The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-06-11

A month or more ago the Mercur
Deep Mining & Milling company filed
its articles of Incorporation and began
operations in the very heart of Mer-
cur.
The ground on which the company
based its Incorporation embraces the
Baby Elephant and June Bug lodes,
two potential claims on which the
townsite of Mercur is plated. These
claims were held on a lease and bond
by the company, but on Monday the
owners decided the same to the COM
pany, .reserving only the surface
ground for townsite purposes.
The Baby Elephant and June Bug
claims are almost environed by pay
ing mines, such as the Mercur, which
joins them on the south and east; the
Golden Gate, which almost touches the
June Bug on the north and east, and
the Marion, which comes within few
feet of Joining the June Bug on the
northwest. In such a locality, there
fore, and with such neighbors it looks
as if beyond a reasonable doubt, that
these two claims are squarely on the
ore zone. of this great camp, and it
is confidently believed by the officers
OF the company. as we'll as by ex-
perienced mining men, that with depth
large bodies of good milling ore will
be found in this ground.
John j. Myers, of San Francisco,
one of the original owners of the
claims above referred to. while in the
city a few days ago, demonstrated his
faith in the fruition of the enterprise
by taking 100000 shares of the capital
stock of the company, and he states
that in his opinion, if ore is 10 be
found in any OF the undeveloped prop
critics in or near Mercur, that it will
be found in the claims on which the
town of Mercur now stands, but which
are now held in fee simple by the Mer-
cur Deep Mining & Milling company.
This company is organized with a
capital stock of 100000 shares of a
par value of 81 each, 100000 shares of
which were set aside for development
purposes. None of this stock has as
vet been sold, but now that the title
TO the two claims has been vested in
che company, the individual stockhold
ers have pooled their personal stock,
while 10000 shares Of the treasury
stock is now being offered at 8 cents
@ share. and when this is disposed of
the balance of the working capital
stock will be placed on the market at
10 cents q share.
The company is in a good condition,
financially, as it does Tot owe a dollar.
end the proceeds from the sale of the
treasury stock will be applied in the
extensive development Of the property,
and to facilitate this work L steam
hoist has been purchased and is now
en- route to Mercur. Upon its arrival
there it Will Immediately be placed in
position and the work of sinking re-
sumed. This hoist has 6, capacity of
SOC feet and will enable the company
TO expedite the development of the
property very materially
The shaft in the Baby Elephant is
now down to a depth Of $50 feet, and
rock has already been encountered that
carries values of from 80 cents to $3.50
in gold to the ton, but the main ore
body has not as yet been encountered,
and various opinions have been ex-
proSsed as TO the depth necessary TO
carry the shaft into milling ore.
With the great showing made on ev-
cry hand there is every reason to
believe that the MeTcur Deep Mining
& Milling company will eventually sue
coed in it's enterprise, especially now
That steam will take the place OF arm
strong power at the hoist, and 3. l..
Olson, the president Of the company,
who is an experienced and successful
Colorado miner, has the greatest OF
faith in the ultimate success Of work
row III hand.