The Idaho Springs siftings-news., 1907-05-04
FIRST REPUBLICAN
NEW COMPANY BEING FORMED ADOPTS
AN UNIQUE. BUT GOOD NAME.
TO OPERATE la MUNYON'S MINES
OWNER ONE OF THE FOUNDERS OF THE
GRAND OLD PARTY.

A new mining company is in process
of organization which possesses a strik.
ing feature in being entirely different
from the average company incorporated.
as the entire capitalization is to be
placed in the treasury to start with and
there are to be no promotion shares.
The procedure is unusual and is entitled
to favorable comment As showing the
honesty and good intentions of those who
have undertaken the formation of the
new company Too often the investor is
handed lemon in the way of over cap
italization. with anywhere from one-half
to nine-tenths of the capital stock divid-
ed among the incorporators or in pay
meut for the property, and the balance
of the stock is sold as treasury stock with
only from twenty to fifty per cent. OF the
amount realized being expended for the
actual development of the property, or
devoted to the making of a mine. An
innovation of this character is welcome
and proposition that has so clearly the
ear marks of square deal is entitled to
consideration and most certainly 10 sue
cess. INSCRIPTIONS promoters have re-
sorted to every conceivable scheme in
foisting upon the public mining propo-
sitions with little or no merit, until the
time-worn methods of mine promotion
are viewed with more or less suspicion.
The new corporation is to be called
The First Republican Mining company,
and the capitalization is placed at I.5oo.'
600 shares of the par value of 81 each,
all Of which is to be placed in the treas.
ury. The idea, while not altogether
new one, will no doubt result in raising
ample funds to carry out the develop
ment work planned by the projectors of
the enterprise, and should make the f.
nancing of the new company. on the
ground floor plan. a comparatively easy
undertaking.
In explanatlo Of the rather odd name
of the company. it is Of interest to know
that the owner of the property. Ira w.
LaMuuyon, is believed to be the first
republican in the United States. and the
only living survivor of the first republic
can convention which was held at Jack
son, Michigan, on July s, 1854. He has
resided in this county for the past quarter
of a century where he has been held in
the highest esteem by his neighbors and
friends. The life history of Mr.. LaMun-
yon is interesting in the extreme, but
lack of space prevents more than pass
ing mention.
Mr.. LaMunyon was born in Lockport,
N. Y, on July 4, 1927. and a year later
went with his parents to Michigan.
Here he grew to manhood and took up
the profession Of surveying. At the time
the republican party was born. at the
mass convention in Jackson. Mr.. La
Munyon was % years old. At the close
of the war in 1864, Mr.. LaMunyon went
vest and for many years he followed his
profession as surveyor in the western
states, and about twenty-five years ago
he came to Clear Creek county, locating
in the live little mining town of Dumont.
Having established his home here. he
began prospecting in the surrounding re-
gion up until recently when he decided
to move to Denver where his two mar
ried daughters reside.
A part of the mining properties which
are to be taken over by the new com
pany are located one mile north of Du-
mont and a little over 1000 feet due
west of the Almaden group on Fall
river. Adjoining this property are the
claims of the Great Northern company
and the Almira group, both of which are
undergoing extensive development and
which have good surface showings in
numerous places.
The properties consist OF eleven mining
claims, two of which are patented, COW
ering Q network of assures, but in two
distinctive groups. The Ben Harrison,
one of the claims, adjoins ON the side.
line. of the Wild Wagner. an old pat.
ented claim, which under the old laws
was but 6fty feet in width. Its patent
number is 1903, which shows that the
claim was worked and patent applied for
in the late Cos. The Ben Harrison and
Wild Wagner cover the apex OF big
mother lode, which may be traced for
four miles northeasterly and southwest
erly. This ledge or dyke will probably
average seventy-6ve feet in width, and
following the invariable rule Of this re
Riou at every point where there is
junction Of a cross vein, spur or feeder,
there is an enrichment of the big fissure
causing an ore shoot on either side of the
junction; sometimes on both sides, and
including occasionally the intersecting