The Republican. [volume] (Oakland, Md.) 1877-current, 1907-07-04
PENCIlINGS BY THE WAY.
Graphic, Descriptive Account OF the
West by U. G. Palmer.

ever came out of the West. Three
years ago, its population consisted of
twenty people housed in nine tents.
Today there are 10000 people within
the city limits.
1t produced $4,000 of gold during
the first year of its existence. Last
years its output was 50, 900, 900 and it is
producing today at the rate of SIS, OOO, =
900 per year. This means that much
added to the permanent wealth of the
world. 1t is different from the produc-
ton Of corn, and cotton, and wheat
which are consumed each year. The
precious metals are not consumed but
are permanently added to the worlds
visible wealth.
As | sit on the hotel porch, can look
out across the properties of the Gold
field Consolidated Mines Company,
covering just about a half section of
land that is selling on a valuation today
of five times all the wealth of Garrett
county. While it seems increditable,
nevertheless it is true. One block of
ground in this property, 373 by 700
feet, in 24O days ending Jan. 7, 1907,
produced s., $50, 0O0 This was from
two leases on the world famous "Mo-
hawk"-the magic word in Goldfeld.
The sensation of the preceding year
was the famous Reilly lease on She
GoIdfeld Mining Company which pro-
duced $1,O00,O 600 in 100 days.
This hunting for gold here reminds
me of the old proverb hunting for a
needle in a hay stack" At Tonopah,
the Tonopah MiningE Company has an
ore vein 40 feet wide which outcrops for
hundreds of feet, off from which l gath
cred many samples assaying $500 to 5000
per ton. This vein has been proven in
places by underground work to a depth
of 1000 feet.
In Goldfeld, the situation is far differ
ent. you get the ore where you find
| it," as the saying goes. The veriest
tenderfoot stands the same show as the
most skillful engineer of finding it.
1t occurs in pockets and has no definite
trend. But when it is found it often
goes from $4,000 to 500, 600 to the ton,
picture ore. When a person considers
that block Of ore two feet each way
contains two tons, the magnitude OF the
proposition of exploring thoroughly
even an acre of ground to a depth Of
800 feet and the possibilities it contains
will begin to be realized. The whole
mountain ridges here are covered with
outcropping ledge matter but aside from
the Jumbo out of which the leasers took
the first year production it shows little
naturalization. In fact on the famous
Mohawk, 1900 assays were made be-
fore more than 1.80 per ton was found
and on the Reilly lease above mentioned
$50 assays were made before more than
81. 50 per ton was found.
OF the 258 mines and leases here
equipped with the very finest machinery
that money can buy. scarcely single
one had any surface showings. The
Atlanta is one of the very best proper
ties here as far as location goes. 1t
contains about sixty acres. There are
twenty-five shafts on it and million
dollars has alrC ady been spent in pros
pecting and it is selling today on a basis
of a million dollars for the property.
Yet it has never produced pound Of
ore. Its value is entirely speculative
There are not over a dozen producing
mines here in which the Eastern inves-
tor, operating as he must at long range,
can put his money as an investment.
These investments of course will yield
him high rate of interest as money is
high here and they are selling on a basis
of the money rate here.
A gentleman who lives here and who
has an abundance of money told me
yesterday that he was making loans
during this, the dull season, at q per
cent. per month and it was no trouble
to get u per cent. during the busy
season.
And yet everyone seems to have
money. | have talked with numerous
business men and find every one ex-
poets to make at least per cent. per
month on his investment after al
lowing himself So to $40 per day for his
services and if he doesn't do that he
will throw ever his business and get
| out.
And the bank have plenty of money.
There are four here, no nationals, with
deposits of $4,000, 900. Pretty good
for town one half as large as Cumber-
land, one twentieth as old and still
showing bank deposits twice as gaeat.
There are twelve absolutely fireproof
buildings in course of construction here
at cost of 81, 500, 900 (from money TAX
en- out Of the ground here) that for
stability and architectural beauty
would do credit to the city of Baltimore.
The new hotel in course of construc-
ton at cost of $3.50, 900 will when con.