The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-07-28

Colorado Springs, July 27.-The his
tory OF the Anchoria-Leland mine would
make a foundation for a romance that
would rival in interest the widest i'm
Iegination OF Jules Verne or a Rider
Haggard.
In February, 1892, there were purchas-
ed by Colorado Springs men two claims
the Anchor and Anchor No. 2, on Gold
Hill, a part of Cripple Creek district
then considered Of little or no value, for
81 500, containing fifteen acres The
following May combination Of these
and adjoining claims, including Lillian
Leland, Midland, Chance and others.
comprising nearly twenty-five acres. and
the Anchoria-Leiand Mining and Mill
ing company, organized with a capital
Of $500, 900, with shares OF 81 par value.
The claims were largely owned by the
| original iocatoTS, men who had been
| ranchmen and who had stuck their
stakes in hit or miss fashion during
| the first days OF the gold excitement
| Owning the largest acreage, they receiv-
ed the controlling interest in the stock
but the management was largely left in
the hands OF the original Anchor own
ers, as being men Of larger business ex-
| perience and with means for develop
ment-
But LITTLE WORK DONE:
Only sufficient work to maintain
| and perfect titles was done for several
months. Early in 1894 the leasing sys-
TEN was adopted to develop the proper
ties. Small blocks We're farmed out TO
| individuals or firms who agreed TO do
so much work per month, and OF whose
output the company received percent
| age, called a royalty. The leasers soon
struck pay" in some instances from
grass roots" as the expression is. Then
began the wonderful production which
brought conspicuously before the ptSo-
lie what promises TO be the best div1-
dend-payer among the at present known
Incorporated companies. Fortunes
were made by some of the lessees within
a year, or before the expiration of their
leases. In one instance as high as
500, 900 was the net profit to fortunate
lessee
The story of the active development
OF the property is best told by Irving
Howbert, its president, in his annual
report to the stockholders, made under
date of May u, 1886 He said:
The twelve months that have elapsed
since the last annual meeting OF the
stockholders have been period Of ac-
tive development upon all the properties
OF the comapny. The many important
discoveries made during that time have
brought the property UP from promis-
ing position among the mines Of the
Cripple Creek district.
The policy of leasing in small tracts
adopted in the latter part of 1894 has
proved very advantageous to the COM
pany. It has been the means of devel-
oping the mines OF the company TO an
extent that would not have been posi-
be otherwise, except at an outlay of a
very large sum Of money.
RESULT OF THE POLICY.
Largely as a result Of this policy fif-
teen separate and distinct veins OF ore
have been disclosed, and upon these
veins thirty-five shafts of from forty to
$50 feet in depth have been sunk, and
drifts and Slopes run out from same TO
the extent of several thousand feet.
Ore has been shipped from twelve OF
these shafts, and almost very one OF
the others show favorable indications.
Sixteen of these shafts are still being
worked by leasers. Five of the produc-
ing ones have recently come into the
possession OF the company. and the
workings are now being put In shape
for large output of ore.
Among the most important discov-
cries in the Cripple Greek district, dur
ing the past year was that OF the Chance
vein extending across the west end OF
the Chance and the east end of the |
Anchor claims. The ore was found at
depths varying from 6o to 10 feet from |,
the surface, and so far has been de- |
~ <oa+
The ore chute has been opened up for |
about 500 feet in length. and has an av-
erage width of about feet. Some Of !
the ore found in this vein is Of marvel |
Gus richness, one small lot having a |
value of s., 400 per ton. The total amount i
of ore shipped from May l, 1895. to May |
!. 1896. from the various workings be- |
ing 5 .S22 81 tons, having a gross value |
OF s2S1 .191 50; the averag e value per ton |
being sA95. The company received /
during that period So. $40. IS from iessees |
as royalty on ore shipped, and in addi- /
ION 10 this, 81 .651.2 % has been received |
from ore mined and shipped by the COM
pany.
The leases on the Chance vein expir- |
ed on April so and the company is now
in possession. An examination of the /
OF the various leases on this
vein made since that time shows the |
Slopes TO be in a fair condition, and /
much more in sight than we had rea- /
son 20 anticipate. We are running
level along the entire length OF the ore |
cbutes at 500 feet from the surface. Il
Is sale 20 say THAI there is already |
ore opened up a.bove'thst level 10
keep q large number OF men employed
for several months. None OF the shafts
on the Chance vein being suitable for
deep or extensive mining, il was deemed
advisable to put down q large working
shaft OF sufficient size and strength for
use 70 any depth that may hereafter be
required. The sinking of such shaft
was commenced in January last, and
has now reached a depth Of a little over
500 feet. The shaft is 5 by Is feet n the
clear, divided into three compartments
and strongly timiered. IL Is the pur-
pose OF the present mana cement 10 con-
tinas the sinking without intsrTnisSion
until the shaft reaches depth OF seven
or eight hundred feet
INVOLVED IN CONTROVERSY
During the latter part OF last year
this company became involved in a con-
with the Gold and Globe Min
ing company, over The right 20 q vein |
which crossed the west end OF Anchor
No = CaaSga-, ff>ocseGlngS were anSC1u-
ted in court 10 establish our rights. TIE |
litigation promised 10 be long and ex- |
pensive. Soon after th.s commencement
OF the suit, an offer was made by the
Mining company TO pur-
chase the tract containing the vein IN !
dispute. which offer we accepted We
received payment in stock % that com
psny. and immediate ly thereafter we
gave parties an option TO purchase the |
same. We have already received on |
that account something over sls.0co. ard