PORTLAND GOLD MINING COMPANY.
In the far-famed gold regions of Colorado this enterprising, wisely managed and remarkably successful corporation, with its output of $20,679,563 between April 1st, 1894, and December 31, 1904, stands at the head of the list of gold producers, and it may safely be stated that the properties of this company are in the first rank of gold producers in the world.
The property is completely equipped with two large up-to-date mining plants at shafts 1 and 2 and a smaller one at shaft No. 3. These shafts extend to a depth of over 1,100 feet with levels at intervals of 100 feet, from which radiate over 20 miles of drifts and tunnels. These various levels are lighted by electricity from the company's own lighting plant.
In working the property air drills, automatic conveyers and all other modern appliances known in mining are used in development. Development work of more than three miles and a half was made during the last year, and actual measurements demonstrate that for every ton of ore mined in that year three were added to the reserves.
The actual cost of underground development was lowered fifteen per cent, from that of the preceding year, and the total development in the properties to January 1, 1905, is thirty and seven-tenths miles. There are fourteen machine drills working on development and twenty-nine on ore, so that the company is sparing no effort to secure the largest and best results of its prodigious enterprise.
Among the many claims of this company are;
the Lowell, in the western portion of the territory, which is almost wholly a development of the past year
the Queen of the Hills, developed wholly since the reopening of the mine last June, and one of the great bodies of granite ore which has made the south end of Battle Mountain famous
the Bobtail, one of the oldest veins worked, but with surprising and extensive new developments at different depths
and the Hidden Treasure and Captain systems, located nearly under the summit of the mountain and in the central part of the company's territory, in which, also, important developments were made within the year.

The low cost of mining, even in ores of low grades, the average, including timbering, being $1.33 per ton delivered at ore bins, makes the work profitable from stopes which assaying would first indicate to be below a paying basis. Thus, with a substantial dividend paying output and more ore in reserve than ever before, it is difficult to conceive of more favorable conditions, and it is doubtful if any mine in the district could show as good a report, even comparatively, for the year.
The officers of this company are
Irving Howbert, president
Dr. D. H. Rice, vice president
Frank G. Peck, secretary
Thos. Burns, treasurer.
These are men of lame financial ability and extensive practical knowledge of mining in all its phases. They are, moreover, men of excellent judgment, fine progressive spirit and been acumen in business.

Mr. Howbert is vice president of the First National Bank of Colorado Springs, and was until recently president of the Cripple Creek Short Line Railway. He is recognized as one of the most prominent and successful financiers of Colorado.
Dr. Rice is one of the directors of the Stratton estate and one of the foremost business men of the West.
Mr. Peck and Mr. Burns have high reputations as up-to-date men in all that pertains to mining and the business growing out of it.
F. M. Kurie, mine manager, and Frank Smale, superintendent of the properties of the company, deserve the high esteem in which they are held as progressive and intelligent mining men, as is shown by the results of their work.

Company is active or promise to be active trader on various exchanges.

Name: PORTLAND G. M. CO.
Capital: $3,000,000; par value, $1; Cash reserve at date of last annual report $602,672.10.
President: James F. Burns
Vice-President:
Secretary: F. G. Peck
Treasurer:
Superintendent:
Manager:
Office/Contact: 68 Bank Bldg., Colorado Springs. Home office, Council Bluffs, Iowa.
Lessees:
Description/Note: Pays a dividend of 2c or $60,000 a month, and has paid in dividends to date $3,500,000. See Plats B, J.
Owns: Anna Lee, Baby Ruth, Black Diamond, Blue Stocking (part), Bob Tail Nos. 2 and 3, Buckeye, Captain, Colorado City, Cyclone (part), Doubtful, D's Own, Fairplay, Four Queens (part), Hard Scrabble Nos. 1 and 2, Hawkeye (part), Hidden Treasure, King Solomon Placer, Last Effort, Little Harry, Lone Pine, Lost Anna, Lowell, Milton, National Belle, Portland, Queen of the Hills, Modak, Rex, Rosario, Scranton, Strong (part), Success, Tidal Wave, Total Wreck (52½-100 of), Vanadium, White House and Wisconsin, a group on Battle Mt., in center of Sec. 29, containing 133.563 acres.

Queen of the Hills.—The lessees of this property on Battle Mountain have been cross-cutting for some time from the bottom of a shaft on the upper end of the claim. They have cut through a good sized lead, which, however, is not high-grade.

The Queen of the Hills is on a list of properties which produce pay ore, published by the Cripple Creek "Crusher."

A cave on the second level of the No. 1 property of the Portland mine completely filled the 'Queen of the Hills' stope. No one was injured when the rock fell, as the stope has been abandoned for some time, but the immense dump above the caved portion sank several feet and it is estimated that 8000 tons of dump fell through.