The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1910-03-19

and encouraging news about any min.
ing property, and while we publish this
news. bear in mind we are not always
commencing the company owning the
ground. Financiering and mining are
two separate and distinct operations.
A company with good ground may be
ruined by poor or dishonest manage
ment. and when we speak favorably of
developments on any particular ground
we are not necessarily approving the
company, RS methods, or recommending
its stock. Keep that in mind. The
company of which you ask has good
ground, which at one time produced one
of the richest prize packages in Gold
field. The ground was worked by leas-
ers. After the ground was worked on
company account, the rich pocket had
been exhausted, the company got in
debt, and the grouno was leased again
In several blocks. The leasers gathered
around and several! or them took out
some ore. About this time, there was
| danger that the company would lose its
ground through foreclosure on account
i, of the debt, and it was then that a
| scheme was worked out to finance the
company by issuing assessable stock.
It was while this scheme was in process
that a splendid strike was made and
through other workings on the prop
erty the vein system established. 1t
now looks as if the company will pull
through and the property in time be
put upon a paying basis.
c. H. c., oakland-The facts are as
you feared; the company lost its lease
by disseminating WORK through lack of
funds.
w. s., Milwaukee, Wis.-The com.
pany is supposed to have good prop
erty, and has done a large amount of
development work with the result of
u%ncovering some ore. But it has az
ways been hard to get at the exact
status of conditions, and we have no
l-1z1l~o 90 fha Gponoia1 affairs nf
the company. The general manager of
the company has been in the east for
a few weeks, presumably in the inter
ests of his various companies.
K, New York-If the ground has
been patented we never heard of it.
J. M. P, Chicago-The Nevada
Southern has just issued a statement
showing that there has been sold from
the treasury of the company 21O,750
shares of the stock of the company
realizing therefrom net to the com
pany, the sum of $15,934.50. Portions
of this stock were sold at five, ten and
twenty-five cents, the greater amount
being at 10 cents per share. The
amount of stock remaining in the treas
ury of the company is 2S9,250 shares,
which is subject to sale by the board
of directors for development. OF the
amount realized from the sale of stock,
SIS 5000 was, in addition to stock, paid
in cash for the acquisition of the prop
erty. This left for development, the
sum of $~10,934.50. To date, there has
been expended on the property, the
sum of $12,613.85, leaving an apparent
Indebtedness of $1,679.35. This indebt-
edness is held by officers of the COM
pany. The Contact Vein by develop
ment so far done has exposed only low
grade ore. The tunnel up to the pres
ent point after reaching the vein mas
been in the vein matter entirely am
should be pushed on to the granite con-
tract wall where there is a strong prop
ability that the values would increase
to a point at least where it would De
safe to treat the ore as of milling
value. The cr~oss-vein has been ue'
veloped by a winze in the tunnel, apou'
100 feet from the portal at a point
about 80 feet below the surface OF te
ground, and sunk to a depth OF apou'
rs feet below the tunnel level. AT thi'
point the richest ore on the property
was discovered. There is a continuous
ore shoot from the point exposed IN 'nO
tunnel, to the bottom of this WINE anu
values increased rapidly as the stun
ing progressed. A large sample, weisn
ing over 300 pounds was on exnipi'V,
at the Mining Congress recently n'"
l. G.lleall Ar.-ala- I'D tha NllQe ~