The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1908-11-21

1 ne LNtNN aPHtoaNf
from L. l.. Patrick replying to many OF
your questions regarding the Patrick,
Elliott 4 Camp fotations. Additional
data has been received from Mr.. Pat
rick as follows, addressed directly TO
shareholders: '.Messrs. Sol Camp, Z.
II. Elliott and myself, under the firm
name of Patrick, Elliott 4 Camp,
financed the North Star Mining com
pany of Wonder, the Manhattan Com
bination Mining company and the Man
haitian Buffalo Mining company, by sell
ing the treasury stock thereof.
Upon the death of c. II. Elliott, ms
interest was purchased by M. r.. O'far-
rell, at that time manager of the Once
OF Patrick, Elliott 4 Camp, Inc. Later,
about two years since, Mr.. O'Farreii
purchased the interest of Mr.. Camp and
myself, thus becoming the sole owner OF
practically all of the stock of Patrick,
Elliott 4 Camp, Inc. The firm name,
being incorporated, was still used by
Mr.. O'Farrell in conducting his bust
ness; Notwithstanding, no interest what
ever was thereafter held By any of the
original parties named. Thereafter the
management and conduct of the various
companies previously financed by Pat
rick. Elliott & Camp, Inc, was dictated
by Mr.. O'Farrell.
"At the time of the retirement of
Mr.. Camp and myself, all of these diff
ferent companies were in good financial
condition with money in the bank, de
velopment progressing and capable of
meeting all obligations. Thereafter,
however, Patrick, Elliott & Camp, Inc,
and likewise the companies financed by
it, including the above mentioned of
which you are stockholders, fell into
disrepute and incurred the u~nfavorable
criticism of those interested.
"For the reason that my name, pure
ly through the fact of it being incor-
porated with that of the above men
toned concern was still identified there
with, /, Notwithstanding press of other
matters, consented to take charge of the
affairs of the above mentioned com
panies and use my best efforts to re-
habilitate them. This action was at
Mr.. O'Farrell's request, at which time
he promised to cooperate with me, but,
| regret to say, his promise has not been
kept, and. on the contrary, he has him
dered my efforts in every manner pos
sible.
"After a long delay, l succeeded in
securing possession of the stock books
of the various companies. An examina-
ness of these books, all of which, in
fact, were in such condition as to make
a correct check of stock issued, etc.
impossible. All of the companies were
found to be in debt with no available
funds. Their properties, even then,
were liable to sale under. execution.
Quick action was necessary to save the
interests of all concerned; hence imme-
diately these conditions were disclosed
advanced the amount necessary to pay
the annual assessment work on all the
properties mentioned, thus conserving
pro tem. the interests of all stock
holders.
"After legal consultation. it was
deemed best to permit creditors of the
companies to take Judgment in their
claims and Sc. the properties under ex-
c%cution, and | to buy in these properties
fit of all stockholders and then reorgan-
ize the companies to take over the re-
spective properties.
This l did. The new companies
have been recognized with the same
capitalization and the same name as of
old, exceptin the word "Re-Organ-
led has been placed before each
name.
"To cover expense of reorganization,
pay debts and provide a fund for the
resumption of operations, it has been
decided to issue stock in such new com
panies TO all old stockholders in an
amount equal to their present holdings,
upon payment of one-half cent per
share.
''The Registration Trust company, of
Goldfeld, Nevada, a most reputable
concern of high standing, with branches
in a number of cities, has assumed the
custody of the books of the "Re-Or-
ganized' companies, and will issue and
register the stock of the various com
panies. Thus, positive assurance is
given every stakeholder that the books
of the new companies will be carefully,
honestly and correctly kept; that their
stock is regular and will be accepted
for transfer anywhere.
"On my own initiative and at my
personal expense, | have re-investigated
the properties of these various com
panies and do not hesitate to pronounce
them most worthy of every effort to
place them on a substantial basis
through proper development.
'The most favorable indication of a
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