Los Angeles herald., 1909-10-25
MINING MEN OF INTERNATIONAL
FAME ARE SAID TO SEEK FOUR
MINES OF GOLD ROADS DISTRICT
Plans Are Formed for Consolidation of Proved Mines,
with Central Reduction Works and Railroad
Through Snowfall Vaey-A Ches-
ter Beatty Is Financial Power, =
Hammond Associated

NLESS q COmDlnallOn OF ClTCuIl-
stances should prevent the con-
~ summation of plans now formed,
there is every indication that several
of the big mines of the Gold Roads
section of the San Francisco district,
twenty-six miles from Kingman, Ari-
IONA, will form the nucleus of a con-
solidation within the next few weeks,
with A. Chester Beatty of New York
and John H. Hobbs of Denver at the
head, and John Hays Hammond intl-
mately Identified with the manage
ment. The plans contemplate the pur-
chase of the MohaVe and Midtown
railroad, which was built four years
ago and runs from the Colorado river
to Vivian, in the San Francisco dis
trict and the installation of MAN.
moth central plant for the reduction
of ores.
The mines which are under consid-
Grafton as desirable for the enter
, prise are the Gold Roads, Tom Reed,
Pioneer Consolidated and the German
American. Both the Gold Roads and
Tom Reed are equipped with modern
mills; both have large assets in the
form of ore blocked out and available
for stopping, of a known value, and
each is a proved mine. The Pioneer
Consolidated has been developed to a
depth of 200 feet and the ore reserves
are valued at more than 100000, and
the German American, which is on
the same ore system and adjoins the
Pioneer is considered one of the best
properties, prospectively, in the district.
Name Price on Gold Roads
The control of the Gold Roads mine,
which is the pioneer of the district and
opened to the greatest depth, is vested
in o. P. Posey, William Bayly and
Count Won Schmidt of Los Angeles and
Clarence Mccormick of New York The
balance of the issued stock of the COM
pany, which is capitalized at $1,500,00O
with 100000 shares in the treasury, is
owned by Swiss and French capitalists.
1t is stated that Mr.. Hobbs, before
his departure for New York ten days
ago, asked for and was given price
at which 81 per cent of the stock could
be had and it is believed that So per
share was the amount named. As the
mine has ore to the gross value of
S5,O00,0O0 developed, this would seem
to be fair price.
Pool Stock in Tom Reed
The status of the syndicate as re-
CARDS the Tom Reed Is not so clear,
and some of the principal officials of
that company assert positively that
there will be no change in the man
agement for long time to come. Mr..
Hobbs and Mr.. Hammond recently ac-
uuired an interest in the company rep
resented by $4,000 shares of the cap
ital stock, which was paid them in liq-
uidation of the claims of the Blue
Ridge Mining company, corporation
which formerly owned the property. on
october 6 Mr. Hammond and Mr..
Hobbs met with the directors OF the
company at Pasadena and signed an
agreement which runs simultaneously
with an agreement among several OF
the large stockholders, pooling their
stock for a period of three years from
May IA, 1909, or until the pool may be
discontinued. During that time the
voting power of the Hobbs Hammond
stock is vested in H. l. Stuart, pres1-
dent of the Union National bank of
Pasadena. Including the Hobbs-Ham-
mond stock, there are $4,000 shares or
the 10000 shares issued, in this pool,
a safe control. AS this pool can only
be broken by mutual agreement of the
participants thereto, it seems probable
that the Tom Reed, If it becomes
part of the consolidation, will do so
only after a controlling interest In the
pooled interests has been acquired, or
with the consent of the directors of
that company.
Half Million in Pioneer
The Pioneer Consolidated, which
consists of five patented mines, is own
ed by Carl f. Schader and associates
of Los Angeles, who also have bond
on the German American group of
fourteen patented mines, all on the
same ore channel, and the Mohave and
Midtown railroad. The big ledge on
which these mines are located is from
100 to 100 feet in width and can be
traced by the out-crop for mile and
a half. 1t is said to be the best de-
fined true assure in the district, and is
crossed by innumerable cross-fissures.
near the intersection of which with the
main vein large shoots Of high class
ore have been developed in the Pho
neer.
The Pioneer has been developed to
a depth of 200 feet and it is claimed
that the values at that depth are bet
ter than in the Gold Roads at the same
depth. The ore makes in the green
chloride andesite, which is pronounced
by F. G. Schrader of the United States
geological survey as being the ore
bearing rock of the district, although
the Carter NINE two miles to the south
and east and the Gold Roads have