The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-05-16
Should Mining Companies Expand ?

'mpanleS EXpand F.!
solidated Gold Mines, but finally
abandoned it. The Crown Reserve re-
linquished options on the property OF
the Globe Consolidated Mining COM
pany in Trinity county, California
and on gold claims at Boston Creek
Ontario, after the developments had
proved disappointing. A 80 per cent
interest in the Reward mine in Inyo
county, California, was purchased;
this is a small mine, equipped with a
flotation plant, assured Of return
Of capital and fair profit; however,
the gross returns are likely to be only
several hundred thousand dollars. 9th
er Cobalt companies that are entering
new fields include the Beaver Consol-
idated Mines, which, like its neighbor,
the affiliated Temiskaming Mining
company, is selecting prospects at
Kirkland lake, Porcupine and Cobalt;
the Mining Corporation of Canada, a
British organization, which has ex-
amned and turned down great many
widely scattered North American
prospects, but which is making large
production of silver from it's several
mines at Cobalt; the Dominion Re-
duction company, operating the Nova
Scotia silver mill, and owning the rich
Croesus gold mine SO miles east of
Porcupine, as well as other interests;
the Coniagas Mines, which has paid
So. 440, 900 in dividends on a capital OF
Redington Rock Drill company and
Mines Water Supply company and
has paid $4,000 for the Maidens- Mac
Donald gold mine at Porcupine, be-
sides owning a silver smelter at Thor
old, Ontario.
| The prosperity of the companies al
Cobalt has been one reason for theil
willingness to branch out, but perhaps
the very richness of the Cobalt veins
as already suggested, has made their
ventures elsewhere seem disappoint-
ing. Nipissing, with the biggest and
best holdings at Cobalt, has been a
conspicuous example of prosperous
company that is not interested in &C
quiring properties in other districts
The reason probably is that Nipissing
has plenty of territory for prospect
ing within it's own confines, for it has
846 acres containing over 100 veins
Undoubtedly when a favorite dividend
payer begins to take chances on Other
prospects the stock market takes q
pessmistic view of the matter. Such
has been the case with the Calumet &
Arizona Mining company It's stock
was more favorably regarded in the
markets before it commenced to ex-
pand than after it began financing the
New Corhelia Copper company and
agreed to spend 100000 in the ex-
ploration on the Gadsden Copper
company at Jerome. Yet New Cor
nelia has been distinct success fol
the 76 per cent Of it's stock owned by
the C. & A. was acquired at $1.76 pei
market value Of about SIG and divi.
dends from New Cornelia will soor
add considerably to the parent com
pany's income. The psychology Of tht
matter is, probably, that buyers o.
shares like to figure on a self contain
ed mine where as many complicatint
factors as possible have been obviat
ed. The Calumet & Arizona is a com
pany with the best reason in the worl'
for expansion; 1t Is favorably situat
ed in a mineral region Of great rich
ness with the peculiarities Of which
Is we'll acquainted; its staff possesse
energy, good judgment and adapta
bility; and its owners have initiative
Imagination and large resources.
The Tonopah Mining company G
Nevada Is an excellent example Of
moderate sized mining company tina
has expanded successfully. On cap
ital stock Of only 100000 this com
pany, besides it's 160 acres at Tono
pah, owns S3A per cent Of the Tone
pah Placers company; IS per cent {
the Eden Mining company; go per Ger
of the Tonopah Canadian Mines com
: pany of Manitoba; besides shares
other subsidiaries. The Tonopah Pla
, GERS company operates three gol
; dredges near Breckenridge, Colorad
where the average yield in 1916 we
, 1877 cents per yard, and the cost 7
Y cents, the revenue being $4O6,36S, 9
D which the net profit was $73,529, e,
s elusive of depreciation on propert
: and plant The Eden Mining compar
: has nine square miles in the Pig P