The Newtown bee., 1890-10-31
SOUTHPORT.
TIE MOUNT WILSON MINING PROPERTY

TIE MOUNT WILSON MINING PROPERTY.
 Common report has for some time been busy concerning n certain mining property said to be owned by certain Southport parties and rumors have been afioat of tore finds" and "pay streaks," but no stock has been offered for sale and the persons interested have not been disposed to discuss the prop erty, no direct information has been circulat- cd, although considerable curiosity has been excited. The BEE, in Its travels, lately chanced upon one of the gentlemen in tho management of the property in question and was given m interesting account of the his tory and prospects of the enterprise. It ap- pears that few Southport parties, three or four years ago, got possession of mining claims in Colorado that have since proved valuable, but at that time were entirely unde- yelopcd. Without the usual preliminaries of a stock dealing enterprise, they put in their money and for the last three years have been steadily at work exploring, opening up and developing the pay streak until as 1t now appears they have valuable property
 Apart from stock iobbing operations and widely advertised mines whose actual min eral deposits are purely imaginary and apart from the Comstock bonanZas, there are, through the West, hundreds of mining claims owned by private partes, worked in a quiet
 
 ing steady and large returns. The man. agoment Of the Mount Wilson Mining com pany, the name of the Southport property, believe that they have possession of prop
 erty of this description. They state that they have, in their development work, proved the tangible value ot their mineral vein, that In view of these developments, to go to the expense of introducing machinery aud work. ing on u larger scale that the uncertainty as to the ultimate value Of the property has hitherto made unadyisable and, for the pur- heavy expenses, they are, tor the first time, offering n small amount Of their capital stock to the public in prospectus, which we print ganized for the purpose oi deyeloping certain mining claims on spur of Mt. Wilson near secured to 1t by United states deed and the remaining tour are held by yearly assessment work of Sl00 each year on each claim; two moro years of such assessment work will se- cure to the company United States claims for these last four. The company has been zee, in tire expense working the property has been met by the shareholders, no stock, up to the He. One ot the claims, the Silver Pick, shows continuous out-crop tor several thousand feet along the side of the mountain and It's local ity is such that no sinking of shafts is neces. sary, but tunnels can be driven without cross cutting directly on the vein at any point on tho side Of the mountain. On this vein we have driven two tunnels, one through the top of the spur of the mountain some a50 feet and, mineral streak along the whole length of the tunnel varying rom two to l2 inches wide. Going down 30 feet, we drove q reverse tun- mol some 80 feet and found the same substan.
 We have shipped from the upper tunnel to Pueblo, Col, four car loads of 10 tons each that assaycd S75 per ton and, after deducting transportation charges, gave us $i1ll net,oyer $40 per ton to meet expenses Of mining. We have n fifth car load on the road and another ready to ship. The transportation charges on imcaa bv reason of n railroad which has just been completed to Placeryiile. Between the ore and we believe that working this ore on large scale will pay us well ana pc n source ot great profit The energies S oi m our n snPerin
 ed rom SO working the property by having to build trails, houses, assessment work on oth- CT claims, etc. In the prosecution Of this work, no made n discovery of very much richer ore than exists In the upper tunnels at point mountain side. from which he sends us as says, not selected, but made for the purpose foiiows sioo' S seoo, e ssss, sSa1. sioSs per ton
 taken from i've different points on the vein along a distance Of l50 feet. fair sample from two tons of the unassorted ore taken rom the surface at this point gave *lw per ton, or nearly three times the value of the ore already taken out and shipped ten tons ofthis mineral from the surface and It is now on the msySced msy cd 1 third tunnel under this rich ore tho prospects of the silver Pick, when T. this as now desfrons of working on larger scale than heretofore to put buildings lower down the mountain, to drive n tunnel on the 4O0 foot level, build n cable tramwny rom the mine to the wagon road and provide such Inachin- cry ms may be necessary to handle the ore with economy and despateh- These nddi- tlonal facilities win entail initial expenditure, which, up to the present time, we have not thought the condition of the property would warrant us In assuming. For the purpose of continuing the development of property on larger plan than the limited funds of the com. pnry have heretofore allowed, and for the purpose of providing the machinery referred io, 1t wns voted at the last annual meeting to issue 10000 additional shares of capital stock making 100000 In all and to offer l0,0oc shares for sale at the fixed price of e1 per share: Tue terms are as follows First payment oi xo per cent November I, 1a00 and the remAining Is per cent. in three equal payments of 70 pcl cent each on the first days Of February, Moy <and November, 1891. The shares of the com usnv are non.assessablc. If the money IS nOl rrcefad when the last payments are due, the lima for pnyInent will be extended. Payment ssnm bc made in full Ut any time and the stocl sscured. The oiIicers Of fhe company Pres idont, Y. C. Sherwood; vice presldentS Seorgs Bulkiey; directors, E. Q. Sherwood. 0eor8s i1nikIex U. A. Gorham, Edwin II. Sherwo0u M VI FijppA. w. B. Glover, A. ". htur8es 'ss.rstorv and treasurer. Oliver T. Sherwood No nainrl0s Axp paid, excepting to tne snpsr portnniiy as ever was offered for engaging II