OCR Text |
Show 180 Mining was begun in 1932 but production was spasmodic during the ensuing years and production to June 1938 probably did not exceed 500 tons, although records of production were not kept during this time. Since 1938 production has continued on a small scale. The sulfur-bearing rock is ground and sold as a soil conditioner, no attempt having been made to produce refined sulfur. The extent of the sulfur-bearing area has not been fully established, but Indications are that about 40 acres may be underlain by an 18-foot bed impregnated with sulfur. The average sulfur content of the deposit is estimated to be less than 15 per cent and well below the concentration necessary for the recovery of sulfur. Therefore, the use of the material is restricted to that of a soil conditioner, for which the demand generally is limited. The only record approaching a transaction is a contract of sale in 1945 of the sulfur-bearing area. The contract called for a payment of $16,000.00, with $4,000.00 on delivery of a clear title and the remainder to be paid in equal yearly installments by 1951. As far as could be determined imperfections in the vendor's title prevented consummation of*the sale and no payments were made on the contract. Because of the small market in prospect as of June 28, 1938, for low-grade sulfur as a soil conditioner, it is the writers' opinion that $5,000.00 was an eauitable value for the entire property as of that date. |