The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-05-14
Pacific Coast
Mining News.

Ever since the stirring days of 40
the Pacific Coast has been known the
world over as a great gold and silver
country. To-day its mineral resources
are marvellous, as the following news
will show:
NEW MINING METHODS.
Stockton Mail: The well known plan
of building and loan associations has
been applied to mining with every
promise of success by the workingmen
and merchants of Angels. A company
was organized recently in that town for
the purpose of developing and operat-
| ing mines on the cooperative system
1t is known as the United Labor Gold
Mining Company, and was organized
| especially for the benefit of laboring
men and small investors. The company
| has already acquired title to rich
ledge near the famous Utica, lying be-
tween the very productive Eureka and
| Cherokee. The ledge, which is rich in
| sulphurets, is forty feet wide and as
says $3.50 to the ton. The shaft has
only been sunk to depth of forty feet,
and very little development work has
| been accomplished, as there are only
six men at work at present. The man
ayers, however, expect to enlist more
capital very soon, with which they will
be able to operate the property on an
| extensive scale.
A ten-stamp mill is already on the
property, and it will not be many
months before the stockholders will
have the satisfaction of seeing its ma
chinery in operation pounding out the
precious metal in the tons of ore that
are now piled up on the dump.
The cooperative plan adapted to
mining is not original with the Angel
people, but was originated by the Alder
Creek Gold Mining Company of Des
Moines, Ia, which company is now OPP
Grating with much success.
The projectors of the United Labor
Gold Mining Company, started out with
| the idea that in a combination of small
| forces there is strength. The realiza-
ton of this truth has brought wealth to
many Few people have the means
with which to work mine unaided,
but almost everybody is willing to risk
a small amount on a proposition in
which they have faith. Millions have
been extracted from the mines about
Angels, and there is good reason to be-
lieve that vast wealth still remains hid
den beneath the surface on that lode.
| The capital stock of the United La
| Dor Gold Mining Company is divided
into ONE million shares of the par value
Of 81 each. Forty-five thousand shares
! have already been subscribed by well
known business men and miners of
Angels. The rest will be sold to small
investors on installments of l cent a
share per month The money realized
| from the sale Of the stock Will be used,
not only as a working capital for he
development of their present holdings.
but for the purchase and development
Of additional mining property
The stock is assessable and non
| forfeitable. The charter guarantees
! that in case of a stockholders inability
to- meet deferred payments, fully paid
up stock will be issued at any time for
the full amount paid. Shareholders will
draw dividends on the par value of
their stock when they are declared
even though they have only made two
or three payments on the stock.
A SENATOR'S MINE.
Coafax. Sentinel: Senator E. W. Chap
man is. developing the Gold Note quartz
mine, twenty-seven miles above Placer
vile, in Ell Dorado County A double
compartment shaft on the property is
down over 400 feet in the rock below
/ the foot wall on the ledge, which
pitches 80 degrees. The property shows
fine ledge running from five to seven
| feet in width. A new twenty-stamp
mill has been built and the company
will soon commence crushing. Steam
power is used. Water power will he
added with a pressure of 400 feet The
mine is located in the very heart of a
pine forest.
THE COPPEROPOLIS BONDED.
Salt Lake Tribune: The first pay
ment on an undertaking in which local
! parties secure a hold on the Copperopo-
lis group of copper bearing claims near
Milford was made yesterday afternoon
! through the banking house of T. r.
Jones & Co, the coin going south,
where it will be divided by James
Hedges, Andrew Buchanan and James
Forgiie, all old-timers in the camp. The
size Of the payment was not divulged.
! Friends Of the principals said 1t
amounted to $1,000, the balance to be
shelled out in ninety days. The deal
was one of the quickest on record. The
sampling of the group completed and
assays, showing as much as 80 per cent.
in lead and $4S in gold, made in this
city yesterday, the owners were 'noti-
| fled that their terms We're agreed to.
The transaction was promoted by
Messrs. Colburn and Griffiths of this
city.
A GAIN IN GOLD.
Santa Rosa Republican,: On the first
of July, 1893, the gold in the United
States, coined and in bullion. as shown
by the treasury statement at that time,
was $500 OS9, 1873. From the same au-
thority we learn that it was S949. 500
073 on January l. 1890 This makes
the net gain of the yellow metal in the
United States in five and one-half wears
1857 436, $780, or nearly seventy per cent.
This is a very remarkable showing and
it will be accounted for in various WAYS.
One class of financiers will hold that if
is largely due to the suspension of the
compulsory silver coinage Act which
occurred in Novermer, 1898. Another
class will attribute the increase in gold
to the good crops of the country selling
at fair prices. Still others will cite the
new and very valuable gold mines that
have been discovered and operated.
Probably there have been a number of
causes that have contributed to the re-
suit TO which we have called attention.
but If this country had declared at the
last Presidential election that any cheap
dollar was good enough for the United
States. it is not probable that there
would have been SO large an increase
in the gold supply. Gold represents
wealth. 1t buys anything and every
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