The White Pine news. [volume], January 23, 1910, Page THREE, Image 3

About The White Pine news. [volume] (Ely, Nev.) 1906-1910

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News of the Mines, Metals and Stock Market
WARMER WEATHER GREATLY
AIDED DURING PAST WEEK
IF CONTINUED MAY ENABLE REACHING OF SIX MIL
LION POUND GOAL SET FOR THIS MONTH—COP
PER FLAT PIT SITUATION AND OTHER WORK AT
THE MINES.
(Continued from Page Two)
the curb if not in the directors’ room. But for the merger possi
bilities, Nevada Con. at present price would look like money
found. Mason Valley, Boston Ely, Ely Central, Success, Mc
Donald Ely were among the highly active ones of the week, be
ing largely bought. Bay < Central, Colorado and a few’ other out
siders were also taken liberally. Beginning with Mason Valley
and adding Inspiration, they all look good for higher figures
during this week. Inspiration continues to be declared by min
ing engineers and others who have lately visited the property to
be a very great mine, not a few giving it preference over Miami
and predicting an equal if not higher price for the stock within
the year.
AT THE MINES—C 'opj»er Flat is now poised for maximum
output, granted moderate weather. The producing shovels
shifted to new positions in the bottom of the pit during the
week and Friday were again going it full tilt, after a couple
days light production. The pit is frozen four feet deep and has
been furnisheing its full share of the trials and tribulations
brought by the two months of unusual cold. Snow blows in at
a furions mte. In the aggregate a lot of water is spilled
around by the shovels and engines, and then the ore is naturally
moist. So that the output has been frozen when put in the cars
and after that has frozen some more. The sweat house is an
acknowledged necessity for the next season. Site may be
chosen for it near the pit instead of at McGill. Meantime it is
a case of do the best possible. The two shvoels on production
can get all the ore to McGill that they can unload. Three
shovels continue on stripping and are pushing that work ahead
vigorously, and there is need for vigor, for they have either got
to put the pit lower, which is not desirable at present, or get
more ore uncovered quickly on the upper benches. Track and
other work at the property continues uninterrupted, with sys
tem in the saddle and every stroke being made to count. The
matter has not l>een broached by the management, but it looks
likely that the finishing touches will be put on Star Pointer
shaft this summer and that that property will be ready when
next winter comes to enter uj>on production in the event that
relief of the pit during severe weather might appear desirable.
Then* have been times during the last several weeks when it
would have been very agreeable to drop mining in the o]>en for
a short while.
GIROUX PROGRESS—( liroux is going right along with
unabated vigor. The record breaking work of Manager Mills
in crowding the big shaft to the surface ahead of his time is con
tinuing with the sinking from the 1,000 and with the retimber
ing to the 1,000. A few months more and they will be getting
results in ore through the great shaft and have the blocking out
program going full tilt. It will add the big round dollars to the
value of Giroux resources in million stacks before the end of the
year. With three feet of snow over the projierty, surface work
has been some retarded and will not break in at high pressure
again until in the spring. This does not apply to the railroad
building, which is crowding along regardless of the weather.
BOSTON ELY—Superintendent Ralph stated during the
week that this property was looking entirely satisfactory. To
those who know Mr. Ralph and are familiar with his theories
and the manner in which they have worked out to the dot in re
sults in the past, this statement means a great deal—all that is
to he said. The crosscut is going ahead to the ore body and
the ground it is penetrating has good look. At one place dur
ing the week it looked so good that the miners to a man thought
for a while that they were in native copper. The work is being
driven as fast as possible and it will not be a great while until
it reaches its destination. Regarding Boston Ely there has
been some belief that sontrol of the property changed hands
around $5 and that the Cole-Rvan interests got it. The News
is told by a gentleman of very high standing who recently came
from the east that he does not believe this possible, ns he was
informed from entirely reliable source while in Boston that the
control of the stock was widely scattered, the largest holder
having less than 25,000 shares and no pool being extant. lie
therefore argues the reported sale of control cannot be correct.
