Gilpin observer., 1899-04-27
The Denver Republican says:

Iue DenVer NepuDncan says: fs.A x
London cablegrams have been re-
ceived ut Colorado Springs confirming
the sale of Stratton's Independence
mine to English capitalists and giving
additional facts concerning details Of
the transaction. ftflH
The new company is Incorporated in
the name of the Stratton-I independence
Mines, Limited, under the British
company's acts, by the Venture Cor
poration, Limited, of London.
The purchase price of the group is
S11, 100000. the capitalization being l.
100000 shares, Mt f2. or $40, per share.
The new company is to take posses
sion of the property within n few days.
1t lis understood that Mr.. Stratton is
to continue as managing director that
j. II. Emerson will continue as super
intendent and w. A. Ramsey as mana
ger of the mine. Il. A. Rickard Is to
be consulting engineer
~ is said that force of 300 miners
is to be employed, and that shipments
of 200 tons per day will be continued
indefinitely. 1t is also reported that
the new company will place $1,000,OOO
in the treasury as working capital, and
for the purchase of other mining prop
erty.
The manner of payment of such
large sum to Mr.. StrattOn has not been
made public, but it is understood that
he receives one-third cash and the re-
mainder is to be paid over to him as
fast as the stock is sold. One cable
stated that the English investors are
rapidly absorbing the stock, and that
Mr.. Stratton practically receives cash
for his property.
The recent sale of the Independence
means IL great deal more to Colorado
than appears on the surface, and some
of the facts connected with the trans
action, now given out through the Re-
publican for the first time, are of more
than ordinary interest.
Not the least interesting is the fact
that the Venture corporation, the ven
dee of the Independence deal, is on the
point of taking over n majority of the
stock of the Portland company. ncgO-
tiations for that property having been
pending for some time. and OCCASION
ing the presence in London of James f.
Burns. Frank G. Peck and w. S. STRAIT
ton, representing the controlling inter-
est in the Portland company.
The figures for the Portland are not
given. as no examination has been
made, and pending negotiations are for
the purpose of determining the terms
of the transfer based on an examina-
ton. That the sale will go through,
however. is not doubted by representa-
tives of both sides of the transaction.
The Portland mine has been for
years one of the big features of the
town of Victor, and of the Cripple
/reek district.
The mine is now developed to the
9OO-foot level, and at that point pow
er station is being cut that will be,
when completed. the largest and most
thoroughly equipped underground
power plant in the state. 1t will be
SOx4O feet in size, the pump will be
one of the largest triple expansion
\ plants ever brought into the state, and
Nhe compressor plant will be in pro-
portion. The enormous amount of Ia
Dor and great skill required to build so
large station. 900 feet underground,
will be appreciated by those familiar
with great mining enterprises.
A new shaft has been started and
the company is considering the advisa-
bility of constructing it entirely of
steel 1t is the intention to ultimately
sink this shaft to the depth of 1000 or
$500 feet. but for the present 1t will
be kept level with the old shaft, which
will be used for air. steam and pump
ing. while at the same time having two
cages which are to be utilized for hoist
Ing anu lOWeTluH Hlatcihii' icaNihS the
three cages in the new shaft for hoist
ing ore.
For more than n year the efforts of
the company have been directed rather
to keeping down than increasing pro-
duction. no stopping having been done,
all the ore taken out being from the
development drifts. In spite of this
and the regular payment of cents per
share per month in dividends. the sur
plus has steadily increased. AT the an
nual meeting February the surplus
was much greater than 1t had ever
been, and the mine had paid $51O.OOO
in dividends during the year. besides
expending II large amount In necessary
improvements.
.<The mine has paid in dividends up
No the present time, including March.
SCOT .OSO. or more than two-thirds of
its capital stock. and conservative
estimate of the standing ore reserves
places their value at more than Ss,UOO.-
600 dollars.
Little Is known of the exact value OF
the ore bodies in the mine. The man
|. agcment is very reticent regarding Its
workings, but 1t is known that some or
the ore bodies are exceeding rich.
ODE