The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-20

tors are Keeping Their Eyes Peeled 70.
the Sewer Mine of Pinto County, Utah
After Thoroughly Examining the Hol,
News of the Findings aud Sales al
Cripple Creek.
Denver, Colo, Dec. 19-The Sewer
mine Of Piute county, Utah, has been
sold TO capitalists of London, England
The final papers were signed ten days
ago, and yesterday George Arthur Rice
arrived in Denver from England, bring
ing with him several hundred thousand
dollars as payment for the property.
The transaction is one of the largest
that has been engineered from Colorado
Since the opening of the year, is not
actually the largest that has been &C
complished since the financial panic.
The actual amount of money involved
In the transaction, Mr.. Rice declines TO
state for publication, as il is the wish
IF the purchasers that the price be kept
q secret. Two English experts exam
lned the mine at different times and
their reports were so highly favorable
that the owners of the property had lit
tie trouble in making the sale. The ex-
perts reported that the value Of ore in
sight was between $500, 900 and 81, 900 900.
When it is stated that the ore is free
milling and its real value has been test
ed through a period of two years by
means of a. ten-stamp mill operating ON
the spot, the magnitude Of the purchase
may Zoe realized. Mr.. Rice received a
cablegram yesterday directing him to
purchase a 200-ton plant al once and
proceed with the operation of the mine
on a scale not as yet attempted. The
instructions are for him TO lose no time
but to proceed with ali reasonable dis
patch. For the present, Mr.. Rice will
continue in the management of the
property. but it is expected that other
arrangements will be made after the
opening of the year. MIR. Rice desires
to cOnfine his attention to Cripple Creek
and interests in this state with which he
is Identified.
The Sewer mine is in a branch of the
noted ALarysville district and is $50
miles south of Salt Lake and forty
miles from Saiina, the nearest railroad
station, ON the line Of the Rio Grande
Western. Owing TO favorable reports
from the region, the Rio Grande West
eTn company recently let contracts for
the extension of the line twenty miles
with the expectation Of a further eX-
tension to the gold district as soon as
development warrants. Years ago the
mines Of MaTysville sent ore by wagon
TO Salt Lake, requiring a mountain trip
of 80 ito $50 miles. Through lack of en-
ergy or lack of capital for development,
the region has been little heard of dur
ing the past five years. The sale of the
Sewer is looked upon as the turning
point in the history of the district.
Mr.. Rice was seen yesterday after
noon and gave a history of the mine
and the district in which it is situated.
THE mine," said he, SIS not over four
years old, but has been actively opeT-
ated on small scale only about two
years. Mr.. Collbran, president of the
Midland terminal road. and myself be-
came interested in the property and
had faith that it would become a divi-
dend payer of large size if developed
reasonably. MIR. Newhouse also became
interested and the work of development
was carried forward steadily until at
the present time there is 1000 feet of
workings in the mine and about 81, 000,
600 worth of ore is blocked out. The
principal vein is twenty feet wide and
cleans up on the plates IS 10 the ton. 1t
is simply large free milling low grade
proposition and when the English in
vestors received the reports of their eX-
perts, they were ready for a deal. The
mine is developed in a higher degree
than any other in the region, but its
sale will undoubtedly lead TO renewed
activity all over the district There are
other persons interested, but we secur-
ed an option on the property, and the
bale Is wholly contaminated.
Had the mine been located in Grip
pie Creek said Mr.. Rice, in reply TO an
inquiry, we could have received three
times the price actually paid for il. The
feeling in London is highly favorable to
Cripple Greek. The same feeling is 10
be noticed in Paris and other financial
centers. Mining is the subject of con-
VersstiOn everywhere, and is Cripple
Creek maintains its high standard for
three months longer. a large amount Of
European money may be expected TO
flow into Colorado. The English are
the best gamblers in the world. They
viii put up their money more freely and
back II farther than any other people
o. the earth. The English investor does
not look for immediate dividends but is
willing TO wait. X is not uncommon for
a company TO eXpend 100 coo pounds be-
fore any returns are expected Cases
could be named in which they expend-
ed 100000 pounds before a single pound
rame from the mines. The nerve Of the
Englishman Is something remarkable to
people on this side of the water.
In Chicago. New York and other
titles of the east. the mining sentiment
Is growing stronger every day. The
feeling in the east is phenomeually good
and interest has doubled in thirty days.
AT no time since the great discoveries
In Leadville and the Black Hills has
there been such a sentiment in favor Of
mining. In Chicago. everybody I met
talked Of mines. and especially or Grip
pie Creek. 1t is impossible 10 satisfy
their curiosity concerning the great
gold camp Chicago is as much inter
eSted 'ooday in gold mines as is the city !
Of Denver"
Il think the movement has set IN"
continued Mr.. Rice. and l fully believe |
rhat the population Of Colorado will be |
increased by - 900 or 5o0o0 people next |
spring The new corners VIII bring |
some money with them and viii prove !
Il most desirable acquisition 20 the \
state. The fact is. Colorado is now en-
terlnS upon The greatest era Of prosper
ity the state has ever known.
Mr.. Rice i the owner Cf 4 bank and |
samplinS plant at Eureka. Utah. and |
has been identified with the Midlsad
i criminal me since its conception. He /
mas large interests in Cripple Creek and
other parts CT The state. and Is regarded
as one Of the subs antial men of Colo
RADIO. The news that the deal had hss,,
eonpleted created great intereSt among
mining men yesterday and is regarded
is a highly favorable index of rhe s,-nti-
nent Of London capitalists toward The
west.
Mr.. Coilhran viii arrive in the CITY
from the east today 20 attend the spe-
,ial meeting Of the Midland Terminal