Detailed/More Info:
Stratton's Independence No. 2
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Info Database Last Updated 13.12.2021 (Entity News entries: 41)
Type/Category of Info:
General Mining News
Info Source From:
Buena Vista Herald. Volume: 13 [XIII], Issue No. 52
Info Publication Date:
April 28, 1894
Info found on page:
1
Info Title:
Independence Mine Still Ships Regularly
The Independence mine is one of the prominent mines who still ships regularly, even when the labor troubles in the camp continues and greatly interfering with the output of the Cripple Creek district.
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Type/Category of Info:
Article
Info Source From:
The Morning Times. Volume: 3 [III], Issue No. 224
Info Publication Date:
January 7, 1896
Info found on page:
1
Info Title:
Independence Mine Not for Sale
The Independence Not Sold.
graphic for visual presentation of text DENVER, Jan. 6.—It was rumored about the city today that W. S. Stratton had sold the Independence mine for $7,000,000 to Marshall Field, Lyman J. Cage and N. K. Fairbanks of Chicago.
graphic for visual presentation of text In order to learn whether this story had any foundation a telegram was sent to Mr. Stratton and the following reply received:
graphic for visual presentation of text "VICTOR, Col., Jan. 6.—The rumor in Denver regarding the sale of the Independence is without foundation. The mine is not for sale at any price.
graphic for visual presentation of text"W. S. Stratton."
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Type/Category of Info:
General Mining News
Info Source From:
The Morning Times. Volume: 5 [V]
Info Publication Date:
September 2, 1897
Info found on page:
1
Info Title:
Snow Steam Pump Co. Machinery to Battle Mtn. Mines
WILL BE SHIPPED TODAY.
graphic for visual presentation of text------
graphic for visual presentation of textBig Pumping Plant For Portland and Independence Mines.
graphic for visual presentation of textSpecial Dispatch to The Times.
graphic for visual presentation of text
graphic for visual presentation of text Buffalo, N.Y., Sep. 1 - The Snow Steam Pump company will to-morrow ship from their works in this city 400,000 pounds of machinery to the famous Independence and Portland mines of Cripple Creek, Colorado. The machinery consists chiefly of enormous pumps.
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Type/Category of Info:
General Mining News
Info Source From:
The Morning Times. Volume: 5 [V]
Info Publication Date:
September 2, 1897
Info found on page:
1
Info Title:
Battle Mountain Water Problems
For some time past the water problem in the deeper mines of Battle mountain has been a serious one.
graphic for visual presentation of textNot many weeks ago the lower levels of the Independence were flooded by a sudden inflow of water, and Mr. Stratton was summoned by wire to give directions as to its handling. It is known that an offer was made to the C.O.D. company for one of their enormous pumps which is lying on the ground, but that company refused to sell the machinery.
graphic for visual presentation of textThe Portland, too, has a heavy water flow to contend with, and the management has evidently taken time by the forelock and will put in such pumps as will not soon have to be replaced.
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Type/Category of Info:
Article
Info Source From:
The Morning Times. Volume: 9 [IX], Issue No. 24
Info Publication Date:
December 31, 1899
Info found on page:
7 (3)
Info Title:
1899 Dividends for Stratton's Independence
During 1899 it was paid in Dividends by the Stratton's Independence—
graphic for visual presentation of textSeptember……………………$488,000
graphic for visual presentation of textDecember..............…………488,000
graphic for visual presentation of textTotal……...............…………$976,000
graphic for visual presentation of text
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Type/Category of Info:
General Mining News
Info Source From:
The Morning Times. Volume: 9 [IX], Issue No. 24
Info Publication Date:
December 31, 1899
Info found on page:
11 (7)
Info Title:
Stratton's Independence Stuff
THE INDEPENDENCE.
graphic for visual presentation of text During the month of October and November, Stratton's Independence mine produced 6,454 tons of ore valued at $448,584 an average of $70 per ton. During the month of October no smelting ore was shipped at all, the production being limited to the low grade product, which was shipped to the mills. The result was a considerable reduction of the average values of the ore shipped, though the shipment of smelting ore was resumed in November. The profit for the two months was $316,650, a little more than 70 per cent of the gross value of the product. During the same period 485 feet of drifting and 259 feet of raising was done, all of the development being in ore. Four drills are kept at work on development and five on ore.