ELY CENTRAL—It was determined during the week from
very close survey and careful calculations in comparison with
Copper Flat pit conditions that Eureka shaft will reach the
porphyry around 450 foot. This means that at the present ex
cellent speed being made with sinking the shaft will reach the
porphyry about the 5th of February, when a story of very much
importance will be told one wav or the other. Consulting En
gineer Herzog, who has been on tin* ground the last two weeks,
expresses himself ns much pleased with the situation. All work
on the property is being pushed vigorously.
AT McGILL—Here the prayer is loud and fervent for a
period of warm weather. The mild days have been seized with
avidity and the week witnessed a decided betterment in the op
erating situation. Six sections of the mill are now going nnd
the remaining two will he hack at operation just as soon as the
bins are filled. The cold put much rubber belting out of com
mission nnd made for numerous other annoyances and delays in
the mill. This repair work nnd a good deal of overhauling
that the elosing down for a time of half of the mill made possi
ble is well in hand and can be finished up at any time that they
are ready with the ore. This now looks ns if it might be in a
day or so. The decreased work in the mill, together with sus
pension of a good deal of outside work because of the unfavor
able weather, made way for the dropping from the pay roll of
Salt Lake Market In Much Better Form.’"Mason Valley
Expected to Reach $3.00 This Month’-’Others of List
SALT LAKE, Jan. 23.— (Special
to the News.) Trading on the Sait
Lake Stock exchange started off ex
iceedingly quiet at the beginning of
I 'he week but midway changed ma
I terially for the better. With the ex
ception of Columbus, all of the issues
either held their own or made good
advances. Sioux, Iron Blossom and
Mason Valley did more to give the
market a healtbly complexion, than
any of the other stocks. Colorado
registered a gain of a few cents over
last week’s closing. Iron Blossom,
for the first time since listed, sold
higher than Colorado.
Should the Beveral issues wnich
have advanced this week keep their
upward tendency ior the next month,
a number of investors would be able
to play even on their purchases.
Mason Valley continues to hold
the center of the Btage, selling at a
little higher figure each session of
the exchange. It sold as high as
$2.45 last Thursday, the highest in a
number of months. Those who have
been predicting tnis issue would
reach $3 before the end of the month
seem to have gotten inside informa
tion. A number of holders in Ma
son Valley are looking for some an
nouncement to be made soon from
New York to the effect that con
struction of the new smelter will be
commenced in tne spring.
The company has erected a modern
home at Mason, which Is to be occu
pied by Jules Lebarth, who has re
cently submitted an exhaustive re
port on the Mason Valley ores and
who has been engaged to superin
tend the building of the plant.
Colorado continues to hang
around the 76 cent mark, which
would be but a fair figure were the
property only a prospect but when
it Is known that ore enough has been
mocaed out In the mine to pay that
figure in dividends, the price at
which it is now selling is altogether
too low. If this company passed in
to other hands, there is absolutely
no question but It would double in
price within a couple of months. It
is claimed by many that the property
has been thoronghly explored and
that all the ore within the confines
of the Colorado lines has been block
ed out and that it is impossible to dis
cover other veins. The same theory
was entertained years ago about
hundreds of other properties which
are today paying dividends.
Iron Blossom came to the front
during the week and shot up 13 cents
In rapid «,re order. It is possitively
known that this property has an im
mense tonnage of low grade ore at
the south end and enough high
grade material at the north end to
insure quarterly dividends for a con
siderable period. The low grade ore1
bodies have been followed to depth
of 1900 feet and Improve in values
with depth. At the north end, the
ore went up against a porphyry dyke
but work enough has not been done
to determine whether or not the ore
shoot has been cut out or whether it
will follow the dyke down Indefinite
ly. This Issue looks like an ex
ceptionally good buy at the present
price.
Sioux was the particular issue
which made the shorts look for
shelter. It jumped from 32 cents to
to without giving them a chance to
cover. The advance was not due to
any encouraging news from the mine
but it is known that large blocks of
the stock are held in the east, and
when once there it is hard to get it
back again. For that reason the
bulls took advantage of existing con
ditions and shoved the price up.
Those in a position to know, claim
this issue is short considerably over
100,000 shares, which means there
will be more or less squeezing dur
ing the next few months.
