Lincoln County record. [volume] (Pioche, Nev.) 1900-1905, 1905-12-01
eNlvApA.uTAH ENTERPRISE.

finally rounded ihto ioiin me ahairs
.t,ho Neynda-U Utah Mines Il Sneters
corporation and that, within the
next few days permanent officers
a the company will be elected and
nat the cumpaign at Phoebe, in
Ra.yer county and at Bingham will
ho ipaugurated upon scale in keep
;no the magnitude Of the enterprise
ona tbe value Of the properties. 1t
& also report, d that construction on
the twenty-eight miles OF railroad
that will connect Phoebe with the
Salt Lake Route at Jaliente' most
~ which is already graded, will he
oin soon; that shipments from its
last Chance mines at Bingham will
baoin within O mounth and that the
mines at Phoebe will commence
marketing ore before May |.
That the company is prepared to
carry out its plans is evidenced In
Che statement that the treasury nj
ready contains 100000 in cash,
which is to be epplied to develop
ment purposes. The company is
;ncorparatcd nm Ter the laws OF
Ma e with acapital ii of ! 5000, O0O,-
OOO-1, 500, 900 shares Of a par value
of SO. or the total rumher OF
shares onl6 one. half have been IS
sued-425 900 went Tor the proper
ties anu the cancellation of 81 900,
900 600 in bonds, and 325 900 to
provide working capital i Is re-
ported that all Of the 325, 900 shares
have been sold through New York
and Boston brokerage firm for 50
share less commission, so t e new
company will really have ats DIS
posul not far from 81 600 900 aud,
as Indicated above, $40O,O 600 Of this
is already paid in.
Tie properties of the comp'ny
consist ofthirty-five claims at lioche'
iucluding the Raymond & Ely, Mea
dow Valley and all oiher possessions
Of the old Phoebe Consolidated, to-
getber with the railroads, smelters,
ETC.; the Last Chance group at Blng-
ham, and the Comet property, aG-
Joining the Newhouse Cactus bo-
nanza in Beaye county.
The mines at Phoebe are now be-
ing placed in trim for heavy pro-
duction and the work of retlnberlng
some of the deep shafts, equipplnS
them with modern and heavy ma
cninery, ETC., is now progressing
steadily. One of the mines is al
ready in shape 10 produce 100 tons
Of ore doy of fine fluxing grade
aud which. it is estimated, eau pe
shipped to the smelters here at a
profit OF at least 81 ton, net. me
Last Chance is equipped with a mill
and this is to be placed in commls-
sion between now and the first OF
the year, and the famous Last
Chance ledge, which has already
produced 81 $50. .O00is to be made
30 begin earning big money again
The Comet is recognized IS bo-
nanza property and its development
on big scale is also to be lnau9n-
rated without delay.
Colenel Weir has been selected al
president of the big companp ah'
his ripe experience in the mln'ht
business which has extended owe
mana years vii rebound to the ad
vantage of those who have Jolnec
him ia the enterprise George
Milhken, bis & neral malasef' II
rated d man Of exceptional abill'N
ahd Judgment. 1t is understood
that Colonel Weir will reach her
about the end OF the present mon'''
This tremendous Undertaking at'
its opportunities for the iesitlma'
and safe investment OF capital wef
first recognised by A. d Lewis
who labored increasingly g laed
where it belonged. Mr.. Lew
spent a great deal of his own none
on the proposition and when =
found that the load would he TO
much to bear alone, he lntereste
Colonel Weir and finally turned u
whole matter over to him. AS
benifit to the state and tne mlhlp
industry in general, so far as " g
fects this region, the rounding o.
of the enterprise will rank with q
biggest Of them. Ii brings into y
country 100000 at one strol
and: within the next year or two
will resclt in the employment
hnndrnAs Of minars. mechonics a.