Victor Gold Mining Company—This company has been incorporated under the laws of Colorado, with a capital of 200,000 shares of $5 each, full paid and non-assessable, to acquire and work the Victor mine, located on the east side of Bull Mountain, 3½ miles southeast of the town of Cripple Creek.
The vein is from 3 to 6 ft. wide in porphyry. The pay streak of quartz and jasper is from 6 in. to 20 in. in width, and is said to be continuous throughon the vein, so far as developed.
Two shafts have been sunk upon the property, No. 1 to the depth of 175 ft. and No. 2 to the depth of 80 ft. Three levels have been driven, the second of which, at the depth of 80 ft, is in ore for 550 ft.
Up to February 1st, 1893, the mine has produced 632 tons, 1,041 lbs. of shipping ore of a total net value, with smelting charges deducted, of $57,320.43, and about 2,000 tons of milling ore, estimated to average from $14 to $24 per ton, have been allowed to accumulate upon the dump.
Mr. Frank G. White, M. E., formerly superintendent of the Iron Silver Mining Company's property at Leadville, stated: "I regard the Victor vein as one of the most regular, persistent and perfect veins at Cripple Creek, and one which you can feel assured will be a steady and large producer for many years, and one that will increase in value upon further development."
Mr. White's report has been indorsed by Mr. A. F. Wuensch, of Denver, Colo.
Stock in this company is now being offered privately at $3.00 per share, and it is said, will be listed soon upon the Consolidated Stock Exchange.

Cripple Creek District.—The Victor mine has about 600 ft. of drifts on the vein, and has produced $80,000 in the development work. A well-defined vein from 2 to 6 ft. has been traced, with pay streak from 3 to 24 in. Its deepest shaft is 200 ft, opening on a 2-ft vein.
The company has paid a dividend while developing the property.

Victor Gold Mining Company.—The superintendent of this company writes us as follows from Cripple Creek, under date of May 12th:
The main shaft is now down 72 ft. below the third level, or about 240 ft. deep. The ore in the shaft has been increasing for the last 20 ft. until now it is fully 3 ft. wide and about the same ore as encountered through the mine.
The high grade or shipping ore is running from $150 to $250 a ton. The balance, or milling ore, runs about $30@$50 per ton. The raise from the east drift, third level, will be up in another week.
This will open another piece of ground 60 ft high by 90 ft. long; we have 2 ft. of ore in the raise that will run from $50 to $100 a ton, besides a higher grade of shipping ore.
I am taking out as little milling ore as possible, leaving that grade of quartz in the mine until we get milling facilities in the camp to treat it. We have quite an amount of ore in the second and third levels west, that will net between $200 and $300 per ton and some that will go even higher.
The third or lower level west is improving. The shoot of ore on this level is continuous, and nearly 600 ft. long. We shipped about six tons more ore in April than in March, and a higher grade; the last carload reported went over $3,500.
Later advices from the secretary of the company report that the following returns from the smelters have been received: Our car went 14.39 oz. gold and $6 silver, or $293.80 per ton; this makes $2,423.23 for the car.
Another car shows 16.72 oz. gold and $5.15 silver; this makes $314.80 per ton, or $2,687.15 for the car. Another sample assays 39.50 oz. gold and $5.14 silver, or about $800 per ton.

Engineering and Mining Journal Report—The Victor on Bull Hill is looking well and is being actively worked. The mine recently shipped a carload of ore running 39 oz. gold and 6 oz. silver per ton.

Victor Gold Mining Company.—The agent of this company, writing from Barry, under date of May 26th. says:
The shaft has gone down about 10 ft., but has now been stopped for a time, to drive another level 60 ft. below the third or bottom level. The vein in the bottom is as good as ever.
The upraise has been started from the third level west to connect with the one above it at a point 90 ft. from the shaft. We had some very high grade ore here.
Stoping has been commenced between the second and third levels east, and a quantity of good ore is being extracted. The second level to the east is showing up splendidly, there being about 2 ft. of shipping ore now in the breast of the drift.
There is nothing new in the first and second levels; ore is being taken out us usual. The new plant of machinery has not been started yet, but it is all in place, and will soon be at work.
A telegram dated May 30th says: The net receipts for May are $20,700. We have shipped about the same quantity of ore for May, of about the same valuation.

