White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1910-12-04

BEING PLANNED
LOCAL STOCKHOLDERS OF ELY
CENTRAL. COPPER COMPANY
DEyISING MEANS TO PAY OFF
IT'S INDEBTEDNESS.

AT last plan has been formulated
for the reorganization of the Ely Cen
tral Copper company with a view
of seeing the property once more
under way of development. The
plan does away with the pro-
posed assessment for the pres
ent, with the possibility of there new
er being an assessment on the stock
1t is proposed to reduce the capital
ization of the company to 1,200, 900
shares, placing 100000 shares in the
treasury, and exchanging the hold
ings of the stockholders at the rate
of one share for two. To raise i'm
mediate money for the paying off of
the liabilities and retiring the out
standing bonds 1t is proposed TO sell
the right-of-way through the Juniper
Canyon to the Nevada Consolidated
Interested with the local stock
holders in reorganizing is the firm of
Charles A Stoneham of New York,
which has expressed a willingness to
cooperate with the local interests. A
number of the local people have ex-
pressed a desire TO see the control of
the stock in the hands of Stoneham,
but the latter Is not only not looking
for control. but has declined to ac-
cept 1t. Since the smash came 10 Ely
Central. this firm has been advising,
in its market letter and weekly publi-
cation, all the stockholders through
out the country to cooperate with
the Ely stockholders; and send their
proxies TO DIR. w. S. Holmquist. chair
man of the local committee on reor-
ganization.
As a result, the chairman has re-
ceiyed In the neighborhood of 200,-
600 shares with which he is en-
powered to do as the local stock
holders choose in the way of getting
the company on its feet. In addition
TO these DR.. Holmquist has received
proxies from the local people amount
ing to $4,000 shares. On Friday
night. he sent out the following to
the stockholders at home and abroad:
Ely, Nevada, December /. 1910.
To the Stockholders of the Ely Cen
tral Copper company:
The Ely plan for the re-organiza-
tion of the Ely Central company is as
follows. Kindly give it your careful
consideration and act fayorably or adj
versely without delay:
First The incorporation of a new
company, TO be known as the Ely
Central Mining company, with capt.
talization of S6,000.0 900. divided into
1000, 900 assessable shares of a par
value of $500 each. the new com
pany 10 take over the stock and prop
erty of the old company on the basis
a Oh ~ "a al M
the new. This would give 10000
shares of stock for the treasury of the
new company. This stock could be
kept In the treasury for future use or
sold for the purpose of retiring the
obligations of the new company,
should the new directorate, herein
after provided for, so elect Another
way by which the new board could
raise money Immediately would be by
the sale of right-of-way over the
property. Enough money could be
thus procured to pay the debts of the
old company, retire its bond issue
and have six months development
fund. Under either arrangement no
assessment would be necessary at this
Time. Specify in you proxy which
pian OF financing you prefer
second. The financing of the Ely
central Mining company after all the
monies received from every other
source are exhausted. to be under
taken by its stockholders on an as
sessment basis not TO exceed five
cents per share quarterly.
1hird. The election of the best Of
hcers and board of directors possible.
the elimination of the old manage
ment, and the provision i'm the by
laws OF the new company for a semi
ANIMAL report TO every stakeholder.
II you approve of the foregoing
plan sign the inclosed proxy and re-
turn the same at once 10 w. S. Holm
qulsti chairman reorganization COM
mlttee, Ely, Nevada. If your stock Is
not in your own name, send your
proxy anyway. and then send your
stock TO the Security Transfer & Re-
gistrar company, &c Broadway, and
have 1t transferred to your name. Ely
stockholders have arranged for the
expense of this committee by the pay
ment of ten cents per hundred shares
and the committee would be glad to
receive the same courtesies from you
provided you approve If its work.
w. s. HOLMQUlST, Chairman.
During the week reports were re-