graphic for visual presentation of text Some very interesting features were noticed during the work of the two months. The ore bodies have been largely increased, and the developments now in progress are indicative of a great addition to the ore reserves of the property. One incident of more than ordinary interest was the selection of a ton and a half of ore which yielded upward of $8,000.
graphic for visual presentation of text Since the first of January, 1899, the mine has produced 38,500 tons of ore of a gross value of $2,250,000, an average of a little less than $79 to the ton. Of this amount 26,000 valued at about $2,000,000, has been taken out since the first of May, when the Venture corporation took the property, the average value since that time being about $77 per ton.
graphic for visual presentation of text The figures given show a remarkable evenness in the value of the ore, and had it not been for the suspension of shipments of smelting ore during the month of October the average per ton would have been much higher. The mine is in fine condition and the reserves after producing $2,500,000 and paying out nearly a million dollars for six months' dividend is larger than ever.
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Type/Category of Info:
Article
Info Source From:
Durango Wage Earner. Volume: 6 [VI], Issue No. 44
Info Publication Date:
November 22, 1900
Info found on page:
3
Info Title:
Hammond to Take Charge of Stratton's Independence
HAMMOND WILL TAKE CHARGE
graphic for visual presentation of textOF STRATTON'S INDEPENDENCE
graphic for visual presentation of text————————————
graphic for visual presentation of text Denver, Colo., Nov. 20.—John Hays Hammond arrived in Denver yesterday from Utah, says this morning's Republican, where he has been making a personal examination of some of Captain De La Mar's mines, and last night left for Cripple Creek, to take charge of Stratton's Independence mine for the Venture Corporation. Mr. Hammond will first make a thorough examination of the big gold mine, and upon the result of his findings will depend the future working of the mine. Mr. Hammond spent the afternoon with Thomas F. Walsh discussing with the owner the affairs of the Camp Bird mine, which Mr. Hammond examined a few weeks ago.
graphic for visual presentation of text Mr. Hammond has been asked by shareholders in Stratton's Independence Mine to take complete charge of the property, a task which he has promised to undertake provided he is put in full charge, to act as consulting engineer with the powers of a local board of directors invested in him. He has asked for authority to conduct the mine in a manner according to his own judgment; to do "dead" work, or development, and cut down the dividends, or pass them altogether for a few months, until the property could be developed and made to show what its capabilities are.
graphic for visual presentation of text "The trouble with the mine now is that it has been squeezed to pay the big dividends that the company has promised shareholders." said Mr. Hammond yesterday. "It is a state of affairs that has been known to us here for some time, but has just now become known to the English holders of the shares, and the information has caused the present drop in the stock.
graphic for visual presentation of text "I am no better able than any one else to say now what are the future possibilities of the mine," continued Mr. Hammond, in answer to a request to tell what would be the policy of the company. "It is to try to determine what can be done that I am going down.
graphic for visual presentation of text "I consider that Mr. Richard's first estimate of the ore in sight was conservative, telling only what seemed at least to be the truth. His further estimates were based principally on the reports of subordinates, which he also believed. He was thoroughly honest in all that he said. But Mr. Rickard was handicapped by not having complete access to the mine. It was a great surprise to both Mr. Rickard and Mr. Baker when they returned here and found that the ore body was not what it had been reported, and they at once made the English investors acquainted with the fact. There was no attempt to conceal anything, and I know for a fact that Mr. Rickard had such faith in his report that he bought blocks of the shares at 42.5c. which he still holds. He did not attempt to unload when he found that the mine was not equal to his expectation.
graphic for visual presentation of text "I want to deny emphatically that the drop in the shares of Stratton's Independence is due in any way to a stock jobbing scheme. The report that has been brought about by the Wernher, Beit & Co. people is utterly false. The Wernher company is too big to go into any such scheme. It owns mines in South Africa which produce more gold than all the Colorado mines, and is not a concern which for the sake of gaining a million or two dollars would cheat a large number of people of their property. When Wernher, Belt & Co. engage in American mining enterprises it will be in another way than by stock jobbing. The whole truth of the drop in the price of the stock is that the mine has proved to be unable to keep up the pace set for it.
graphic for visual presentation of text "The future of Colorado mining enterprises in England is in a great measure dependent upon the outcome of the sale of Stratton's Independence. It is the one big Cripple Creek venture that has been made in London and should it fail it will be a long time before others can be placed there with any success.
