The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-13
EAGLES NEST
CONTROL SOLD
PoSey and Associates Report
ed to Have Paid S250,0O0
for Majority of Stock.

Control of the great Eagles Nest
mine, in the Fairview district, has at
last passed. from the hand of the viz
tually defunct Sullivan Trust company
of Goldfeld, says the Fairview News
Colonel o. P. Posey of New York and
his associates, who are in control of the
Daisy at Goldfield, are the new con-
trolling owners of Eagles Nest, and it
is confidently expected that the change
in ownership will result in such an ag-
gressive development of Eagles Nest
ground as has been impossible since
the embarrassment of the Sullivan
concern, more than a year ago. The
new owners are men of large means
and of experienced mining ability.
They do not hesitate. to spend enor-
nous sums in the search for ore, as
their operations on the Daisy have at
tested, and their appearance as the
controlling owners of Eagles Nest is
everywhere hailed with delight
The deal by which the Sullivan Trust
company parted with its holdings in
the stock was made in Reno on We'd
nesday. the formal transfer being
made through the Washoe County
bank. 1t followed a visit made to T.
B. Hickey, president of the Sullivan
| concern, at his home in Carson City,
by number of San Francisco brokers,
including the representatives of the
! creditor brokers on the committee
which has been administering the Sui
Ivan concerns affairs for the past
twelve months. The brokers who
called on Mr.. Hickey and who are cred
tied with having Jared the Sullivan
company loose from its holdings of
$4,000 shares of Eagles Nest, were
Herman Zadig, William Noise, James
began, Kenneth Donnellan, A. F. Gus
lis and c. E. Hardin of San Francisco.
and James Pollock of Salt Lake City.
While it has not been so announced,
| it is believed that Mrs. Frances D.
Rice, wife of G. G. Rice, former vice
president of the Sullivan Trust COM
pany, turned her holdings over to the
| Posey syndicate. The Sullivan Trust
company, at the time of its embarrass-
ment, held $4,000 shares of Eagles
| Nest. AS the Eagles Nest is capital
lied at 100000 shares, this block did
not give the Sullivan concern control,
but by virtue of voting the largest
block of stock that could be voted at
any annual meeting, it has continued
to control the company even through
its embarrassment. Last fan G.. G..
Rice, through his newspaper. the Ne
I "
wife held 1885, 600 shares of the stock.
This holding. with that of the Sullivan
concern, would absolutely control
Eagles Nest
One-hah of Mrs. Rices stock, added
TO that Of the Sullivan Trust company.
would control Eagles Nest, and it is
figured out here that the new owners
probably procured about this amount
OF the Rice stock. This calculation is
based on the fact that it is announced
that S250,000 was paid for the control
by Colonel Posey and his associates.
At 80 cents a share. this would mean
that the POsey syndicate acquired
slightly more than 100000 shares, or an
absolute control. As it is known that
Colonel POsey last fall bid 40 cents a
share for the Sullivan holdings. it is
figured out now that the control was
secured by a Did of 80 cents for not
less than sol 900 shares, of which AZ. 900
were sold by the Sullivan concern, and
the remainder by Mrs. Rice.