The San Francisco call., 1897-04-09
BOUGHT THE
T0MBOY Mine
Close of a Two Million
Dollar Deal in This
City.
President William Bailey and O.
P. Posey Formally Transfer
81 Per Cent of Stock.
Mr.. Posey Says He and His Partner
May Now Invest in the Mines
of THIS State

President William Bailey and General
Manager o. P. Posey of the famous Tom
boy mine, Telluride, Colo, have arrived
here to formally transfer the mine to the
London Exploration Company, and are at
the Palace.
The Tomboy is one of the great gold
properties of the West, and one OF the
newer ones. Messrs. Posey and Bailey
bought it about four years ago, when it
was merely a good prospect, a company
was organized, MIR. Bailey took the presi-
dency and Mr.. Posey the direct manage
ment. Under Mr.. Posey's supervision the
Tomboy speedily became a remarka ple
producer and its name was one to conjure
with.
Its fame spread abroad and Henry
Bratnober, through instructions from the
London Exploration Company, began to
negotiate seriously for the property. The
result was that purchase was made, and
Yesterday the deal was finally closed by
the payment of the money. Mr.. Posey
and Mr.. Bailey met Mr.. Morrison, the ex-
nert for the Exploration Company; A.
Wortenweiler and others early in the day.
In the evening Mr.. Bratnober ana Thomas
Meiu arrived.
The sale is one of the biggest, and in all
respects one of the most important that
has taken place in the West for long
time. The whole of the mine is not sold,
but the controlling interest. The property
is to be worked steadily.
The exploration company has hitherto
bought the Treadwell, the Mexican and
Alaska United mines in Alaska, the Lucky
Boy in Oregon, the Oneida in Amador
County, the Anaconda copper mines in
Montana and properties in Sonora and
New Mexico. 1t is picking up great mines
wherever it can over the country. 1t owns
America-wherever, IN fact, it can get
something good at figure that promises
to be profitab BILE.
Mr.. Posey said in regard TO the visit of
himself and associate:
I'VE have come here to formally trans
fer the Tom boy. The agreement 20 sell
was made some time ago, when Mr. Brat
ride and examined the mine. Mr.. Smith
did not come on to California, but re-
turned to London.
1--WE are selling 81 per cent Of the stock
on the basis of $4,000, 900 valuation of the
mine. 1t is the Rothscuilds who are the
heavy men in the company. They are
buying property all over. We heard of
them and encouraged negotiating.
They would rather buy a part of
mine in this country than buy it all for
this reason: They have got pretty badly
cinched in some places by large taxes and
many other ways-there are a dozen ways
of doing it-and they find if tho people
here are in with them their In interests are
protected. For long time they owned
less than half the stock in the Anaconda
for this reason.
The Tom boy is PRODUCING now about
$100, 900 month, OF which $40, 600 to $751;
600 is net profit. About 200 men are being
employed. The ore is free milling. We
have instead of stamps eight Huntington
crushers, and all housed in such way as
to make one of the best equipped mines in
the West.
"Our object now is to turn the property
over. Whether and Mr.. Bailey will in
vest in mines in California now is some
thing we have not decided on fully vet.
OF course we are going to continue to
mine. That Is our business. Our fami-
lies are now in Los Angeles We may be-
come interested in some mines before
long"