The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1916-01-01
CpACKtRJACK STATEMENT
CONTINUED from Page One)

company to be aSsessable.
The reduction in the par value of
the stock is made in order to elimi-
nate or cus down the heavy tax WI
posed upon the ssuance .: stock
and conveyance Of real estate dnder
the federal. emergency e or
war tax law. The secretary OF the
company was authorized to arrange
the details of the reorganization
along the lines discussed.
Certain legal requirements made
{ necessary, in order to successfully
carry out the plans of the directors,
for this company to acquire addi-
tional property. Hence, at the reg
ular monthly meeting of the board
of directors on the goth day of De-
cember, 1915, this company acquir-
ed the Derby Winner No. 2 lode
mining claim. This meeting of the
directors having been regularly adj
journed to the 21st day of Deem
Der, 1915, the directors reassembled
ON that day and received a PROPOSE
IlOu lGOUu Tie ntOI SduiLCu SldChCA
Jack Mining company for the pur-
chase of the Henry Clay and Crack
er Jack Lode Mining claims of this
company in consideration Of 1900
600 shares of stock of the said re-
organized company.
The proposition was accepted ~
the old company and proper convey
ances were executed and the stock
of the new company was issued to
the old company, the directors of the
new company having subsequently,
met and finally acted upon the pur-
chase of said claims.
The board of directors of the re-
organized company at their meeting
on Dec. 81, levied a call of one cent
per share upon the issued stock of
the new company, which includes the
stock received by this company. In
asmuch as this company is without
funds to pay this assessment, the
directors, after the call was levied,
decided that the assessment sho1ld
be met by requiring each stockhold-
Vi vi thlo I oCiu " INV
secretary his certificate together
with a sum of money equal to on.
cent per share for each share repre-
sented thereby, whereupon the sec
rotary of this company will cause
the new company to issue to such
stakeholder a certificate for the
same number of shares in the new
company.
The date of delinquency of this
assessment on the stock of the new
company has been fixed as January
81, 1916, and it will therefore be
necessary for stockholders to send
in their old certificates and the
amount of the assessment before
that date, or the stock of the now
company owned by this company
will be sold for delinquency, and it
will be beyond the power of this
company to cause the exchange to be
made.
All money received from assess
ments will go into the treasury of
the new company, and inasmuch as
there are no promotion interests,
the treasury will receive one cent,
or the amount paid by the stock
holders, for each share of stock Is
sued, and the stakeholder will Sc
cure the stock at a price equiva-
len to the actual cash value of the
treasury. For this reason and for
the further reason that the shares
will doubtless increase in value, all
stockholders are advised to take
advantage of the opportunity.
1t is to be noted hat in the crea-
ton of the new company, no pro-
motion stock or interest will be al
lowed to anyone; those having the
matter in charge participating only
in the same manner as other share
holders. 1t should be realized also
that stock holdings in an assessabie
company, as a rule. are better Sc
curities than holdings in most no..
assessable companies, as The assess
ment method admits of continuous
operation and at the same time dis
tributes the cost Of development. In
the case of the Cracker Jack Min
ing company more tnan loco share
holders own about 1,440,000 shares,
or an average of about 14tO shares
each. Such small holdings permit Oh
individually light assessments, but
in the aggregate amount to nearly
$4,000.
The stock of the old company IS
listed upon the San Francisco stock
exchange. When arrangements are
complete, the stock will he dropped
from the exchange and application
made to list the new stock.
Regarding the physical condition
of the mining property. approximate
ly $4,000 has been expended in de-
veloping the claims, comprising
about 40 acres of patented ground.
n-o cooft hos attained x-oct;oo1