The Oregon daily journal., July 26, 1908, Page 11, Image 11

It I '
Have Been Paid by the Mines of The
Austin Maofaattao Consolidated
THE OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING, JULY 20. 1008.
MILLIONS
DIVIDENDS
Production to Date Over
$50,000,000
OF GOLD AND
SILVER
PRODUCTfQN Authentic records in the form of bullion books, smelter re
turns, express receipts, etc., show a production of these mines approximating; $50,
000,000. Independent operators and close corporations, whose records are not
available, undoubtedly bring the total up to $60,000,000 or $65,000,000.
ORE IN SIGHT In the fcast only the 'high grade ore has been milled and
shipped, anything under $100 per ton being considered low grade. As these mines
have been operated for more than forty years and as for every ton of high grade
ore in the mines, there are many tons of low grade, it is apparent that in the
mines and on the dumps is a much larger tonnage ot ore than has been utilized
in the past; enough to insure operations for generations to come. Modern meth
ods of metallurgy, together with labor and time-saving machinery, make the
handling of the low and medium-grade ores more profitable today than the mining
of the high-grade ores in the past. It is estimated that there is on the old dumps
and in the stopes of the mines on Lander Hill sufficient ore to pay back the entire
capitalization of the Company two to three times over.
FIFTY YEARS' SUPPLY These mines have a supply of ore in sight in
the stopes and on the dumps sufficient to keep the present plant operating steadily
for fifty years, and which will certaintly return more bullion in the future than
in the past, to say nothing of continued development work which will undoubtedly
prove more profitable in the future than ever before.
DEVELOPMENT The average depth of the 69 mines on Lander Hill is less
than 400 feet. The great working tunnel, with its main branches, two miles in
length is 1000 feet below the outcroppings on Lander Hill, and finds the veins in
place, larger in size and with values more constant than above and leaves a larger
amount of virgin ground above the tunnel level than has been worked out in nearly
fifty years of constant mining, and therefore, assures continued profitable operations
for generations to come.
MILL CAPACITY The Company owns one of the best and most modern
mills in all the West, approximately one-sixth of a mile in lengtli and equipped with
strictly modern machinery of best quality. The present capacity of this mill is from
100 to 150 tons per day, depending upon the grade of the ore. It is planned event
ually to double and probably quadruple the capacity of these mills.
MODERN AND ECONOMICAL MACHINERY While the plant of this
Company is of the best, it is planned to increase its capacity and install equipment
for a closer saving of the values by
First. Installing a cyanide plant, which it is estimated will make a net saving
of $6 to $10 on each ton handled, $600 to $1,000 or more per day, $18,000 to $30,000
per month, or more, over and above the usual profits.
Second. Install a dry crushing plant and chlorination process for the handling
of the high-grade ores, thereby saving expense for freight and smelter charges and
avoiding the losses incident to shipping the high-grade ores, and effecting a saving
of many thousands of dollars per month.
Third. Erect a hydro-electric power plant which will produce 500 to 600
continuous horse power, at an operating cost of $11 or $12 per day, and effect a
saving of $7,000 or $8,000 per month in the operating of' the Company's plants
and machinery and lighting its mines and afford a profit of $2,000 to $3,000 per
month in lighting the city of Austin.
Fourth. Connect the Austin Tunnel with the various newly incorporated mines
on Lander Hill, thereby affording efficient drainage without cost and a gravity
means for transporting the ores to the mill and saving at least $5 on the cost of
handling every ton of ore, a matter of $500 or $600 per day, $15,000 or $20,000 per
month, with the present capacity.
These estimates are net savings, over and above the usual earnings which in
the past have been phenomenal.
COST OF MINING AND MILLING Originally on Lander Hill were 69
mines, each with a separate hoisting plant, pumping machinery, etc., necessitating
the hoisting of the ore to the surface and hauling on wagons to the mill. With
the new tunnel, constructed at a cost of over half a million dollars, and with the
modern equipment proposed, the mining and milling will be conducted at less than
half the usual expense in properties of this kind.
