Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1879-12-04
LINING IN MAINE.

The Bangor. Maine. Daily Commercial
Of November 25th has considerable to
say sditorially about the mining indus
try OF that State. which Is attracting the
attsntion Of many leading citizens and
capitalists. It 10, in fact. . new indus
try. rich mining properties being recent
ly discovered in the eastern and central
portions Of the State. A large number
Of mining companies have been organ
lied and incorporated under the State
laws. and 10 II sxpecesd that By next
spring many new mines Of silver, gold
and copper will be opened. In this
connection Il notes the presence OF Pro-
fsssor W. Frank Stewart. our wsll.known
wsshos mining expert and scientist.
Stewart Il we'll received and seems to
take kindly to the people OF that section.
He has taken Q good look at the minss
and has Q very high opinion Of their
value and importance. The Commercial
speaks Of him - . man Of high intelli-
asnos and keen observation and consid-
srs his words Of wisdom In regard TO the
subject Of mining in that State - very
practical and opportuns. It says:
The Professor Il very highly pleased
with what he has seen here. His visit to
Maine has been brief but In his stay he has
seem enough TO convince him that vast
mineral wealth liss under the rocky ex-
tsrior. He says the mines are perfect, the
rocks arc Of tho Huronian age, true veins
exist and they are we'll mineralixed. He
says there can be no doubt but that We
have mines Of immense value. Since he
has been here he has seen one mine which
he says be could sell In Virginia City for
Ave millions Of dollars. But while he II
positive in regard to the existence OF vast
mineral wealth he 10 fearful In regard to
the matter Of development.
Our State laws do not foster mining
operations. When these laws wero framed
and adopted the existence Of mines within
our borders was not dreamed Of. Under
the State laws, mining companies cannot
b formed with Q capital OF over $500. 600.
II has therefore been the custom among
the mining companies recently organized
70 have . capital Of $500. 900. The Goulds-
boro and . few others have been organized
with Q capital Of si00. 900. The greater
number have. however. been organized
with Q capital Of the larger amount. Most
Of the compsnies organized have bad
100. 900 shares Of . par value Of S., . few
So 600 shares Of 70 par value Of $40. and
one or two SOC. 900 shares with . par value
Of 81.
Under the laws Of our State mining stock
10 not sssessabls. In the West stock Il
asssssabls. and II the company 10 10 want
Of funds an assessment Is made on the
several stockholders. Our laws being diff
fsrsnt here another method has to b
adopted to supply the treasury and
carry on tho work OF development.
A portion Of the stock 10 sot aside
for treasury purposes. Tho general meth
cd practiced thus far has been to lay aside
ons-nfth 40. 700 shares Of . par value Of s.
or 10000 shares Of . par value Of si0l and
sell this and appropriate tho money to
work the mine. In some cases . less
amount has been set apart for this pur'
pose, and In other cases, a. in that Of the
blushill Copper Mining and Smelling
Company, three.hfths Of the whole mine
or 50. o Of the $4,000 shares, are giver
70 the treasury.
While the mining excitement 10 but In
its infancy In our stats. IL may be possibls
70 guard against numerous evils. which. Il
allowed to 60 ON. will In time. when the
excitement 10 at . high pitch. b frsugh'
With much danger. II Il we'll thus early
70 give such matters very careful consid'
sration-