The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1877-03-03
"DOWN EAsT'' SILVER MINING
[San Francisco Stock Exchange. !

stDOWN EAST'' SILVER MINING.
(San Francisco Stock Exchange.
When. three years ago, reports first
came of the discovery Of a true fssure
silver vein near Newburyport, Massa-
chusetts. a very general smile of derision
spread itself over the face of Eye honest
miner" Of the Pacific Coast. Rumors
came from time to time of its develop
ments, but OF late the public has heard
but little of the mine and doubtless every.
body thought--if they gave it any thought
had long ago been gathered in the Wild
cats lair. But its fate seems to have
bsen something different. The irst dis
covery of the vein was made by one
Adams. Yankee of some native shrewd-
ness, but whose metallurgical knowledge
was limited. In fact he did not know a
piecs of silver quartz from a brick. But
the stuff had a curious black metal
like" look, and Mr.. Adams resolved to
prospect further. He didn't dare tell
anybody, 80 be bought couple Of text
books on mineralogy and spent two
years in studying out the value of his
discovery. Then he went and bought
twelve acres of the ground and began to
dig. Hs was early joined by one W.
W. Chapman, an old mining man, who
recognizing the probability Of success
from the surface Indications, laid the
matter before some of his friends, and
DR.. Kelley, e. P. Staw and E. NJ. Boyn-
ton soon became the owners with him-
self of the Adams purchase and the ad-
joining property lying on the same vein.
The Chipman Mining Company was
formed, and work was regularly begun
with proper machinery and appliances,
and q shaft sunk to a depth of about 100
feet, with three levels running on the
vein. A large quantity of fine ore was
taken out. and the Chapman Company
was on the high road to success; but
about q year ago large cash sum was
offered for the property. WAS accepted,
and the mine, together with about 1000
feet on the lode, passed into the bands
OF the Merrimao Silver Mining Com
pany.
The Boston Globe now gives this in
teresting history Of the Merrimac's oper-
atoms:
No assessment has ever been laid by
any organization owning it; every person
owning the property has sold to advan-
tage, and the mineral taken from the
mine has paid the cost of both explora-
ton and plant" The works now
erected have cost fully 100000. and the
opening Of the mine has cost at least
500, 900 more; yet there has been enough
taken from the mine in sinking the shaft
to depth Of $50 feet and mining some
1900 feet of drifts and crosscuts to pay
the cost of 80 doing. without having
extent below the thirty-six foot level.
The mine is now opened for working
production of at least two years, there
being. according to Professor Vinton, OF
Columbia College, some 10000 tons Of
ore now in sight. And it is his opinion,
and that of all experts and scientists who
bave ever examined the property, tha,
greater values exist below. and that the
mine shows ever indication of being q
staying one. the product OF the mine
has up to q few weeks since been con-
centratsd on the premises and shipped
IN various directions to be smelted. Th'
cost of freights and the profits neces
sarily paid others for smelling have 80
materially reduced the net yield, from
what it should be that the company ha,
lately determined to do its own work
and furnace has just been erectsd TO
reducing the ore to low-grade bullion
this being after assay at the Government
mints. q regular article of commerce
subject to none OF the contingencies o
guesswork of unsmelted ores. 1t il esti
mated that this will yield fully 25 pc
cent. larger net results. The oompan
has been paying monthly dividends 70
some time past, and we are assured OF
competent authority that dividends 70
the coming six months are already in th
crib, or on the surface with plenty NOR
in sight. The President of the compan
is Mr.. William Wooley. an old and well
known successful Bostonian. Th
Superintendent. Mr.. Edward Shaw,
recognized as an expert by all who hav
ever visited the great mines Of Eureka
Nevada. which he superintended f1
three years. The Directors are vel
known, conservative men, who ow
their own interests as an investmeD
having paid liberally for what they owr
and being satisfied with the good intere
they are receiving and feel confident (
continuing to receive. The mine is col
Quoted on economical principles, pu
chases are made ut the lowest rates, labt
Is scheap, miners receiving at the create
$l.75 day, fuel ready at hand, al
though the Merrimac ore Is of the abo,
average value, much lower grade won
nav ha ndoomai,,