The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-07
The First Diamond Mine in u. S. A.
Being Developed By Arkansas Bankers

Little Rock, Ark, August 6.-(Specia1.)-
The diamond mines of Pike county, Ar
kansas, which for two years have at
tracted the attention of scientists and
have been pronounced by the greatest ex-
perts to be second only to the wonderful
mines of South Africa, are now being de-
veloped, and in a few months large
plant will be opened, capable of washing
several thousand cubic feet per day.
The richness of the field is demonstrated
by the fact that more than 1000 diamonds,
some weighing as much as 6h carats,
have been found in the field without any
systematic mining whatever. The cut
diamonds range In value from $50 to $40
per carat.
Backed by the opinions Of such men as
DR.. George F. Kuns of Tiffany's, and
John T. Fuller one of the noted engineers
OF the South African field, bankers and
merchants of Little Rock have formed
company which owns wide area of the
rich field, and will. in short time, be
ready to begin actual mining.
Within an area of less than 100 acres
there exists one of those rare freaks of
geological formation which produces the
diamond. 1t is not long, extending vein,
like deposits of gold or silver or coal, but
a small neck or pipe of igneous rock
forced UP by volcanic action from a great
depth. sa.sH
Scientists believe that in past ages this
was the opening of a volcano but the
cone was long since washed away by ero-
sion, leaving the choked-up pipe The dia-
mond bearing rock, therefore, extends
straight downward instead of under a
wide area
Very little is known in the United States
of diamond mining, because of the fact
that, until the discovery of diamonds in
Pike county, Arkansas, the first ever
found in the native rock in America, dia-
mond mining has been practically con-
fined for the last forty years to South
Africa.
Anything pertaining to the diamond has
been of absorbing interest for many CEN
turtles, and the tales of romance of vast
riches derived from their discovery are
more than equalled by actual fact.
Think, for instance, of the vast sum of
seven hundred millions of dollars No ro-
mancer has placed his figures at that alti-
tude Yet that is the aggregate value OF
the output of the DeBeers mines in South
Africa.
Or the great Premier mine, bought origi-
nally for $4,000 in its undeveloped state
only seven years ago, and now yielding
the enormous output of 100000 carats or
diamonds year!
discoverer, H. A. Ward, had an option on
1t but no money. He sold half his night
in it for $4,000. The buyer sold 1t to the
DeBeers company for 5000, 00o-a profit OF
$40 for every one dollar invested, or 1900
per cent!
But that is only half the story. The
DeBeers company took up the option and
settled with Ward by giving him the use
of the mine for five years. He took out
of it 100000 loads of diamond-bearing
earth; secured, it is estimated, 10000
"a rats of diamonds. The value>of the dia-
monds was estimated at s5,0OO00o. and the
cost of mining them s1.5o0,Ooo. leaving a
profit of s3,5o0,0oo!
The Premier mine, discovered only seven
wears ago. has declared eleven semi-an-
nual dividends of 200 per cent, the last
dividend notice being dated December ~,
1ooa and these enormous dividends have
been realized on only 40 per cent of the