The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-04-14
Messrs. Wood and VIM. Fl. Stevens mad

Messrs. Wood and VIM. II. Stevens made
the first carbonate discoveries in Leadville in
the summer of 1877. Before the first fall of
snow from 300 TO 500 prospectos wandered
over the country. They made few locations.
The first discovery was what is known as The
Iron mine. 1t was followed by the location
of the Hallett & Cooper. alias the Car Donate,
now owned by the Leadville Mining COM
pany. The ore in these mines was of un-
usual richness. There was rush of pros
pectors in the spring. George Freyer, VIM
Borden, August Reiche, and George Hook
were among them. Freyer and Borden be-
gan prospecting on hill northeast of the
mines already located, now called Freyer
Hill. They found ore deposits at depth of
80 feet, and made location named the
Little Discovery. Reiche and Hook were
shoemakers. Hook was fresh from the last,
but Reich had sloshed around the Rocky
Governor Tabor, of Colorado, had given them
grub stakes and tools. on the promise of an
equal interest in their discoveries When
Freyer and Borden located the Little Dis
covery, the shOemakers we're digging hole
in sag of the hill, 400 feet east of the Dis.
covery shaft The locality was so unprumis-
ing that the shoemakers were the butt Of the
camp. They were digging in spot where
all scientific men agreed that ore could not
be found. At the depth OF 33 feet, however,
Reiche and Hook struck a bed of rich
sand carbonate. They supposed that it was
| a true vein. 1t was really deposit, or what
| is known in mining parlance as blanket
| lode. The ore ran from 90 to 800 ounces
of silver TO the ton, and carried from Is TO
90 per cent. of lead.
The shoemakers named their claim the
| Little Pittsburgh. 1t was fractional claim,
| and was located and relocated, decided and
| redeeded, and quitclaimed here and there to
| parties owning adjoining claims, until side
lines were established inclosing between
| eight and nine acres. These troubles occurred
| in the first rush to Leadville, when claims
we're nightly jumped and nobody's rights
were respected. Some Missourians located
a claim called the Winnemuc. which over
Tapped the Little Pittsburgh and the Aimee,
an adjoining NINE The Missourians sold
the Winnemuc to DR.. G. R. Bissell, A B.
Hunter, and S. II. Foss. They sunk shaft,
and discovered valuable mineral at the depth
| of 153 feet. The Winnemuc was really q
| part of the north end of the Little Pitts
burgh. The south end was being worked
by Reiche, Hook, and Tabor. and the north
end of the New Discovery by Freyer and
Borden.
| In October, 1873, United States Senator
4 hot vic tod 6uil re
first purchase was half interest in the New
Discovery, for which he paid $4,000 He
afterwsrd bought a sixteenth of the same
mine, thus gaining full control Meantime
Relche and Tabor had paid $4,000 for
Hooks interest in the Little Pittsburgh.
They offered Chaffee Sl25.000 for his interest
in the New Discovery, and the senator &C
cepted it. Before leaving the camp, how
ever, be purchased Reiche's interest IN the
Little Pittsburgh. New Discovery, and Dives
paying therefor $262, 900. On November Is
all the interests in these mines, including
the W1nnemuc, were consolidated, and the
property was worked under q copartnership
The partners were Chaffee, Tabor, Foss, Bis
sci and Hunter. Chaffee was TO receive 36l
per cent. of the profits, Tabor the same, and
Foss, Hunter and Bissell the remainder
The mines were thus operated until the
spring of 1879. Chaffee then bought out tn,
interests Of Foss, Bissell and Hunter, &C.
cordang to the terms of contract made in
Novmeber of the previous year, for $3.50 900
The senator came to this city, and secured
the incorporation of the Little Pittsburgh
Consolidated Mining company. The mines
were stocked for $50, 000, 10000, 900 shares
at q par value of 500 share.
The company was incorporated on Apri
&c, 1879. The report of the general mana
ger asserted that the net receipts from the
mine for the five previous months were S484,
984.6O.
In December the stock doomed away W
in the thirties, and was still firmly held
The dealings aggregated H. sos shares. Th'
smallest sale was 80 shares on the 18th a
30(63O!, and the largest 1900 on the l a
| 321(G331 The highest quotation in the
month was 33s. On the Slst 200 shares
were sold at 2Sf.
The decline was due to reports that tn,
mine was being Quilted. Subsequent de
velopments have proved that there was &
substantial foundation for these reports
Chaffee and Moffat knew nothing abont the
practical working of 8 mine. They seem Il
have placed implicit confidence in Mr.
Bearce, their superintendent. He was be
lieved to be thorough miner. Certain il
is that he caught the mining fever in it,
worst form. It is asserted that instead o.
attending solely to the interests of the Little
Pittsburgh, he ran over into the Gunnisor
country in the fall, and was on the qui vivt
, for an individual venture. On his return ht
, found that his men were drifting in barrier
ground and that no fresh deposit had beer
, discovered. To keep up the regular MONTH,
dividends he began to draw OF
his reserve ore. The mine, unlike tn,
Little Emma, was open TO al
visitors, and his operations were APPARENT,
no secret. Something was wanted to sustain
dropping market. General j. q. Wilson
5 the general manager of the company, cam
4 to this city, and on January 9 made repor
asserting that S1,SO0,000 had been tsker
5 from the mines since the organization of tn
. company, He estimated that 80 months