The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-02-20
Brokers Pay Back Cash
For the RaWhide Orc
Stock Certificates
Promoters Assume Losses
Incurred--May be Re-
organization Later on

As announced as probable in the
News yesterday morning. the man
agement of the Rawhide Orc Mining
company and the brokerage firm of
Binford & Hulse, which had the
handling of the allotment of stock
which was made by the company for
Ely people. yesterday determined TO
refund to those who had made in
vestment in the stock of the company
such money as put in. In accordance
with this decision the following cir
cular letter was sent to the stock
holders during the day:
Dear Sir:--1 ne reports of our
Mr.. Huse and Mr.. Pheby upon the
property of the Rawhide Orc Mining
company are adverse, and after due
consideration il has been decided
that the showing does not justify the
expenditure of any capital in devel-
opment of the property; nor were
these gentlemen able to secure any
additional property that in their
Judgment they could recommend:
therefore. your money will be cheer
fully refunded to you at our Office
upon return of your certificates or
receipts for money paid in where
stock has not been delivered. Thank
ing you for your patronage and
trusting that you will not be discom-
NODDED and will appreciate our action
in endeavoring to protect the inter-
ests OF our customers, we remain,
.BINFORD Il HULSE."
During The day the bulk of the
money that was paid for stock In
the company was returned to the
stockholders. hat which still re-
mains on hand will be paid whenever
call is made for IL. The action ia
ken, as told in the News yesterday, is
based on disbelief in the Rawhide
district as II stands today. II there
is anything of value there IL Is yet
to be demonstrated. Ii is within the
range of possibilities that develop
ment may put an entirely different
look on the situation, and may war
rant plans for again giving the Raw
hide Orc to the public as an invest
ment opportunity. II is felt, how
ever, that this Is a rather dim posi-
bility. Also IL Is believed that
SIoulu tHtlt bt ottiot ~ wiz
have to be with a considerably larger
capitalization and with higher priced
shares than contemplated under the
present terms OF incorporation. This
for the reason that Mr.. Pheby and
Mr.. Hulse feel since investigating the
property carefully that 1t will not
make high grade producer. That
this Is true of the other properties in
the camp as well as of Rawhide Orc
is a conviction that has become pref
ty general within the last week. The
best that most OF those who come
from the camp now expect from II is
development of mines that may pos
sibly be worked If they can get mill
facilities on the ground.
The action of the Rawhide Orc
people and the prompt return which
was made of the money that had been
put In stock was occasion for a great
deal of highly favorable comment on
the streets yesterday. II was gem
orally considered that 1t took a good
deal of honest nerve to squarely step
out and admit that first impressions
were wrong and that such being the
case those who promoted the COM
pany and put their money up to ae-
quire its property did not intend that
the public should lose a dollar. Two
payments are understood to have
been made on the properties held by
the company. These are assumed by
the promoters. In the event later
development at Rawhide should indi-
cate desirability of operations there,
as stated above, there will probably
be reorganization and new sale of
Rawhide ORC stock.