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Image provided by: University of Utah, Marriott Library
Newspaper Page Text
H I GOODWIN'S WEEKLY 7 H I THE MARKET AND THE MINES With the payment of $176,400 to the Grand Central by the Mammoth Mining company last Tuesday afternoon "Finis" was -written to one of the most interesting mining suits that has ever engaged the attention of the western courts. It was tried twice in the district court at Nephi, went the rounds "of the appellate courts, state and federal, went back to Nephi for additional adjudication and was affirmed by the supreme court of Utah after the United States supreme court had refused to take jurisdiction. The trials were the greatest events in the history of Nephi. The natives never weary of recalling the burst of prosperity that came upon the town when the hearings were in progress and one can hear s' marvelous stories of the fees that were paid to lawyers, experts, engineers and map makers. If these fees were one-half of what they, were said to have been the $176,400 payment will not be gin to reimburse the Grand Central for its out lay in fighting the case. Higgins and Marloneaux, the district judges who presided at the first trials, are now practic ing law in Salt Lake City, Judge Greenwood, who made the final award, still presides in the Fifth judicial district. Senator Brown, one of the at torneys for the Grand Central, is dead. Witnesses jurors, experts, draughtsmen, stenographers and others who took part in the proceedings are scattered from one end of the country to the other. The costly collection of exhibits, includ ing wooden models of the surface of the prop erties and glass reproductions of the workings, many of which were ruled out by the court after they had been finished, are probably stored away in closets or garrets, although they would be valuable additions to any public mining display. The Grand Central and Mammoth mines are still in the Tintic mining district. From a legal standpoint the most interesting feature of the Grand Central-Mammoth" contro versy was its exposure of the weakness of the American system of extra-lateral vein ownership. In the sense contemplated by the pioneer miners who were first to recognize the right of a claim owner to follow ore on its dip beyond his side lines, the disputed ore body in this) case had no apex. It was impossible to say with certainty whether a given 'dimension of the shoot was on the dip or on the strike. The jury was obliged to adjust the law to the facts as nearly as it could and the fit was like that of a man's boot on a calf. Similar difficulty will be encountered if the ore-bearing lime in the Colorado and Sioux Consolidated mines proves, as is now claimed, to be part of a synclinal stratum underlying the whole of East Elntic. Other juries may yet have to decide whether the extra-lateral rights of Colo lado, Sioux and Iron Blossom terminate when the ore bodies are separated by streaks of semi barren limestone and what degree of mineraliza tion is required to entitle a geological stratum to the name "ore-bearing vein." When such ques tions do arise the findings In the Grand Central-Mammoth litigation will be of primary Im portance. After giving Grand Central full credit for its successful extraction of $176,400 in cash, the stock exchange experts are still unable to decide whether the shares of the company are a glitr edged buy or merely an ordinary offering. The doubt hinges on the actual condition of the north and south vein opened west of the shaft on the 2,000 and 2,100 levels the vein that was herald ed as an extension of the bonanza ore channel of the great CentennialHEureka. The first con- H nectlon was made early in July and the second M about a month later. So favorably were the in- H dications regarded that brokers predicted a price H of $7 or $8 for the stock With a little more de- H velopment. About the middle of August the H Grand Central management was said to be in ' daily expectation of entering the ore at the 1,800 H level. Two months and a half have elapsed and H we have heard nothing more of the exploratory M work on the 1,800 nor, what is more significant, H of the development on the 2,000 and 2,100 levels. H The impression has gained ground that the values H in the new channel have not been up to sample M and that the ore so far exposed is not above a M milling grade. Certain canny traders put an- jH other Interpretation on the silence of the officers jH and aver that shipments from the new resource ' were purposely withheld until the Mammoth IH judgment was paid and everything ready for a H spectacular inauguration of dividends calculated H to lift the stock to its old price level of four H dollars. After both sides have been heard the H average information-see'ker is as much in the H dark as to the merits of Grand Central stock as H before his "enlightenment." H Q It looked for a time as if the boys who loaded M up on the stock of the minor Ely companies dur- H ing the boom of three years ago would be able H to squeeze out with their original capital. There H was a hurried ovehauling of safety deposit vaults, H desk drawers and pantry shelves, but by the time H the dog-eared and tear-stained evidences of own- H ership in Nevada's copper belt were In the hands H of the brokers the demand had faltered and the jH quotations began a buck and wing dance which H was exciting enough to the beholders, but did H not lead anywhere. H nHKTmMHHMHllfHA'PMIHMIHilKBfiH Finest Shop in HVIHHHSIBmJ' nBPn3BHflllBHK4nJuSH leather H HvIIHHhBRBHHBnBbm plate glas arm M BBfiwIHBBJBHBB8ffilBSHBBHBK rc individual VHHHPflP9BBHHHHffi. '"?r-i3BBBBKylHTOgB.91 wa,h ttnds. M BwMBHiliiBwBMBiiBtlli nrMl3BBlBBlMtetiii' :uattBBBBSSSzS3KKt mrhie, seven m BHIBBKfflWM JM ' fTi BBHSBMBrr. AllrjMBKHHBBBBHMM twelve on jH W 'mt'L LHBIHLIaPHhHI' 'flHEHHH 18 OMM$161f$lBSH modern electrical H u.. tS5luiJ T SnttHrlL BB 4KmJbC(htfatf'-f& r ft9KiHBB9llf QEHmUbSbSIH devices for H if Hrrcffi$$gM .flUBl -ifcflSS HIlBP SBBPfRllffiHHKHHHsSBHI maa8e work, etc. H I tK' BijMTiM wfeL.-i MSrBldr ilui IWH ilaLMfllmMMmBuffl M with expert I H ffntmBMmfm fi'mmUBfa. LjPHKEf tJdKBglwWi. JfcJuHfflRSX'HBSii'B' & ATH Drapery in H j INTERIOR VIEW WALKER'S BARBER SHOP H Ground Floor of Newhouse Bldg. DAVE WALKER Exchange Place and Main St. I I ' l H