The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-03-27

s,om the Nevada Goldfeld Mining
.omnanv. regarding the present eondi
tim: ..The Nevada GOldheld Mining
company is in good condition, tha'
70 saw. the properties are all patented
excepting the Peerless claim NO. d lor
three acres. Those patented are the
Fearless. Peerless No. / and Peerless
M. ? claims of sixty acres in the Gold
field mining district and the SILVER
pick and Silver Pick No. 2 claims
amounting to 40 acres in the Silver
Peak district of Nevada-total patent
ed area. 100 acres. There is close 10
100000 shares of stock in the treasury
but very little cash owing to the heavy
expenses for development and patent
ing the properties. On the Silver pleh
claims. where the company did most Oh
the development work, ore was sacked
from on incline shaft which was sunk
ON the vein and this ore was carefully
tested and ran a little over $50 per TON
with low quotations on silver and lead.
In this shaft the formation fauited,
throwing the ore down to a narrow
streak. but when work ceased Mr..
Brown, who was then superintendent,
stated it had every appearance OF wild
ening and the last assay taken showed
more silver per ton than above. In the
Peerless group in the Goldfield district
the development consists of a shaft
about 60 feet deep and two crosscuts
at the 50-foot depth about 30 feet each.
There is an open trench and two or
three discovery shafts but no ore OF i'm
portance has we been opened. We are
heavily interested in the company rs
officers and directors and expect to use
our utmost efforts to dispose of the
balance of the treasury stock, but as
is well known in mining circles, condi-
tions have been adverse for doing this
since the panic of October, 1907. We
are now working out a plan to raise
additional funds for the development of
the properties"
N. M. c., Harrisburg, Pa.-The sell
ing committee appointed by Judge Ian
gan to handle the Sullivan Trust COM
pany stocks, according to the tripartite
agreement, was Edward j. LeBriton,
Herman Zadig, Frank L. Wildes, +. A.
Seymour and Charles E. Hudson. 7. b.
Hickey was on the committee at one
time, but resigned. The stock in the
hands of the State Bank and Trust conf
pany, placed there by the Sullivan
Trust company as collateral. The
banks stock, which represents a major
ity in each of the companies, was turn
ed over to the Farmers and Merchants
Bank at Reno, as trustees, by order of
the court. This orGe: was made jan
uary / or thereabout. The selling COM
mittee was to sell the stock in the way
best calculated to get returns, with tbs
view also of protecting The market and
other stockholders. The proceeds of
the sale of stock, according to former
agreement, were to be divided as fol-
lows: One-third to the State Bank and
Trust company, one-third to the biok-
ers who were caught in the Sullivl Ii:
collapse, and the remaining one-thlrd to
90 to the Sullivan Trust company.
A. B. c., Galesburg, Indifferent
states have their own laws, but in one
of the late U. s. reports, wiser ct al.
VS.. Lawler ct all we find a discussion
of the duties and liabilities of mine pro-
moters. The court holds that in the
preparation of prospectuses and the
giving out of statements the promoters
care bound to consider the effect that
would be produced upon an ordinary
mind by the statements made; and in
estimating the probability of persons
being mislead by them, the court may
take into consideration not only the
facts stated, but the facts suppressed. 3"
The case went up ON appeal from the
supreme court of the territory of Ari-
IONA, and in this dictum, the federal
court lays the mine promoter under
further bonds to absolute truthfulness.
After all, the mining industry is suffi-
GENTLY alluring to succeed without the
cheap hazard of fraudulent misrepre-
%sentation, by either publishing lies or
suppressing the truth. He is a bungler
and al incompetent who must resort to
falsehood, and in the majority Of cases,
his proposition is without merit.
O. M. c., Philadelphia.-The work at
the Buckeye-Tonopah continues regu-
larly with a progress of about two feet
a day. The formation made a little
change last week that looks more favor
able and an assay showed a preponder-
ance of gold over silver. Since the Bel
mont has begun sinking to the 1900
level great interest in the eastern por-
ton of the Tonopah district has been
aroused. 1t is an accepted theory
among mining men that whatever may
be found at such depth, under the da-
cite intrusion, will be of certain contin-
uity for a great distance either way and