Victor Gold Mining Company.—Mr. W. H. Cone, a well known mining man of Colorado, writes as follows concerning this company's property:
There is a good, strong vein in the bottom of the shaft 3 ft. wide which runs about 20 oz. per ton in. gold (or $400). and there is no question when you drift on that ground you will have as good ore as above, and more, of it.
I think the vein in lower levels is straightening up very much. Things around the mine are in good shape, and the ore is carefully taken down.

Mr. William Trovorrow, superintendent of the mine, writes June 11th, as follows: We have our new hoisting works up; got it to work Friday. We have connected levels Nos. 1 and 2 west by an upraise which gives us good
ventilation in that part of the mine. On No. 3 west we supply air until upraise is through from No. 3 to 2.
The shaft is now down 90 ft. below third level and will be down 100 ft. by the last of the week. The vein in the bottom of the shaft is looking well. The East drift is also looking first rate.
The last 42 car loads shipped to the smelter averaged $196.11 per ton, the last two car loads run $205.86 per ton in gold. This is over and above freight and smelter charges, the net amount that the smelter pays for the ore.

NEW YORK, Friday Evening, June 23.—A letter from the Victor Gold Mining Company, of Cripple Creek, Colo., dated June 19th, says:
The last car of ore settled for by the Omaha & Grant smelter netted over $3,500, or about $400 per ton. The mine is in good shape.

NEW YORK, Friday Evening, June 30.—The Victor Gold Mining Company, of Cripple Creek, reports that the last three carloads shipped to the smelters netted $8,900. The ore averaged $373 gold per ton.

Victor Gold Mining Company.—Wm. Trevorrow, superintendent of this gold mine, writes under date of July 13th, as follows:
We have run the third level east about 40 ft. since last I wrote; we have a good quality of ore here, and I think improving No. 3 west is doing well; we are in here about 200 ft. from the shaft, and the rich ore holds its own. The raise from this drift is up about 40 ft. in a good body of ore all the way. No doubt it will continue through to the second level, as that level had rich ore the full length.
Drifts Nos. 4 east and west are being pushed ahead as fast as possible, both in rich ore. Drifts Nos. 1 and 2 are both in good ore, and are now in something over 350 ft. from the shaft.
Stopes in all parts of the mine are doing nicely; we are shipping our usual amount of ore and it will run fully as well as last month, which was a little over $300 per ton in gold.

Superintendent Drevarow of the Victor mine reports that rich ore is being taken out within twenty feet of the Smuggler line. He says that the September production will show a handsome increase.

Cripple Creek is distinctly a gold camp, though the ores, with one or two exceptions are very low in value. From what is considered reliable information the cost of producing gold from the Victor mine are said to be 20 cents for every $1 worth of gold.

Members of the Colorado Scientific Society attending the 127th Regular Meeting held at the Masonic Hall in Cripple Creek July 1st, 1895, visited on the 2nd of July several mines and mills; Portland, Raven, Ruby, Lucky Guss, Zenobia, Pharmacist, Victor, Buena Vista, Londonderry, Climax, Deerhorn, Summit mines were visited, and also the Brodie and Hartzell Mills were inspected.

The Victor vein runs N. 45° W.. but often deviating, dip is equally irregular 65° S. W., the size likewise varying from six inches to eight feet. The vein forks at one point; at the junction big deposits of ore twenty-six feet wide were found. At the surface there is but one ore shoot; at the second level the ore-shoot divides in two. The large bodies of ore are found at the south end.

