Weekly journal-miner., 1915-08-04

advanced and that 1t will occupy
 site on the company's acreage over
 looking broad flat which will b,
 utilized as dump ground for tn,
 mill tailings.
 The new 3-compartment shaft vii
 be sunk at a point convenient to tn,
 mill site so that the ore can be sen
 direct from the mine to the mill with
 out extra handling. The mill ma
 chlnery will conform closely to tho
 efficient milling plant operated by tho
 lom Reed Company; plant, by tho way, that is turning out an average of SlOO,O00 worth of gold per month
 The machinery for the Accompaniment shaft will be equal in efficiency and similar to the powerful equipment ir operation at the Ben Harrison shaft of the Tom Reed Company.
 History of the Mine.
 George Long and James McIyer two practical miners, while working in the Tom Reed Mine figured out the northwest strike of the rich Tom Reed ledge after it leaves the con fnes of that company's acreage, and obtained a bond on the adjoining ground. They then organized the United Eastern Mining Company and asked the local public to invest in its shares. The response was. the pur- chase of 100000 treasury shares at 25 cents per share. Thus financed, Long and McIveT purchased mining machinery and began sinking the present working shaft. Later, Frank A. Keith, well known Tonopah mine operator, and Seely w. Mudd, form erly a prominent mine operator in Leadville, became financially inter ested in the venture.
 At depth of 200 feet the apex of an ore shoot was tapped and the stock jumped in price locally and in Los Angeles from 25 cents per share to 50 cents per share. From that time on the stock continued to rise in price as the shaft was lowered, un- til today it is in demand at around $2.O0 per share. The efforts of local brokers to fill Los Angeles orders for United Eastern at $1.o5 to $205 per share are practically fruitless.
 Holders of the Control.
 Long and McIver, Keith and Mudd have retained the control of the Unit ed Eastern and have no intention of relinquishing the control, rumor to the contrary notwithstanding. I am authorized to make the foregoing statement, and likewise the further statement that the rumor to the ef- feet that the capitalization of the United Eastern has been or is to De increased is without foundation in fact. Mt such action is contemplat- ed by the directorate
 The company has an ample treasury fund and is supplied with treasury shares sufficient for its future needs. The United Eastern mine is in a posi- tion to pay dividends just as soon as its milling plant is in operation Hence there is no need for increas- ing the capitalization of the owning There is no truth in the report that the Guggenheims' and Colonel D. C. Jacklin, the well known copper magnate, have purchased stock interests in the United Eastern Neither is there any foundation for the report that the United Eastern Company has bought the control of the Telluride Company. An option on the control of the Telluride is. however, held by the men who domi- nate the affairs of the United East ern Company.
 The United Western.
 At no point in this district has greater impetus been lent to mining operations by the purchase of a block of United Eastern shares by Hayden, Stone & Company than at the prop ertv of the United Western Company. the United Eastern on the northwest. That the United West ern carries the extension of the Unit | ed Eastern ledge has been demon 'trated by survey and by an examina- 1 ion of the two properties made by pr. Walter Harvey Weed of New York City, a mining engineer of in standing. The United | Western management will sink the | 1ouble-compartment shaft to depth of 400 feet and at that level will cross ut to and drift ou the extension of 1 he Eastern ledge.
 The present depth of the Westerns | shaft is 220 feet and it is being low ,red at the rate of at least 100 feet per month. Under normal mining conditions therefore it should reach | he objective depth by the latter part of September at the latest. The shaft | s equipped with powerful hoisting md drilling machinery and is being Owered bV means of iack hammers | The company has a substantial treas try fund, having placed its initial of ering of treasury shares at 25 cents ,er share. United Western shares Ire now quoted at 50 cents per share. ,OT UINJr, cO11pCE 01