PROSPECTING In most mining properties a large portion of the returns
are necessarily used in prospecting for new ore bodies. This in the Austin Man
hattan properties is unnecessary, since there are more than 22 miles of underground
work and a practically inexhaustible supply of ore in sight. In the mineralized belt
owned by the Company, and practically comprising the entire Reese River Mining
District, there has never been a failure of a developed mine.
MINERAL CLAIMS In addition to the 100 operating mines owned by the.
Company are scores of more or less developed properties, many of which promise
as well as the developed mines.
NO WASTE With the modernized plant, no waste ore will be handled, as the
new equipment will handle the high, medium and low-grade ores economically
and at a profit. Dr. Rosseter W. Raymond, IT. S. Government Commissioner of
Mining, in one of his reports submitted to the Secretary of the Treasury and
published in the Congressional Records, says: "Ores in this camp which arc con
sidered low grade would in almost any other mining camp in the world be con
sidered very rich." There is no ore in these mines which cannot with a new
plant be handled at a profit of several hundred per rent over the cost of mining and
milling.
GREAT ORE CHUTES In many of the mines of this Company are ore
chutes of almost unbelievable size, in many cases ranging from 1,000 feet to 2,000
feet in length, without a break.
ORE VALUES The ores in thee mines have averaged higher than in any
other large mines in this country. The ore books of one of the constituent com
panies show that the milling ores for twenty years averaged over $2l)0 per ton in
value and aggregated approximately $20,000,000. It is practically impossible to find
ores running under $15 or $20 per ton in these mines. The averages show from $4
to $75 per ton in gold, sufficient to pay a handsome profit over all expenses for
mining and milling, and from $15 or $20 to thousands of dollars per ton in silver.
ASSETS This Company owns these properties in fee simple, without bonds,
debts or other obligations. It has a large mill, costing over a quarter of a million dol-
.Iking
Company
What They Are What They Have Done
What They Will Do
A consolidation of the properties formerly belonging to the
Manhattan Silver Mining Company, the Austin Mining
Company, the Austin Hanapah Mining Company and one
hundred and sixty-one other corporations.
gKck $10,000,000
PAR VALUE OF SHARES $1.00 " j
FULL PAID AND NON-ASSESSABLE.
$4,000,000 TREASURY STOCK
lars; a new working tunnel, costing over half a million dollars; it has ore in the
stopes and on the dumps exceeding the total authorized capitalization many times
over; its authorized capital is less than one-tenth that of the original companies
who have in the past owned the properties now belonging to the Consolidated.
PROFITS There are no risks, no hazards, no chances to take in this great
property. The lowest grade ores pay a profit of several hundred per cent on the
cost of handling, as has been proven in the past when tremendous profits were
made and enormous dividends were paid; but all records are certain to be excelled
with the modernized plant now being completed by this Company.
MANAGEMENT The management of this Company is in the hands of a
Board of Directors and officers, who are not only largely interested financially,
but are devoting their entire time and attention to the interests of the Company;
men who have made good in the past and who have profited by their experiences.
DIVIDENDS The mines of this Company are a vast treasure vault in which
are stored dividends for generations to come. The economies being installed by
this Company are alone sufficient to pay much larger dividends on this stock than
are usual in any other form of safe investment, to say nothing of the unusual profits
to be derived from regular mining operations. These dividends will begin as soon as
the improvements are completed. The mills of the Company could be operated
at as large profits now as in the past, but it is, according to the directors of this
Company, unwise to lose any money that can be saved bv the use of modern
machinery and appliances. It will he apparent that the officers and directors of
this Company,, all largely interested in it, are as anxious to hasten these dividends
as arc those who are purchasing its stock to have it done.
T. W. SMITH
ANALYTICAL AND CONSULTING
CHEMIST
19 WEST OHIO STREET
Indianapolis, Indiana, June 23, 1908.
