The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-15
BIG MERGER OF
NEVADA MINES
Principal Properties in Goldfield Be
ing Sought by C. NJ. Schwab.
HAS PRODUCED S4,O0O,OO0
DEAL WILL CHANGE THE ASPECT
OF THE CAMP

mans" gold camp-familiarly known as
such because mining engineers repre-
senting capital turned it down IN its
early stages as unworthy and left the
man of small accumulations TO struggle
10 prove its worth-is about to change
us identity. The hand of the multi
millionaire is reaching out to take
from Its present owners, nearly all of
whom We're poor men a year ago, the
PICK OF the districts developed mines.
Money IS the bait-money in COMPARE
lively small amount, but sufficient to
tempt the mine owner who only a
snort While ago Was poverty stricken.
Inc practical mining men who braved
the desert, and unfalteringly toiled,
with little or no outside aid, to make
great gold mines out OF what school,
Trained experts first dubbed raw
prospects, are to be showed aside. and
the rich man Is about TO take posses
sion.
The first move along this line is that
or a syndicate of capitalists, known to
have Charles NJ. Schwab at the head,
which has undertaken to obtain con-
troll OF the important mines of the dis
trict and to merge them into one gi-
gantic' corporate body. Mr.. Schwab
and associates are known to already
control several of the richest mines
in Tonopah, twenty-five miles north
OF Goldfleld, on the same stretch of
mountainous desert.
Properties to Be Merged.
The properties that are to be merged
include the Combination, Jumbo,
Florence, January and Atlanta. This
group of mines. all of which have pro-
duced q heavy tonnage of high-grade
shipping ore, forms the very core of the
district, along the strike of what Is
now admitted to be one of the richest
mineral zones exploited since the days
of the COmstock. They constitute an
ideal body of ground for just such a
project, and their owner would possess
the keynote to the mining situation of
Goldfeld, so far as developed.
The representatives of this syndi-
cate first approached the principal
owners of the Atlanta group Of mines,
generally recognized by mining men
as one of the great properties of the
district, with an offer for a controlling
interest in the corporation. 1t is also
known that since then owners of other
properties mentioned have been Of
fered tempting prices for their hold
ings. These mines form a composite
group in the very center Of the rich
est area III the district.
III view VI litC 4oCL litdL the OlLlCA
properties included in the project have
been extensively developed into big
producers. with immense reserves of
ore blocked out awaiting extraction,
and that substantial treasures have
been built up IN addition TO the diVi-
dends distributed among stockholders,
il is considered but natural that the
representatives of the syndicate should
first undertake to acquire control of
the Atlanta, as this property is just
passing from the prospect stage to the
producing stage, and its owners have
not had time nor opportunity TO NIL
their Golfers and become Independently
rich men from the vaults Of gold that
lie beneath the surface.
Mines in Heart of Camp.
In the small area embracing the
properties included in the merger Cedl
is conferred the greatest activity in min
ing in the whole district. The Cornbna-
ton is pegging away OF two classes Of
ore and maintaining a production that
warrants the distribution of DIVIDENDS
at the rate Of 120 per cent per annum,
in addition to earning big treasury
reserve. All of the ores treated "a the
cOmpany's mill are coming from an OK
idized zone. which extends only to q
depth of $50 feet. The immense bodies
of sulphide ore below the 150-foot level
are left undisturbed. awaiting a fur
Their Improvement TO the reduction
plant, which IS now under cOnstruc-
ton.
The Jumbo is being developed on an
extensive scale by the owners, who
have not undertaken to produce any
ore since the expiration of the leases.
They are after great depth and have
opened up ore below the workings LETT !
by the lessees that is richer than any !
thing previously found on the proper |
~.
The Florence is the scene OF feyerish |
and aggressive activity. Lessees are !
making d race against time in taking |
out high-grade shipping ore that is be- I
ing settled for by the smelling cOmpd- /
MES at the rate of $500 per ton. One
lease al0ne-the Reilly-is producing
from $1,000 to $4,000 per day, and it is |
estimated the aggregate yield Of this |
privilege, up to the time OF its eXDira- !
ti9n. Nov. 1, will reach s700G00.
Directly east of and adjoining the |
Florence is the Atlanta, where sixteen !
sets of lessees are energeucally devei- !
oping the great mineral zone that
traVerses the property Recently there
has developed Il rumOr of such per-
sistency that IL viii not down, to the
effect that ore OF extraordinary rich
ness has been opened on the property
and that the fortunate lessees. who
have struck it. are suppreSSing the fact
in an effort TO either secure an adjoin-
ing block Of ground or an extension of
their leasing privilege. 1t is even said
by those who are in close touch with
the work going on at the property that
the lease upon which the discovery was
made may equal in the output of high
10 h. TDaf
Rurneffgs Nap;IIa