Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-04-18
BATCH OF BOSTON NEWS,
Big Banking Firm Formed--Davis
DAILY Copper Has Thomas Lode.

James A. Pollock d Co. bankers
end brokers, furnish the following, re-
oeived over their private Wire. this
afternoon;
Boston Wires; The North Butte
has made final payments on tie
Lynchburg and John Emmett claims
The company is making good prog
Tess In sinking the Berlin shaft which
Is now 800 feet deep, The CTOss-cut
from the 1900 of the Jessie will bc
connected with the shaft. A station
IS also being cut at the l,S0O foot OF
the Spectator and when completed
sinking viii be resumed, the bottom
OF shaft now being near the 1900 foot
level.
Messrs William a. Paine and F.
LOthrpp -Ames are Two Boston dlrec-
tors of the National Copper bank Of
New York, which will start busin ess
about May ] with deposits approxiln-
may be the ger eral opinion, the new
institution Will not confne itself to
copper deposits but Will transact
general banking business and Will
seek mercantile ACCOUNTS as vigorous
~ as those of the copper interests,
naturally the deposits OF copper COM
panies are particularly desirable be-
cause such accounts are not active
and borrowings are made against
them. The new president Charles II.
Sabn, comes from Buffalo where he
has made AM enviable record as an
aggressive and capable banking man.
The capital of the new Institution VIII
be $1,000 200, and the surplus Will
start at the same figure, There are
10000 shares of stock. and the SUBJ
scribers thereto pay in S2O5 per share
the extra SIS to be also placed 10 the
fitting up of the banking rooms and
other incidentals In order that there
Ia OnO. sir no
when the bank opens its doors for
business. There will be only the
friendliest OF relations with the Ma
tionai City bank heretofore KIN own as
the Copper Bank of New York The
new institution could probably start
with deposits exceeding $lO.0Oo,OOO
If 1t thought wise TO do so. on the
contrary it is considered the part of
wisdom by the directors to be-
gin moderately and show a
steady AMI continuous growth there
after But little of the stock of the
new bank Is held in this city.
We understand that the Davis DAILY
Estate Copper company has struck
the Thomas lode in the original cross
cut at a depth of 1900 feet and THAI
they are In 20 feet In ore with no
foot wall in sight The assay values
of the orc have not been ascerl0ined
but it Is stated that ore is the average
than anticipated to reach the Thomas
lode, but it is apparent that the ore
body dipped more 10 the south than
was estimated from surface indica-
tons. In addition to the Thomas lode,
three bling stringeTs We're cut In
Davis Daily ground IN the original
cross cut drifting upon which may
open important ore bodies South Of
Thomas lode are seven known veins
and all will be cut before croSs-cutting
Is suspended. Under the agreement
between the Davis DAILY company and
William A. Clark. the former COM
pany can use the original shaft for
the hOlstine OF its ore 1t Is estimated
that the Davis Daily company will be-
gin che production Of ore from It's
Smoke house shaft and possibly also
from the Thomas lode Within tvo
months
Anal gamatad Copper dividend pay
able May a. books close April 20. and
reopen May g. Annual meeting Tune
3, Books close May 10, and reopen
June 4,