The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-09-11

z. p. Hazardville, Conn.-Neither
Won PoIenz nor the stockholders in the
Original Rawhide Mining company have
any status in the Kearns No. l lease.
Mr.. King, president of the Queen com
many. on whose estate the lease is To-
Gated, is authority for the foregoing.
He states that the lease was permitted
10 revert to the Queen company by the
Won Polenz crowd, and hat the ma
etc., was sold by the sheriff
10 satisfy judgments. The assets were
purchased by W. b. Wedell of Ogden,
Utah. and Rawhide, who was immediate
Iy granted a new lease on the block.
He is now in possession, and is work
ing the leasehold by means Of sub
l~easers. We cannot see how any stock
holder of the old company mas any
chance to realize so much as GEN.
ON his Original Rawhide holdings. Hith-
eito we had been given to understand
that Wedell intended to protect Orig
NAL Rawhide shareholders, but Mr..
King says not.
L. @. J., Troy, N. Y, and others
The Rawhide Burro company owns at
the present time, two fractions, compris-
ing fourteen acres, both of which are
located well without the boundaries of
the recognized mineral area. If this
ground is to remain in the ownership OF
the company, the annual assessment
work will have to be done yet this
fall; but there is no one in Rawhide
that seems to be interested in the com
rany or represents it. AS a mining
proposition, the acreage has very apo
eryphal value. As our informant says:
''It looks as if the organizers of the
company had in mind the pay streak
in the East rather than in the ground
No work is being done on the property
nor has any been performed in many
months. Only a very nominal amount
of development work has ever been
done thereon.
J. M. N, W~ilkesbarre, Pa. and others.
There has been some little stir in the
old Sullivan Trust Company's affairs
recently, which indicates that there has
not been a complete abandonment of
stockholders. 1t looked for a long time
that the wreck was a direlict with
no one to care for the salvage. Only
a week or SO ago., The News printed
a story to the effect that the proper
ties promoted by the Sullivan Trust
company at Manhattan had been jump
ed, and it was assumed that they were
open to relocation. The facts seem
tc he that the claims had not been
regularly located in the first instance
and for fear they might be jumped by
hostile parties, one Peterson, who has
a long time lease on them, relocated the
claims with the intention of deciding
them back to the several companies
which claimed them. 1t would seem,
therefore, that instead Of losing their
claims, stockholders will have a better
title than ever. During the past week
some of the directors Of the old Sui
Ivan Trust company (~reorganized) met
and filed vacancies in the directory.
1t is assumed that their purpose is to
scheme out some plan whereby their
various companies can be put in shape
to do business. 1t will be recalled that
the Sullivan Trust company failed for
a million dollars. 1t owed the State
Bank and Trust company $40O, 000, vari-
ous brokers 1865 900, and owed the sew
eral companies they were promoting
$4,000, besides other sums bringing
up the total to about a million. The
company put up about a million shares
of stock to the State Bank and Trust
company as security. Afterward the
Sullivan Trust company put up two
million more shares, which with the
banks million were put into a selling
pool. The proceeds of this selling pool
were to be divided as follows: Forty
per cent. to the bank, 40 per cent. to
creditor brokers, and 20 per cent. to the
Sullivan Trust company. The idea of
the pool was to protect the market
against a flood of stock, which would
ruin prices. 1t was intended to feed
out the stock to the market in alopath-
ic doses so that the market would alb
sorb the stock at fair prices. But the
market refused to absorb. In fact the
public staid out and prices went to
nothing. Then it was that Hickey, pres
ident of the defunct bank and also pres
ident of the Trust company under a
previous reorganization, leased all Of
the Manhattan properties to one Peter
son for the period of five years. This
was the last blow, for it took the
properties beyond the company control.
Many stockholders were angered at this
and it was threatened and in fact il
still threatened to bring suit to can-
eel the lease and recover the property.
1t is believed on some hands, that
Hickey became a silent partner in the
lease, and IN this ground it