Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1898-05-08

some eighteen months ago w We're on
the look ont for a mill, and our manager
took a deal Of trouble to find one that
would suit our purpose. He finally Sc
cured til one which we now possess and
effected the purchase by cable. This pur-
chase has proved entirely satisfactory to
Us, and having renOved the mill we
thought no more about it. 1t turned out,
however, that when the matter was con-
cludcd we f"und that We had not only
purchased the mill. but also the mining
property and buildings as we'll. Quite
recently MIR. kermeen aScertained some
thing ai'nNt the property thus acquired,
which IN boon worked many wears GO.
and ii Is sr5:NI that 3l21.DM OF nuiIjnu had
been Won from IL down ~ al NJ - feet !
from the surface. Then the trouble he
gan; IN. r "'! ,nl' l." r''@ AItI the
water, ana forced to adopt one of two al
teruativee-2ither to provide powerful
pumping machinery, or drive Il deep tun-
mel ounwuer the lode. They adopted the
! latter course. and started driving 4 mile
away to cut the lode at a depth of 300 #.
After Il while their III ,nev gave out. and
they borrowed more and continued the
work until they had reached 1900 feet,
when once more their capital was cX-
hausted and they were ultimately ~n!,,
up, the mine falling into the hands of
mortgages whom We succeed. The tun-
mel lapsing of no use to anybody but the
owners of the mine. 1t is II years since the
,W', ~ WIS abandoned. \ vast amount of
! II. -. "xnen>ivu work has been carried oui
, hrr,. ,at hcnn abandoned when within
7ul ii. -. completion. All this now be
longs 3. nu. The mine comprises -
acres, anl the tunnel is commanded by
l55 acres patented land. upon which there
Fyct remains another mil of II head. We
nave secured the whole without any eN-
pouditurc worth mentioning. and AS s0on
as he has leisure Mr.. KcrIneen will make
: thorough examination. and report fully
to us. | say nothing about the value Of
! this property, for a. yet We know next to
! nothing about it; but considering the
vast expense that las been incurred. 1t is
= prjntu fncie evidence that the goal was
3 well worth striving Tor and making great
- sacrifices ~ reach. Into the fruit of all
- thi> labor aud expenditure we have en-
tered at no cost to ourselves, ar! ut a
tritling expense on our part will prove
the value Of the property, concerning
which | need say no more at present.
=, The Solicitor Mr.. G. CutcIitol then
, read the principal points OF the agree
nent.
In reply to questions,
- The Chairman said that the 10000 shares
which formed part Of the purchase price
-, would remain the property of the com
pany. The directors did not think i
would beadvisable to distribute the 9O,N0
- shares amomg the shareholders at pres
- emf. There had been no attempt to Sc
-, cure preference for The shareholders o
- the old company in the allotment OF the
=. shares of the new company, but he hac
no doubt that MesSrS SchOtborgh and CO.
would consider the wishes Of the share
holders i'll the arrangements. The con
~ tract simply was that the company E0l5
- the whole of their Mono property. all,
would get for it 10000 shares in the new
~ and $500 in cash. Ther
49, was sufficient ore in sight on the Mon
"a property to keep the 20 head mill full.
- employed for the next two or three wear:
y The operations of the new r"n!nan
&c would, of course, al the eS
IRENE north outcrop Of the reefs, about
mile distant from the site of the presen
- operations. At this northern eXtensio
- they were actually on the lode. an cNul
provide ore for the new mill as o d
I'd they could get the mill ready to receiv
No. it, quite independent of the preser
-. workings. Further, the old cOmpan
10 would not be wound up, and would sti
possess the new property of which h
had given a description. The Chairma
-. then moved: THAT the draft agreemel
e.l submitted to this meeting and eXpresse
- to be made between this ompany of II
M one part, and Schotborg and COmpan
a. Limited, of the other part, being an agre
ment for the sale of the properties of Il
company situate in Mono County, in tt
~ State of California, upon the terms Their
in mentioned. be and the same is herel
approved, and the directors be and thu
are hereby authorised to affix the cor
49, mon seal OF the company to the sd
agreement"
Colonel Carey seconded the resoluti(
80 which was carried unanimously, and
vote of thanks to the chairman clos
the proceedings.-March %, 1895.
t.