The record-union., 1899-05-12
Pacific Coast
Mining News,

Mining News.
Since the days of the argonauts of
'49 the Pacific Coast has been noted for
the extent and variety of its mining re-
sources; yet to-day vast mining inter
ests are under way, oil beds have been
discovered, and there are fortunes in
vested in the business of searching for
hidden treasure The following news
will prove of interest to all who care
for mining matters:
LOOKING AFTER MINES.
Eureka Sentinel: 7. c. Stephens.
President of the Whalen Consolidated
Copper Company of Alpha, DR.. c. Ed
ward Sayre, H. l.. Muma and M. ].
Murphy, stockholders and experts of the
same company, spent several days in
Eureka last week and made thorough
examination of the Oriental & Bel
mont, Barton, Altoona, Ruby Hill Tun-
mel and other mining properties situated
on Adams Hill and Prospect Mountain,
with the idea of investing in and de-
veloping some of these we'll known pro-
ducers.
Alter d Careful anu
examination with c. l.. Broy, they ex-
pressed themselves as being greatly
pleased with the evidences of the large
and valuable mineral deposits in the
mines, and it is more than probable
that these gentlemen will be here again
shortly to take hold of some of the
properties of our district and commence
active operations
They represent heavy capitalists of
the Windy City, and are thorough
business men, whose interest in our
mines may lead to active and indus
tlious prospecting and development
which has been for so many years prac-
tically dormant The gentlemen left
Friday morning for the East but will
stop off at Alpha for short examina-
tion of their property at that place.
MINING A GAMBLE.
Mining and Scientific Press: eau
fious investor says mining is gamble.
1t must be admitted that this is true III
a measure. What business is not? Min
ing, however, may be conducted in such
a manner as to largely remove the spec
ulative element. In the beginning of
the history of a mine the prospector
stakes a chance when he locates his
claim in the hope, if not the belief that
it will contain mineral which 1t will
pay him to develop. AS work progresses
and the value of the mine becomes more
apparent, whether it be great or small,
the risk dinninisEles. If the prospect is
a poor one the possible investor feels
less inclined to invest. If it is rich he
considers it fair gamble. With
greater amount Of development the
prospect becomes a mine with certain
absolute value, and this value IN
creases with the extension of develop
ment work until the limit of worth is
determined by the actual value of the
mine. 1t may be said that developed
mine showing certain value, whether
being operated or not has prospective
merit, the extent of which it is difficult
ITO determine; but as matter of course,
when the investor is willing to pay for
that which he cannot see, he enters the
realm of chance and he measures this
risk by the indications of a reasonable
probability of a continuance of ore de-
posts only partially developed.
MICHIGAN GROUP, TUOLUMNE
COUNTY.
Carriers New Era: The three claims
located about eight miles in a southerly
direction from here, under bond by the
Mohican Mining Company, are showing
up surprisingly we'll. Work by this
company began last November and thus
far over 800 feet of tunneling has been
done which opened up several very
rich shoots of ore. AS soon as suf1i-
cient amount of ore is blocked out it
is the company's intention TO install
water power plant and erect ten
frA Fort
bridge is being constructed to connect
the claims on either side of the river.
The notable feature Of the property is
that all three claims can be developed
TO a depth of 1900 feet by tunnels run
in on the veins, owing to the deep can
yon of the Tuolumne River, which cuts
through the properties in northeast
erly and southwesterly direction. The
river also affords an abundant supply
of free water power the year round.
The owners of the property are: Lii
han mine by n. F. Pickle, Herbert
Shaw and George Reeves of Sonora;
the North Star and Golden Eagle by
Samuel .Trewartha of the same place.
LOvELOCK MINES.
Loveiock Tribune: The gold mines
are now in the way of development and
from Spring, American and other dis
tricts has long been produced in this
vicinity. Now the Lodges are attract
dng attention and capital Is taking hold
Work has started on the lodges in
Arabia The Numa Company is devel-
oping its property in Trinity. The Bo-
nanza King. the old Eagle mine in
Spring Valley, Is a ledge from six to
fourteen feet wide and ore was taken
out worth more than $1,000 to the ton.
1t win not lie idle long. The gold lodges
along Star peak are also known to be
valuable.
THE BELLWETHER MINE.
Amador Ledger: The Bellwether
mine has been placed under reorgani-
cation plan by Mrs. Hepburn, who ,.as
owned it since the death of her hus-
band, ]. w. Hepburn. The new organi-
zation is by San Francisco capitalists,
who have agreed to pay 10 cents per
share as the initial payment, and an
amount not to exceed : cents per share
per month thereafter. Mrs. Hepburn
retains an interest in the property I'M
ASSESS able At last the Bellwether
seems to have been placed on a finan-
cial basis, which makes it possible to
thoroughly prospect the property and
determine it's value. The stock for
which the company is now incorporated
is 100000 shares at 81 per share. The
deal has been consnmmated, but it will
probably be from sixty to ninety days
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