New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-15
THE MINES OF UTAH.

OgBITANT rRiCE-PREsFNr MANAGEMENT OF
THE PROPERIY-AN INJURY TO TIE MINING
INTERESTS oF TIE TERRITORY.
FROM STAFF CORRESPONDENT OF THE TRIBUNE.
! SAT- LAKE CITY. Utah. Oct. 1G.-The best known
mines Of Utah. with a few exceptions. have. unfor-
tunatey for the prosperity and development of the
Territory. been those in the purchase operation
of which foreign or Eastern capitalists have lost
most money. The discovery of new mining districts
IN the Great Basin has generally been followed by
the preparation for sale IN Europe OF New-lork of
some lode deposit which has been represented as
showing millions OF dollars worth Of ore q" in
sight and enough more in prospect to enrich every
one who may De fortunate enough to secure even
few of the much-coveted shares. Then for q time
there have been great displays in and about salt
Lake City. Officers and managers of the new COM
pany have bought fine houses. given expensive
teriainments, driven fast horses, ard sent out
90 the stockholders the most glowing reports
Of their operations. In few instances large divi-
dends have Tor a time heen paid and the value Of
the stock has advanced rapidly in the market. But
a crash has IN almost every instance come
later TIE vein has been worked ont or its opera
tom has become Improbable: dividends have been
stopped. litigation has ensued. there have been
great public and private scandals and heavy losses
tor stockholders 10 sLou deT. Inis. with some
notifications. has been the history If many OF the
staff. McH,pry and other names which any reader
may supply, have stood as warnings to those who
would invest in the mining stocks Of this Territory
\ few mines Ike the Ontario have performed even
more than was ever promised for them. and there
have been recent discoveries which there is every
reason 90 expect Will turn ont equally we'll bur
great i0sses are remem cred wnen great gains are
forgotten. and II Will require many years Of honest
and economical management aud the development
of scores of good mines to inspire that confidence in
Utah enterprises which Is essential to their pros
perV.
The last great sale of mine in This Territory and
ITS sequel nave nor been such inspire confidence
among foseiCn capitalists in mining enterprises in
she Gr,at Basin and tine Old Telegraph viii prob
atiy soon take ITS place hy the side of the Little
Emma and Flagstaff among the disastrous ventures
oi European moneyed men i'm American mining
schemes The Old Telegraph Mine : situated near
the head of Bear Guch, Bingham Canon. about two
miles from the terminus OF the railroad. y tram
way built along the side of the mountain and cross
ing the guches and small side canons that break
the face of the hill on high trestes connects it with
the railway station but passengers desiring TO visit
the upper portions of Bingham are usually trans
ported in stage-coaches. BY the politeness Of the
managers of the railway was allowed 10 90 up the
tramway on a special car drawn by a stout mule.
The of the hill for part Of the way must be
! five or SIX hundred feet 10 a mile. and the views
/ one gets from the tramway, not only Of the sur
rounding mountains bat of the canons beneath. are
really enchanting. The ears run directly INTO the
oIe-houses of the mine. and these. with the offices,
shops clearinghouse and clearinghouse, perched
on the side of the mountain, the only buildings
: which the company las AT the mine.
the history of tls property is certainly remark
/ able one. Tue mine once owned By two men
/ named Winsor and Randall. the former of whom
| bad great faith in Its future richness. As long "a
/ his associate had money which he was Wiling 10
risk Mr.. WnsOr prosecuted his search for ore, and
when this source of supply gave ont he borrowed
I money unIil hi. credit was exhausted. Then Pro-
lessor Holden native OF Maine, bur now IA resi-
dent of Cleveland. Ohio. obtained control of the
property or seven years ago-at hrsi, believe.
/ ~ the representative of and manager for an Ohio
COMPANY. anu subsequently, MS own account.
! When lie began to work the mine he is said to have
! discovered a large body of silver-ead ore within
/ three feet Of Mr. Winsor's workings. Professor
Holden made the mine pay large profits for several
/ wears. tie built a smelter IN the valley near the
/ Jordan River and erected the most extensive aud
/ compete concentrating works IN the Territory.
/ He also perfected system Of teaching the silver
our of ores of a certain class. There is some doubt
! whether the concentration and Teaching of ores
was ever profitable but the system was almost per-
feet and the machinery OF II" very De't
/ The hich-grade lead ores which could be smeted
directly without concentration were undoubtedly
very profitable. | have beard 1t estimated that
/ Professor Holden realized aboGt 100000. besides
/ having for the extensive improvements which he
made both ~ the mine and IT the reduction works.
/ Sometime last year Professor Holden bonded the
Old Telegraph property to Irwin Davis the vendor.
several years ago. believe. of the Flagstaff Mine,
for , 600 600 that is he agreed to sell The mine.
| slneIter and concentrating works for that sum,
/ which was certainly all that the property was
/ worth With this bond IN his possession Mr. Davis
/ went to France where he succeeded in organizing
company and efectng a sale for the enormous sum
/ Of 80. 900 900. Two experts. a Frenclman and
! rbe other a German. sent to Utah TO examine
and report upon the property and on their repre-
| seutations. when some questions affecting the title
| Of the mine had been adjusted the bargain was
/ completed and the money paid. The new company.
called the Soci6t6 des Mines Argent ct Fondercs
/ DE- Bingham" took possession last May. The price
of Lead of which the product AT fair rates II equal IN
value 10 that Of the silver was very low and re-
manned 80 during the whole summer. The
/ management of the mine wa, not as economical AZ
/ the old had been; and hese circumstances.
I IN connection with extensive changes and
renairs that were deemed necessary, made the
/ exnenses of the company greater than they other
/ wise would have been. For the first few months
/ the balance WAS on the wrong side of the account
! the monthly loss have heard from II .stworthy
source. being about $40 900. Now, the advance in
| the price Of lead and some economies that have
/ been effected have nearly or quite wiped out this
/ los. and made the receipts and expenses about
eoual but the mine has not Yet earned one dollar
Of interest ON the three millions Of capital invested,
nor Is there any present prospect of dividends for
the stockholders.
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