Columbus did the toboggan stunt
to the tune of 14 cents during the
first few days of the week. This
property continues to look exceed
ingly well from the production stand
point but the suit involving a large
amount, which was recently brought
against it had the effect of making
a number of small holders let go.
Had this action been filed several
months ago, there are many inves
tors who lixe to short stocks whose
bank accounts would be in a more
flourishing condition today.
Black Jack holds around 10 cents
and is not likely to make much of
an advance, owing to condition of its
treasury, inis property has a world
of low grade ore blocked out, but the
values are not such as to Justify
shipping. It was expected that the
new Knight smelter would be able
to handle these ores at protit but up
to the present time nothing has been
done along that line.
Utah Metals, comprising the hold
ings of the Bingham Central Stand
ard and Bingnam Metals companies.
Is one of the properties now com
manding much attention. The hold
ings of this company are surrounded
by the Last chance, United States
Boston Co., and otner properties of
recognized merit and comprise 330®
acres of valuable territory. A 11,
000 foot tunnel is now being driven
on this property and is in over 3,
000 feet. When completed it will
come out on the Tooele side, close to
the new Bmelter. The company has
very recently ordered about $40,000
worth of modern machinery and
when this is insta'led work will be
rushed with all possible speed. It Is
the opinion of a number of prominent
mining engineers, that a number of
valuable ledges will be cut by the
tunnel before it reaches 6,000 feet.
The company is In excellent financial
condition; a big block of the treas
1 ury stock having recently been un
derwritten by a large eastern firm.
Madge—“How do you know aha
thinks she’s pretty?”
Marjories—“She is always sug
gesting to the girls that they have
their pictures taken in a group."—
Puck.
about 250 men. Included in this number were quite a few who
passed out on the annual cleanup. The February pay roll,
weather permitting, will see all of this loss restored, for going
full tilt, as is the intention, all of the men and probably more
will be needed. Copper output for the month will probably be
less than in December, although they are making great effort to
pull up to the six million j>ound mark and may do it. The
fourth reverberatory has not been going the last several days,
due to repairs required, and in consequence matte has been run
ning a little light to the converter. But this retarding feature
on the six million pound avenue may be overcome if conditions
favor larger reverberatory output during the remaining week
of the month.
ELV CONSOLIDATED—As noted
In the NewB yesterday morning, Ely
Consolidated has entered some excel
lent appearing ground between the
lime and porphyry, the ore being
very rich and promising development
into a considerable body. Ely Con
solidated people yesterday were high
ly enthusiastic over the levelopment
and feel confident that it means not
only a great deal to the company but
also a great deal to the district as a
whole. The work in the new ore has
not proceeded far enough to
warrant positive asesertions, but it
certainly looks like another big boost
for the lime.
CENTENNIAL—Foreman Sol Sny
der and his men have now driven
the tunnel on this property to ap
proximately 280 feet and have en
countered vein matter which ap
pears to be dipping just as it is in
the shaft, believed to be the foot
wall of the seond ledge. Samples of
quartz, showing good values in iron
and copper have ueen taken from
the face but it will require the work
of several more shifts to determine
the extent of value of the new find.
Surface showings and exploitations
are such as to make Foreman Snyder
believe that conditions prevailing
underground will give a good ac
count of themselves when explored
on the tunne. level.
. . St’CCKSS—Notwithstanding the
apparent inactivity or all of the
stocks, this new offering on the local
market has found many staunch ad
mirers and many of the local buyers
who have not already taken some of
the issue, are preparing to do bo.
The remarkable strikes made on this
property during the past ten days
bid fair to make it one of the richest
in the state and wise traders are
availing themselves of the opportun
ity to get in at the Initial treasury
stock offering price. Since our last
letter, a report has oeen made on
the assay of the ore encountered in
the east drift of the 200-foot level.
. wo assays were made from average
samples of the ore. The galena re
turned |190... in gold and silver
and 16.50 per cent lead, while the
gray carbonates returned 931.20
gold and silver and 61.50 per cent
lead. The entire drift is in good
solid ore, of which the above sam
ples are fair averages. This is con
sldered the most Import ant strike
yet made on this property and
should have the effect of making the
stock much sought for at the present
price of 11.00 per share:
MCDONALD ELY—Work has not
yet been started on this property
but the next few days may bring the
word which will start things going
at once. General Manager Mc
Donald has not yet set the date for
tne turning on the steam. He has
stated, however, that the mine will
soon resume operations with pros
pects of its becoming one of the very
best in the district.