Mr. W. W. Spencer, City.
Dear sir: I have assayed the three samples of ores you left with me.
The samples were marked "Hardy No. 1," "Hardy No. 2" and "Union." The
results are as follows:
NO. 11053
Hardy No. 1
Gold, ozs., per ton ore 1.0
Silver, ozs., per ton ore 3800.0
Hardy No. 2
Gold, ozs., per ton ore 2.5
Silver, ozs., per ton ore 76.0
Union
Gold, ozs., per ton ore 1.15
Silver, ozs., per ton ore 3840.00
Value of ton ore $ 20.00
Value of ton ore 2280.00
Value of ton ore. .
Value of ton ore..
Value of ton ore.
Value of ton ore.
50.00
A5;0J
23.00
2304.00
Yours truly,
r. IV. SMITH
Mr. Spencer is an investor who visited the mines and took home to
Indianapolis his own samples of ore of the new mines, The Hardy, and
one of this old mines. The Union. The above is the result.
PRICE OF THE STOCK - In effecting the consolidation of these properties,
stock in the Consolidated to the extent of 6,000.000 shares' has been paid, which
6tock in some cases it has been necessary to market, some of the original owners
still owing part of the purchase price of their properties. This has been done by the
fiscal Agents, who have underwritten a portion of the stock issue, and a small
portion of this stock is offered at the special underwriters' price of 40c a share. It
is assured that these prices will rapidly increase within the coming season, probably
to three times the present figures (1) because the stock is now intrinsically worth
much more than the present prices, and (2) because the approaching dividends
will stimulate the demands for the stock: . Sufficient sa!es have been made to
insure the carrving out of the contemplated improvements and betterments; (4) The
problem of handling the low-prade ores ha? brm 1 F F Kl'TUALLY SOLVED.
(5) AUGUST 1ST THE STOCK WILL BE RAISED TO 50c A SHARE. THERE
FORE! CALL AND SEE US OR WRITE.
The Company's engineers and those best acquainted with the great properties
estimate that the annual dividends on each share of the stock, when the im
provements and betterments are completed, will equal or exceed the prices at
which the stock is now being sold, and that means that the stock will then be
worth and will sell for ten times the present price, cr more.
What United States Government Commissioners of
Mining, Prominent Mining Engineers, and Others
Say About the Austin Manhattan Consolidated
EXTRACT FROM REPORT OF DR. ROSSETER W. RAYMOND, U. S. GOV
ERNMENT COMMISSIONER OF MINING STATISTICS
"The deep workings of the past year have given much valuable information as
to the character of the Lander Ilill veins and have shown that generally they aro
wider and more uniform in depth.
"A pleasing peculiarity of the Lander Hill veins is that the ores In them do not
get poorer with depth, but they have rather improved so far. This will, of course,
have its limits, but this much is certain, that the future of these mines is as sure
and certain as it can be in the best mines.
"I have remarked that the Manhattan Company generally works very rich
ores. As an example, I below give 3 table which is compiled from th books of the
Manhattan Company, presenting an extraordinary lot of ores from the Austin Dis
trict, all of which were worked during a fortnight. I doubt if a record of any works
anywhere for the reduction of silver ore can surpass or equal the list. (The table
referred to shows ore from nine mines or shafts averaging over $1,000 in value per
ton).
"In Lander County especially exists an enormous amount of these ores, which
so far have been called low grade, though by other companies they would be con
sidered very rich.
"It has been long foreseen that only a consolidation of owners would permit
the efficient and economical exploitation of the undoubtedly rich ore bodies on Lan
der Hill. Recent purchases of the Manhattan Company make it the owner of a
large area and it can conduct its operations henceforward with increased security,
economy and success.
"The unexplored claims belonging to the Manhattan Company, are too numer
ous to describe. The majority of them are situated -in the rich center of silver bear
ing localities through the district, and most of them are known to contain good ore,
and are identical in character with those lodes that have been extensively
worked. There, is not a single lode known to be barren of ore,
and it is reasonable to expect that many of them will prove as valuable as those
now being worked."
