The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-12-22
FORTUNE FAv0RS
DICK COLBURN
Former Salt Laker Is One of the
Heavy-Weights OF Goldfield
BROKE WHEN HE LANDED
NOW HIS CHECK rs GOOD FOR
THOUSANDS.
lSneciaI 10 a. feraId. !

n OLDFIEID, NeV., Dec 2l.-klcGard
IL ). Colburn, formerly OF Salt Lake
City. is one OF the happ.sst OF the
many heavy capitalists IN Goldfeld to-
cay. His ship has come in after a long
voyage al sea. 'Dick' admits himself
that tbs vessel was lost for 50 long
I that ne knew j. would be useless TO
ask the underwriters for insurance.
Nov Red Top has gone to sac and
there is nothing for 1.-THE popular man
has made another fortune.
Not His First Stake.
This is not his first fortune, because
Colburn was one of the successful bro
kers of mining boom days on the Salt
Lake City mining exchange years ago,
He did q large and profitable business
. then, but somehow or other Things
went wrong and he finally pulled up
stakes and sought neT opportunities
In Nevada He landed in Tnnopah
after the long stage trip from SOdaVille
during the latter part Of August. 1903,
and when he dropped from the stage
his first efforts We're directed toward
earning enough money to buy some
led a more or less hand tO-mOuth exist
ence for several weeks. and finally
pulled ont for what was then known as
Grandpa Springs thirty miles to the
southeast He. was among the earliest
arrivals and the new camp was re
christeued "CoIdfield" at his instiga-
ton.
Carried the Chain.
c. D. TAYLOR and his brother lad ar
rived earlier and these men had staked
out a large number OF claims in what
is now the richest part OF GOldfeld. IN
fact TAYLOR owned al the Jumbo. Red
Top. Combination, Atlanta aud Flor
ence ground. IN the month of Septem-
Der some strikes. We're maze and II
commenced to look as though these
claims would all prove valuable. The
Tayl0rs We're anxious TO perfect their
title To the ground as soon as possible.
In this situation Colburn saw his OPP
portunity He made the acquaintance
Of 4 surveyor by the name OF Walter ;.
Williams and formed d partnership
with him. CulbuTn carried the chain
for Williams while he surveyed the
claims the TavIOrs had stAsed out, For
this work. Williams & COlburn were
given q half-interest in the Red Top
claim Il seemed 2 very poor return
for the hard work at that time. hut
this claim now contain one Of the
richest mines in Goldheld, and Is the
basis of Colburn's fortune.
Red Top Company Organized
No effort was made TO realize on the
deal for some time. but finally ColbuTu
organized the Red Top Mining com
rany with 1000. OC0 shares capital. FOur
hundred thousand shares were placed
i'm the treasury to he sold for develop
ment purposes. =. D. Taylor was Civ
en- 800 900 shares. II. c. Marcus 100000
shares. T. B. Nenardi 80 600 shares, ".
S Williams 80. 900 shares aud r. :. Col
burn 100000 shares. All the private
stock was pooled. 70 be held until
enough treasury stock had been sold
20 place $4,000 I'm the treasury. The
treasury stock was foated at l. cents
and go 600 shares we're sold. When
this had been done the treasury stock
was Withdrawn from the market, but
the pool was then broken ana, as moth
ing Of importance had been uncovered
on the ground. some of the insiders
let go their stock at any price they
could get Fl. c. Marcus sold his 100,
600 Shares for cents each.
Market Was Flooded.
This flooded the market and ii took
Red Top long time TO recover. Mean
while however, and fortunately. the
treasury Of the company held q COM
Portable ba lance aud earnest work was
commenced and prosecuted on the
property. a large quantity Of low
grade ore was encountered and stock
slowly rose in, value until ii touched
IS cents in August last. At that time
the condition of the mine was so favor
able. high7eFade having been found.
that the insiders commenced 70 buy
al the stock they could obtain. ". T..
Hughey, the auditor of the Jumbo
company. was one Of the heaviest pur
chasers, and now holds as much stock
as any one man. Mr. Hughey has a
sister in Salt Lake City.
Prospect Is Good.
From SIS cents the price of the stock
has steadily advanced until this writ
ing. when il is soaring around $3.50.
Mr.. COlburn states that he let go a
small part OF his holdings at one time.
but has since bought heavily and is
entirely satisfied with his prospects.
He says the stock viii 90 to s.. The
engineers estimate there is $1,000 900
worth of ore in sight. The company
has finally made contract with the
GoldfieId Reduction mill to handle 1000
tons on or before Jan. % next. This
amount OF ore is ready now and has
been graded as near as possible 10 run
between 800 and $50 per ton. As soon
as the returns are in from this milling
if Is the intention OF the company to
declare a dividend. II is impossible to
say now what the amount OF the divi-
dened viii be- hut it is probable that il
will be $50, Geo. for Ii will be the aim 10
fix an amount which the company ca
pay every three months.