The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1910-01-22

Mr.. A. G.. Eisen apparently permit
ted his gentlemanly Instincts to nave
full sway at the conference held IN
| Rhyolite between the managerial foree
of the Mayhower Mining company ana
the committee of local stockhoiders'
saws the Rhyolite Herald. The result
is that harmony prevails, at least Tor
The present. and the whole matter VIII
be submitted to the stockholders at a
special meeting to be held February D.
The proposed leasing company Is
held in allegiance by Mr.. Essen. His
position as president and director, and
the question of the retention OF his
! hoard of directors. will be left to the
decision of the stockholders. As VIII
also the future management OF the
property and the manner of llquidat'
ing the Indebtedness.
Mr.. Eisen has done well in concen-
trating the indebtedness so that the
only creditor the company has to treat
with is himself. And in this instance
he promises - not insist on immediate
payment if he is assured of it ul-
timately.
A full investigation of accounts Will
be made and every facility afforded
| for an exhaustive report to be pre-
scented to the stockholders. An error
of $4,000 in favor of the company IS
admitted.
At this time everything seems to
promise an amicable readjustment of
Mayfower affairs.
Mr.. Eisen, accompanied by c. l.. Ly-
man of Goldfeld, as his attorney, }. 5.
Henderson, secretary, and Jerry
Rourke, superintendent, met the stock
holders committee represented by A.
B. Gibson, and Senator Clay Tallnan,
attorney for the stockholders commit
tee, and several other stockholders
Friday. The result of this confer
ence follows in the statement and call
for stockholders meeting jointly
made by both interests.
A Joint Statement.
At the meeting, a statement to May
flower stockholders, drawn up by Mr..
Essen and a committee representing the
minority stockholders, was prepared,
and is in part as follows:
1t has been stated in reports from
the company's office that the indebt-
edness of the company is approximate
" sixty thousand dollars. An error to
the extent of about ten thousand dol
lars was made by reason of the fail
ure to charge against Mr.. Eisen an
item of approximately that amount for
the purchase of treasury stock, rather
than as a loan, leaving an actual in
debtedness of approximately fifty thou
sand dollars. The report of the mine
manager indicates that there is insult
fieient ore in sight to guarantee a suf
icient supply to keep the present mill.
ing plant of Is stamps in continuous
bItl dtIOH IOI any tOholhSl VIM
that is in other words, the develop
ment in the mine is far behind the
consumption of the mill, wherefore if
this report is correct, a considerable
sum of money is needed at once to
place the mine in a producing condi-
ton.
On the other hand, the mine man
ayers report indicates, and it is the
belief of nearly every person having
any definite knowledge of the situation,
that the mine itself, on further devel-
opment, has. excellent prospects and
large possibilities for maintaining it.
self, and ultimately paying off its debts
and becoming a dividend producer.
In order to pay the debts of the
company and raise sufficient funds for
development operations. Mr.. Eisen
presented to the stockholders a propo-
sition to lease the entire holdings of
the company to a leasing company
to be Incorporated under the laws of
Nevada for 100000 assessable shares,
this lease to be for the term of twenty
years at a 5 per cent royalty on the
net proceeds arising from the opera
lions of the leasing company. 1t is