Santa Fe daily New Mexican., 1897-12-23
BANK SAVED BY A GOLD mine
Probable That COchiti's Iron King
Will Do This for Union Ma
tiOnal of Denver,
THE BANKS MOST VALUABLE ASSET
Golden Cochiti Sends Glad Christmas
Tidings to Colorado Metropolis
Receiver Schofelds Faith in
New Mexico Gold Camp.

opnopdad ortiola IN ITO 6rat ppna nndar
~, ,.s-,~,..
quin'upie oispiay heaus'
us 1t possible that the Indebtedness OF
failed bank can be PAID out OF mln-
ing property, secured by the receiver OF
the bank In the course of settlements
with creditors!
"Ihe probabilities are that the ques-
ton may be answered IN the affirmative.
When Receiver d. W. schoheld OF the
Union National assumed charge OF the
trust, he discovered that a m1rsng prop
erty OF New Mexico was one OF W. -Hnre-
ties upon whlch the bank had MADE lloeral
advances. rne receiVee 10 New Mexl-
can OF several years standing and he hap
pened to have heard favorable mention
OF the mining properly. ne made
quiet investigation which convinced him
that the mine would be valuable esset.
Acting on the hope OF making the effort
bring ron returns, the receiver proceed
ed with the necessary legal prelimlnarles,
got possession not only OF the trust deed
out OF all the liens on the properly. he
toreolosed the deed and took decree on
all the hens IN tne onlteo otsteS court at
Alouq querque ana aiter awaiting untll tne
period OF redemption had expired, SOLO
the property and bought 1t IN Tor the
Union Natlonel'
All these movements required tlme
and it was not until yesterday that re-
surns were received upon assays taken
across the face OF the main vein IN the
mine.
The assays show values running up to
Si4o IN golo ana SILVER 10 the ton' tne
silver values being very small. Arrange
ments have been made Tor mill run ana
1t Is believed the mill run Will produce
even higher returns than those found at
ter rev days worK IN cleanlnR OUT lhe
drifts.
me mine Is known as tne iron hing.
IL Is located 10 the oocnltl olstrlot, dis
trlct which IS coming rapidly to the
'front.', as OUTSIDE capital mas become 10
terested and operations on large scale
are on the tapls. Inc IRON hlng ls well
developed property ana was operated
Ior some elme' the resui's oeins hepe se.
oret. 1t would have cost upward OF
$b0,uoO Tor outside parties TO nave taken
up the claims OF the Union Natlonal' and
IL ls oeieved bv persons VINO nave maze
Investigations, that the talled banK now
mas possession OF one OF the most promls-
ing mines of New Mexico. The prop
erty embraces about ten acres and In
cludes mll site and the control OF
water privileges winch are very VAIN
able. Inc hIgh grade ore oody is 10 teet
across and the values are such that 10
Will pay to ship the ore to the smelters'
The bank now has an absolute title to
the properly.
The actual extent OF the ron ore body
in the Iron King Ia not known, but 1T is
believed that the vein ls 81 feet VIDE.
Ihis Is the width OF the vein OF tne Lone
Star, an adjoining property. reports
from the mine show that the values are
increasing with development.
The Aloemarle mine, IN the Cochiti
district, was sold two or three weeks ago,
by y Z. Posey. The mine was purchased
by Boston parties for $lao,ooo upon
uu option OF nine months during whloh
time $4,000 Is to be expended In devel-