The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1914-04-18

they were up against and bought the
Hermes stock at high figure. This
sort of thing made serious inroads
on the finances of bona fide and hon
orable concerns. Then came the tragic
drop In the price of silver, owing to
the change from bimetallic to a gold
standard for United States money.
The final crash came in 1875. and
stock gambling was the cause of 1t.
Raymond and Ely had caught the fe-
yer, and had been plunging on the
San Francisco exchange, putting up
their Raymond & Ely stock as col
lateral Then, without warning. and,
as the sequel proved, without cause,
the Bank of California closed its doors
Raymond and Ely were cleaned"
and went out of Phoebe disappointed
and penniless men. raymond after
ward was able, in measure to get
on his feet again, but John Ely, a VIC
tim of his own cornwall habits, died
with no fortune but genial nature
and numberless friends. who mourn
him to this day as the prince of good
fellows
The Raymond and Ely properties
fell into the hands of the Meadow
Valley company, who ousted III. II.
Day from the management and put
in his place d. M. Tyrrell Day, how.
ever, afterwards returned to his old
position, resumed work on the Ray
mond and Ely and continued the shaft
to the 1,250-foot level Water was
struck just below the 1900 and the
ore changed to sulnhide, much of
1t not amendable to profitable treat
ment by any milling or smelling pro
cess then known. A drift was run
west from the bottom of the Raymond
a Ely shaft to the Yuba dyke, in
which large shoot of ore was cut.
A winze was sunk 800 feet below the
drift on this orebody, the now fam
GUS black LEDGE upon which de-
ponds to an important extent the
unfaltering faith Phoebe has ever
cherished in its on ability to come
back" If given a fair chance. From
the bottom of the Wine another drift
zoo feet in length was run on the
ledge, and the face of this drift, L.
500 feet below the surface, shows toI
galena, carrying 400 ounces silver per-
ton, and so per cent lead. The av-
erage assays of all samples taken be-
low the water level in these old work
fngs show values In silver alone of
1888 ounces per ton, the gold values
not taken. Several hundred tons of
ore taken out near the water level,
treated by roasting and pan ANAL
gamation, averaged 94S ounces silver
Another lot showed, silver, ~ ounces,
is per cent gold, $500, and much
zinc. Several carloads sent abroad
for testing purposes returned: Sill
yer, 81 to 101 ounces 19 to 26 per
cent; gold. about $500. Another lot
sent to the Frisco Smelling company
at Frisco, Utah, for testing by dry
concentration assayed: Silver, 82.97
ounces; lead, 24.5 per cent; gold,
$3.50. The shoot from which this ore
was taken has proven length of
800 feet, and width, as shown by
drilling, of thirty feet.
A foolish misunderstanding between
the respective arrangements of the
Meadow Valley and the Raymond and
Ely was responsible for the final clos
ing down of these great producers.
The water, which had been encount-
cred In the workings of both mines
at about 1900 feet, constituted
serious problem, but was being
handled satisfactorily in the Raymond
and Ely by means of a Cornish pump.
The Meadow Valley company kept