Principal Producing Cripple Creek Mines - 1898:

Name:
Owner: Victor Gold Mining Co.
Capital: $1,000,000
President: W. H. Breevort
Vice-President:
Secretary: R. H. Reid
Treasurer:
Superintendent: N. H. Cone, Victor
Manager: Eben Smith
Lessees:
Description: shafts 325 feet and 500 feet; two 60-horse power and 80-horse power Fairbanks, Morse & Co. horizontal tubular boilers; 10-horse power stationary engine; 80-horse power Fairbanks, Morse & Co. friction hoist; Gates & Blake ore crushers; Cameron pumps.
Employes: eighty-five employes
Contact:
Notes:

Yesterday the Golden Circle road was completed to the Victor mine.

3512. (Salem, Mass.) Kindly inform me through your valuable paper, what the par value is of the Victor mining stock, lately listed on the Boston stock exchange. Please give me all particulars in regard to the same. I understand it pays a quarterly dividend. Please state when the last one was paid.

Ans.: The Victor company was incorporated Feb. 15, 1893, under Colorado laws; it has $1,000,000 capital in 200,000 $5 shares, with mint at Cripple Creek consisting of 10.17 acres with 1,500 feet length of main vein, the longest extent of ore shoot proved being 1,100 feet.

The main vertical shaft is 680 feet down, and all of the ore extracted has come from above the 500 feet depth; there are 12,000 feet of drifts, winzes and upraises, and the mine has a full mining plant, with two railroads, one taking ore direct from the bins, and the other a mile distant.

From 85 to 90 per cent of the tonnage is shipped and sold to the Metallic Extraction Company at Florence, and there it is treated by cyanides the average recovery being 92 per cent gold, with no silver or other by-products. The average value of the cyanide ore is $10 per ton net; average value smelting ore $110 per ton net after freight and treatment.

The vein varies from two to twelve feet in thickness below the 300 feet depth; above that, from three inches to three feet. From Feb. 15, 1893, to Dec. 31, 1897, operations were:

8,960 tons smelter ore, average net value $136 per ton	$1,217,895.50
43,712 tons cyanide ore, average net value $8.50 per ton	$373,681.78
Total net ore sales, 4 years 10½ months	$1,591,577.28

The mine was idle five months in 1894, owing to a miners' strike, and operations were curtailed in 1897 by fully one-half, awaiting the installation of roasters in the cyanide mill at Florence. The mine cost in 1893, $65,000 and $1,000,000 capital was issued for it.

The dividend record has been:

Year	Amount
1893,	$120,000
1894,	$105,000
1895,	$240,000
1896,	$240,000
1897,	$100,000
1898 to June 1,	$150,000
—total,	$955,000.

Net earnings for the first five months of 1898 were:

Month	Amount
January,	$51,982.54
February,	$38,506.78
March,	$41,719.90
April,	$36,481.34
May,	$40,000.00
—total,	$208,690.56.

Cash in bank June 1, $136,000.

The main working shaft of the Victor Mine on Bull Cliff, is to be continued down to the 1,000-foot point without stopping. Its present depth is 800 feet, and the ore chute in the eighth level is yielding the richest shipments ever taken from the mine.
The present output is ranging close to 150 tons of ore per day, which places the Victor among the biggest shippers in the District.

A VALUABLE MINE.
——————
The Victor Has Paid Dividends Exceeding the Amount of Capital Stock.
The directors of the Victor Gold Mining Company, operating in the Cripple Creek district, have declared a dividend of $100,000, payable September, 1st, of which $30,000 is regular and $70,000 special, the result of increased value in the ore and of enlarged shipments from the mine since June 1st, when the sum of $100,000 was also paid out.
This is at the rate of $400,000 per year, or 40 per cent, on the capital stock of $1,000,000, a majority of which is again in Colorado hands, mainly held in this city.

When the September dividend is checked out the company will have paid its stockholders since March 10, 1893, a grand total of $1,055,000, or $55,000 in excess of the capital stock.

From the offices in the Equitable building the directors have just issued in leaflet for their report for the six months ending June 30, 1898. It is one of the best advertisements that could possible be sent abroad for the chief gold district of the state.
It is conservative and business like in tone, and so arranged that the relation of cost to value is easily comprehended.

