The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1906-05-26

president, we received the letter APP
pended herewith which seems to fairly
set forth the information desired. We
are informed from other sources that
Mr.. Degge stands well in his commun-
ity and is looked upon as an honorable
gentleman and a good business man.
The letter in part is as follows:
Allow me to call your attention to the
fact that the wellington association is
not a mining company developing any
particular property which when said
property has opened up ore sufficient TO
enable that company to pay dividends,
naturally becomes seIf-sustaining and
has no occasion for selling it's stock.
The Wellington association was or
ganized for the purpose OF buying and
selling real estate. farms. mines. bonds.
stocks or anything else on which it
could make good profits. In order to
purchase good properties which it could
sell and make profits, it was necessary
to have the cash in bank and thus be
prepared to take advantage of good OPP
portunities offered. This was done by
selling stock of the Wellington associa-
ton and using the money obtained from
the sale of such stock to purchase prop
dho thCh CIA ct q PtChI-
Having made reasonable profits on a
number such investments at the end of
the year, it paid out In dividends a pro-
portion of the profits made. Not having
raised all the capital which it desired
to handle the various opportunities pre-
scented to it before beginning business,
it continued to sell stock until such time
as it should have raised sufficient money
81 o~Il ..xr ,Ao1 -.~-1rt;ac, x-hsa1 a.
had in view. In the meantime, those
who had invested in the Wellington as
ISOLATION stock with a view of getting
a fair proportion of the profits made
within a reasonable time after they were
made, were entitled to a division of
these profits and we paid them as per
our statements.
The Wellington association has never
guaranteed any dividends, and only
pays them as earned. The statement
to which you called attention hat the
wellington association does not spend
one dollar of the money invested with
it in developing mines, oil and other
propositions" is probably too broad. The
association purchases the prospect and
spends sufficient to demonstrate that
the prospect has sufficient merit to
justify development and then organizes
a company to develop the property. In
regard to our holdings in the Goldfield
district. they consist of the splendid
property known as the Wellington Gold
field property, and which is very clearly
explained in our literature. is about rs
miles from the town of Goldfeld.
In TIL Manhattan district we have
twelve prospects at Midway on a direct
line between Tonopah and Manhattan,
which prospects were bought direct
from the locators. Not only the neces-
sary assessment work has been done to
hold these properties, but we have had
them surveyed by a competent engineer,
Mr.. Augustus Cox, and we have de-
posted in the State Bank & Trust COM
pany of Tonopah 50. 500 for the develop
ment of same. Contracts have already
been given out for this development and
work is now progressing in a satisfac-
tory manner
We have made splendid profits in our
real estate department and we are get
ting good results from our Boulder oil
refinery and our producing wells in
Boulder county.
G. s. R., Philadelphia.-The Goldtield
Comstock Mining company owns nine
lode claims at Tule canon, and millsite
and water right and 800 acres of placer,
all in a group. Some 5000 cubic feet of
work has been done; a tunnel driven in
$50 feet; at the 175-foot point a vein
Z feet wide was cut averaging 800 per
ton in silver and gold, silver predominant
ing. Four men are working in tunnel
and upon the Ajax. On the latter
claim a shaft is being sunk on an S-foot
ledge that showed at surface $40 gold
and SIS in silver. Mr.. Newman, treas
urer of the company is now in camp ar
ranging for further development work.
A large force of men will be put to
work this coming week. The property
is IL miles from Palmetto, the nearest
point on the new Bullfrog & Goldfeld
railroad. When the road reaches Pal
metto, Mr.. Newman states that shipping
will be commenced, or a mill built. The
treasury has bills receivable and cash
amounting to 81, 700, with $4,000 shares
of treasury stock.
J. e. s., ACKNOWLEDGEMENTS
mont Development company's financial
statement shows that the year was com
menced with a balance of s7,777. The
total receipts from all sources for the
year were $3.50. 9O1, while the disburse-
ments, including large sums for inn
provement and equipment, were s222.-
357, leaving a balance on hand of $685.
544. This balance is exclusive of about
$40, 900 worth of ore in transit. and I'M
settled for when the report was made.
The mpan shipped $3.50 tons of ore
during the year, having a net value to
the ompany of $35.07 per ton. The i'm
provements made during the year in
clude the installation of a 1o0-h.p. cleo
trio hoist. and the opening of the prop
erty to the S00-foot level.
G.. e. L, Newburyport.-The Sand
stom Extension Mining company was in
corporated under the laws of South Da-
kota, with a capitalization of 1,000,0 900
shares. of a par value of 81, non-assess-
able. Treasury stock originally was
$50, 900 shares. The property of the
| company consists of the Tiger Lilly,
Wedge and Thomas Thumb claims in
the Goldfeld district. a total of thirty