North Park union., 1900-11-16
ENGLISH SYNDICATE
BUYS PORTLAND MINE

BUYS PORTLAND NINE
Denver. Colo. Nov. S.-The Portland
mine In the Cripple Greek district has
been sold to an English syndicate for
a sum approximnting $15.OO0.OO0. The
Denver Times states that the deal has
been practically completed, the pur-
chnsers being combination OF British
financiers, including the Exploration
Company, Limited, of London, the
Venture Corporation. Werner-Beit K
Co.. the great South African firm. and
n number of the leading individual
capitalists of London.
Fred W. Bradley, consulting engi-
neer OF the Bunker Hill and Sullivan
Mining Company OF the Occur d'Alene
country. and the Pacific coast repre-
sentative OF the Exploration Company,
Limited, has been making an eNnmina-
tion of the property for the past two
months and has now completed his
work, More than $500 samples have
been taken from the mine and are now
being assayed by Henry Wood in this
city. The results OF these assays have
not yet been determined, but 1t is
known thnt the results so far obtained
are sufficient to warrant the sale OF
the property at the price stated.
The deal Is similar to that of the In
dependence mine. A certain amount
will be paid down. the British COM
pnny will be organized to take over
| the property and the stock Will be
| tioated in London. Payments are to
be made mt intervals and In the mean
time dividends are to be maintained
| and possibly increased. and dividends
| paid to the owners of the property are
to apply on the purchase price. The
| mine is to be managed by the present
owners. under the direction of the Brit
ish purchasers. until the purchase
money is entirely paid. when 1t will
pass into the absolute control Of the
| purchasers.
The Portland mine Is one OF the
greatest as well as the best developed
mining properties ever opened in Col
orado. and comprises the largest acre
| age of any developed mine in the Grip
pie Creek district. The company owns
| 1S3 acres in the richest section of Bat
tie mountain. and has paid more in
dividends than any other mining COM
| pany now in existence in Colorado. III
one particular ii is uniuuc-nonc of its
treasury stock has ever been offered
for sale. all having been used in the
| purchase of new property. Ii has the
most extensive underground system of
development in the district. the work
ings measuring not far from fifteen
miles.
The mine was opened originally by
james Burns. James Doyle and John
Harnan. Subsequently II consolidate
of adjacent property WAS effected.
whereby w. S. Stratton came into pos
session of about one-thrd of the stock.
Burns. Harnan and Stratton are now
the principal owners, the remainder of
the stock being held by individuals in
small blocks, II large portion being held
in Council Bluffs. Iowa, the headuuar-
tcrs of the company.
Shipments We're commenced In April,
1894, and since that time the produc
tion of the property has been in the
ncighborhood of 100000 tons of IL total
value of nearly SlO.Ooo,ooo. The
amount paid in dividends since that
time has been $3.307.OSO. The lowest
price on record for the stock Is 26ia
cents. The highest price paid during
1899 was $500 per share. The lowest
price paid during 1880 was S1.459s per
share. The last quotation on the stock
during the present year was S3.35 per
share.
The developments of the property
reach depth from the surface of
about 1.2OO feet and the equipment is
! tne most powerful ever Hhstiiiicu III
Colorado.
Notwithstanding the heavy divi-
dends paid by the company and the
enormous record of production II is be
lievcd by many conservative engineers
and mining men that the ore yet re-
| naming in the mine Is more than
twice the amount that has already
been produced. 1t Is known that there
| are large shoots of rich ore In the
property from which there has been
little or no production. Two years
ago two carloads of remarkably rich
ore We're shipped, returning to the
company more than SS0,OOO. Since
then this ore shoot has been bulk
headed and remains practically intact.
| The average of the ore shipped has
been nearly $50 per ton. and there are
on the dumps thousands of tons of n
lower grade which will be treated In
the big mill now in course of erection.
1t is the general opinion of mining men
| and engineers familiar with the prop
erty that il is worth fully S15OOO.OOO
| on Il conservative basis, and Mr. STRAIT.
| ton recently estimated the amount of
l. ore in sight at more than S2O,WOOOO.
| The ore values have been steadily
| maintained as depth was gained and
it is believed that even ut the high
price named the English syndicate has
made II good bargain in the purchase
| of the property.