Total receipts from ore sales in the six months reach $361,304.40. This sum was derived from 2,210 tons of smelting ore and 14,987 tons of milling ore. The latter was handled at the cyanide plant near Florence.
Average value of the smelting ore was $98.43 per ton, and of the milling ore $9.59. The latter is below the $10 basis, which was set as thew limit for Cripple Creek shipments early in the year.

For the six months under notion the operating and development expenses of the Victor are placed at $122,734.04, showing a net profit equal to $238,567.75, or 66 per cent. of the total receipts from shipments of ore.

The 1897 production was approximately for the Victor 25,000 tons.

Victor Gold Mining Co., Cripple Creek, Colo.
(Ores sold in the general market.)
The report for the six months ending June 30, 1897, showed;
net receipts from ore sales of $141,046, freight and treatment charges being deducted.
The cost of production was $109,046, including improvements.
In addition to this taxes amounted to $1,558.
The production included 983 tons of ore sold to smelters, yielding $97.40 per ton
and 5,708 tons of ore sold to cyanide works, averaging $9.38 per ton.

VICTOR GOLD MINING CO.
A stock which has assumed considerable prominence in the Boston market recently is that of the Victor Gold Mining Co., which has advanced to about 8. Very flattering reports are being circulated as to the profits of the mine, and predictions are being freely indulged in that the stock will sell at 15, and there are those who are confident that it will sell at 20.
The fact is pointed out that this company has already paid out about $995,000 in dividends, or an amount nearly equivalent to its entire capitalization ($1,000,000), and it is reported that an "indefinite period of successful operation" awaits this mine. It seems very singular, however, if such an era of prosperity awaits this company, that the French holders of this stock should have been willing to part with it.
A large portion of this stock, it will be remembered, has been held in Paris, or was held there until recently, and that this property some years ago was offered to the Bigelow interests at lower figures than are now quoted, but they decided to let it alone. We are informed that the present promoters gave what was equivalent to three dollars per share for it.
Whether the present movement in the stock is for the purpose of enabling them to unload, it is impossible to determine.

The company is at present paying dividends at the rate of $2 per share per annum. If this rate is to be continued, the purchaser at 8 is receiving 25 per cent on his money, and even if purchased at 20, the stock would net him 10 per cent his investment, on value of the stock is $5 per share, so that it is now paying 40 per cent on its value. The question may well be asked, why a 40 per cent stock is not selling higher.

The company makes a good showing, but the trouble is that there is no assurance that the life of the mine is to be prolonged for any length of time. If the public had confidence in the property, it would unquestionably sell higher. The report of the company for the first half of this year is a very favorable one, showing net earnings of $238,567, the sales from ore being $361,301.
The company paid $150,000 in dividends, spent $15,514 for betterments (buildings and machinery), and $20,000 for the purchase of the Little Joe claim, which comprises a tract of seven acres, which is a southern extension of the Victor mine.
After deducting these expenditures, there remained a surplus as the result of the six months' operations of $185,514. The company reports that it had cash in bank June 30, 1898, amounting to $130,784. Dividends on this stock were suspended, it will be remembered, from April to December, 1897, but this is reported by the management to have been due to "lack of cyanide ore market, pending installation of roasters at Florence mill."
The management report that veins are becoming stronger as depth is attained, and reserves are larger, although "no conservative or correct estimate of tons or dollars in sight can be made."
P. DE MEDICI

Victor Gold Mine.
3925. (Springfield, Mass.) What is your opinion of the merits of the Victor gold mine, of Cripple Creek?

Ans.: As the merits of a gold mine depend on the extent and character of the ore disclosed (or otherwise) in workings hundreds of feet below the ground and not open to the general public, it is self-evident that, short of an independent examination by an expert, the shareholders and general public are limited for their information to the statements of the persons in charge of the property.