graphic for visual presentation of text "My wish is to take the property and make it a paying investment for the English stockholders. They have put in their money in good faith and are entitled to every opportunity. The present high rate of dividends cannot be continued. The mine must be continued on a business principle with developments in advance of production. I am not prepared to say that this can be done, but an examination of the mine will prove whether it can.
graphic for visual presentation of text "I should like to see it made to pay the English investors a good return on their money. If this is done, there will be further investments made here, and we certainly need English capital to develop the mines of the state. I have a personal interest in the success of this mine for the reason that it means so much to future ventures. We need the English capital and are seeking it more than it seeks us. If we get it firmly established here, Colorado will be the field of investment rather than Africa or elsewhere, and my interests are in the development of Colorado."
graphic for visual presentation of text Mr. Hammond spoke in high praise of the work of Manager Shipman of the mine, saying that he would probably be retained in his present position, only that he may be subordinate to the consulting engineer.
graphic for visual presentation of text Yesterday the certificate of appointment of T. A. Richard as Colorado agent for the Venture Corporation was filed in the office of the secretary of state. The certificate was signed by Henry William Lowe, president, and Edgar Fairweather, secretary, No.3 Princess street, London.
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Type/Category of Info:
General Mining News
Info Source From:
Fairplay Flume. Volume: 23 [XXIII], Issue No. 10
Info Publication Date:
April 12, 1901
Info found on page:
1
Info Title:
Stratton's Independence Mine May Never Reach Expectations
Stratton's Independence mine may never reach the expectations of the English stockholders, and those who paid $15 a share may always have a balance due them, but greater dividends will be paid than expected when the estimate of the ore reserve made by an English expert, were found to be very much too high, and when it was learned that the big ore shoot dipped into Portland ground.
graphic for visual presentation of text March 2nd, when John Hays Hammond made his last remittance to the company in London, the total sent to England since January 14th was $350,000 clear profits. The ore shipped in that time averaged about $45 a ton.
graphic for visual presentation of text Mr. Hammond's hope of making a big mine again is in opening a shoot in the south drift.
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Type/Category of Info:
General Mining News
Info Source From:
Fairplay Flume. Volume: 23 [XXIII], Issue No. 10
Info Publication Date:
April 12, 1901
Info found on page:
1
Info Title:
Stratton's Independence Production
At Stratton's Independence, thirty-two ore sorters are now being employed and production is running heavier than ever before in the history of the mine.
graphic for visual presentation of text Everything now being done at the big bonanza is on a scale to suggest that the hue and cry which was raised about the ore having disappeared was too early by many years.
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Type/Category of Info:
General Mining News
Info Source From:
The Mining World. Volume: 10 [X], Issue No. 19
Info Publication Date:
November 28, 1901
Info found on page:
2
Info Title:
Stratton's Independence October Shipments
During the month of October the Venture company shipped 5,570 tons of ore from Stratton's Independence, which is a good showing considering the fact that for four days the shipping department was idle and for eleven days there was a production of about one-half the customary quota.
graphic for visual presentation of text Last month the output was about 8,000 tons, and but for the unfortunate delay incident to a railroad warfare these figures would doubtless have been exceeded.
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Type/Category of Info:
General Mining News
Info Source From:
The Mining World. Volume: 10 [X], Issue No. 19
Info Publication Date:
November 28, 1901
Info found on page:
3
Info Title:
Stratton's Independence
John Hays Hammond, consulting engineer for Stratton's Independence, made a short visit to that mine last week, and left last night for Denver. It is understood that Mr. Hammond is pleased with the mineral showing at the Independence and the generally favorable condition of the mine.
graphic for visual presentation of text Stratton's Independence is outputting 300 tons a day, the ore being shipped over the Midland Terminal tracks. The grade of the quartz is about $40 a ton. The mine is in splendid shape, and in the lower workings the showing is immense.
