Gilpin observer., 1901-08-15
SPECIE PAYMENT GROUP
OF MINES SOLD TO PROVIDENCE,
RHODE ISLAND. AND BOSTON.
MASSACHUSETTS, PARTIES.
S6J2 900 the Cash Consideration Paid for
the Properties.


The well-known Specie Payment Spe-
Gle Payment West and Specie Payment
East mnes on Dellevieu mountain,
south of Russell gulch, have been sold to
Colley IL Co., bankers, of Providence,
Rhode Island, and Boston, Massachu-
sets, for cash consideration of $685. 900.
Included in the sale are the Bellevea,
Young, East Young, Little Annie, Pc
ratio, Wolverine, Val Verde, Governor,
Apex, WEIGH, Alpine and Little Annie
Extension Veins comprising fifteen pat
ented properties. The deal was negoti-
ated through Frank j. Alexander, of
Denver, the property belonging to E. ".
Williams, mine operator, of Denver, un
der whose management the property has
been developed and has been placed in
the best possible condition for future
continuous working upon dividend
paying basis. The property has been
thoroughly examined and reported upon
by five different mining experts, who
have given it their unqualified endorse
ment as a fine property.
The veins have all been developed by
ehaftage and tunnels, the latter aggre-
eating 1900 feet in length, the shaft on
the Specie Payment being 366 feet be-
low the bottom of the tunnel. Returns
from the srnelters give the average of the
ore 10 be So per ton, the second class or
stamp-mill ore giving values by plate
amalgamation OF from s. to 81 per ton,
the stamp mills concentrates command
ing from 3l2 to so per ton at the smell
ters. -Four thousand feet of the main
Specie Payment has heen exposed, be-
sides cross veins intended exposed. The
property extends from Virginia canon
on the east to Fall River on the west,
where there is splendid water power.
The property covers a large proportion
OF Bellevieu mountain, all of the mines
being accessible by means Of good
mountain wagon roads, and should the
new owners so elect, a majority of them
can be connected with the Gilpin county
tramway company's main line of track,
or an ore outlet obtained by means of an
aerial tramway to F'all River on the
west.
a company has been organized which
will be known as the Colorado Specie
Payment Gold Mining company, with
the following officers and board of direc-
tors: President, L. W. Williams, of
Denver; vice president, DR.. Z. L. ID,
Parker, of Providence, Rhode Island;
secretary and treasurer, Frank J. Alex.
ander, OF Denver; assistant secretary, A.
d. Hoxie, of Providence. Board OF di-
rectors-Edward W. Williams, Frank j.
Alexander, W. L. Coley and Edward j.
r. Coleman, OF Providence.
Mr. E. w. Williams, the president, is
one of the most successful mining men
that has ever operated in Gilpin county,
and has done much toward developing
the mines on Bellevieu mountain, hav-
ing put the Champion mine into pay
ing property from mere prospect. In
connection with Charles l.. Harker, he
took hold of the Topeka group of mines,
in Russell district, and after several
years Of development, and in getting the
several short claims segregated for work
ing under one management When the
property was transferred to Henry p.
Lowe and Others it was in good pay. As
u merchant, when in Russell Gulch, he
was largely interested in mining and
was always the friend Of the miner. The
management of the new company will be
under the personal supervision Of Mr..
Williams.
Mr.. Colley, with whom negotiations
have been pending for some length OF
time, is no novice in mining, having al.
ready invested 33,50O,0O0 in the zinc
mines at Joplin, Missouri.
The OBSERVER makes the prediction
that the new company, as soon as the
manager gets the development work out
lined and larger force uf miners put at
work. will declare regular monthly diyi.
dends.
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