The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1920-12-31

True, domestic silver Is settled for
at nearly $1.00 per ounce, thanks to
the Pittman Act, but the aforesaid
pessimist would claim that it will
be repealed by the eastern interests
not later than next April. 1t is also
true that the increased freight rates
effective on all ores for several past
months, have recently been modi-
fed so that low grade ores pay the
same as formerly. But in connec-
tion with this the said pessimist
would claim that II the freight rate
be computed on the actual value of
ore shipped under present settle
ments, there Is found to be an in
creased rate even on low grade ore,
In any event, 1t Is fact that the
combination Of freight and smelter
rates Is such that an ore carrying 20
per cent lead, shipped from the bins
at Jackrabbit, will not pay freight
and smelter charges.
Any reasonable being knows that
such conditions cannot continue for
any length OF time. for the reason
that they are abnormal The law Of
:. supply and demand is indefatigable
\ and metal prices and treatment and
freight charges must. in the course
or time, so adjust themselves that a
supply can be profitably mined to
meet the demand. And. judging
from authentic reports, all the more
important operators in this vicinity
are taking this reasonable view OF
prospects for 1921.
The largest shipper in the dis
trict, the Prince Consolidated Min
Ing and Smelling Company, was ori
ginally capitalized for 100000
divided into one million shares a
: $2,00 par. Having paid $4,000,
In dividends, and having deplete,
It's resources to that extent, the com
pany recently decided to reduce 1t
capitalization to $1,500,0 900; at tn
same time decreasing the par valu
OF the stock to one dollar and plac
ing 100000 shares in the treasur
to defray the cost of shaft sinkin
to uncover bodies OF ore proven t
exist below water level by damon
drilling several years ago. At
depth Of about 500 feet, the core
showed II feet of ore running
ounces In silver, and $3.50 gold pc
ton, and at depth of over 100
feet, another bed was encountere
carrying 80 per cent zine Havir
proven the existence of these bed
II IL reported that arrangements a
practically completed for underwri
ing sufficient stock to sink the sha
to the quartzite, from Its prese
depth Of about 634 feet, and nece
sary equipment has been placed
the ground. The pumps have be-
proven adequate to handle the W
ter, ana It would seem that the ne
years production OF this mine W
\ show considerable tonnage Of hi
grade ores from below water lev
In addition to he fuxing ores viii
1t is expected will continue from q
owe the water level.
The Virginia-Louise Mining Co
pany which Is next to the Prince
point OF location as we'll as in tor
age shipped for the year, also {
pears confident Of the future. H,
ing recently secured orders for me-
ly double its former output from I
smelters. with probability Of
additional contract from thi
and having recently developed ad
tional ore reserves, the capitali
tion has been increased from {
million dollars to a million md
half, and the additional shares '
be placed IN che treasury and u
for the purpose OF furnishing
mine with such additional eq,
mont as may be required to m
mize production costs.
It is also reliably reported tina
Reorganization OF the Phoebe Co