Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-02-05
MINING, BUSINESS AND STOCKS.
AMALGAMATED NEVADA
MILL SOON READY
Company Sends Full Statement OF Con-
dItion OF Concern and Plnns
Made for Future Work.

After several years OF litigation due
to mismanaSement which plunged the
company into debt. the Amalgamated
Nevada Mines company has at last
worked it's way free and within few
months will have its mill at Blackhorse.
New. working. Stockholders OF the
company arc receiving statement as
to the condition of the company and
what IL expects to do in the future
The present company was incorporat-
cd In 1908 and at that time the Amalga-
mated Nevada Mines & Power COM
pany, the owner of the property, was
offered a loan with which to pay off Its
Indebtedness The stock in the newer
company was offered to the stockhold
ers of the old company by which means
were secured for the loan. The obliga-
tlons were covered by mortgages gwen
by the Mines & Power company. The
statement says.
AT that time, the Amalgamated Nc
VIDA Mines G. Power company had la
bilitIes amounting to $lS2.000, which
were settled In full for $3.50
The Amalgamated Nevada Mines e.
Power company not being able to meet
the obligations of the notes to your
company. the mortgage or pledge was
foreclosed and the various assets of
every description were taken over by
your company.
while an underwriting agreement,
providing for the purchase of any part
of the 10000 shares of your company
for subscription. not takcn by the
stockholders of the Amalgamated Ne
vada Mines & Power company, was
made. 1t could not be carried out. ow-
ing to the death of one of the parties
to the agreement and only so per cent
OF the stock offered was subscribed for,
the actual amount of cash received for
subscriptions amounted to s1l7. .2So.90.
CONTRACT FOR MILL.
Your directors believing it the
best way to handle the property
economically and produce the best re-
suits. decided to have a mill erected.
making contract with the Taylor
Engineering company for the erection
of the same, your company to pay for
freight and cartage from the plant to
the mines and to furnish the founda-
tion and lumber necessary for the
building. the engineering company to
do all the work in connection with the
erection of tho building and the setting
up of the machinery.
The engineering company, however,
went into the hands of a receiver be-
fore the contract was finished and
was, therefore, unable to carry out
its agreement. The mill. itself, was
finished and payments to the amount
OF $40. .432 have been made on the same,
leaving a balance due the engineering
company for work done, of about
$4,000, and the mill Is now in Jersey
City awaiting shipment to the mines,
and will go forward at once
we will, however have to make
other arrangements for the building
and setting up of the mill and nego-
tlations are now being made with that
end In view. 1t is estimated that to
mill to the mines and to erect the
necessary buildings will cost In the
neighborhood of $4,000"
The company owns the San Pedro
mine in the Blackhorse district, Ne
vada- Considerable ore has already
been blocked out all OF 1T running
from s12 In gold up to several hundred
dollars. Supt. James H. Marriott de-
clares that the company has enough
orc on the dumps alone to keep the
mill operating for at least 80 days
LEvIDS ASSESSMENT.
To finish up the work and start tho
mill the company has Just levied an
assessment of cents a share PAYABLE
FED. lO. IL Is asserted that as soon
as the mill Is Installed and In working
order the property should be a steady
revenue Garner.
The holdings of the company consist
of the following: two-thirds interess In
12S township lots of the San Pedro
Townsite company. located at Black
horse, Nevada: $4,000 shares of the
Blackhorse Central Gold Mining com
pany out Of an Issue OF 600 900 shares.
which company owns 16 full claims in
the Blackhorsc district, LII ,242 shares
of the capital stock of the Mines De-
vclopment company out of an Issue of
100000 shares. which company owns
eight full quartz mining claims in
Blackhorse: 24o053 shares of the capital
stock of the Mabel Gold Mining COM
pany out OF an issue of 400 900 shares
which company owns four claims at
Blackhorse; 21 full claims In the Black
horse district; 1,6l1 acres of placer
ground at Osceola of which 9T1 acres
are patented, 16 miles OF ditch and
fumes on the west side of the Snake
range and is miles of ditch and nume
on the cast side of the range, water
rights in Baker and Lehman creeks
capable of generating between 5000 md
10000 horse power and an excellent
equipment Mt the San Pedro nine