The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-02-25

Wealth OF the CaStboo District Opened
by Tacoma Company.
The marvelously rich deposits of wealth
explored and developed in the Cariooo
gold fields. British Columbia. are at pres
ent attracting the notice of mining men
from the state Of Washington, who are
seeking safe and profitable investments for
their capital. The quartz excitement for
the past three years throughout the state
OF Washington and the Northwest has
Kept investors in mining properties at a
fever heat during that time; but q reaction
Is evidently taking place in favor Of placer
mining, for now there seems to be unusual
activity around placer mining circles, and
Cariboo is spoken Of as the favored center
OF attraction, where the discoveries of gold
in the valleys and small streams that
tales from fairyiand were they not
attested by, thousands Of miners
and the cold unvarnished fact that
$6O, COZ, 900 worth Of nuggets and dust have
been produced from these sources. The
bed Of every gulch or creek in the district
that has been worked has paid the enor-
nous sum of $50 to 81 .00O to the square
foot OF ground, and it is the general belief,
based on well known facts, that there are
immense deposits of gold in the deep chan.
neis that have never been explored. Like
California and Australia, the deep dig
gings in Cariboo were beyond the limited
means Of the average miner. Thus, the
vent of capital to take hold and develop
them.
By consulting the reports of the depart
ment of mines and the geological survey
of Canada. it Will be seen that there Are
immense possibilities for the investment
Of capital in this famous gold field. Gold
ahounds in every valley, and in every
stream that empties into it.
In an article in the Canadian Mining and
Mechanical Reriew of May. 1891, it was
pointed out that 202 pounds OF gold was
taken out by two men in one day. Thir-
teen hundred and forty feet of ground paid
$i.5l0.00O and one pan Of dirt yielded 3S7
ounces-$6.579. These figures are given
for the purpose Of showing the operations
chinery were employed, which necessarily
confined explorations to the deposits that
Law near the surface.
In view Of these facts and grant of
three miles of ground from the provincial
government OF British Columbia a company
has been organized at Tacoma, WASH, with
a capital Of $500, 200, for the purpose of de-
veloping one of the principal streams of
the gold basin of this district. The title
OF the company is the Slough Creek Min
ing Company, and the board of trustees is
composed Of w. H. Fife, Hon. Henry
Drum. Hon. J. D. Caughran, T.. n. Our
mette and Charles Ramos, of Tacoma. and
J: Hunter. M. P.P., and w. H. Ellis. of
Victoria, B. G.
w. H. Fife, the president of the COM
pany. is one Of the wealthiest capitalists
Of the city of Tacoma. He is at the head
OF many Of the leading enterprises of the
state, which owe their success to his ex-
ecutive ability. Mr.. Fife was one of the
pioneers OF Cariboo, and in 1863 was part
in ek D,rhr 81 H.,
produced an enormous amount of gold
and enriched its owners.
Hon. ]. ID. Caughran. vice president of
the company. is member Of the state leg
lslature from Pierce county: is president
of the Tacoma Security and Title Abstract
Company; president Of the Empire Mill
and Mining Company and vice president
Of the Tacoma Mining Exchange.
Mr.. +. n. Ouimette, the treasurer of the
company. is appointment citizen of Ia
coma and until recently was president OF
the Washington National bank.
Hon. Henry Drum is one of Tacoma's
most influential citizens, having served
the people rs mayor Of Tacoma, and now
represents Pierce county in the state SEN
ate for the second term. He is vice presi-
dent of the Merchants National bank and
one of the principal directors in the man
agement of its affairs.
Mr.. Charles Ramos, general superin-
tendent and locator Of the claims Of the
Slough Creek Mining Company, is a man
who has devoted the greater part Of his
life to the mining interests of the Pacific
slope. He has been connected with some
of the most successful mining propositions
in the West, and is recognized as high au-
thority upon the alluvial deposits in the
CaribOo district of British Columbia.
The efficient management of the affairs
Of the company in Victoria is assured by
the securing Of two local trustees. whose
names are a sufficient guarantee of the
worth and stability of the enterprise
They are W. II. Ellis, manager of the Vic
toria Colonist. and Joseph Hunter, superin.
tendent OF the +. & n. railroad.
The object of the Slough Creek Mining
Company is to develop Slough creek. one
of tho principal water courses cutting its
way through the gold basin Of the Cariboo
district, which. owing to its depth and the
cost of development, has remained blank
in that rich section, though undoubtedly
uuderiaid with millions of dollars worth
of the precious metal. 1t is q sister creek
to the famous Williams lightning, Grouse
and Antler streams, from which the
greater portion of the output OF Cariboo
has been taken.
The property of the company is prac-
teal aggregation of 8. 4S5 individual min
ers' claims. each 100 feet square. and the
whole is capitalized in the sum of $500 600,
ulslueu INTO op,uuh snare OF the par value
of 81 each. and 5000 of these shares are
set apart and pledged to be sold for the ex-
elusive purpose of sinking shaft TO the
bed rock. where gold is found yielding
sometimes 600 ounces to the set of timbers,
set of ,imbers being ten fee. in length,
six feet in height and three and one-half
feet in depth.
Careful estimates have been made of the
probable cost Of the work necessary 10
place the property on a paying basis,
which does not exceed $50 coo and at a
meeting of the board of trustees they ay-
thorized the sale OF certain amount OF
treasury stock, to be sold in series of sc. 600
shares each, TO meet the expenditure The
first series was placed on the market at -
cents per share, and was sold IN Victoria.
II. c., and Tacoma. Wash. in ten DAYS.
The purch asers are bankers. professional.
men and capitalists.
To obvla,e the difficulties heretofore en-
countered in prospecting the deep chan
nels, the company purchased hydraulic
letting machine for the purpose OF boring
q series of shafts across the valley or bed
OF the creek. and thereby locate the deep
ground The result of these operations
proved grea: saving both in time aad
money over the Old methods. tor in ninety
DAYS after work was started tour shafts
we're bored, and the deep channe. located
AL "A den{h of 245 seet from the surface In
each of the holes bored gold was obtained
from the bedrock, the prospects general
being of sufficient Importance 10 warrant
the trustees in authorizing the sinking of
a working shaft 5Ss feet. l. was started
on Nove,n ner in. lsg3.
For copies OF the prospectus Of the COM
pany and other information. address !. NJ