New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1878-04-10
A Half Million Dollars Re
ported Offered for the
Mine.
Preparations to Cast the Larg-
est Gold Bar the World
has yet Seen.
From the Helena (Mont) Herald of March 81.

gent Of Messrs. Frazier & Chalmers,
Of Chicago, in the sum of $500, 900,
sixty days lin2it, was announced in
these columns ten days since. Cor
respondence by wire has passed to
and fro until a conclusion was reach.
ed in reference to the purchase of the
property, and on Thursday last Mr..
Trent proceeded again to inspect the
mine, after which he stated his readi-
ness to take possession thereof and
pay over the first installment Of
$4,000 deposited to his credit in the
First National Bank Of Helena. The
owner Of the Penobscot, Mr.. Vestal,
accompanied Mr.. Trent back to town
on Friday afternoon, and after coun-
selling with his attorney and trusted
friends, concluded not to make the
sale. Mr.. Trent was promptly mott
fed by Mr.. Vestal, who signihed his
intention to decline the tender, say
ing frankly, 81 am ready to pay for
felt" This morning Mr.: Vestal
drew his check in the sum of SIS, 600,
and following the surrender Of the
bond Mr.. Trent received the amount
named as forfeit, in accordance with
the conditions stipulated in the COM
pact.
A HERALD reporter, who person
ally interviewed both Mr.. Vestal and
MIR. Trent, obtained full conhr-
nation Of the statement as above set
forth. The check Of SIS, 900 drawn
by Mr. .Vestal was shown the report.
er at Hershfeld & Bros Bank, after
payment.
1t is understood that the purchase
of the Penobscot property is about
to be undertaken by capitalists, who
are prepared to take it for a Aaf|
million yeloUoys. The hot work on
the wires from California and the
East Indicate on the part of some of
the big mining men a desire to pos
scss the Penobscot at any reasonable
figure. Mr.. Vestal is not anxious
to part with his great bonanza if we
are to Judge by what he says and by
the rich golden products he is able
at short intervals to show.
Since Saturday last he has extend
ed his shaft down several feet, the
bottom now being about fifty-four
feet from the surface. The one
thousand dollar vein against the
hanging wall has increased from 8
inches to nearly twelve, while the
smallest veins carrying the same high
grade Of ore, and sand wiched be-
tween the fifteen feet Of average 500
rock, continues on down with the
main body increasing rather than
decreasing in richness. Nearly one
hundred and seventy pounds Of gold
retort, worth $16 an ounce, is ex-
hibitedin the show window ofHersh. /
tield'& Bros. Bank. This is Penob- |
scot product for a fortnight as far as it
has been cleaned up in the rude arast- |
ras and from partial scrapings in the
five stamp mill Of Mr.. Courtwright,
doing contract work, The mill,
cleaning up in day or two the clog
ging amalgam, will show from 40 to
50 pounds Of retort. This mill and
the arastras are kept regularly at
work, and the total gold product for
the month from the battery and tubs
will probably not fall much short of
S75, 900.
No such enormous sum in given
time, with such ridiculously small
facilities, has ever been taken from
amy gold mine in the world. A gold
bar, in weight and value never
equalled in this or any other country,
WILDE cast from this collecting trea.
sure at the end Of the present
months milling. The event itself. /
at the time it happens will be an
nounced in the HERALD.
Yesterday, Nate Vestal came to
town on his regular weekly trip,
bringing achunk Of PenobScot cold. 7
weighing go pounds and valued at
$4,000. These big returns from the
famous Penobscot are becoming a !
regular thing. A thousand dollars t
per day is the average amount worked
by the arastras ON rock taken from
The mine at the present time. Great
is the Penobscot.