Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-09-05
Two Cents Per Word
Mining News From Butte
and Other Ore Centers

Special to The Tribune.
Butte, Sept. A study of the pro-
perty of the Stewart Mining company
is being made by A. P. Heinze OF New
York, brother of the late r.. Augustus
Henze. 1t is reported that Mr.. Helnze
is considering plans left by his brother
for working the Stewart vein. In some
quarters it is believed that several
million of dollars worth of ore remains
in the mine. Mr.. Heinze has been stay
ing at Wallace, Idaho. Negotiations for
a lease on the dumps of the Stewart
company have been opened with j. T..
Harrington, president. While in Spo-
kane this week, Mr.. Harrington said
that $4,000 gross had been removed
from a dump by the Mullan Leasing
company in the first six months OF
1921. The basis of royalty is ~ per
cent so the Stewart company received
S6.70O as its share of the profits.
The San Francisco mint commenced
last Monday the coinage of $50 gold
pieces. 1t is planned to turn out
q 5000 of them daily and none are to
be coined in any other part of the
country. F. E. Scobey, director of the
mint. announces that the government
is in the market for gold and will pay
the prevailing price of about S2O961
an ounce. Approximately half a mil
lion in gold bullion is stored in the
San Francisco mint, ready for the
presses. In addition to the gold coin
age the San Francisco mint will make
daily $4,000 silver dollars until further
notice.
The ore body struck in the pro-
perty of the Montana-Idaho Copper
company has been followed by a drift
for more than 80 feet and in that dis
lance its width had increased from
secretary-treasurer. Copper is dissent
mated throughout the body and the
values appear to be about the same as
those at the point of intersection.
Not a little water is flowing from
the drift and the crosscut, but the
flow from the crosscut has diminished,
although its volume is large" said
Mr.. Kirby.
AT its recent meetings. the board
of directors decided to drift east on
the vein which is the course we are
pursuing, and to drift west. The cross
cut will be advanced north. the course
pursued up to the time prosecuting
was suspended a few weeks ago, to ex-
plofe the area lying north of the Mon
itor shaft. The region south of the
shaft will also be explored. Thus. ex-
~ploration will proceed in four direc-
tons.
AN exploration below the old Mon
itor workings is proposed at this time
10 disclose the extent and quality of
the ore bodies. that we may determine
better the volume of power and the
type of equipment that will be re-
CURED for the larger operations
planned.
THE sale of treasury shares was
stopped on August Is. If money is
needed for the enlargement of the
power plant and other equipment, the
sale of another block will be author
lied. but in that event the shareholders
viii be given the first opportunity to
subscribe"
If the government continues buying
silver at the rate prevailing during
recent months. it will take at least
another Is months to replace 20S.O00.-
600 ounces sold to Great Britain
during the war, says y. H. Lawris,
managing director of the American
Gold and Silver Institute, in the En-
cheering and Mining Journal-Press.
He continues:
The purchases are being made IN
der the Pittman act. which guarantees
domestic producers 81 per ounce. A
total of S7,0O0,00O Inc remains TO
be bought by the government.
The act went into effect in May.
1920: since then the monthly averages
of purchases have been as follows:
.'In 1920 they were 3,73S,420
ounces. in 1921 4.SSS,5 44 ounces and
in 1922 4,79S,77 ounces.
The total silver purchased 10 July
%. 1922, was 119,960, 506 ounces. leav-
ing a total of approximately $1,000
900 vet to be purchased.
The monthly average for the 70
| months is 4,513,943 ounces. AT that