This company, capitalized with 200,000 shares, of the par value of $5 each, owns the Victor, Victor 2 and 3, and Panther claims on Bull Hill, representing about 30 acres, ten acres of which are patented and the balance in process of patenting.
The main vein on the Victor has been one of the most wonderful producers of Cripple Creek. Two true fissure veins are being exploited, and were encountered at a very shallow depth. During the past six years, covering the period since its organization, the company has paid a total of $1,155,000 in dividends, being $155,000 in excess of the amount of its capital stock.
Such dividends were derived from sales of 12,242 tons of smelting and 82,249 tons of milling ore, from which the net returns were $2,161,186.

The shares of the company are not dealt in to any appreciable extent on the Denver and Colorado Springs exchanges, as, outside the comparatively large holdings of a few Colorado men, the shares are held in the eastern states and Europe and quoted on the Boston and Paris exchanges.

In June last, Mr. Eben Smith, vice-president and general manager in the semi-annual statement of the company, said: "No stoping has been done below No. 9 (500 feet). With the veins proven at No. 10 (600 feet), and within 60 days Nos. 11 and 12 to be opened (800 feet), these reserves, together with the reserves above No. 8, should return more money than the mine has thus far produced."

Until late in 1898 operations on the property were highly successful, and the future was bright. The quarterly dividend distribution of $50,000, with which the year began, had been subsequently doubled, and a total of $350,000 had been paid.
But developments in the tenth, eleventh and twelfth levels proved disappointing; where the several drifts from the main shaft cut the vein, the ground was found impoverished, and the ore of too low a grade to pay. Since the floor of the ninth level had been in good ore, this was wholly unexpected.
"It is the opinion of the management," says General Manager Eben Smith, in his annual report for the year 1898, dated the 30th ult.," that this unexpected dilemma is but temporary and that driving and cross-cutting will lead into ore again."
Continuing, he said: "The unfortunate feature of the situation is that we are, and have been for six months, hampered for power to operate the number of drills the mine requires. The central power station has promised electricity and air by August 1st, upon which we have been depending, since which time delay after delay has occurred, and from present indications we cannot feel assured of it for several months to come.
In the meantime, we are using the most of our limited drill capacity in endeavoring to prove up the ore in the deep levels at the sacrifice of ore extraction.

"While the present situation is disappointing, it is not to us discouraging, as neighboring properties have reached much greater depth; in fact, the richest veins of the district have been opened in the deepest workings.

"In the past the Victor has more than fulfilled every hope expressed for the mine. In 1897 dividends were suspended by the problem of ore treatment arising unexpectedly (the ore becoming sulphide), at which time the belief was expressed that the earnings would be temporarily hindered, and the predictions expressed that when the roasters were installed in the mill the earnings would be increased.
This has been realized, and in 1898 dividends of 35 per cent were divided, and since 1893 an amount more than the entire capital stock has been disbursed in dividends. The present situation could not be foreseen until after the December 1 dividend of $100,000 had been tacitly promised, which, in the light of present conditions, should have been reduced.

"While the immediate future is not bright, it is the belief that the shareholders will not be obliged to forego dividends on their investment for any considerable time. The development will be pushed with all speed and economy possible, with the hope and expectation that dividends will be forthcoming within the year.
Certainly no cause exists for a sacrifice of stock, at such prices as some holders previously saw fit to accept."

Beyond these official statements, outsiders can only conjecture; such conjectures are at variance and inconsistent, and conjecture is an unstable foundation on which to base the buying or selling of mining stock. We are however, told by a presumably well informed and reliable person that the mine has already in sight large bodies of low grade ore; may at any time strike new bodies of rich ore; and it is even intimated that such rich ore will probably be struck when the management is ready to do so.

If eastern shareholders desire to do so, it is a simple matter to raise the necessary amount among themselves for the employment of an expert to examine the mine for their satisfaction.

Goldfield, Col.—The electric plant of the Smith-Moffat syndicate was started April 21 and is now supplying air for drilling purposes to the Gold Knob, Victor, Legal Tender and Granite mines, all of which properties are owned by the Moffat syndicate.
The works are the finest and most complete which have yet been erected in the West. They cost nearly $200,000. The two engines for electric generation are capable of developing 1,500 horse power, while the compressor has a capacity of about 700 horse power.

