The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-01-29


the Jumbo control. Schwab owns H.,
500 shares, held in the name Of his en-
gineer. John 7. McKane. If the Anal
gamated crowd eventually obtain Nc
Clelland's stock Schwab VIII doubtless
be found to be in with them and they
may obtain control.
Taylor also owns AIS, 900 shares OF
Red Top stock, and his control Of that
company is undisputed. 1t is reported
in camp that he was offered $3.50 for
every share of Red Top c1ned by him
and that he refused It.
Option Has Expired.
The option on McCIelland's stock was
given to the Butte people a year ago
and expired last week It was for
a, 166 shares Of Red Top at 20 cents
at $140 per share, a matter of a total
Of S201, 1O316. Red Top is now selling
at $3.50, and Jumbo has sold as high
as Sl.J0, and is now between 81. a. and
s1.50. Figuring Jumbo at the nominal
price Of $3.50 and Red Top at $780, it
would cost s29S. $3.50 to buy the same
stock on the market in the remote con-
tingency that any part of 1t could be
bought at these prices. Before the op-
ton expired, McClelland, through his
attorney, Ex-Governor Budd of Cali
fornia, brought proceedings in the
United States courts and obtained
temporary restraining order preventing
the bank from delivering the stock.
McClelland bases his action on the al
legation that the option given is null
and void for the reason that no con-
sideration was given for the same.
Everybody Interested.
All those acquainted with the Cold
field situation are anxious to see the
fight end. They do not care who wins,
but they want the mine to give en-
ployment to men, and they want the
product of the mine to add to the rec
pending which affect in one way and
another the Jumbo management, but it
is felt that the McCIeuand stock OBJ
ton case is the most important and
that with this out of the way all other
suits viii fall Of their own weight.
The chief point of interest in the Gull
mination is that the real reason for not
working the mine is out at last. Nat
urally the Taylor cClelland crowd
does not want to see the stock advance.
They held 1t below par for a long time
and sWore to their friends that it would
never be allowed to go above par.
When the first true story was told
about this AIcC1elland mix-up the mar
ket was wild and got away from the
management of the mine and the price
Of Jumbo stock advanced to $3.50. Con-
sentative mining men say that Jumbo
stock will go higher than that of any
mine in Goldfield as soon as the mine
is opened up as it should be.
The excitement at the new camp at
Manhattan is reported to be stronger
than ever, but 1t isn't interfering with
prosperity at Goldfield, as will be seen
by comparison of listed stock prices
during the past month. In the local
papers this week strike after strike of
Importance has been reported. The
Mohawk is in ore at last SuIphide
ore was broken into in a drift from
the 21O-fOot station and the stock ad-
vanced from So to 80 cents at once
This property is between the Red Top
and Combination and has attracted
great attention since the Red Top has
become so famous. Work has been 60
ing forward for over a year on the Mo-
hawk, but nothing of exceptional value
was found for a long time. 1t seems
most remarkable that it should come
through" just at time when so much
was hoped for it. But this is happen
ing all over camp. Many a property
is either shipping ore or is hosting
ore, which seemed rather hopeless last
summer. It is the development work
that is telling at last. Miners have
ceased to look for ore on the surface.
Shipments of Ore.
GoldfieId Gold Bar shipped $4,000
worth of ore last week. Manager F.
z. Browne says that he shipped a 30
ton car which will average $500 TO the
ton and perhaps higher. This means
much to the new territory in the dis
trict. From all accounts the mine will
be a regular shipper from this time on
and it is estimated that it will pro-
duce $500 per day from the ore body
now in sight.
Drifting west from the bottom OF the
200-foot level of the Kendall, the COM
pany is catching the surface ore body.
At least that is the way it looks now,
for values for the first time began TO
appear in the drift yesterday. This
is considered a very favorable showing
and the next few days development
may prove sensational. Meantime, on
the so and 45-foot levels they are put
ting out shipping grade at the rate
Of 81 900 per day and a mill grade run
ming $50 or better, that is only limited
by the ability of the machinery to han
die it. Every drift, 5tope and level is
a mass of ore and there seems to be
no limit to the ore body in any direc-
ton.
Huge Piles of Riches.
There are 1900 sacks of ore piled up
on No. Sandstone and the output
from this block of grounO. from the
lease on No. 4 and from the company
workings on block No. 6, is estimated at
500, 900 per month. Some of this money
goes. Of course, to leasers, but there
is no question but that the company
should declare a dividend of 500, 00C
during February.
The News states that the Red Top is
producing S. 600 per Gay and that the
company now has a surplus of $500, 900
in cash with 100000 worth Of ore
blocked out. There VIII be some sur
prises in dividends this month, with
Red Top, Kendall, Sandstone and Dia-
mOndfield in the list.
Sale of Tokop-keystone.
The sale of a controlling interest in
the TOkop-Keystone mine to PittSburg
capitalists is announced through Wat
son & Van Dyke of Goldfield. Mr..
Van Dyke has been in Puttsburg for
the past two weeks representing A. H.
Mckay and Thomas Kearns, the prin
cipal owners of the property. and yes