Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1904-09-10
Ell. MimS& Co. Market Letter

opah and Goldfeld stocks since our
last letter, the former bearish, the
latter bullish, has elected much com
ment not only locally but generally.
The late decline in Montana, although
not sustained, has been the cause OF
much conjecture and anxiety to hold
ers of that stock and also to all
holders of Tonopah stocks, as Mon
tana is the recognized leader of them
all. All sorts of rumors, many OF
them so foolish as to be ridiculous,
have been circulated as the reason
for the drop, and we have been care
ful to investigate them all and found
them all to be utterly groundless. As
to the condition of the mine u in
vestigations have convinced US that
it was never in better shape than
now, and all of its development work
has continued to give the same favor
able results which have given its
present value to the stock and made
it the leading mine of Tonopah. In
regard to the matter Of the declara-
ton Of a dividend at the meeting
shortly to be held at Salt Lake, that
has only been a matter OF ''rumor'
as the management has never at any
time declared its policy as to prob.
able dividends, such articles as have
appeared of late on this subject in
the Salt Lake papers have originated
entirely with the writer's of such ar
ticles. We are not informed as to
the exact amount of the surplus
which the company has in its treas
ury, but we believe we know as much
about it as do the Salt Lake papers
which announced that it was two OF
three hundred thousand dollars anC
on which unreliable authority alone
many foolish deductions concerning
the payments OF dividends have beer
INDUCED in by certain parties anxiou.
!, to find any excuse upon which the,
could criticize the action OF the mar
r agement. We know that the polio.
E Of the company has always been, an,
' particularly during the time that a
Of the mines we're waiting to &c
4 the benefit of railroad trsnsportior
v to Systematically and as eXtensivel
Q as possible carry on the developmen
a work Of this mine so that its stock
s holders would know as fully as pc;
sible the rather than
]. misled by heavy shipments of or,
the result Of a stopping or gougin
process of development. Proof
e this evidence is the fact that Il
Montana has always kept employt
re its full complement of men and hi
Re never at any time ceased to carr
N on its development work to Il
utmost extent within its resources.
n There has been so much said co
I'd corning the management Of the Mo
re tana company that we desire at til
On time to express u views on Il
n subject for the benefit of our client
e. In our opinion the management
is the Montana company, and especia.
lie its president, are deserving OF t
w highest praise and thanks, not OF
Of the stockholders Of that compa
but of all those interested in a
manner in Tonopah. They have
all times pursued a conservati'
~ wise and %eminently successful poll
and the value Of the company stoC
- with the exception of one or two
'e' %cIines, has shown a steady and ma
ny tanned advance in marked contra
with many OF the other Tonop
e. stocks, and particularly Tonop
ey Common, whose fluctuations and Ri
7 " and declines, Notwithstanding the
ports as to the merits of the mi.
are well known. The indisputa
70 reason for this steady and maintain
NY advance in Montana stock is IL
there has never been the slight
W. attempt at manipulation Of this stc
q. by the management Of that compa
Every fact concerning the devel
'eo meut of the mine has been given
10y mediately to the stockholders {
ne the entire workings of the mine hi
always been cheerfully and courteo
ull- !. -. i an nronar norsons y