ELY CONSOLIDATED—The im
portant discoveries in the American
and Zack shafts during the past few
days have been large factors in as
sisting the market actions of this
issue through the general train. Ely
Con., showed considerable strength
and maintained a good mark, av
eraging about 85 cents for the week.
One of the latest noteworthy hap
penings to this property since the
discoveries made in the Zack and
American shafts, was the visit of
S. M. Levy, president and general
manager of the company. In com
i menttng upon conditions in the Zack
shaft, Mr. Levy stated that the cross
cut on the 400 has penetrated the
ore body about 20 feet and that
there is no sign of another wall.
Drifts have been run north and
south and both of these are in ore.
It is an oxide of copper and ranges
from 5 per cent up. As soon as the
weather moderates a pump will be
installed and sinking in the shaft
will be continued, the idea being to
get down into the sulphide ore. The
good reports coming from this prop
erty are most encouraging to hold
ers of stock in thlB issue and there
is a Arm belief that the stock will
soon be selling at a much higher
ngure.
COPPER METAL MARKET.
There has not been much in the
way of buying of copper this week,
but the tone of the market haa held
firm. Lake is 14 cents bid and elec
trolytic 13% cents. The statement
issued by the Copper Producers’ as
sociation was favorable to the extent
of showing a reduction of more than
11.000. 000 pounds in the surplus,,
but the small output of the Butts
mines last month had led many to
expect even a larger reduction. The
combined figures for Europe and ths
United States show a reduction of but
4.000. 000 pounds in the surplus dur
ing the month of December.
There are many evidences that the
output is now being curtailed, and if
this policy is followed by the pro
ducers long enough, it is sure to re
sult not only in a large reduction in
the surplus, but in higher prices for
the metal. There is little doubt hut
that the consumption is steadily In
creasing, and will continue to do so
for some time to come. This is after
all the most Important feature of the
situation. Some of the wlremakers
report a large demand and me crass
(manufacturers are still running at
full capacity. It is certain that the
best posted Interests are looking tor
higher metal prices before the month
is out, and relieve that we are to
have two or three years of very
heavy consumption of copper. Under
these conditions the surplus will soon
| cease to be a factor, and producers
should be able to rely on receiving
not less than 15 cents for thier pro
duct. The question of whether there
is a merger or not has become
secondary, as the true values of the
properties are determined by the
price of the metal and the size of the
demand.
Cupid's tricks are very old, yet the
victims find themselves fooled In the
j same old way.—Dallas News.
32-INCH WOOD STAVK PIPE LINE UNDER CONSTRUCTION.
WATER SUPPLY OF I
STKPTOE SMELTING PLANT.
(Continued from page two.)
water passing through the surface
condensers In the power house, con
densing the exhaust steam from the
engines and afterwards going
to the concentrator, giving that
Immense plant warm water
without loss of quantity, and
at the same time obviating the use
of the circulating pumps in the pow
er house. All the water that can be
used again at the mill Is repumped
from the blaisdell cut to the head or
top of the mill and used once more
In the concentrating of the ore. The
overflow from the blaisdell tanks,
that which is too muddy or slimy to
be repumped Is conveyed to the re
verberatory through an open sluice
box and used to wash the slag from
the furnaces. To guard against ac
cidents or to supply a possible de
ficiency, an auxiliary pumping plant
was installed at the McGill springs
In the valley near the smelter to
pump the water from these springs
to the reservoir above the power
house that we mentioned before. Two
four-stage centrifugal pumps are lo
cated at this station, both working
against a head of % 80 feet, of suf
ficient capacity for all emergencies.
The pumps are driven by Synchron
ous motors, which serve the double
function of motors for pumping or
generators for electricity when there
Is an overflow of water from Duck
Creek,
The water supply work has been
under the charge of Mr. Lindsay
Duncan, mechanical engineer for the
Steptoe company, and Mr. John
Bouse has had the pipe, tunnels an4
reservoir contracts.