The Victor mine is shipping from 75 to 100 tons of ore daily. It all goes to the Moffat mill at Florence.

Victor Gold Mining Co.
4524. (Providence, R. I.) Will you kindly inform me regarding the prospects of the Victor Gold Mining Co.? What is the prospect in regard to a resumption of dividends?

Ans.: This property was a great ore producer down to the eighth level, having paid $1,155,000 in dividends. On the ninth level the vein was encountered, but proved destitute of values, constituting a barren zone, as has been found in other Cripple Creek properties.
The shaft was then sunk to a depth of 1,030 feet, and a cross-cut of about 100 feet long driven from the shaft at 1,000 feet deep, which cross-cut disclosed the vein, again carrying gold, ranging in value from $40 to over $300 per ton.
Work is now being prosecuted to ascertain the continuity and extent of this ore body, on the result of which depends the resumption of dividends.

During 1899 it was paid in Dividends by the Victor—
February……………………$100,000

Cripple Creek.—(Special.) — Despite the rumors to the contrary, the old Victor mine is shortly to resume operations and on a much larger scale than ever before.
The statement comes from a person who is in the position to speak, and it is said that the present owner will shortly start up and will immediately start to sink the shaft down to the depth of 2,500 feet before any other development work will be done. Such development as that will absolutely prove the continuity of ore at great depth and will show beyond a doubt just what the ore bodies of the Cripple Creek district amount to.
It will be remembered that the ore of the Victor was lost at a depth of 1,000 feet, where the barren zone was encountered. The development work performed then was what plunged the Victor company into debt.
Then Mr. D. H. Moffat secured it by sheriff's ale to satisfy his claim against the property, which amounted to a sum in the neighborhood of $150,000. In the early days of the camp the Victor was one of the greatest producers and paid over $1,000,000 in dividends.

Victor.—Work has been resumed on this Bull Hill property on company account. It is owned by David Moffat and associates of Denver, and was one of the first Cripple Creek producers. During the first ten years of its existence the property produced ore of a gross value of $3,000,000, and up to January, 1899, when the last dividend was paid, had distributed $1,155,000 to its stockholders.
For the past three years lessees have ben working with only fair results. A large force of men will now be put at work cleaning out the workings preparatory to extensive development. The shaft, which is now just below the 1,000-foot point, will be sunk to a considerable depth.

Victor Mine.—This old property, located near Bull cliffs, is being operated by Lessees Strong and associates, who are sending out regular shipments of a carload per week which returns values of two ounces gold per ton.
Operations are also being continued on company account and at several different points veins of promising character have been encountered.
It is believed that with the work now being prosecuted by the company and the lessees, that this old producer will be restored to much of its former greatness.

The Victor, one of the earliest profitable mines in the district, is still productive. Lessees are getting good ore at 300 ft. There are large bodies of low-grade stuff in the old workings that are likely to be worked before long.

The Victor mine, which at one time was a large producer, has been leased for a term of 2 yrs. to the Western Investment Co. of Victor. The property is well equipped with modern machinery, and operations will be resumed at once.

The famous Victor mine, on the northeastern slope of Bull cliff, has been leased to the Western Investment Co., of Victor.
Fred V. Bodfish, who was manager of the mine for several years, is confident that the Victor will in a comparatively short time be brought back to the shipping list.

Cripple Creek—The Victor mine on the northeastern slope of Bull hill has been leased for two years to the Western Investment Co. of Victor, Fred V. Bodfish general manager. There are about three miles of underground workings, which have produced about $2,250,000.
The mine has, with the exception of a few small leases, been idle since 1898.

The Western Investment Co., operating on the lease on the Victor mine, on Bull cliff, is planning to extend a cross cut from the seventh level of the main Victor shaft through the adjoining properties to the surface.
The hill is steep at this point and the portal will be situated close to the track of the "Short Line" which will permit of loading direct into cars.

