The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1908-09-12
FINANCING ITSELF

a ton. The second vein on this level
is 20 feet wide, and the values are de.
clared to average $25 a ton for the en-
tire width of the vein-making an nor.
nous low grade proposition, with a high
grade mine lying alongside. The Big
Four is a mine. So is the Murray lease,
also on the Rawhide Consolidated, in
which, at the 100 and 200-foot levels, a
vein between 70 and 80 feet wide, and
carrying milling values of good grade,
has been proved up. The Lillian lease
another of the Rawhide Consolidated
~bonanzas, is sacking high grade ore at
the 100-foot level. This ore uns into
the hundreds of dollars a ton, and is
found in an S-inch seam which is car
ried in a vein Of splendid'milling grade.
This lease is waiting the installation
Of two hosting plants before starting
production on a very heavy scale.
"On the Rawhide Queen Mines com.
pany estate, the Kearns No. 2, Kearns
No. /, Ogilvie- Reynolds and Nat c.
Goodwin leases are all working in ore,
the Kearns No. 1 being the holder of
the camps shipping record to this time,
it's profits from ore taken out in the
course of development work amounting
to 500, 900, while the Ogilvie- Reynolds is
in ore of commercial grade.
"These ore showings are the result OF
a few months of conscientious effort at
mine-making. They have never been
exceeded in any camp of the age of
Rawhide. j. G. Flynn, mine superin-
tendent of the Rawhide Coalition, de-
clares that with these leases doing no
more than maintaining their present
rate of production, Rawhide's output
for the month of September will amount
to $25O,00O, or at the rate of $~3,000,000
a year,, 6ihe-half of Tonopah's yearly
average after nearly nine years devel-
opment.
withdrawal of Stock-A little more
than a month ago, the leading Rawhide
operators took drastic measures to force
their stock UPON the public. Their con-
idence IN their properties was limitless,
but they were in dire need of money.
These operators were carrying many Of
the financial burdens of the ~leasers, who
either had to have assistance or they
would be compelled to close down their
work. In this dilemma, the operators
went to the front and said to the pub
lie: Make your w prices on our
stocks, but buy them and give us money
for carrying ON this great work. The
public made a splendid response to this
appeal. Buying orders came at a rate
which assured the operators success in
their purpose, and the operators made
no objection over the sacrifice they
were making.
cit was at the moment when the pub
lie response to this appeal heartened
the entire Rawhide district that the
wonderful ore discoveries were made. In
a trice, Rawhide was lifted from the at
titude of the beggar at the rich man s
gate, duplicating for help and support,
into the position Of a prince of the min
ing world, with treasure untold its own
by merely stretching forth its hand.
Overnight, leasers that had been sup
ported were made independent, and saw
a golden stream flowing to them. Oper-
ators who had been sacrificing their
stock for means with which to aid leas-
ers, saw leasers become elf-sustaining,
and saw company treasures begin to
swell with royalties. Rawhide in the
last month has found the means in her
mines to finance her biggest undertake
ings. Today the camp needs nobody's
assistance. 1t is independent, self-sus-
tanning, a profit-maker, sending out
daily shipments in such volume that
freighting facilities are taxed to the ut
most, and the branch railroad from Fal-
lon to Hazen, over which the ore is car
ried to the samplers, is badly congested
with Rawhide ore.
"In these circumstances, operators
who were sacrificing their stocks a
month ago are double locking their safe
deposit boxes. They know their bo-
nanzas, and not until stock prices make
a nearer approach to real mine values
will they let loose of another share of
their holdings. Leasers who were a lit
tie while ago crying for assistance are
following the example of the operators
and companies, nov that royalties are
flowing in, have withdrawn their treas
ury stock from the market.