Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1900-11-03
NEW CHAIRMAN COMPANY.

Inc
Cendftfons and Future Pians-
The fnal transfer Of the Chairman
Mine st Ely to the Eastern capitalists
in whose interest 10 was exported . short
time ago has been effected. and the new
owners have taken formal possession OF
the property. Il 10 understood that the
selling price was $780, Oo. $4,000 Of
which was paid in cash, the remainder
to be paid in two deferred installments.
The parties making the sale are W. G..
Lyons, VIM. N. MoGill. aud James p.
McOmie Of White Pine and II. A. Under
hill now Of New York.
The new company is incorporated un-
der the name Of the Chairman Mining
and Electric Company with Offices ct
Elmirs, New York. Wellsville, New
York, and Warren, Pa. with . capital
of 81, 900. 900.
The officers are W. B. Durham. Pres
ident; L. r. johnson, Vice. President;
Fred Morck, Treasurer; Dix W. Smith,
Secretary; L. F. Shepherd. Superintend-
ent; Fred D. Smith. Mill Superintend-
emit. The Board Of Directors consists Of
| NJ. B. Durham, Fred Morck, and Ed
ward Campbell Of Warren, Pa, L. r.
johnson. Dix w. Smith, and Milan lib.
bard Of Elmirs, New York. ]. l. Stan
ton of Corning. New York. Theron P,
Otis, wellsville, New York, and B. S.
Cushmsn o: Ithica, N. Y.
The prospectus shows that there are
lOO, 900 tons Of gold ore blocked out .,
the present time ready to be mined sud
milled, and numerous assays made show
the value Of this ore to be 81. 046, 900 il
gold and 1854, 600 in silver, and this il
considered to be . conservative estimate
The total value Of the ore now blocked
out 10. therefore, 81, 0S5 .0J0. and thi'
amount, it is claimed, can be paid il
dividends by working 100 tons per day
Owing TO the great width Of the veins
the peculiar soft character Of the ore
the low cost Of timbering. and the chesl
power furnished by the electric plan
il is estimated that the ore can be minet
and delivered to the mill at . maximum
Of 81 per ton. The cost OF treating thu
ore by the plate amalgamation process
and Of cyaniding the t~silings has beer
estimated by Prof. Fred d. Smith to b.
sl.25 per ton.
The Company promises to immediatel,
proceed with the mining and milling o
the ore now blocked out, and that durinI
the three years which will be required
to work the ore now in sight new re
serves will be opened up. II is als'
promised that the present milling cspac.
ity will be increased to l25 tons per day
by the erection Of . complete l00-toI
Cyanide Plant.
A limited number of shares Of th'
compsny's treasury stock is now Offered
for sale for the purpose Of erecting tb'
new plant. The stock 10 full paid AND
nsn-assessable and is offered at so cent
. share. No subscription will be re
ceived for less than five hundred shares
The report on the property, which wa
prepared by L. F. Shepherd, Fred d
Smith, B. s. Cushman. and F. A. Rich
mond, contains Q great deal Of interest
ing information regarding the history o
the Chairman mine, it's geography, for
nation, and the outlook for the future
The management Of the property whel
it was held under bond by Charles d
Lane is severely criticized. According
TO the terms Of the bond Mr.. Lane Wa
to expsnd $40. 900 in the development o
the property, but instead of this amour
he actually expended Sl25,000. Th
mill installed, however, 10 is claimed, !
not adapted to the treatment Of the clss
of ore produced, and the condition Of th
property 81 the present time Is said t
bear ample proof Of the Incompetence.
and extravsgance of that management.