In Walter, the dyke after leaving the Katherine passes through the Walter uniting with the Raven-Elkton dyke. In this hill the vein and dykes split as they travel north up hill. South there is only one well defined vein or dyke, whilst north the one dyke becomes two dykes on the Elkton claim and later numerous veins appear as they do in a similar way on Battle Mt.
FIG. 2. LONGITUDINAL SECTION OF THE WALTER MINE.
One of the Katherine ore-shoots pitches into the Walter at an angle of 45°. The same shoot also occurs in Elkton level No. 2. It is 30 feet long followed by a barren piece of 80 feet and then the main ore-shoot comes in from the south pitching 70 feet toward the north and continues north 600 feet. This long shoot is not rich but contains rich pockets. Average width is 4 feet. Two per cent. runs 2,5 ounces gold. The pay streak in this is a greenish quartz in the center of the vein associated with free gold. Soft ground patches are generally favorable for ore. A rich ore-shoot sampled 20 ounces of gold per ton for 12 inches wide and 30 feet in length. The pay streak was on east side, in the 3d level in the Elkton. In the Walter ground a new ore-shoot was found 25 feet long and 6 feet wide of a lenticular form. It was enclosed in breccia. The ore was a telluride scattered through small seams.
The vein material was full of small vughs and cavities. Three carloads of ore were taken from this pocket, yielding 3 ounces gold per ton without sorting. This shoot was only encountered at a depth of 520 feet, showing that all ore-shoots do not come to the surface. There are many shoots whose apices are found at from 80 to 500 feet below surface.

Principal Producing Cripple Creek Mines - 1898:

Name: Walter Mine
Owner: Elkton Consolidated Mining and Milling Co.
Capital: $1,250,000
President: George Bernard
Vice-President: W. S. Jackson
Secretary: J. H. Avery, Colorado Springs
Treasurer: J. H. Avery, Colorado Springs
Superintendent: W. M. Bainbridge, Elkton
Manager:
Lessees:
Description:
Employes:
Contact:
Notes: own Elkton, Kentucky Bill and Walter mines, on Raven hill;

3227. (Attleboro, Mass.) Will you please report on the Elkton Consolidated Mining & Milling Co., of Cripple Creek? Why does the stock sell at such a low figure (80c.), at this date, when it has steadily paid 2 per cent monthly, with occasionally an extra 1 per cent?

Is the company earning the dividend, and are they likely to continue at this rate? Would you advise its purchase for investment at this time and price?

Ans. We are advised that for over two months' past, development work has been going on at the mine, mainly in sinking a new shaft, so that the usual production has been lessened, and that as a measure of precaution, the directors have not seen fit to continue the extra dividend of one per cent. The decline that recently occurred, was, therefore, quite warranted.

The present price, however, is about 87c., representing a recovery of over 7c. per share from the lowest point, and indicating the excellent feeling that exists in the public mind in regard to this property. As compared with any other mining stock, Elkton Consolidated is considered a very fair proposition at present quotation.

The company is the owner of three patented claims, situated on the southern slope of Raven hill, Cripple Creek, Colo., comprising a total of 17 acres. The famous Elkton vein traverses this property for a distance of 1,600 feet, and has been opened up for almost its entire length.

The development consists of a main double compartment shaft , sunk to a depth of 400 feet, together with drifts and levels, aggregating over 8,000 feet in length. Three levels have been run practically the entire length of the property, and the fourth, for a distance of about 850 feet.

At the fourth, or 400-foot level, an extensive pumping plant has been installed. The shaft is equipped with adequate hoisting facilities, and the mine is furnished with an electric light plant, together with air compressors and drills.

Previous to February, 1896, the Elkton Company had been engaged in securing its property, and prosecuting development, and thereby had incurred an indebtedness of $9,000. During the succeeding three months, the company was enabled to pay off this indebtedness, together with a further sum of $7,384 to the stockholders of the Walter, in accordance with the terms of a consolidation, previously effected; and in addition, to begin in the month of May, 1896, the payment of dividends, amounting to $10,000 monthly, or one cent per share.

This dividend rate was maintained until November, 1896, when the rate was doubled. From September to November, 1897, inclusive, extra monthly dividends of one cent were declared. The total dividends paid to November 30, 1897, aggregate $416,960.57. The gross production from September 1, 1895, to November 30, 1897, amounts to $1,039,141.46.

