The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-15

Ajax was the rage on the street dur
ing yesterday afternoon. and from 60
to 60 cents, the quotations at which
the stock changed hands in the pit Of
the exchange in the morning, advances
were noted until the paper of the COM
pany was in earnest demand at 81 a
share at the close Of business the air
being full of rumors of important dis
closures IN the mine, and that a change
had been effected in the management
OF the company.
The Herald is authorized to state,
however, that there has been no strike
of late, and that no change of man
aSenent has taken place, the sharp ad-
vance in the stock Of the association
being accredited to a deal just consum-
mated whereby Hon. w. S. MCCORMICK,
Judge w. H Dickson and others had
obtained a bond on the stock of the
company owned by Sam Mcintyre,
whose holdings amount to 106,03S
shares. the amount of the purchase
price being withheld from the public
at the present time for obvious rea-
sons, although it is stated that a goodly
sum was put up as forfeit money to
bind the bargain. It was learned, how
ever, that on 3405S shares of the stock
the life of the option was for duration
Of forty days, the balance of the block
being subject TO call for a period of
fifty-fiVe days. although this time may
be extended ct the option OF Mr.. Nc
1ntyre. and it may be stated here that
the transaction is as good as a sale, as
assurance has been given that the bond
would be taken up before the expiration
or the option.
The property of the Ajax Mining
company is located in the heart of
Mammoth, and the group embraces
within its environments $500 feet of
the ledge or vein, the mine, in the
opinion of well-posted mining men, be-
ing one Of the most valuable and prom
ising properties to be found in the great
Tlntic district.
IS matter of fact, the Ajax, when
it was known as the Copper0polis, paid
out over a million in dividends, and
this was taken out in gouging and
gOphering, no systematic work being
done in the development of the prop
erty until the formation of the Ajax
company, since which time two miles
of underground work has been done in
the exploration of the mine, besides
which a fine double compartment shaft
has been sunk to a depth OF 700 feet
from the tunnel level. giving a total
depth of 500 feet from the surface, and
it is stated that in the prosecution of
the work as outlined above, six assures,
all bearing high-grade ore. were cut on
the 400 level, and the further an
nouncement is made that splendid bod
les of mineral have been blocked out
in the mine, and that the company
could easily maintain regular ore ship
ments, although it is given out that for
the present still further extensive de-
VelOpment work will be the order of
the day, it being the intention of the
q ~ 70
the 200 level from the bottom of the
shaft, in order to cut the six fissure
veins disclosed on the 400 one of which
has already been uncovered.
Since the Ajax stepped into the shoes
of the defunct Copperopolis the com
pany has paid off from $4,000 to $685. 0t
outstanding obligations against the
property, besides which it has expended
over $3.50, 900 in the operation and de
velopment OF the mine, from which oc-
casional shipments of high-grade GOLD
and copper ore have been made during
the last few years, and while the outpu1
might have been much heavier during
this period than it has been. the atten-
ton of the management has been di.
reeted to opening up the mine in {
thorough and systematic manner
rather than to the making of a big rec.
ord in the way of production.
The bonding of Mr.. McIntyre's stock
as above outlined. ana the assurance
that the same will be taken up by tn,
gentlemen named, means much for tn,
future of the company. AS is wei
known. Mr.. Mcintyre and the official.
of the company have not been on the
best of terms for several years past, tn,
result Of this condition of affairs be
ing innumeTable law suits and interna
difficulties. but now that a change ha!
been made, and as it. is known that tn,
new purchasers and the officials of tn,
company can work together in perfec
harmony. it is predicted that the futur,
of the property will be all that could
be desired, and it is claimed that it vii
not be long now before the Ajax vii
make a record for itself which will Civ,
it standing in mining circles as one o
the leading producers and dividend pay
ers Of Tintic district.
The Ajax is equipped with mode11
machinery. and machine drills are useC
in the development and operation of tn,
mine, al Of the workings of which ar,
piDed and tracked, so that work il
every way is greatly facilitated.