The spur to the Victor mine on Bull hill is being relaid, the shaft is being retimbered and ore bodies have been opened up above the 200-ft. level.
Shipments will be started on the completion of the spur.

The Roscoe Leasing Co., operating the Victor mine on Bull Cliffs under a sublease from the Western Investment Co. of Victor, billed out between 450 and 500 tons of ore during the past month, of an average value of $15 per ton.

The Roscoe Leasing Co., operating the Victor, is producing at the rate of about 350 tons a month of $18 ore. Recently a high-grade shoot was encountered on the seventh level, the ore running about $50 a ton, and from this steady shipments are being made.

A rich discovery was made at the Victor mine by the Roscoe Leasing Co. A raise from the old drift opened a shoot that assayed over $40 per ton. Frank Roscoe is manager.

Victor—The Victor mine, operated by the Roscoe Leasing Company, produced 16 cars of ore in June; average value, $20 per ton.

An interesting experiment with dump ore has been undertaken by the Golden Cycle Co. at its Colorado City plant, in treatment of the dump rock from the Victor mine on Bull Cliffs. A run of 1,000 tons will be made. The dumps were made when the mine was producing high-grade ore, and it is claimed assays have shown better than $10 per ton.

Victor—It is reported that the Golden Cycle Company is to treat at its Colorado City mill 1000 tons of the dump of this old time producer.
The rock yields $10 per ton on assay, it is claimed.

Victor—This mine, owned by D. H. Moffat, of Denver, is under lease to the Western Investment Company, and subleased to the Roscoe Leasing Company, which is shipping from three to five cars per week of ore from the old stopes and drifts.
It is said to average about 1 oz. gold per ton.

Victor—The Roscoe Leasing Company, subleasers of the Western Investment Company, sent out 14 cars of average-grade ore.

Western Investment Company—This company, leasing on the Victor, Empire State and Ophir, shipped 50 cars of ore in August.

The Western Investment Co. and its sub-lessees, operating the Victor mine on Bull hill and the Ophir shaft on Raven hill, are making a production of about 50 cars a month.

Lessees at the Victor Gold Mining Co.'s property have opened what is thought to be the East Victor vein, a heavy producer, on No. 8 level, at a depth of 650 ft. The vein dips southwest and assays up to $100 per ton in gold.

The Victor mine, on the northeastern slope of Bull cliff, owned by the Victor Mining Co. and operated under lease by A. Osberg, in August made a production of 26 cars, of between 650 and 700 tons of ore, with an average value of $20 per ton.
Seven sub-lessees are working under the Osberg lease, and extensive development of the property is under way.

The Komat Leasing Co., operating the Victor mine on Bull cliffs, under lease from the Smith-Moffat Mines Co., is shipping from three to four cars per week of milling ore.
The January production was 400 tons, averaging $12.50 per ton.

An electric motor has recently been installed at the old Victor mine on Bull Cliffs, by the Komat Leasing Co., a local organization operating the property and the Arvilla group adjoining.
The Victor is controlled by the Smith-Moffat Mines Co.

Announcement contained in a circular letter mailed stockholders under date of April 25 by the Vindicator Consolidated company say that a five-year lease has been secured on the Victor mine property and five-year leases on all the various groups lying between the Vindicator and the Victor mine, and on the Arvilla group west of the Victor.
The royalties are reported to be reasonable and options to purchase a portion of the territory have been secured. The Victor shaft is 1000 ft. deep and is about 3000 ft. north-east of the Vindicator main shaft.
Intervening territory will be intersected by a cross-cut from the Vindicator shaft and the several known veins that are thought to traverse this ground will be explored by drifts.
Sub-lessees in the old workings of the Victor are reported to be already taking out a good grade of ore.

The sub-lessees of the Victor Gold Mining Co. are mining a fair grade of milling ore on the 3rd, 7th, and 9th levels and shipping about two cars weekly.

New machinery is being installed at the Victor mine, Bull Cliffs, to be operated by Math Korf of Cripple Creek and Eastern associates under a five-year lease.