OCR Text |
Show H The Market and the Mines I J Oro liko the Colorado used to make, is now being found in the nethermost workings of the Unole Sam at Tintic. The company thought it was doing very well when the winze put down Irohi the drift level continued for forty feet or more in a good quality of galena. But now galena te looked upon like a poor relation and the beat room is reserved for the carbonates, which : first appeared in the winze fifteen feet away. The UneiQ Sam has had only four or five men poking pok-ing around since tho close-down in November ' and with tills force, it will take much time to expose the top, bottom and sides of the now formation. Until this is dono, however, statements state-ments as to the enhanced earning power of the mine will be pure speculation and will vary directly di-rectly as the squareness of the guossors' last At the rate of dewaterizatlon now proceeding In that camp, Park City, will soon be entitled to representation in a Dry Mining Congress. Water id flowing from the drill holes into the blockaded part of tho Ontario drain tunnel at the rate of 800 gallons a minute and early in the week the liquid level had fallen fifteen feet in the Ontario's On-tario's No. 3 shaft. The draining of the workings work-ings will be hastened by more drill punctures, and Uie pressure will be diminished in a short time to such an oxtont that the main tunnel can be cleaned out and the water supply of the region ( drawn off in the normal way. While awaiting f this happy consummation of the drainage prob-! prob-! lem, Park City is peeping through the key-hole the Wabash and watching the stripping of i the; ore. It is a fine body, they whisper, with a I full breast of 1,400 feet of backs. The Wabash ! management has employed a third shift and has cross-cut for twelve feet without hitting the wall. In value the new shoot is said to average aver-age 300 ounces silver 12 per cent, lead and 3 per cont. copper. ? hu In the general drainage of Park City, there HH has leaked out an interesting Silver King story. MM The incident happened away last spring, but has V 1H never yet been sprung on the public. The di-p di-p H 1 rectors of the Silver King Coalition had ordered M llie nayinont of tno flrst dividend at the rate of HI IS cents a share, and set aside the sum of $187,- 4 : 500 for the purpose. The secretary began mak- ; 'H ing out checks for the stockholders, and all went V. flR ? merrily until he added the amounts called for vfli by the checks and got a total of $15,9000. He flU proved up his addition and still got $195,000 as , JH ' the result. Not being an adept in high finan-ciering finan-ciering the secretary could devise no method of paying $195,000 in dividends with $187,500 in cash. He went over the stubs in the certificate book and found to his amazement that the shares lor which certificates had been Issued aggregated 1.800,000 while the company was capitalized for but 1,250,000. He considered the matter in all its half-bearings and reached the inevitable conclusion con-clusion that someone had received 50,000 shares io which he was not entitled. At this interesting point the wire breaks and connection with history his-tory is cut off. The name of the man who got 50,000 shares of King stock that he did not pay for remains unwept and unsung. The secretary of the company probably followed the example of the green Irish street car conductor. It was the conductor's first trip and he was working under the eye of an old employee. He traversed the car collecting and ringing up the fares, and counted the nickels in the presence of his mentor. "There is -something wrong here," said the older man. "You have registered thirteen passengers pas-sengers and have only twelve nickels. Now what are you going to do about it?" The Irishman scratched his head for a moment mom-ent as he evolved a plan of action. Then he stalked into the car with all th-a dignity of his race of kings. Frowning fiercely, he glared along the rows of passengers and roared: "Looka-here! One of yez will have to get off." As nothing more has been heard of the Silver King problem, it is safe to assume that one of the stockholders "got off." i$ Things are looking much better at Ely than they did a few weeks ago. The mines are get-ling get-ling their second wind and the big reduction works of the Nevada-Consolidated and Cumberland-Ely are progressing so rapidly that the time for starting them has boon definitely fixed at March 15. The smelter at McGill is also nearing completion. By July 1 its furnaces will be ready to receive the concentrates from the mill. Six hundred men are finding employment at the new smelter town and tho mining companies of Ely are constantly increasing the length of their, pay-rolls. An array of interesting figures were martialed before the stockholders of the Columbus Con. at tho annual meeting this week. The production of smelting ore during the year was G.G89 tons, with an average value of $38.77 and the output of mill ore 1,508 tons, averaging $11.38 a ton. On the first class of ore the company received $259,388.97, and on the second $39,770.40. The mill saved 82 per cent, of the values and the expense of milling averaged $2.30 a ton. A re- port was current that the Michigan stockholders intended to extract President Jacobson from the directorate, but if such a design was harbored, something went wrong with the extraction process pro-cess and an assay of tho directorate shows it to run 33 1-3 per cent Antony. & A few facts ha-'e emerged from the mass of rumors which have surrounded the operations of the Utah Con. Since the return of Manager Risque from the east, he has made it clear that the mine is to go right on producing the wonderful wonder-ful copper ore which has done so much to make Bingham famous. By the middle of the month GOO mineis will be employed and from 800 to 1,000 tons of copper sulphides delivered daily to the American smelter at Garfield. Mr. Risque denies that the Utah Con. has in contemplation a merger with any other 'Bingham property and asserts that the company has not abandoned its intention inten-tion of building a smelter of its own in Pine canvon. The contract with the American corn-pan" corn-pan" was made for the term of one year with the privilege of renewal for another year at the option of the mining company. Explicit as this statement sounds, there is the lingering suggestion that the relations between the Utah Con. and the American Smelting & Refining company com-pany are more intimate than the terms of the contract would indicate and the new smelter so remote as to be almost indistinguishable. |