Idaho Springs siftings., 1903-10-24
CUM TREE IS SOLD
THIS VALUABLE PROPERTY PASSES TO
AN EASTERN SYNDICATE.
s250,0O0 THE PURCHASE PRICE.
MANAGEMENT REMAINS ENTIRELY IN
HANDS OF LOCAL CITIZEN.

Negotiations have this week been
closed whereby the Gum Tree property
in the Freeland district passes into the
hands OF a syndicate of Rhode Island and
NJ ,ssachusetts capitalists, who are abun-
dainty able to develop the property and
make of it the largest producer in the
camp. Assurance is given that work will
be iuaugurated at once that will necessi-
tate an increased force of employees by
November Ist
The purchase price is said to have been
$50, 600, a payment of $50, 900 being
made as the first installment. In addition
to these amounts, abundant capital is
available to make such necessary addi-
tions to the machinery plant as will ex-
pedte the working of the property.
The FIRST of these improvements will be
the installation of q modern hoisting
plant, with a capacity for sinking 1900
feet, and work on the fi.st lift of 800 feet
will begin at once. The immediate ex-
penditure for this machinery and appli-
ances will be between s. 900 and 81, 600.
The syndicate is prepared to put two
machines in the shaft and will work
three eight-hour shifts continuously.
Fifteen or twenty men will be put to
work in the slopes. and with the ground
already developed it is figured that the
shipments to the smelters will soon reach
from 800 to 400 tons month. This ore
averages from SIS to $40 per ton.
The Gum Tree has long been known as
valuable property and possesses mar
velous ore body. In the bottom Of the
lower levels there is a continuous streak
for over 600 feet in length, and with ore
still showing without decreasing width
in both the east an5 west breasts.
Late Developments have conclusively
proven to the management, - veil - to
thezsexperss ~hoz he~g teszmiut<1 he
property. that the Freelasd ore shoot
pitches east through the Gum Tree hold
ings at the same angle as the contour OF
the hill, the Gum Tree workings clearly
demonstrating this to be true. In sink
ing, the FreeIand apparently went
through this ore body in their shaft at
1000 feet. and while the Gum Tree syudi-
cate is in hopes that It will have a still
greater body than on the Freeland side,
still no calculations are made ON this
proposition, but it will be coutent with
the same production as the Frrcland.
which has in excess of $3.35 1000 TO rs
credit
The work under the new purchasers
xxytIi q farfu oh st..-
force will be increased As Ia. new men
can be utilized. an it is conf ientiy ex-
pected that IS, rneh will find employ
meut at the Gum free insi ie of eighteen
months.
Mr.. John O~en will have general SUI
pervision of the Operations. which is a
sufficient guirante. that only the bes,
methods will be employed and that this
valuable property will realize HANDSOME
divide .ds to- the owners.
1t is with considerable satisfaction that
siftinss is able to give these facts to the
puulic- ior beyond question this means
more to the district than any transfer
that has been made for many day, and
we congratulate the new purchasers for
their business sagacity in acquiring So
valuable property.
meeting of the Gold Cloud NJ. Co.
was held at the Club hotel, this city. last
night. and the regular election of oficers
was as follows:
President-S. J. Peterson, Clinton, la.
Vice-President and Treasurer-Frauk
Goodrich, Velvedere. Ills.
]. May, Chicago, Ills.
Manager H. G. Pierce, Denver.
Supefintendent-L. E. Tobias, Idabo
Springs.
The Gold Cloud shaft was ordered sunk
an additional 400 l<rt. Wasscn i'll fuakea