The San Francisco call., 1907-06-12

stock market. Buying orders are COM
ing into San Francisco from the east
especially from New York and Pitts
burg. while the orders that are COM
Nevada camps are to sell. This phe-
nomenon is explained on the basis that
ready money is required in the gold
miRing camps. the extent of deviop-
ment work making a sharp demand for
cash to be expended for improvements
The buying orders from the east are
based on the eastern idea that values
have gone so low here. for mining
stocks. that healthy reaction Will
sooner or later set in. There were
enough orders from the east yesterday
to make the market stronger. Prices
rose. but cooled of little toward the
close.
The quarterly report OF the Cold
field Consolidated Mines company.
which has just been issued, shows that
the funds in the treasury of the Con-
solidated and constituent companies
amount 20 s1,40O.s39.23. In addition to
that sum the bullion produced in May
from the Combination mill amounts to
about $4,000, making the total re-
serve sI,519.339.
With the financial report the man
ager of the company sends out re-
port regarding the general condition
of the properties. This report says that
the condition of the mines is being
constantly improved and their output
increased. II is the policy of the man
agement to begin the payment of divi-
dends just as soon as the same can be
done consistently with good mining
and the ultimate best interests of the
share holders.
The latter" says the report, ARE
entitled to the best possible returns on
the ores in the mines and to regular
dividends after their payment begins.
The first object is being effected as
rapidly as possible through systematic
development and sale of such ores as
can be handled to advantage. and the
last will be attained as soon as devel-
opment. milling facilities and the ad-
justment OF freight rates and smelter
charges and other elements affecting
cost of production will permit"
From the report it also appears that
between February l and June l the
underground development of the COM
pany has amounted to 1886 linear feet
and 135,121 cubic feet in drifts, cross
cuts and raises; $1,000 cubic feet in
slopes and $50 linear feet in shafts.
The detailed account of the under
ground progress is as follows:
Since our last report sinking has continued in
the Mohawk and a new level has been started
at depth of $50 feet. An additional hoist has
been ordered aud viii soon be in place TO con-
time sinking This will allow the present hoist
10 work at its fun capacity upon development
and production in the levels now established. At
the $50 foot level the east crosscut has passed
through the main vein and drifts both north and
south IN ore. On the $50 foot level the available
ore has been at least doubled since our last
statement The Hayes Monnette high grade
bodies and two additional rich bodies have been
located. Still-hoor timbers have been set in
place in two of these. and the others in the
nrpliui0arF of drift dGVef0nmpnf in
all of them values and continuity most
satisfactory and amply falfll the expectations
expressed in the last report
On the $50 foot level the bodies left standing
by lessees are being made available by con-
nections.
Since February / the Combination mine and
mill have been in operation only 6s days, so
much time having been lost account of labor
on the second level the most important and
significant development has been on the main
vein in the direction OF the Reilly bodies OF the
Florence Slope now shows length of 80
feet with silI floor averaging 25 feet wide in
ore running about 500 per ton. The stopping
ground in this body extends for 80 feet up to the
first level Stope g. which is the south contin-
Ration Of stOpe 4, has been broken cut 15 feet
wider on the sill floor than at the time of the
last report and is all in ore of the same grade
stope 4 From the south end Of stope dag
ohei drift has been driven crosscut extend
ing north and south between the hanging wall
and foot waH drifts, and showing continuous
Of very high grade throughout the entire ledge.
In the vicinity of the diagonal drift three raises
showing excellent values averaging about the
same the Glory Hole The mill ore In
20 feet and is clearly the continuation of the
Glory Hole ore shoot, in which the values are
persistent nearly to the surface The stopping
ground above the level should therefore average
about 100 feet The new development on this
level alone, as just described. is estimated 20
add about sl,5o0.0o gross value to the ore
available at the time Of the last report.
On the third or $50 foot level the south drift
No. 22o has advanced 100 feet under the body IN
the second level last mentioned. This has not
been broken out for a sill floor, but the drift.
which Is i've feet wide, besides being sampled
in series Of drill holes extending three feet
into the west side OF It, has averaged for so feet
in length assay value of about S150 per ton.
The width Of the ledge is not yet known, but
It is expected that it will prove as wide as In
the level above This probably adds at least
smother million dollars available between this
level and the one above. Drifts now being
driven on all the lower levels toward this ore
body.
North Of the shaft on the $50 foot tthird) level.
raise POI on the hanging wall side of the vein
shows continuous ore OF very high grade which
IS now being stopped This ore is being shipped
10 the smelter end settlements show an average
value of about $4e0 per ton.
A connection between the fourth and
bfth levels shows continuous high grade he
tween the two levels and approximately under
Immediately available for smelter shipments
and its Development above and below is being
continued.
The general result of DEVELOPMENT in the
Combination mine since its title passed to the
Gold6eld Consolidated Mines company is an in
crease Of the assured available to three
times the entire value shown at the time the
property was purchased.
Some improvement in the mill practice has
been made within the last four months as a ref
erence TO the extraction for the quarter ending
December 81, 1906 and the quarter ending
March 81 1907. VIII show. the indicated extrae-
fion for April and May being 955 per cent as
against $50 per cent for the quarter ending
December 81, 1906. The present indicated ex-
traction viii probaiV be reduced to "a per- ceat
by the smelter dis6hnts on concentrate ship
ments. such discounts being the difference be-
tween what is paid by the smelter per fine ounce
and S20-6T paid by the United States mint.
On the Red Top the shaft Is being sunk two
addtional lifts while the bins are in process
Of construction. These levels will be driven at
depths of 260 and 360 feet respectively. The
high class OF sulphde ore. showing at certain
points in the l60 foot level at the bottom Of the
oxidized zone In the vein. makes the outlook
most promising for the levels planned.
Sinking continues in the new No. 2 shaft of
the Jumbo. The old shaft is inadequate and
production from both the old Jumbo vein and
the Clermont vein viii be done
through the three compartment. shaft.
On the January and February mines work
through the two old shafts has been
suspended. These shafts were sunk by
lessees in the early days of the district They
are small and poorly timbered and their useful
ness is now ended. except for ventilation Cross
cuts from the 100 foot level OF the Combination
mine are connected with these workings and de-