The Republican. [volume] (Oakland, Md.) 1877-current, 1907-07-04

until the summer of 1900 he heard
of the wonderful Mizpah veins of
ore at what is now Tonopah. He
walked out from Sodaville, SIS
miles, and found the claims in
possession of an old desert rat, "
James L. Butler, who, to use
Turner'S words, knew what he
had but didn't know how to con-
vert them into cash. "
A number of leasers were at
work taking out a 5000 ore and
Turner, representing himself as a
capitalist agreed to buy the claims,
covering 100 acres, for 1886, ooo,-
S5o,ooo cash and the balances in
two payments, in one and two
years. He made the cash payment
in draft on John w. Woodside,
of Philadelphia, walked back to
Sodaville, and not having any
money sent a telegram collect to
Woodside telling him what he
had done and asking him to sent
two engineers to report before the
draft reached him. This Wood
side did and brought to the East
the ownship of probably the great
est mine on the continent. Out OF
this $4,000 has grown the great
"Tonopah Mining Camp OF Neva-
da" as the royalty from the leases
met the remaining payments.
The history of this company
reads like a fairy tale. 1t was in
corporated in 1900 with $4,000
shares of preferred stock and 1,
900, 900 shares ofcommon par value
81. The preferred stock was sold
for 81 per share and a bonus OF
two shares of common given with
each share Of preferred stock. In
side Of TWO years the preferred
stock was redeemed in cash at par
leaving the original purchasers in
possession of the common stock
and costing them absolutely
nothing. Today that stock is
worth SIS per share and the mar =
kets of New York, Philadelphia
and San Francisco are taking every
share offered at that price. Lets
see what it is really worth.
have been out over the property
today under the guidance Of one
of the best engineers in the west
We traced the veins where they
outcrop an the surface for hundreds
of feet, some places five feet in
width-gouged here and there by
leasers but hardly touched COM
paratively and shown to holes in
the ground out of which from a
quarter of million up two as high
as million and half in one in
stance was taken-holes so small
that what was taken out was but
"a drop in the bucket" as compar-
ed with what is left.
This mine has eight miles of
underground workings, it has pro-
duced $4,000, 900 to date and has
paid So, 65o,o in dividends and
beginning July Ist, will go on a
basis of So, 900, 900 dividends per
year. 1t is just getting its own
mills in operation and is crushing
IS 900 tons of ore per month. 1t
built and owns the railroad from
Sodaville to Tonopah and Gold
field, ninety miles, which paid for
itself in the first eight months OF
its operation and which showed
net profits last year of over S34o,-
900. Its last annual statement
showed surplus Of cash in bank
Of over $1,000, 900.
Two years ago John Hays Ham.
mond, the greatest mining engin.
eer in the world, now employed
by the Guggenheims, but who has
operated in every mining camp on
earth from Klondyke to the Ram
and who was the confidential ad-
wiser OF Cecil Rhodes in South
Africa until his death, said after an
extended examination of the mines
here that in four of them there was
500, 900, 900 worth of ore actually
blocked out ready for extraction.
Since that time the Tonopah
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