The figures for the eighteen months to Dec. 1, 1897, are as follows:

Month	Gross.	Net.
June 1896	$26,511.27	$21,451.08
July 1896	$38,228.45	$31,515.44
August 1896	$62,781.90	$53,868.80
September 1896	$53,337.20	$44,899.82
October 1896	$54,718.46	$46,624.26
November 1896	$62,962.16	$54,851.71
December 1896	$57,621.76	$51,003.40
January 1897	$80,947.68	$72,751.82
February 1897	$53,909.92	$46,017.00
March 1897	$39,642.55	$32,806.91
April 1897	$42,664.79	$34,782.78
May 1897	$50,477.27	$40,711.81
June 1897	$45,495.63	$35,973.74
July 1897	$46,402.39	$37,160.60
August 1897	$51,252.03	$43,933.84
September 1897	$46,242.75	$36,790.78
October 1897	$34,233.20	$25,937.41
November 1897	$27,077.59	$19,873.20

The figures in the column headed "net" show the net smelter returns for the several months, which are obtained by deducting from the gross production of the mines the expense of freight and treatment charges. In previous reports several of these monthly amounts were estimated, but the above figures have been taken directly from the books of the company.

The surplus on Dec. 18, 1897, including cash and United State bonds, was $202,650.50, to which should be added $10,000, being the estimated amount of ore unsettled for by smelters, making the total $212,650.50. Preparations are being made to sink the main shaft an additional 200 feet.

It is proposed to make it a three-compartment from the fourth level down, in order that the regular mining operations may be interfered with as little as possible during the sinking. The Elkton Company is capitalized for 1,250,000 shares of a par value of $1 each.

Of these shares, 250,000 remain in the treasury.

Elkton Gold Mining Co.
3408. (Belfast, Me.) Will you kindly give me what information you can of the Elkton Gold Mining Company, of Cripple Creek.

Ans.: There is no such company now as the Elkton Gold Mining Company. There was at one time, but it became merged into the Elkton Consolidated Mining & Milling Company, with a capitalization of 1,250,000 shares, of a par value of $1 per share; 250,000 shares are in the treasury, and there is about $118,000 cash also in the treasury.
The company owns the Elkton, Kentucky Bill and Walter Lodes on Raven Hill, in the Cripple Creek district, comprising 23 acres.

The stock has lately sold down as low as 51½ cents per share. It has been paying dividends of two cents per share monthly with great regularity for some time past, and has occasionally paid a one cent per share extra dividend.

The following are the officers:
George Bernard, Colorado Springs, Colo., president;
W. S. Jackson, Colorado Springs, vice-president;
J. H. Avery, Colorado Springs, secretary and treasurer.
The main shaft is on the Kentucky Bill, 395 feet deep with 20 feet sump. There are four levels, aggregating over 1,100 feet of drifts. There is a full equipment of expensive and efficient hoisting and pumping machinery.
This property is locally regarded as one of the leading mines of Cripple Creek, and has paid a large amount in dividends, including $270,000 during 1897. Better ore is now being taken from the Elkton, at the lower or 400-foot level than has ever been found at any point in the workings.
During the month of March the output was approximately 1,200 tons, and it is expected that the production for April will show a gratifying increase over that figure. The lower workings are encountering considerable water.

At the last regular monthly meeting of the company, a dividend of two cents per share was made payable April 20. When this dividend shall have been paid, the company will have distributed a total of $516,960.57 among its stockholders.

The production at the Elkton mine at Cripple Creek was raised to 60 tons a day several weeks ago. This output is being steadily maintained.

Colorado Springs, Col., Feb. 20.—On the Elkton property operations are being carried forward on a tremendous scale, not only by the company, but by different lessees and from the different operators between 3000 and 4000 tons of ore are going out each month, which leaves a profit balance of over $25,000 to the company each thirty days.

Denver, Colo.—During January three new strikes were made in the Elkton property, in blocks 7, 8, and 13, at different depths. The company is working 100 men.
The Hayden lease on the Gregory claim of the Elkton has cleaned up about $300,000 in the last six months. The royalties paid from this lease have furnished sufficient funds to pay for the large amount of development work performed by the company in the main workings of the Elkton proper.

Cripple Creek.—The strike recently made in the fifth level of the Elkton, on Raven hill, promises to become one of the greatest rinds in the district. The vein carrying the rich ore is located 75 feet west of the main shaft, and as development work continues it increases in width. All the way across it gives returns of $35 to the ton, while small knifeblade seams carry values as high as $400 and $500.
The Elkton is crosscutting now for an extension of the vein in the fourth level, and it is expected to expose the ore body proper with any round of shots.

Denver.—The Elkton has shipped thus far this month 24 cars of 2-ounce grade. The output for December is reckoned at $50,000.

Cripple Creek—The Elkton Con., working one shift six days a week, continues to ship at the rate of 1,200 tons monthly and the net smelting returns are about $35,000.

Elkton Con. M. & M. Co.'s main shaft, on the Walter claim, Raven Hill, is now 1200 feet.