Word: almaden
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...Sirs: Almaden mine at which you glance in this week's issue [TIME, April 22, p. 80] & which you announce as soon to run again is running full tilt now & has been for some months...
...lease the mine from its owners, Philadelphians William and Mary Lord Sexton. Terms of the lease: $20,241 cash, at least $10,000 a year plus 10% of the gross. Trusting chiefly to the mine's great record, the Newbold syndicate has taken no new samples at New Almaden. It underlined the words "very speculative" on its SEC statement in true Philadelphia style. Stock will be sold mostly to relatives and friends. "We are not going to do any ballyhooing," said Fitz Eugene Newbold last week, as he planned to go West...
...sizable producers in the last century. But they exhausted their best ore, and of 90 or so mines in the U. S. today, most are marginal producers, their rate of production highly responsive to the cartel's price. Newest U. S. mine in commercial production is the Idaho Almaden near Weiser, Idaho, discovered by a sheepherder in 1936, leased and run by Lawrence Kendall Requa, son of Herbert Hoover's late friend and booster, Mark Requa. Vice presidents of Idaho Almaden are Sons Allan and Herbert Hoover Jr. Producing around 500 Ib. of mercury a day, their mine...
Oldest U. S. mine is the New Almaden near Santa Clara, Calif. Opened nearly 100 years ago, New Almaden was a potent factor in California politics, had yielded more than 1,000,000 flasks worth $65-75,000,000 before it closed in 1926. Since then New Almaden has yielded a few small tonnages to short-term lessees, but most of its 100 miles of tunnels have been empty. Last week the great New Almaden was on the point of changing hands...
...reached $185, has stayed near there since. Warring governments have clamped the lid on news of their needs and reserve supplies. Panicky U. S. consumers, none of whom is known to face an actual shortage, have helped to keep the price up. This price has stimulated old sleeping New Almaden itself...