graphic for visual presentation of text It certainly looks as though the English company that paid $10,000,000 to W. S. Stratton for the mine made no mistake.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 3
Info Publication Date:
January 17, 1903
Info found on page:
131
Info Title:
Stratton’s Independence, Limited Stuff
Stratton's Independence, Limited.—This company has filed in the Federal Court a suit for $6,000,000 against the executors and trustees of the Stratton estate and also against I. Harry Stratton, heir at law. The complaint alleges that the mine was “salted" before the sale, negotiated through the Venture Corporation, of London.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 4
Info Publication Date:
January 24, 1903
Info found on page:
163
Info Title:
Stratton's Independence Has Installed New Large Pump
Stratton's Independence, Limited.—This property has installed a large new triple expansion pump, capable of handling 1,000 gal. of water per minute. As far as can be learned, the mine is doing fairly well and considerable ore is shipped.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 7
Info Publication Date:
February 14, 1903
Info found on page:
274
Info Title:
Stratton’s Independence Rumor About 4th Level
Stratton’s Independence, Limited.—A report is in circulation that from 3 to 5 ft. of rich ore has been found in the 4th level south, of Stratton’s Independence, but no confirmation can be obtained.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 10
Info Publication Date:
March 7, 1903
Info found on page:
384
Info Title:
Stratton's Independence, Ltd Will Open Up 1,400-Foot Level
[Listed under Gilpin, but as this is Cripple Creek Stuff I included it here]:
graphic for visual presentation of text
graphic for visual presentation of text It is under­stood that opening the 1,400-ft. level is to begin at once. A few repairs have been made on the pump and the water is easily handled. The mine is pro­ducing from 250 to 300 tons per day, coming from every level. About 450 men are employed.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 12
Info Publication Date:
March 21, 1903
Info found on page:
457
Info Title:
Strike Situation at Cripple Creek
President Moyer, of the Western Federation of Miners, on March 17 refused the offer of the United States Reduction and Refining Company to have Chief Justice Campbell or a man named by Governor Peabody investigate the strike at the company's mill at Colorado City, with a view to arbitration, and ordered out 600 miners employed on Stratton's Independence, the Hull City Placer, Granite, and Findley mines, all of which ship to the Standard Mill
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 13
Info Publication Date:
March 28, 1903
Info found on page:
497
Info Title:
Stratton's Independence, Limited is Shut Down
Stratton's Independence, Limited.
graphic for visual presentation of text This company has stopped work at the mine. The miners struck because the mine ships to the Standard Mill at Colorado City, which has been declared unfair.
Notes/Text been Edited:
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV]
Info Publication Date:
April 4, 1903
Info found on page:
537
Info Title:
Stratton's Independence closed due the Strike Situation
The situation is somewhat improved, but not yet settled. A number of concessions have been made by both sides. At present it seems as though the strike at the Standard mill would be settled, as all the demands of the union men at the mill have been met with, except as to the reinstatement of some of the striking mill men. If the trouble is not settled very soon a number of mines will have to close from having no marked for their ore.
graphic for visual presentation of text
graphic for visual presentation of text At present the Stratton's Independence mine is shut down due to the strike.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 15
Info Publication Date:
April 11, 1903
Info found on page:
574
Info Title:
Independence Resumed Work
Independence has resumed work after the millmen's strike settlement, which makes everything look brighter in the Cripple Creek District. The settlement is a matter of congratulation, as a general strike would probably have resulted in a complete tie-up for a long time.
Notes/Text been Edited:
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Type/Category of Info:
Special/Editorial Correspondence
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 20
Info Publication Date:
May 16, 1903
Info found on page:
760
Info Title:
Stratton Independence Mine Denver Suit
Denver, May 9.
graphic for visual presentation of text In the Federal Court at Denver on May 7, in the suit brought by the present owners of the Stratton Independence Mine, Cripple Creek, against the estate of the late W. S. Stratton, to recover $4,000,000, Judge Caldwell denied two motions made by the defendant's attorneys, which decisions, however, do not affect the merits of the case.
Notes/Text been Edited:
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 20
Info Publication Date:
May 16, 1903
Info found on page:
762
Info Title:
Stratton's Independence, Limited
The report of a strike of rich ore on the lower levels has been denied.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 75 [LXXV], Issue No. 24
Info Publication Date:
June 13, 1903
Info found on page:
910
Info Title:
Stratton’s Independence 1902 Production
Stratton's Independence, Limited.—The mine produced last year 96,175 tons ore of the average value of about $23.56 per ton. The treasury reserve is about $750,000. The mine is at present going along as usual and putting out considerable medium grade ore.
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Type/Category of Info:
General Mining News
Info Source From:
Yuma Pioneer. Volume: 17 [XVII], Issue No. 51
Info Publication Date:
December 18, 1903
Info found on page:
5
Info Title:
Commander Removes Troops
Denver, Dec. 16.—A Republican special from Cripple Creek last night says:
graphic for visual presentation of text All troops which have been stationed at the Stratton's Independence mine were withdrawn to-day by order of Colonel Verdeckberg, the commander of the National Guard in this district. It is believed by the military commander and his advisers that the conditions no longer require military protection. The non-union men working can fully protect themselves and have so declared themselves.
graphic for visual presentation of text The move is a significant one, indicating the confidence the military authorities have in the situation.
