Herschel Mining Company

No images are available at this time.

Location data

QUICK LOCATION PATH: Utah / Tooele County / Camp Floyd District / Mercur

Brief history

The Herschel Mining Company was organized to develop 140 acres of mining ground situated between the Sacramento and Mercur mining properties. The company's intention was to drive a long tunnel at depth to intersect an ore body that presents itself on either side of their claim. It was hoped that this vein crossed their ground, and by 1898 they had driven some 625 feet of the 1000 that was estimated to be needed to strike that body.

The company was capitalized at $5,000,000, divided into 1,000,000 shares at a par value of $5 each. Even without finding ore, the stock price jumped as the tunnel drew closer.

Company officers were: Theodore Bruback - President, J. D. Keifer - Vice-President, W. S. McCornick - Treasurer, and S. T. Pearson - Secretary.

R.W. Sloan in Mines, Miners, and Minerals of Utah stated:

"THE HERSCHEL MINING COMPANY.

This corporation owns about 140 acres of the most desirably situated lands in the Camp Floyd Mining District. Their ground abuts the great Mercur and the Sacramento, and since ore is found on both sides of them at uniform points, there is no doubt whatever in the minds of all persons familiar with the district that the Herschel is one of the big though undeveloped properties in the district.

The mine is being developed by a tunnel at such a depth as to leave the ore bodies above; yet affording ample dumping ground. Near the mouth of the tunnel the mill will be located so as to admit of the most economical leaching, as well as extraction and handling of the ores.

The tunnel is in about 625 feet, but it is not expected that the ore bodies will be reached before it has penetrated the earth about 1,000 feet. This estimate is formed by a survey of the ore veins on both sides of the Herschel as developed in the Mercur, Sacramento and other grounds.

The company is capitalized for $5,000,000, divided into 1,000,000 shares of the par value of $5 each, of which 200,000 shares are set aside to be disposed of for development. In spite of the fact that no ore had been found and practically little work done, the price of the stock, which was originally ten cents per share, went up to twenty-five cents per share, and has been held at that price or higher ever since.

This fact affords the best evidence of the confidence of those interested in the value of the Herschel a confidence based on a knowledge of the geological conditions obtaining in the district.

Theodore Bruback is President of the Company; J. D. Keifer, Vice-President; W. S. McCornick, Treasurer, and S. T. Pearson, Secretary. Mr. Joseph Smith of "the Marion is directing the work of development."

______________________