White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1910-12-25

MOVES SLOWLY
EASTERN INTERESTS THAT
WERE so ACTIVE IN AFFAIRS
OF ELY CENTRAL ARE NOW
STRANGELY APATHETIC.

The reorganization of the Ely Cen
tral Copper company moves along
very slowly; in fact there is nothing
new in that part of the situation. The
eastern interests, which were so act
i've up to a week ago, are now
strangely apathetic. and the people in
the district are at a loss to know what
is being done, ana what II - the in
tention of those interested 20 do in
the case.
The local reorganization committee
continues TO receive proxies from the
outside as well as from those at home
but they too are at a loss to under
stand the sudden cessation of interest
from the eastern standpoint in the
plan of reorganization. There are
rumors to the effect that the stock is
being bought in on the New York
curb for people who are directly in
terested in the affairs of the Ely Cen
tral. and this means the Nevada Con-
solidated, which company wants Ger
tain important concessions from its
defunet neighbor. But these are
only rumors. and II NAV be that peo-
pie who see in the Fly Central very
good investment at the figures at
which the stock Is selling, are buying
up the stock.
The most distressing information
which has reached here regarding the
affairs of the company is that IL is
impossible to transfer the stock.
! Certificates which have been sent
here for the registrar have failed of
transfer for the reason that the
present officials of the company re-
fuse to sign the new certificates. A
story is current to the effect that the
books of the company have been lost
or stolen, but If this were the case a
remedy would soon be found by the
activity of Federal authorities, who
are eyincing the liveliest interest in
the affairs of Scheftels and the Ely
Central Copper company.
Apparently. Scheftels & Co. who
have the control of the company's al
fairs by virtue of controlling the dir
eetorate, intend to hang on to that
control as long as possible, and them
selves take a hand in the proposed re-
organization. IL was their plan 10
increase the capitalization another
+
sesment which nobody would pay
Now. it is possible that they will butt
+ in until the government, or the stock
holders get together and act as a unit
/ and the former manipulators OF Ely
/ Central know this as we'll If not bet
+ ter than does anybody else.
There are in the neighborhood Of
$500 stockholders in Ely Central and
i il is going to be quite a problem 10
get them together and to have them
act on one definite plan. II is said
f that there is standing offer OF
$500, 900 for the property, but THIS
cannot be carried through without
the sanction of nearly all the stock
holders. Up to a week ago the plan
of ororganization as proposed by Dr
Holmquist and some of the larger
eastern interests was sailing along en-
smooth sea, and then came the sud
+ den stop on the part of the people III
+ the east.
The brokerage house of Charles a.
Stonehan had expressed its Wiling
ness to cooperate with the Ely stock
holders. but disclamed any intention
of securing control, and made the em-
phatic statement that they would not
handle the stock in the way of a pro
motion Without going into the
proposition of getting all the stock
holders of the company together, II
seems impossible to get the Stock
holders in this district to act In con-
cert. During the week the stock mas
been hammered down to six cents a
share. and If anybody in New YORK Is
seeking to get control by picking up
the stock they are certainly proceed
ing in a mastery manner, taking 1t In
at the lowest possible prices. II
things are allowed to proceed in this
manner, IL seems inevitable that a
nermanent receiver or trustee must