H sufficient to guarantee continuous production. jH On Saturday the Overland mine at Sunshine J ' l 'H will be sold at public auction to satisfy the claims j H of bondholders. It will probably be bought in by , H its Boston owners, as it has been conclusively ' ' 1 ' H shown that the immense tonnage of low-grade ' , . HQ gold ore can be made to yield a few cents profit ; i t. i HB on each ton. j j j I RH Experts are beginning to arrive and prepare j j iH their ammunition for the coming apex fight be"- j ' ' tween Senator W. A. Clark and Thomas Keely involving the extra lateral rights of the Ophir Hill M in Tooele county. J The Utah mine at Fish Springs has shipped a ! ' (Hb consignment of ore that carries, according to mine , , H assays, 48 per cent lead and 186 ounces of silver. H The new vein opened in unexplored territory dur- ing June is growing bigger and yields sensational 1 1 j ( H values in silver. i i ' i.l H |