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Type/Category of Info:
Article
Info Source From:
The San Juan Prospector. Volume: 31 [XXXI], Issue No. 1582
Info Publication Date:
May 28, 1904
Info found on page:
4
Info Title:
Stratton's Independence Outputs About 200 Tons a Day
Stratton's Independence mine is outputting about 200 tons a day of ore averaging between $17 and $20. There has been no reduction in the working force, which still consists of about 400 men. It was expected that the company would cut its mining contingent down materially before this time.
graphic for visual presentation of text No leases have been arranged for definitely. The property will be leased in sections, however, as soon as the proper arrangements can be made with the company's directorate in London, England. There are a very large number of applications for lease contracts on this mine.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 2
Info Publication Date:
July 15, 1905
Info found on page:
86
Info Title:
Stratton's Independence Lessees Doing Well
Stratton's Independence, Ltd.—This property, which is being worked by a number of lessees, is making a production, given as about 4,000 tons per month of fair-grade ore.
graphic for visual presentation of text The leasing system on this property has resulted well, most of the lessees making money.
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Type/Category of Info:
Special/Editorial Correspondence
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 6
Info Publication Date:
August 12, 1905
Info found on page:
273
Info Title:
Stratton's Independence Uses Leases
Cripple Creek, Aug. 5—Quite a number of the mines are being worked on the leasing or tribute system. In these mines the leases are let in blocks in the mine, and the hoisting is done by the company and charged to the lessees. Among these are Stratton's Independence.
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Type/Category of Info:
Among the Stocks
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 6
Info Publication Date:
August 12, 1905
Info found on page:
287
Info Title:
Stratton's Independence Renewed All Leases Expiring
Colorado Springs, Aug. 4—Stratton's Independence mine has just renewed all leases expiring, considering the leasing system advantageous to the company. This company is producing nearly as much as in its most prosperous years.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 9
Info Publication Date:
September 2, 1905
Info found on page:
420
Info Title:
Stratton's Independence, Ltd. Raised Royalties
Stratton's Independence, Ltd.—Some of the royalties on the leases on the property of this company have been raised recently. This affects only those leases that are making money.
graphic for visual presentation of text A number of leasers are working on the property and quite a number of them are making money.
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Type/Category of Info:
Special/Editorial Correspondence
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 10
Info Publication Date:
September 9, 1905
Info found on page:
463
Info Title:
Stratton's Independence Granted New Leases
Denver, Sept. 1—A number of new leases on the Stratton's Independence ground have been granted, these being divided into three classes, A, B and C, while the royalty to be paid ranges from 10 to 65% of the ore values.
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Type/Category of Info:
Special/Editorial Correspondence
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 22
Info Publication Date:
December 2, 1905
Info found on page:
1043
Info Title:
Stratton’s Independence, Ltd. Numbers
London, Nov. 18—A few weeks ago I referred briefly to the results at Stratton's Independence mine for the year ended June 30. Since then the complete report for that period has been issued, and many additional items of interest are contained in it.
graphic for visual presentation of text The total quantity of ore shipped during the year by the lessees was just under 50,000 tons, and it realized £408,000, gross, or, after deducting freight and cost of treatment, £318,000, net.
graphic for visual presentation of text Of this sum, £213,000 went to the lessees, and £105,000 to the English company. A small amount of ore was also raised by the company itself, realizing £8,800, and the company also made profits out of its stores, amounting to £9,000.
graphic for visual presentation of text After paying all administration expenses in Colorado and London, the net profit made by the company during the twelve months was £94,246.
graphic for visual presentation of text Out of this, three dividends, amounting to £75,000, have been distributed. The undivided balance on June 30 was £63,000, and the income from the sale of lessees' ores has continued steady, so that since then two further dividends, absorbing £50,000, have been declared. It is interesting to note that the total dividends paid to shareholders since the inauguration of the company now amounts to £954,173, or nearly equal to the issued capital of £1,000,000. Of these dividends, £550,000 were paid during the early days of the company—during the years 1899 and 1900—and the remainder during the last five years.
graphic for visual presentation of text In the directors' report, it is definitely stated that Godfrey Doveton is of opinion that the Cassel process can be profitably used on the company low-grade ores—$3 per ton and upward.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 80 [LXXX], Issue No. 23
Info Publication Date:
December 9, 1905
Info found on page:
1094
Info Title:
Stratton's Independence Working Good
Stratton's Independence—An ore-shoot, which was lost several months ago, and from which much ore was shipped, is reported to have been again opened up. The vein is of good width and yields well.
graphic for visual presentation of text Ore is now being broken in this mine at the rate of 3,000 tons per month. More than 30 sets of lessees are now working in the mine.
