The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-28
ALvARADO'S
SILVER MINES
Romantic Story of Properties
in Parral Recently Landed
by Joseph A. Coram.
LONG LEASE is SECURED
SALT LAKE AND COLORADO EN-
GlNEERS NOW IN CHARGE.

Probably the most widely advertised sill
yer mine today is the Palmilla in the
Parral mining district Of Mexico. largely
because of the extravagances and eccen-
tricities of its owner. Pedro Alvarado.
who only eight years ago was poor
Mexican, he having inherited the proper
~ from his father.
In eight years it is estimated that Al
Varado has taken out $50 100000 (AIeXican
gross value of ores. and has obtained net
profits within that period of between So
10000 and Sl2. 100000 (MeXican).
Yet. in the face of this great sudden
wealth. Alvarado is now unable to meet
his debts. He has been obliged to part
with his famous Palmilla mine through
fifteen-year lease. although within two
years the house of Stallforth. one OF the
richest banking and mercantile houses IN
Mexico offered him $l0.0oo.Oo0 gold Tor
the property. He scorned this ot1er'
however. because. he said
Il would then have nothing but money
and no Palmilla. now | have both the
Palmilla and money
Joseph A. Coram. of Boston, well
known I'm Salt Lake, who has been
prominent operator in the leading copper
camps for twenty-five years, leased the
Palmilla mine, comprising seventy acres
for a Boston syndicate. and any rumors
as TO the claims of other parties TO the
properly lack foundation. As matter
Of fact. however eight different interests
were after it, including the Engagements,
United States Smelling, Refining * MIN
ing company William B. Thompson, and
parties from San Francisco. st. Joseph,
New York. Philadelphia and Paris.
Mr.. Coram agrees to operate the mime
for fifteen years on a straight lease for
81 per cent of the net profits. Alvarado
Is to receive 45 per cent. AlVarado re-
ceives 100000 gold as a bonus for the
lease and Mr. COram agrees to loan
him $4,000 gold additional at Z per cent
interest payable IN three installments,
of which the first 100000 was paid in
Parral Oct. D. This 100000 loan is to be
paid back by AlvaradO. who agrees to
apply one-half of his 40 per cent interest
toward the liquidation. The loan is Sc
cured however, by all of Alvarado's
property.
The Coram engineers are now in
charge. They include Frank {. More
house. of Salt Lake. general manager OF
the Mexico Consolidated company, and A
T.. Diclerman. of Colorado Springs. They
are now in Parral laying out plans OF
operation. diametrically opposite to those
of Alvarado. They plan developments
upon an extensive scale commensurate
with the prospects for the property. Up
to this year Alvarado has never permit
ted an American into his mine.
Because of the prospective Importance
Of the acquisition of this famous mine by
Boston interests. one of the associate edl-
tors Of the Boston News recently visited
Parral TO make an investigation into the
property at first hard. to run down the
various rumors relating 10 II. and ascer-
tain why AlVaradO should he Obliged TO
virtually sell his birthright for 100000 in
gold when he had refused previous offers
Of huge amounts
Pedro Not d croesus.
Pedro Alvarado is not the modern min
ing Croesus of Mexico he is usually pOr
trayed. He is no longer multi-millon-
aire. He has dissipated his fortune and
his creditors forced him to some immedi-
his mine. He absolutely refused to sell
outright mortgage his property.
He has been surrounded by ''grafters'
i'm every quarter and hundreds of men in
Parral are rich whose only source of in
come could have been Alvarado and his
mine. His house is continually surround
ed by beggars who never leave empty
handed He is robbed right and left
AZ his mine and IN his home. In the days
OF his early prosperity he built man
sion at Parral which cost S1.300.O0O 1t is
filled with cheap trinkets and snowy fur
niture and decorations. for all of which
he paid three times their actual worth
AlVarado has no conception of the value
Of money His intelligence is not that of
an ordinary American boy of ten years
of age. He can he influenced to buy any
thing that strikes his fancy He recent
~ purchased a carload of clocks. loo
birdseye maple doors at $50 each. $50. 600
worth of plows, etc. Several years ago
he had SS00O00 coming to him from the
American smelling & Refining company
from ore shipments, and he drove his
wagons to the bank and demanded pay
ment in silver dollars. A check was of
no significance to him.
Before he struck ore he offered to sell
the Palmilla property for $1.500019, but
Of course he could not then effect a sale.
After he struck ore he was approached
by the Guggenheims and asked to name
a price He named a price of 81. 001.000-
600. Asked if he knew how much 5000
0N0.OO0 amounted to. he said, yes. $4,000,
Oas"
The writer met him personally, with
ar interpreter. He expressed great pleas
ure at the lease arrangement and said
he believed he would receive none money
under this method than by operating the
Palmilla himself. He said he was de-
sirous of again making money for he
liked to spend it. Asked as to how much
the Palmiila had produced. he replied.
5000 600 600 worth of ore and l have been
robbed of as much more hut ii can pro-
duce greater than ever" This gives some
idea of the man and the way he now
finds himself with no money, but still
plenty of friends who are anticipating
another harvest.
Alvarado paid about 100000 for var
iouS properties around Parral, mining and
agricultural without regard to value or
location and it is estimated that this
property is not worth over $685. 900.
Mine WretchedIy Handled.
As IN fha roipe IL hos Iaon ,.,-c+ol AL