The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-12-28

sured that they had a paying propo-
sition, so long as the ore bodies lasted,
and it is proper to mention that they
are not only not nearing exhaustion
but can hardly be said to be yet de-
veloped. Many portions of the ore
body have not been invaded, but
technical examination recently made
by the experts employed jointly by
the Mercur people and Captain ]. R.
De Lamar. showed an estimate OF
100000 tons of ore in sight of an aver
age value Of S12 per ton in gold, or a
total value of $3.50. 600. Considering
that the cost Of mining and milling
these ores is SO per ton as a maximum
and that 80 per cent Of the values are
saved by the cyanide process, there is
enough ore in sight and blocked out
now in the Mercur mine to nearly pay
net the purchase price of s1,500000
which De Lamar has agreed to pay
for the property. In addition to this
figure the property has paid back to
its owners all of the purchase price
of the ten claims originally embraced
In the group. all of the money lost by
the earliest development of the mine
and the attempt to work the ores by
the free milling process. and in ad-
dition has divided up $500 among
the holders of the stock in dividends
vi q LOIdI VI 81 10 pei SAld1 ItiC oIOCN
has advanced steadily on the local
market, until the day before the No
vember dividend was passed, when it
had reached the price of 81 per share
The passing of that dividend caused
a slight decline. but the day following
Secretary Airs gave the news to the
public. through the newspapers, that
CAPTAIN j. r. De Lamar had an OPP
ton TO purchase the mine until jan
%
share or a total of 81, 500, 900. This an
nouncement restored confidence to the
numerous small holders and prevented
a panic that would have seriously af-
fected many poor men and would have
resulted to the advantage Of the
manipuiators only.
Just prior to the deal entered into
with CAPTAIN De Lamar the manage
ment Of the Mercur properties bought
the Matte No. group of three
claims paying $4,000 for them. At
the same time they arranged for an
extension of the Salt Lake & Mercur
railroad to connect with the workings
of the Matte No. and to deliver the
ores Of that property to the Mercur
mill The capacity of the mill was
also increased and is now 200 tons
per day. all Of which comes from the
Mercur mine. the development of the
Matte No. 4 not yet having pro-
dressed sufficiently to represent an
OUTPUT.
The Mercur Gee pany has successful
" defended two suits brought against
Sc bv the American Gold and Silver
Extraction company for an alleged in
fringement Of the MacArthur-Forrest
cyanide process. Because of the Sue
cess attend the experiments of the
Nercur people with the cyanide pro-
cess. which in Camp FLOYD district
has been very much modified to suit
the peculiar character Of the ores a
new and valua BILE gold field has been
opened up. and the mills that have
subsequently been erected are all
worked by the same process. AS a
consequence the history of the Mer-
cur mine constitutes the history Of
Camp Floyd as gold district, and
the names of the first owners of the
mine. John Dern. E. H. Airs. Gill S.
Peyton. H. W. Brown and John Helm
rich viii always be associated with
the district They came here and at
TEMPTED the development Of their
purchase in the face of natural oh
stacles and the ieers of those who
thought they knew all about mining
6r Utah They ultimately made a
success by the introduction Of the
cyanide of potassium, and as a result
have widened the field for the use Of
that metal. and in fact were the first
10 demonstrate its utility. Their sue
cess meant the development of a gold
Held which exce1s in richness the
famous johannesburg in South Africa,
while its extent at present may be
less: but it must always be remem-
Tsared that the district is young in
years and that half of the present
known territory of the ore zone has
been opened I'D during the year 1895.
Already rumors are coming in Of
strikes at points remote from the Or
tginal centers. and when the year 1896
has come to a close the district which
The owners Of the Mercur mine have
been instrumental IN developing may
Easily be four times its present area.
The active management Of the af-
fairs Of the Mercur company is looked
ifter by President John Dern. but the
working of the mine is attended to
by Superintendent John Treweek. one |
bf the earliest and most successful Of
Utahs mining men.