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Type/Category of Info:
Special/Editorial Correspondence
Info Source From:
The Engineering and Mining Journal. Volume: 88 [LXXXVIII], Issue No. 20
Info Publication Date:
November 13, 1909
Info found on page:
994
Info Title:
Stratton's Independence, Mill and Mine Working
Denver. Nov. 5—At Stratton's Independence the third chilean mill is being erected, which will bring the capacity of the mill up to 8000 tons per month. The buildings are completed, but the usual delay is being experienced in the arrival of machinery. An automatic power shovel of 60 tons per hour capacity was placed in position in the deep cut in the dump this week, and will be in operation in a few days. The mine continues to make a fairly steady production under lessees and company operation, the output being about 2000 tons per month, worth $50,000.
Notes/Text been Edited:
Abstracted from article with info about various Colorado stuff.
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Type/Category of Info:
Article
Info Source From:
The Engineering and Mining Journal. Volume: 92 [XCII], Issue No. 23
Info Publication Date:
December 2, 1911
Info found on page:
1080
Info Title:
Stratton's Independence, Ltd. Latest Report Regarding the Mine
The report of Stratton's Independence, Ltd., for the year ended June 30, 1911, shows that the net profit for the year was £21,000, of which sum £12,500 were paid out as a dividend. Development work to the extent of 9186 ft. was done in the mine, of which 19 per cent, was in the form of crosscutting.
graphic for visual presentation of text According to the consulting engineers, Philip Argall & Sons, by far the greater part of the ore discovered during the year is the result of this persistent crosscutting. On the surface, while the same number of lessees was working, the majority of them worked on a small scale. All surface leases are now limited to 50-ft. depth, and all the ground between that depth and the 100-ft. level is to be worked from the new "A" level.
graphic for visual presentation of text
graphic for visual presentation of text The "A" level was started in February, 1911, to develop the ground between the 100-ft. level and the surface and at the same time to obtain waste rock to fill the old stopes of the mine. There is still a great quantity of ore in the old workings, which cannot be reached until the stopes are filled and made safe, so that in driving this "A" level through the caved ground it will be possible to drop a quantity of waste into stopes that are particularly dangerous in their present unsupported condition.
graphic for visual presentation of text A raise was put up from the 100-ft. level at a point 150 ft. north of the shaft and ore was found. The level was then started both ways, north and south, on ore in the north end; the ore continued for 125 ft. before barren ground was struck. Superintendent Johnson believes that when the "A" level is completed to the north end line of the property and is thoroughly prospected, it will be one of the best producing levels in the mine, and it will do away with all surface leasing.
graphic for visual presentation of text The drainage tunnel had not relieved the water situation to any great extent, the water having receded only 50 ft. during the year.
graphic for visual presentation of text
graphic for visual presentation of text In addition to ore of shipping grade the company for the first time produced low-grade milling ore amounting to 7440 tons. The greater part of this was sorted out of the ore rejected by the lessees and sent direct to the mine breaker, while the waste went back into the mine for filling. Formerly both products, the low-grade milling ore and the waste, went to build up the ore-house dump. Now everything that passes through the ore house is worked up daily and finally disposed of. The total production of the mine was 25,825 tons, having a gross value of $534,068 and a value of $389,008, after deducting freight and treatment charges.
Notes/Text been Edited:
Abstracted from an article about the latest Stratton's Independence, Ltd. Report.
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Type/Category of Info:
Special/Editorial Correspondence
Info Source From:
The Engineering and Mining Journal. Volume: 92 [XCII], Issue No. 23
Info Publication Date:
December 2, 1911
Info found on page:
1101
Info Title:
Stratton's Independence Finally Dry on the 1050-Ft Level
Denver Nov. 25—Reports of the good effects of the recent flow of water opened by the deep drainage tunnel in the Cripple Creek gold mines, are coming in rapidly, and it is now apparent that in all probability the deep levels of the mines over nearly the entire camp will be unwatered.
graphic for visual presentation of text It is reported that the 1050-ft. level of Stratton's Independence, after being drowned since 1907, is now dry and being worked.
