The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-11-20
[III|E MINE SOLD
| 10 STRONG OWNERS
Columbia Mine Once
/ owned by Salt Laker
Changes Hands.
bIG PURCHASE PRICE
Han Galena Ore Earns
Millions During Past
\ Twenty Years.
/, The Tribune.

Ii 10 The Trlouhs"
|tsoy,NE. Wash. Nov. 1a--Paync
4. near sandon. e. c., which paid
r,@o in dividends during lis cor
7. existence under Canadian owner
q has bcen acquired by Robert r..
[.,mn OF Spokane. vice president OF
o.,.on -Washineton Railroad & Navi-
,oo,nanv and his associates, and
~ C ;ncornoratcd In British Columbia
y. paync Mines, Limited. with A
y, ~ 81 500 000, of which S29o.oOO
In pcr cent preference dcben-
and the rest in common stock. The
5,sn nrlce has not been made pub
-yn II is reported TO be between
~ ana 81 000. 900. The deal was
+,ted by Henry j. Pierce OF Spo-
,...,aicd with Mcssrs. strahorn and
q. AZ subscribers tn the new cor
[,p,n are: a. L. McClainc, president
. :, Traders National bank OF Spo-
RI ]. Danson, counsellor. Of Spo-
=. Crv ", Talbot, president of the
IN Power & Light company; j.: A.
E.nn representing the General Elcc-
q ,omnanv OF Portland. Colonel n. u.
EJ,y consulting engineer, and W. u.
~ general manager of mines.
|,,,annccmont is made that the COM
~, Jrst operations will he confined
IA. dsyelopmcnt OF the Payne mine,
k-rh the corporation has options on
~ other groups in the SLOGAN dis
"a A lower crosscut tunnel lis being
E,u 10 tap the ledge at q depth OF
a tst from its outcrop, or GOO feet
|,- the lowest OF the old workings.
& tunnel will ne 5000 feet in length
Is n reaches tho vein, Its portal Is
4 and one-half miles by wagon road
q Sandon, and ono and a. quarter
~ from the Canadian Pacific main
IN, properlv contains the longest con-
Ia shoot Of sllvcr-Iesd orc so far
|r,e,ed ia The province Of British Co
|rsn. II Is 900 feet i'm length. and
8 sssn worked only To the S0o-foot
- The showing in the bottom of
q kyel is as strong as at any other
9. II the mine. but the workings were
n, that efforts 10 sink with the
|E-snt available were out of the
|lh an interesting side light on tho
ere Of the now company that tho
~, level Of the Rambler-Cariboo
- 300 feet from the ore shoot on
y hyne, is 800 feet lower than tho
~ Of the old workings on that prop
"a Il was on this horizon that the
|nrfG.Cariboo mine appeared to plan
ID II was only the tcnaCiiy Of the
pm Of that property that finally
Ex The pernanancy Of the ore bodies
rsisr depth,
/ D Payne mine was one OF the SEN
~ discoveries about twenty years
|FrAlch led 10 the development of tho
r district. Its original locator was
NJ seaton, native of Tennessee
rg the property for s5O,OOo cash &c
Bailey. at that time a hotel owner
;essne and Seattle. A. w. McCunc
~ Lake City. Utah. retained q quar-.
h!stest in the property by rcasor
grub stake.
EiAln two years Of the time that Mr.
~ started the development OF ihf
t1y his interest was bought by Mr.
snF for $3.50, 900, Shortly afterwarc
rt sale was negotiated. this time u
ffarate OF prominent men of Mon
The purchase price was in TIT
nsOyhood of $1,000. 600.
lste from the profits earned by th'
shual owners Of the mine unde
i;hn ownership, it paid dividends o
as0. From the date Of its discov
70 The time that the last shipment
ss were made I'm 1904, tho avcraC
Of lis product was $3.50 a ton
h'pments consisted mainly of clcal
"a ore. but n considerable tonnag
tnc Concentrates and lead coDccn
" also was marketed. During In
Of lis greatest activity the aver
metallic contents OF its produc
gc lrom 103 10 i29 ounces of silve
"om 5V 10 60 per cent in lead ton