The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-05-30

day were the cousnmmation of the cf-
| forts of these gentlemen 10 make good
| to all interested in their Gold Springs
! properties.
The Gold Springs Mining and Power
; company, as organized yesterday, will
have capitalization OF one million
dollars, divided into one million shares
of par value of one dollar per share,
with one hundred and fifty thousand
shares in the treasury. c. y. Short
is president of the company. \. 5.
Martin is vice president; II. K. Elliott,
secretary and treasurer; and these, with
W. Is. Short. w II. Bramel, w w. Bar
ton and G.. M. Harmon. comprise the
board Of directors. Places will be
made on the board at an early date
for strong representatives of eastern
investors in the company, Through the
efforts Of Messrs. Short, Elliott and
Martin arrangements have been made
10 finance the new company. The
stockholders of the respective compa
mes IN The merger proceedings author
lied the issuing Of bonds for two hun
drcd thousand dollars OF this sum
one hundred and twenty-five thousand
dollars worth of bonds nave been sold
10 the Investors Corporation and Trust
company of Columbus, O., and seventy
five thousand dollars worth of tho
bonds are 10 he held in trust for sale
later. for improvements and better
mcnts. if needed.
BY the funds available from the sale
Of these bords and by the sale of treas
pry stock, 5he company plans TO equip
the property at once TO handle not less
than 100 tons of ore per day. and dis
charge al Indebtedness of the Jennie
company, and to erect al Modena,
,l bn 81 Gnr no al
Springs district, a 300-horscpower elcc-
tric plant, which will supply sutli6 lent
power for all Of the operations OF the
company Ii is expected that orders
for this plant will he placed during
the coming week. The plant to he H.
stalled Will be Il producer gas plant,
with producers. gas engines, generators
ana full electric equipment, with a ZEN
mile transmission line from Modcna to
Gold Springs.
The gasoline engines at the mine
will he replaced with motors and ev-
erything operated upon the single unit
plan. This plant VIII he the first ono
of the kind TO be installed in the state.
AZ the mine, numerous changes will he
made. 4 much larger compressor will
he Installed, and additional tanks put
in the cyanide plant. An auxiliary
crusher will be put IN. and the cnGi,
ncnt VIII nave crushing Capacity ~
produce 100 ions per day. Tho shaft
will be put down at once to deeper lev
els, and from the 200-foot level a drift
Will he run cast To the Jennie ledge
and west TO the Snowflake ledge. anl
the large bodies of orc known 10 exist
in both places Will bc available for
reduction at the mill.
Recent work i'll the Jennie has
proved that the mine has greater pos.
SIbilitics than have ever been expected
from III, a Wine was recently start
ed from the second level and about
thirteen feet below the level the values
commenced to improve, and as depth
Is being secured they have increased
and line ledge is widening, until "a,
thirty feet. six feet of ore is exposed
that gives better values than any that
have heretofore been shown AT The
mine. The last reports from the riLA
state that the ledge is widening at
every round of shots, and the ore gts-
Ting better Samples sent 10 the of
fec Of the company from this portion
abundance and high silver values.
in The consolidation of the two CON
panics thc stockholders of the Jennie
Gold Mining company received share
for share for their holdings, and the
stockholders of tho Snowflake Gold
Mining and Power company four-sev-
cnihs of share for each share of their
stock The bonds of the company arc
tcn-ycar per cent coupon bonds
The company proposes to double the
size Of its power plant ut nm carly
dale making il a 600-horsepower plant,
This will provide power for all of the
other properties in the Gold Springs,
Fay, and Deer Lodge districts. The
income from this source alone viii bc
very profitable to The company. II will
be also the means of putting large
of properties IN shat district
on Il paying basis, as tic question OF
power has been the one great qucs
iion to solve there to make mining n
success. The ores Of the district arc
milling ores ard require continuous AMI
economical power. With this supplied
there is no question about the future
OF the camp. The property of tho new
will embrace fourteen CLAIMS,
nine OF which arc in Utah. iu the
Statcline mining district, and five in
the Eagle Valley mining district, Lin
coin county. Nevada, but all are adj
joining and continuous.
Charles H. Drake, president Of the
Investors Corporation and Trust com
panv, Columbus, O.. who have pur-
chased the bonds Of the company, has
been III the city for several days, IA
himself with affairs of the
and conditions general ly. and
will go to Gold Springs and visit tho
property with G, A. Short the first Of
the week, This happy termination to
the affairs Of the Jennie company is
due to the efforts of G, 4 Short. H.
L. Elliott and \. s. Martin, who have
labored industriously TO the end that
the camp might be a success.
CARISA LOOKING BETTER