Troy weekly news. (Troy, Idaho) 1897-1933, 1907-02-15
The TONOPAH Mines
SHORT ACCOUNT OF DISC0V-
cry OF GREAT REGION.
MAN WHO MADE FIND TOO POOR
TO HAVE ORE AssAYED.
NOW $too,ooo,ooo is IN SIGHT
Locator Had Much Difficulty in In
teresting Anyone in a Great
Property.

properly.
An account of the discovery of a
great mine is always interesting read
ing. These finds are usually made by
poor men and in many instances by
mere accident. There is generally a
story of vicissitude and suffering, a
struggle with poverty and other draw
backs connected with the discovery
and subsequent development of a rich
mine, no matter the variety of the
metal that it contains.
Following is a brief history of the
Mispah mine at Tonopah, Nevada. This
property was discovered in May 1900,
by James L. Butler, then a resident of
Belmont, New, he having previously
seen the outcroppings of the vein in
1870.
Butler took samples of the ore Is
miles south to Klondyke, which was
then producing high grade silver ore.
The assayer there thought the dock of
little or no value, and as Butler was
without money did not bother to assay
it. On his return trip Butler took
several samples back to Belmont and
showed them to t. l.. eddie, who sent
them to Austin to be assayed, the re-
turns from one of the samples being
$40 in silver and S206 in gold to the
| ton.
Locate Eight Claims in September.
| In September, 1900, Butler, accom-
panied by Mrs. Butler, returned to the
property and together they located the
eight claims now owned by the Tono-
pah Mining company of Nevada. Mrs.
Butler named one claim the Mizpah
and also named the camp Tonopah,
from small spring four miles north
which had been given that name by
the Indians, the word meaning water
, brush"
In October, 1900, Butler returned to
the property with w. Brougher and
L. l.. eddie, to whom he had given
an interest, and commenced work on
the property, their sole possessions be-
! ing a small tent, meager camp out
fit, wagon two horses and $25 in
: cash These three men took out a
. ton of ore which was hauled 120 miles
to Austin and shipped to San Fran
S cisco, realizing a little over 5000. This
return and a series of high assays Sc
cured from other parts of the surface,
induced a big rush to the camp and
!, many leases were granted by Butler
to the end of the year 1901.
s otal Production is 4f,oOO,OOO-
It The total production of this period
was $4500,000. 1t was in June, 1901
2, after several other capitalists had at
g tempted to buy the property and ex
D. perts for others had condemned 1t
" that Oscar A. Turner of Philadelphia
l. took an option on the mine for $3.50,
e 900, drawing at sight on his friend
e John w. Woodside of that city, for the
= |, f,l, mt
o ly paid. The property was bought
II subject to the leases, and the royalty
from shipments made by the leasers
were more than sufficient to provide
the balance of the purchase money be
g. fore it became due.
e On January /, 1902, the origina
n eight claims located by Mr.. and Mrs
ir Butler passed into the hands of the
q Tonopah Mining company of Nevada,
g. corporation having total capitalize
ir ton of $1,36O,000, comprising 1000,
m 600 ordinary shares of 81 each ant
,e 100000 preferred shares bearing in
le terest at per cent per annum. Sub
,e scribers to this latter stock at pa
n were given two shares of ordinar,
1t stock for each share of preferre'
Sc stock, making three shares for 81.
IS Property Steady Producer.
The property continued TO be
steady producer of large quantitie
of high grade ore, the proceeds fror
which were devoted to the develoI
IS ment and equipment of the mine.
~, In January, 1905, the preferred stoc
oy was paid off and in April of that yea
e. the first dividend of % cent a shar
IS, was paid and regular quarterly div
,r- dends of that amount were continue
ng until October, 1906, when 1t was IL
lis creased to 35 cents-the total amour
of of dividends paid being s2.450,0OO.
to 1t is estimated that the undergroun
workings of this great mine, onl
opened up to a depth of 700 fee
amount to over 10 miles, while IN
he value of the ore blocked out is cor
m. puted at over s100,000,000.
rs The company is now operating
AID 100 stamp mill and owns many otht
nd valuable properties in the state.