White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-02-23
NEWELYC ENTRAL
MEETING
REORGANIZATION Il EFFECTED
AND WORK On HOLDINGS PRO-
CROSSING WITH PROSPECTS
OF FUTURE DEVELOPMENT.

The first annual meeting OF the
New Ely Central Copper company
was held in Wilmington. Del, We'd
aesday. and the following directors
and officers we're elected. James
Milne OF Boston. Mass. president;
John G. Gray o. Wilmington. Del.
vice president: H. Ellerton Lodge Of
Boston. Mass. treasurer: Jonathan
Brown OF Wilmington. Del, sec
rotary. and ]. Pierre Cam Of VII
mingron. Del. a. additional director
The official report Of the directors 10
the stockholders stated that the sur
face rights 10 s7.12s acres had been
sold t o the Nevada Consolidated Cop
per company under an agreement 70
drill 1900 feet in the sold portion
and to deed back to the New Ely
Central Copper company any ground
in which pit ore Of q commercial na-
ture vas discovered.
The board had also. With the au-
thority Of the stockholders. caused
the execution and recording Of a
mortgage 10 secure the bonds dis
tributed 10 the stockholders OF the
old company under the re-~Organiza-
ton plan and had executed a lease
to the Mines Developing company
for the estate Of the present
corporation. This later arrangement
was for the purpose Of protecting the
smaller stockholders against the pos
sibility Of any outside interests ac-
curing control Of the property and
was deemed advisable inasmuch IS
the Giroux had taken an option on
the Copper Mines property and the
Nevada Consolidated Ras divided b.
the strategic position Of the Ely Cen
tral ground.
The financial statement shows that
there is a balance o. Ss.l4s.3s on
hand as OF February !. 1918 Ma
chinery, buildings. etc. ? valued az
s35,O69.65. and stock held IN trust
for the benefit Of The treasury. So
500, 900. Bonds issued total s115.-
600. and the real estate. consisting
of 479 acres Is valued Al 1881
1906.
Arthur J. selfridgs. an attorney Of
Boston. in whose hands the work OF
re,orEzuizztion o. the former B. II.
sehst-sls 4 Co. enterprise vas
placed STATED that work Is now be-
ing performed On three holes and Il
Is the parpose Of The management TO
put down core drills for the purpose
OF determining the actual value Of
the ore deposits. which. according TO
the estimates Of Mr.. Pierce. the engi-
neer in charge Of the work. is esti-
mated at 10000. 900 tons Of an esti-
mated value o. ST a ton 10 the COM
pany. This ore Is believed to ex-
tend over an erez 1900 feet by 1900
feet.
The old Clipper shaft viii prob
ably be continued and made the main
working shaft 20 soon as develop
ments warrant Surveys are now be-
ing made TO ascertain the dip and
strike OF the ore that has already
been exposed IN the Josie claim
where a six-inch streak al the sur
face has widened our 70 about two
and a half feet at a depth Of eighty
eight feet. On the Stewart Fraction
the drill hole is being sunk to a
depth of 500 feet and IS now about
$50 feet.
There is under discussion at this
time a proposition 10 make the New
Ely Central Copper company a hold
ing corporation and il is probable
that the board OF directors will ex-
ercise an option that it holds on a
piece of valuable mining land in
California. The property. which is
practically developed and on which
there is a milling plant and consider
able ore blocked out, may be taken
over at any time.