Los Angeles herald., 1907-09-16
DIVIDENDS
DECLARED
NEVADA HILLS MINING COMPANY
PAYS THIS WEEK
MOHAWK JUMBO WILL BE THE
BANNER LEASE
The Frances-Mohawk viii Have Dis
tributed to Shareholders In
Few Days More Than
s5oo,ooo

GOLDFIELD, New, Sept. 15.-The re
port reached here today from Salt Lake
that the directors OF the Nevada Hills
Mining company had declared the thirt
dividend Of 10 cents per share, amounting
to $4,000. at the meeting held yesterday
payable September 20, and decided tc
build a railroad from Fallon to Fairview
the terminus of the Southern Pacific, un-
less that road will agree to build the
forty-two miles and to start work at once
w. 70 Rice, president of the company;
John T. Hodgson, John A. Kirby and w
H. Clark were appointed committee to
build the road, with full power to act,
and they will decide whether steam or
electricity will be used as motive power.
The treasurer's report showed that the
company, after paying the usual quarter
ly dividend, will have enough money on
hand to build and equip the road. With
a production of sixty tons day. the
wagon transportation would amount to
s345.000 for single year, which is as
much as the railroad will cost. Besides
the tonnage from it's own mine the road
would be assured of all the freight and a
considerable tonnage from other mines.
All present signs point to the fact that
the Mohawk-Jumbo lease on the Jumbo
Extension ground will be the banner
lease of the district, before the date of
it's expiration rolls around. At the pres
ent time, from the point of tonnage,
value OF the ore and amount of develop
ment work accomplished the lease is far
and away in the lead of all competitors.
The average output of the mine is 1S0
tons a day, with an average value per
ton of 500. The 800 level has been reached
and the same ore body which has fur
nished the dividend material at the upper
levels has been uncovered there.
Shipments by Mohawk Jumbo
Eight shipments from the lease in the
last two weeks netted the company slS,-
651; nine shipments amounted to $4,000;
seven went to $13.9S1; eight more s19.SO6,
and the last five $14,704. making the total
s96,642 When the value of the ore and
the amount is taken into consideration it
is easy TO understand how the leasing
company has been able to announce the
payment of second dividend on the out
standing stock. 1nis time the amount
which will be handed over to the FORUM
ate shareholders will be $4,000. AS the
company has until the first day of next
February to take out ore. before the
ground reverts to the Jumbo Extension
company, 1t will not be strange if the div
idends which will be added to those al
ready declared will amount to consider
ably more than the par value of the
stock--S1 per share.
Forty thousand dollars cold cash has
been paid for an eighth interest in the
Mohawk-Jumbo lease. 1t is a big price
to pay for "a share in a lease that has
only five months to run, but as George
Holleran, the manager of the company
was the purchaser and knows the phys
ical condition of the mine letter than
any one else, he must know what he was
doing. He refused to give the names of
the parties from whom he purchased, as
that was part of the agreement
The Frances Mohawk Mining company
is making record as a dividend payer
The sixth dividend of 10 cents share
has been declared, payable on October l,
and the books of the company will close
September 25.
More Dividends
This is the fourth regular quarterly divi-
dend, the first two being monthly ones
When this dividend is paid total of
$780, 450 will have been distributed to the
shareholders and all of this has been
accomplished within a year. The first
dividend was at the rate of cents, SO
there has been distributed to date So per
cent of the capital stock of the company
The company is capitalized at $1,000 600,
but only 10000 shares have been issued,
SO that the quarterly disbursement will
call for SOL 900. There is sufficient money
in the treasury to maintain the present
rate of dividends for many other quarters,
even If no more ore is shipped from the
company's ground.
The Frances Mohawk Is one of the D.
Mackenzie & Co. promotions and the first
ore was opened up by the corporation on
lease on the Mohawk, and in less than
six months last year close to $1,000, 900
gross was taken out While this was go
ing on miners were kept busy on the
group to the south and east of the Mo-
hawk, where a shaft was put down to a
depth of 800 feet and work diligently
prosecuted on the big dikes that have
been cut by the shaft and crosscut in the
drifts. Any day a rich shoot may be en-
tered. Assays have been secured that
have run away in the hundreds.
Recently the company purchased what
is known as the Curtis lease on the
Wedge. In few days ore was entered
but the ehoot dipped into the Mohawk
Jumbo ground, and now the work of
sinking the shaft another hundred feet
is going on by contract. 1t is known by
actual survey that the vein and ore shoot
will be found when the crosscut is run
from depth of 465 feet, and that the
shoot will run clear across the block of
ground. It is also expected that the
famous Mohawk ledge and ore shoot will
be found The mine is equipped with a
splendid plant of machinery and when
shipments are started they will be heavy
and continuous.