EXTRACT FROM REPORT ON MINES OF THE MANHATTAN SILVER
MINING COMPANY, AUSTIN, NEVADA, BY T. H. GEORGE, E. M. 1896.
"This property, for a period extending over twenty years, enjoyed the reputation
of being one of the best, most reliable and regular bullion producers of any camp
in the State of Nevada, during all of which time, its output was just as steady and
continuous as the flow of the mighty Reese River itself. Every calendar month
would see $100,000 or $200,000 mere in silver bullion added, to the wealth of the
world by the Manhattan Mines of Austin.
"The official statement made by the late G. H. W. Crockett, agent of Wells,
Fargo & Company's express at Austin for more than twenty years, a most thorough,
competent, and painstaking accountant, shows the amount of bullion shipped through
that office from the mines in Austin, from the year 1865 to 1888, inclusive, to be
$24,929,699.92. (This does not include the returns from rich ores shipped direct to
the smelters.)
"The aver-age value of nearly 20,000 tons of ore, extracted from this ledge, (Tho
Panamint), is $190.57 per ton, which is a remarkably good showing."
EXTRACT FROM REPORT OF B. SILLIMAN, M. A, M. D., E. M OF YALE
COLLEGE.
"Keep in mind the fact that the ores of Austin, working average, are over $220
per ton in silver, while those in the celebrated Comstock and Washoe generally
average between $40 and $50 per ton; that the average yield of all ores working in
Reese River is 130 per cent more than any other mining county or district, and that
these veins are true fissures and inexhaustible, and then you get some idea of their
value.
EXTRACT FROM REPORT OF CHAS. F. LITTRELL, FOR TWENTY
YEARS EMPLOYED IN THESE MINES AS MINER, FOREMAN AND
SUPERINTENDENT; 1908.
"These properties are of enormous extent and have been among the greatest
producers of this country. Not a single one of the many mines has been abandoned
for want of ore.
"The use of modern methods for treating the ores, by which a greater saving of
values may be effected, at much less expense than formerly and the utilizing of the
Austin tunnel, which will minimize the cost of transporting the ores and eliminate
the cost of drainage, should make these mines more profitable in the future than
they have been in the past. There is, in my opinion, practically no limit to. tho
amount of ore, and the past production of these mines is but an index of what the
future has in store for the owners of these properties."
EXTRACT FROM REPORT OF WINTHROP W. FISK, B. S., M. E., c! E.; 1908.
"From the Whitlach vein, at the southwest, to the Sonoma vein, a distance of
two miles northeast, there is a continual succession of veins, a few of which
have been extensively developed, while many others have been worked but little and
others not at ail.
"The Oregon vein is about 5 feet w de and extra rich, the averages running from
$200 to $400 per ton.
"The Mohawk is another very rich ledge, the ore running from $500 to $1,000
per ton."
EXTRACT FROM REPORT OF SIDNEY SMITH, E. M., 1908.
"The methods of min-.n? now used, together with the lower c t of labor and
supplies, have redured the cost per t n for handling the ores to perhaps less than
one-third what it was in the early days, while the methods of milling have shown
a marvelous and relatively greater saving In the early days much of the values were
lost in the tailings, and the medium grade ores were not handled at all. The gold
values in the low grade ores in Lander Hill will pay the expenses of mining, milling, '
concentrating and cyaniding, leaving the silver as net profit. On account of the much
larger recovery and the lower cost i f mining and milling, the profits per ton of or
at the present time in this district will largely exceed the profits in the past."
We will agree to advance the railroad expenses to Austin and return for a purchaser or group of purchasers who will contract to buy 5000 '
shares of stock providing a personal inspection of the mine will verify the representations in our advertisements and literature
The Austin Manhattan Consolidated Mink
No. 223 Chamber of Commerce Building, Portland, Oregon
g Co.
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