Notes/Text been Edited:
Abstracted and slightly restructured/rewritten a tiny bit to fit better.
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Type/Category of Info:
General Mining News
Info Source From:
The Engineering and Mining Journal. Volume: 92 [XCII], Issue No. 24
Info Publication Date:
December 9, 1911
Info found on page:
1150
Info Title:
Stratton's Independence October Production
Stratton's Independence—During October the mine produced 2714 tons of ore averaging $17.58 per ton. Low-grade mine and dump ore amounting to 10,300 tons, was milled. Total net profit was $14,385; special development, $1020.
graphic for visual presentation of text It is stated that owing to the recent strike on the second level of the Independence Dike vein, the grade of the ore produced has doubled. While the dump ore treated in October averaged only $2.50 per ton, a substantial profit was realized.
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Type/Category of Info:
General Mining News
Info Source From:
The Mining and Scientific Press. Volume: 107 [CVII], Issue No. 3
Info Publication Date:
July 19, 1913
Info found on page:
118
Info Title:
Stratton's Independence May Production
During May, Stratton's Independence mine produced 4624 tons of ore on company and lessees account, while the mill treated 11,800 tons of dump ore, resulting in a total profit of $10,325.
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Type/Category of Info:
General Mining News
Info Source From:
The Mining and Scientific Press. Volume: 107 [CVII], Issue No. 11
Info Publication Date:
September 13, 1913
Info found on page:
435
Info Title:
United States Goverment Tax Stratton Estate
A brief supporting the United States Government's contention that it has the right to collect the sum of $4883 from the Stratton estate as a war tax has been filed in the United States District Court in Denver, by Henry E. Lutz, assistant United States district attorney.
graphic for visual presentation of text The claim to this amount arises from the sale of the Independence mine on Battle mountain by the late W.S. Stratton to an English syndicate through Verner Z. Reed, then a resident of Colorado Springs, who held an option on the property.
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Type/Category of Info:
Article
Info Source From:
The Mining Magazine. Volume: 12 [XII], Issue No. 5
Info Publication Date:
May 1915
Info found on page:
250
Info Title:
Stratton's Independence Might Be Sold
Mr. Philip Argall reports that the dumps at Stratton's Independence are nearly exhausted, and that the mine is not likely to yield the company a profit much longer. It is proposed, therefore, to sell the property for £60,000 cash to the adjoining Portland Gold Mining Company.
graphic for visual presentation of text The denomination of the shares is to be reduced from 2s. 6d. to 1s. 3d., so that the value of the total shares, 1,000,000, will approximately represent the cash resources. It is intended to acquire another property, and Mr. Argall's recommendations in this connection will be issued shortly.
graphic for visual presentation of text These matters are to be decided at a company meeting to be held May 17, Mr. Argall having come to London to advise with the directors in the matter.
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Type/Category of Info:
Article
Info Source From:
The Mining Magazine. Volume: 12 [XII], Issue No. 6
Info Publication Date:
June 1915
Info found on page:
315
Info Title:
Stratton's Independence Limited News
Stratton's Independence Limited.
graphic for visual presentation of text The extraordinary general meeting of the shareholders held on May 17 was the occasion for bringing out a number of most interesting facts about the celebrated mine owned by this company. The story of the discovery, of the organization of the first Stratton's Independence Limited, of the over estimates, high prices of shares, and the disaster that followed is already familiar.
graphic for visual presentation of text In 1908, the lower levels had been fruitlessly explored and the upper levels were inaccessible because of a cave. A mill had been built to treat the accumulated dump ores, but the company was in debt locally to the amount of £25,000 and there was no working capital. Heroic measures were adopted.
graphic for visual presentation of text The company was reconstructed on a basis of £125,000 capital in 1,000,000 shares of 2s. 6d. each in place of £1,100,000 in £1 shares.
graphic for visual presentation of text The old shares were exchanged for new on a basis of 1s. 6d. paid, and thus cash to pay the debts and supply working capital was secured. Many of the shareholders had paid high prices for their shares, and the old company died with an unenviable record of failure.
graphic for visual presentation of text The mine, however, was good. To date it has produced gold to a value of £4,850,000 or $23,573,500. Of this, W. S. Stratton won before sale of the property $3,985,440, the first company produced $15,064,320, and the second or present company $4,523,740.
