New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-11
NOTES FROM THE MINES.

..y,. Boston News Bureau says: 1.-THE Greene
silver Company's Offering 20 SITS stockholders
,rsvely Of 100000 shares OF per cent preferred
- Is being freely taken. Stockholders have the
s~slere Of subscribing at 81 50 a share until
ssr-cb Is payable 10 per cent with subscription 50
= cent on April ! and 40 per cent on June l. 1907
-. DreferTed is selling on the curb at So 90 At
F-bo share the preferred is little better than
10 per cent proposition.
.,TTro dividends have been declared on the pre-
,,-ed and Colonel Greene says that the reduction
-,ort At the Concheno mine is alone earning more
evan enough 10 pay the guaranteed dividend.
IN a statement to stockholders Colonel Greene
.rs that the money realized from the sale Of the
-sserred will be used for increasing the reduction
.snaclty OF the company 10 a total OF 1000 tons
a.. and for paying the balance due upon TWO OF
no properties. With these TWO exceptions. all Of
he ~ mines Of the company entirely paid for
The connpany's coal properties and timber lands
are also entirely paid for There are no bonds.
ADVENTURES or other funded indebtedness.
..The company is treating IN its mills IN
one-stion about two hundred tons Of ore q day Of
an average value n excess os SIS ton. The cost
. "a I5 leaving net profit on the present out
put Of about 5000 a day, or more than six times
on Tire entire 100000 shares Of preferred stock
asinoe the organization Of the Greene Gold-sIver
compeny or NoEembeT 10, 1902, there has been en-
sTesse ~ mines timber lands coal and iron IN
Acids Development and construction exclusive OF
coT,n,ssions New York expenses. etc. total Of
s3oiAsal in cash and Sl5.o58ooO par value in COM
.coioasi Greene latteEly has eopcsntrated the en-
where MIL now btiiding VIII increase daily re-
duction 70 about I'VE hundred tons. with an esti-
Tn6er way 70 build 50O-ton cyanide plant at the
Nayidad Concheno camp and ultimately TO increase
- can assure all Greene God-siTer stockhold-
ers' says Colonel Greene, that. IN my belief,
within few the Greene (roid-SilNer Com
pany VIII be making larger net earnings than the
Greene Consolidated Copper Company has made in
Colonel Greene is now in the Southwest in con-
nectioa with property
A telegram received yesterday al the ONCE Of
fhe Cobalt Central Mines Company, No. - Wall
street, announced that the third carload OF ore had
been shipped 10 Waverly. X. J., where II viii be
treated al the reduction plant OF Ricketts, Banks.
These three shipments have sll been made within
thirty days. Manager Elmer reports that ex-
oeedngly rich strike OF ore has been made in the
west drift OF tie Big Pete vein at the first level
which Is forty-seven feet into Diabese Noun
that has yet been found He reports great i'm
The development work in 60 shows about the
,r sr On Tt Is = ssa s5ov1S s h11 g
values The bottom OF the Big Pete shaft is stin
whole he reports that there has been great i'm
TTovement in every feature OF the development
The Douglas Copper Company reports the follow
ing balance sheet as OF December 81 last: Assets
Properties, ore reserves, mines. equipment. real
estate, buildings and supplies tcosD. SS,Sl6S6s Sc
curies in treasury. 1921 AIS; cash and recevables
S5s.52S: total. &.o66I2 Liabilities-Capits, stock
100000 bonds outstanding. Sl7s1oo; surplus, $751;
ol2 total s406ll2 The item in assets of securities
iu treasury consists OF 3S3SS shares Of the stock
OF the Douglas Copper Company at par. $ share.
This includes the stock held for the purpose OF
converting the bonds OF the company. The report
hat 81
completed so that the smelter plant and the stamp
completion. When they are both IN operation it is
estimated. the earnings VIII be al the rate or
which is equal 10 about s. share. The report
says; 1t Is the intention, unless there should be
Of quarterly dividends in the fan some time after
be able II they desire TO cash their coupons on
September J. and then after converting their bonds
he declared"
The Colonial Silver Mines shipped It's arst
load Of ore last week. sending twenty-five tons to
the Ladoux ssmpng Works. IN Jersey City. Pre-
lininary samples show the ore 20 be worth above
H.Oo0 ton. Tie company IS IN on
many different veins that regular shipments can
be maintained. a vein has been discovered
which carries pay streak about three inches wide
which ssSays 5ee0 ounces 70 the ton. The b vein
this vein is ten inches and averages $500 ounces Of
rTare 20 o61o e e c S9g % ' e ray 5Tea6
crosseut che hill st the bottom Of q shaft ninety
croSscut VIII run along vein ana Is really drift
and the middle OF the property viii be go feet
below the crest Of the hill Ore "a being sacked
n the drIft tunnel The north tunnel IS in go feet
and drifting is going on in that tunnel veil :
n tie B" shaft. The property IS now opened ID
50 that several hundred men can work effectively.
The Nevada Copper Mining and Smelling Com
psny has sunk its shaft the Thanksgiving Mine
sevelty1ive feet below the point which X cross
cut the vein. The vein was struck at the l00-foot
level was twenty-five feet wide and averages per
cent copper. As soon as the shaft reaches the 300
foot level a erosscut VIII be 70 the ledge The
water IL this mine is extremely rich in copper,
carrying an average OF Jl2 per cent and II viii be
pumped 10 the surface and treated thereby largely
Increasing the output OF the mine. The Parrot
possible, the crosscut at the 200-foot level being
now very near 10 the vein. oficiais OF the com
Of ore is expected 10 begin in the future in
both the Thanksgiving and the Parrot. Shipments
are also to be made TO Salt Lake City from the
Walker Lake property which the company recently
purchased.
Stockholders Of the Mckinley Darragh-Savage
Company dissatisfied with the plan Of paying
dividends monthly, and many have requested the
management 10 make il quarterly. The confusion
q closing the books once a month ana difficulty OF
keeping the list OF stockholders corrected 10 data
N any issue heavily traded in viii probably
have the effect of changing the dividend period.
There IS no possibility, however OF any change in
TIE amount Of payment, and II the quarterly plan
"a adopted the regular dividend VIII be per cent
quarterly. The company has one and one-half car
loads OF ore ready u ship.
According 70 a report from Montreal yesterday,
II Is proposed 10 have an investigation of the Nip
assing mines by committee OF the stockholders in
order that the full physical value OF the property
VIII be apparent 10 al the shareholders.