The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1910-03-05

left TO get action on this valuable min.
ing territory, but it does seem that
there was almost criminal negligence in
the management of the properties by
which the company was allowed to get
so deeply in dept to the bank owned
by Wingfeld and Nixon, who controlled
the property. Take for instance the
Kendall company. An annual state
ment published so long ago as Decem-
her 81. 1907, showed the company to
have bills payable to the amount of
$35,335, owing to the Cook bank; a
statement published in The News, No.
vember 20, 1909, showed the amount to
he 3 5.494.16, while the statement sent
out by Secretary Howe, on February
|. showed the amount of the indebted
ness to be $44, 191.67, including inter.
est. although the company had not done
q stroke of work in the meantime. Now.
it was very good of Wingfield's bank
IN loan this money and take the com.
pany,s note, but why in the name of
heaven did not the company sell treas
ury stock when there was a market for
II instead of the largest holders Of the
company ~peddling out their personal
stoek9 Of the one million capitalize.
ton. it appears that only 10000 shares
were put into the treasury, the balance
going into the pockets OF the promoters,
which was mighty poor business to be
gin with. Not a great while after, the
Kendall stock was selling at 81 or
t%hereabout on the market. There was
lots of stock sold; it must have been
) personal stock, for there is lots of it
out and the records show that of the
100000 treasury shares, only $500
shares were sold, from which $500 was
realized. 1t is therefore patent, that
the mpan was allowed to pile up a
debt at the bank, while the promoters
fed the market with their individual
stock for their own benefit instead Of
treasury stock for the benefit of the
company, by which it could iquldate
IFS indebtedness and develop its prop
erty. But that is all a matter of the
past. now; but it should be observed
that the same management IN the past
) is TO be perpetuated in the future con
solidated company, as an amendment
to the bylaws, which is proposed In the
circular recently sent out by by MI.
Wingfeld's secretary, practical!
makes the present board of directors
perpetual, irrespective of the amount Oh
stock they hold, which is high finance
of the frenziest kind.
c. s. p, Philadelphia-We do not
know the reason for the slump IN
Montgomery Shoshone, unless 1T is the
rather Disappointing financial state
ment recently made for 1909 opera
tions. The report shows the proceeds
of bullion and concentrates to have
been SAG, 224; cost of mining and mill
ing, excluding depreciation and all otn
err Nevada expenses, all companies
$685. 55; interest, $14,5S9; adminiStra
ton expenses, all companies, $l9,loi
total, $359,520; profit for year, $S6,iOS'
A comparison of the Consolidated bal
ance sheet as of December 81, lsus'
with that of December l, 1908, shows
the following charges in the hnanciai
condition of the company during the
year. Profit earned during year, $780,
703; written out for depreciation, soL
772; decrease in net current assets, So-'
$50; decrease in capital liabilities, 900
AS against the above there was a de
crease in loans payable of $llO,ooo; an
increase in deferred assets, chiefly sup
plies on hand, of $10,435; extensions
principally, in reduction work, $500
due certain stockholders, $50. Inv
total current assets on December d
last, including bullion in transit aAs
in process, accounts recelvaple -
cash in banks or on hand, amounteu "
$56,937.
j. S., San Francisco-The Goldnem
Combination lies on the southeast v
and adjoins the Atlanta estate. ~
good prospective ground, but has new
been worked to any extent. Inc 0vI
pany p~rospected the ground
trenches, etc., and one or two iea''
did some work, but that is an
chance the property ever had OF De'o~
ing a producer. The general vicin.
Is good, but the veins that traverse 7"
Atlanta run lengthways and miss '
Combination. Still it may nave 'P'
from this vein or veins of its OWL
there are lodges on the property Vs."
seem to be mineralized. DR.. Liss