Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-04-06

The Property Passes into the
Hands of Paxton d Co. at Mid.
night Last Night.

Inc Passes into II
Hands of Paxton d Co. at Mid.
night Last Night.
The Geddes a Bertrand Mine, situated
four miles south Of Eureka, at Secret
Canyon, has an interesting record. II
was discovered by the gentlemen whose
names II bears. The original owners
worked it for several seasons on q limited
scale with marvellous success. Thirty
thousand a year to each Of the owners,
with only three or four men employed,
was the usual yield. Then the mine was
bonded for SEAS, 900 for the Eastern market
with q cash forfeit Of $40, 900. The adj
vance was forfeited and the mine fell back
to Messrs. Geddes and Bertrand. But they
we're not content with q good thing. They
aspired to hosting and reduction works.
and were DESTROYS of working the property
on q grand scale. For these purposes they
incorporated in San Francisco, and turned
the control over to 9 Board OF Directors.
Chiefly through mismanagement the in
corporation was a failure, and the prop
erty fell into the hands Of Messrs. Arlington
and Bartlett, Of this place. These gem
tlemen worked it with varying success for
q " Va NCoAcs
s~istance, they mortgaged the property to
the banking firm of Paxton & Co. Since
its hypothecation several cash offers, rang
from $50, 900 to $3.50, 900, have been de-
clined. Six months ago the bank foreclosed
its mortgage, and the hour of redemp-
ton expired at midnight last night. Lately
Messrs. Arlington and Bartlett have made
great exertions to redeem the property
and realize Q margin over and above
the $25 900 due the bank. At the eleventh
hour, so to speak, purchasers appeared on
the scene, eager to secure the property.
Messrs. Gilmer and Salisbury came by
special train, bringing with them $4,000 in
hard cash. Mr.. .McCrellish, representing
heavy capitalists in Rhode Island, came to
secure the property. if found to be as good
as represented. His figures, which are
understood to have been conditional, how
ever, were SITS, 000. A cablegram from
| London yesterday brought an offer OF
| $3.50, 900, conditioned on a favorable re-
| port from q competent mining expert.
| This would require at least thirty days de-
| Law. And so, while offers and purchasers
were quite numerous, the whole thing
| passed along without a sale, and the bank
| fell heir to the property at IL o'clock last
| night. 1t is thought to be probable, how
| ever, that Messrs. Gilmer a Salisbury will
| take 1t from the bank on satisfactory terms
| to-day. 1t is unfortunate for Messrs. Ar
| ~rington 4 Bartlett that they could not have
brought out these rival purchasers about
| thirty days earlier. Had they succeeded
| in doing so, there can hardly be q doubt
that they would have realized a handsome
sum from the sale of the property.
The bullion output of the Geddes q Ber-
| trand mine aggregates more than q million
| dollars. 1t has always produced remarka-
bly, high grade ore. The lower levels are
said to be looking exceedingly well at this
time. II is safe to say that there is big
money in the property for Messrs. Gilmer
& Salisbury, il they get it, Of which there
is but little doubt at this writing. In any
event 1t is now q settled fact that the prop.
erty is to go into the hands Of q company
strong enough to develop 1t.