The Parker post., 1917-02-03
SWANSEA WILL
SINK TO RISE
CLARA WILL DIG HERSELF OUT
OF FINANCIAL HOLE BY DIG
GING DEFER SHAFT AT COS1
OF $4,000.

|
morning the foreign and other own
ers of the Swansea mines and smell
ter will go down to their offices and
find in their mail notification that
the Arizona mining company has dug
itself out of the financial hole in
to which it fell some years ago.
They will also be informed that while
this financial salvation was going on
the mine itself had grown better
and apparently bigger. Two words
describe the cause of this condi-
tion-good management Those who
are looking after the company's af-
fairs are C. M. Souden, trustee in
bankruptcy, with Attorney R. E. Nor
rison as pilot with an eye out for
legal rocks and shoals and Ernest c..
Lane. The latter is the manager at
the mine. He has shown his eff
ficiency in making the old mine pay,
while at the same time opening new
ore instead of quitting" the property
for present production.
The mine was leased to Judge W.
j. Thomas, who secured the services
of Mr. Lane. The Thomas lease ex-
pired in October, 1916, but Judge
Thomas died in July, 1915.
just prior to the expiration of the
lease, Mr.. Souden had the property
examined and reported upon by Geo.
Kislingbury, e. M, and it was found
that his report verified that of Gen
eral Manager Lane. These reports
showed that there was a sufficient
quantity of ore in the mine to justify
the trustee in requesting permission
from the court to allow the operation
| of the mine for the benefit of all
parties concerned These conditions,
in addition to the fact that the profit
; under the Thomas lease during the
two years period was approximately
$71 900. led the court to grant the
petition of Trustee in Bankruptcy
Souden, requesting hte privilege OF
conducting further mining operations.
Mr. Lane has been retained as gen
eral manager.
The holdings of the company en-
brace IA claims, many of them not
patented. In order that the company
be saved the payment of annual as
sessment work in cash, what are
known as the Moss claims or group
were sub-leased. This proved to be
a good move, for the royalty upon
ore extracted by the leasers yielded
very tidy sum.
The average copper content of the
Swansea ore, as shown by test COW
ering a period of three months under
the Thomas lease, showed approx
mately three per cent, with AN aver
age of 46 per cent iron. A contract
was closed with the Consolidated Ari-
zona Smelling Company at Humboldt
for the treatment of 100 tons of ore
a day, the contract extending for a
period of two years from October "a
1916. A contract was also entered in
to with the American Smelling and
Refining Company at Sasco for the
treatment of the surplus production
of the mines.
No. 2 shaft is i'm good condition,
and a satisfactory ore body has been
developed in it. 1t is the intention of
thetrustee, after certain development
now being carried on is completed,
to have Engineers Kislingbury and
Lane locate and begin work upon a
three-compa partment shaft to reach the
main body of ore at depth of 1000
feet. 1t is estimated that this shaft
will cost $50 foot.
The trustees report shows disburse
ments from April 1894, to October
"a, 1915, amounting to $49,251.22. The
number of cars of ore shipped was
1887, and the net profit in royalties
has amounted to $34, 1911 during the
last year of the life of the lease.
This benefit was accruing to the cred
itors of the company at the same
thine that the mine was being daily
improved which really amounts to the
accumulation ofan asset.
With the continuance of the past
method of management at the mines,
and the other advantageous condi-
tions of working the ore and market
ing the product, it is believed that
the company will be able to pay off
the unsecured Indebtedness during
the next year. What is equally sat
iCfo oh oyx, on oot1onnA - tho