graphic for visual presentation of text The old company paid in dividends $4,748,989, while since its organization the new Stratton's has distributed 1s. 10½d. per share to which was added 6d. at the meeting. Thus, it has paid 2s. 4,5d., nearly the par value of its shares, and has in reserve as a result of the action then take an sum equal to 1s. 3d. per share.
graphic for visual presentation of text On its merits as well as by contrast, these results redound greatly to the credit of the managers and the engineers in charge. The whole story indeed is a brilliant one of saving the maximum from a wreck.
graphic for visual presentation of text The total dividends paid by the two companies is materially above the net value of the mine, $5,000,000, as fixed by the examination made when British capital first went into the enterprise.
graphic for visual presentation of text When the new company was formed, Mr. Philip Argall estimated a profit of $1 per ton when working at the rate of 10,000 tons per month on $3.60 ore. The profit has been substantially that amount despite the fact that the sampling of the dump by the engineers of the old company proved inexact, the ore averaging $3 instead of $3.60. Mr. Argall has been able to reduce costs and increase extraction enough to compensate.
graphic for visual presentation of text On the whole, the company has been fortunate in the amount of ore found in the upper levels, £65,000 having been won from the 'mill veins.' A good mine dies hard, but it dies.
graphic for visual presentation of text Mr. Argall has kept his company fully informed as to the exhaustion of both mine and dumps, and the time has come when the work must be stopped.
graphic for visual presentation of text Negotiations for purchase of other dumps, in particular those of the Portland Gold Mining Company, proved fruitless, but they did result in an offer from the Portland company to purchase the mine and mill upon what are, we believe, excellent terms for all concerned.
graphic for visual presentation of text Briefly, the Portland is to pay £65,000 plus the invoice of supplies, and Stratton's Independence is to keep the property till the end of June. Since a surplus of £20,000 has been accumulated, the close of these various transactions will leave the company with nearly £96,000 on hand. This we believe to be very good business.
graphic for visual presentation of text Anyone familiar with the local situation will recognize that the Portland with its big dumps right at hand can pay a larger price for the Stratton's mill than could any other company. It is also true, owing to the relations of the two mines, that the Portland management can win whatever ore may still remain in the property at less cost than it could be mined by Stratton's working independently.
graphic for visual presentation of text The bargain is, we repeat, one of the satisfactory kind where each party to it takes a profit. We are confident that under the management of Mr. G. M. Taylor, the Portland will derive full benefit from the purchase, while the excellent record of service Mr. Argall has with Stratton's is the best guarantee that the fund now available will be wisely invested if the programme of purchasing another mine be followed.
graphic for visual presentation of text A small number of the shareholders at the meeting expressed a strong preference for dividing the whole sum remaining rather than making any new venture, however promising, at this time, but the vote was heavily in favour of the plan outlined by the directors.
graphic for visual presentation of text Mr. Argall stated to the meeting that, while his firm had four different properties under study, he was not prepared at this time to recommend a purchase. It was therefore left that until a satisfactory property was offered, matters are to stand as they are, and if no suitable investment be found within a reasonable time, the chairman agreed to recommend dissolution of the company.
graphic for visual presentation of text The policy or unpolicy of such reinvestment, made by a company as a whole in place of individually by shareholders, is too broad to discuss at this time. We may, however, congratulate the present shareholders of Stratton's on having received in dividends a sum substantially equal to the par value of their shares and having a sum in the treasury of the company adequate to undertaking a wholly new mining enterprise.
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Type/Category of Info:
General Mining News
Info Source From:
The Mining and Scientific Press. Volume: 119 [CXIX], Issue No. 13
Info Publication Date:
September 27, 1919
Info found on page:
450
Info Title:
Independence No. 2 Discovery
The Portland company reports another rich discovery south of No. 2 shaft in Independence territory at a depth of 2100 ft.
graphic for visual presentation of text The shoot has not been developed sufficiently to determine its extent.
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Type/Category of Info:
General Mining News
Info Source From:
The Mining and Scientific Press. Volume: 123 [CXXIII], Issue No. 23
Info Publication Date:
December 3, 1921
Info found on page:
794
Info Title:
Independence Resumed Work
Work also has been resumed at the Independence where the haulage tunnel is being extended 750 ft. to make possible the more economical handling of ores from the Battle Mountain mines.
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