Los Angeles herald., 1906-11-19
GOLD AND COPPER
FASCINATE MINERS
GREENWATER MAY RIVAL BUTTE
Immense Capital Available for Development of
Marvelou>ly Rich Section in Inyo County.
Big Mining Deal in Arizona Closed
by Los Angeles Operators

county, have been sold by r. r. Rich
ardson of Tucson, Ariz, to Los An
geles parties for a figure running into
the hundred thousands. Hon. G. Ben
Heney conducted the negotiations.
These properties have been extern
sively developed by Mr.. Richardson.
Some years ago they were held under
bond by the Columbia Smelling COM
/ pany. a New York corporation, but
mismanagement wrecked the concern
before the purchase had been COM
pleted and the mines came back into
Mr.. Richardson's possession. Free
quent shipments have been made to
the FL Paso smelterS. The ores are
lead-silver, carrying gold values.
1t is understood that the present
sale is in completion of bond taken
some months ago and upon which two
preliminary payments have been
made. In addition to the money con-
sideration Mr.. Richardson receives a
stock interest in the new corporation.
the directorate of which will include
Ben Heney and Francis ]. Heney.
Considerable exploration work was
done, mill tests made and expert re-
ports received by Mr.. Heney before
the deal was finally closed. On the
strength of the report made by a
western expert of high standing the
new owners were offered a quarter OF
|
the property. The offer was not ac-
cepted. ~
| Los Angeles investors have secured
control OF the Butte creek gold dredg-
ing field in Butte county, Cal, by pur-
chase of 140 acres of the Horning place
on Butte creek. The purchasers have
organized company known as the
| Butte Creek Gold Dredging company
The. officers of the company are al
Los Angeles men, as follows: C. L.
| Martin, president: c. A. March, vice
president; d. NJ. Shanks secretary; d
NJ. johnson, treasurer.
The Golden Butte Dredging company
has filed articles of incorporation. but
has not organized This company has
purchased the John Stokes place. The
company will have $500,000 capital. The
investors are ]. H. Culver of Carlsbad
| A. Thomas of Redlands, Henry Big
gins of Redlands, L. l.. Bowen of Los
Angeles, Walter King of Los Angeles
C. L. Martin of Los Angeles anc
Shanks & March.
The L. P. White place, known a:
the Nugget" ranch, has been sold b
j. H. Culver, Clinton Oliver. c. l.. Mar
tin j. Norris and Shanks & March
They will organize the Nugget Rancl
Dredging company. This ground ha!
shown as high as $3.50 to the cubic
yard.
| w. I1dillHOll, lIlt uTeuBeT klnS
recently inspected the Butte creel
grounds. but stated that he did no
wish to invest for the reason that &
dredger of an entirely different type
from the Oroville dredgers would b,
needed on account of the large boul
ders and the contour of the ground.
Butte creek has been known to b,
rich i'm gold for many years, but 1
has not been worked much on accoun
of the cost and difficulty of getting thu
gold, but this objection has been over
come by the recent promoters whC
have planned dredgers suitable for tn,
ground.
T. w. Patterson of Fresno has taker
a mortgage of $4,000 on the property
of the Rawhide Gold Mining company
Barbee S. Hook and Joseph GirouS
OF Los Angeles have secured a valued
copper property within forty miles Of
Prescott, Ariz. They control over 4Ol
Claims.
In 1894 copper sold for only cents 4
pound. Now it brings 22 cents. Th,
copper district of Lake superior
yielded huge profits from veins anC
Z, lodges where the copper in the or,
ran as low as 1 per cent. The Butt,
dividends were paid in great part from
a. 4 per cent tonnage. With the usei
for copper increasing from day 10
day, with the supply heretofore avail
able tagging farther and farther 10 tn,
rearward of demand, the reason fo
the excitement over the Greenwatel
discovery and its subsequent develop
ments scarcely needs elaborate EN-
phaSis