White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1917-01-21
NINE LONG IDLE
IS IN L|ME[|CHT.
WITH S25,0O0 AVAILABLE FOR
DEVELOPMENT WORK, ELY
CONSOLIDATED WILL SOON BE
PLACED ON PRODUCING BASIS


a,strict. In being pushed Just as rap
idly as conditions will permit, and
according to Official statements made
the property is now figured to be
near the mark of a producer The
reorganization which was announced
some time ago was recently perfect
ed when q meeting OF the officials
gas held In the company's Offices In
the Judge Building, in Salt Lake
City. The officers are s. M. Levy.
president: John Pingree. treasurer;
Gideon Snyder. secretary, and these
three officers together with ID. b.
Shields and W o. Kay. make up the
hoard of directors. While c. W.
Ceddes is consulting engineer
The plan is now under way, and
the stockholders will be asked TO au-
thorize the reduction of the capital
stock from 100000 to 100000
shares. This will be simply to avoid
the expense of transfer fees, corpora
tion taxes and other expenses. and
is along the lines of good business
Judgment Just such as can be looked
for with such able and experienced
pilots as Ely Con now has at the
helm.
An official statement, has been is.
sued and attention is called to the
fact that a treasure fund OF about
y25,Op0 will be furnished The prop
erty being patented and clear; the
expensive development work having
been completed and paid for. IL IL
believed that the treasury fund will
be strong enough TO put the mine on
a paying basis. No chances along
this line will be taken. however, and
100000 shares will be left In the
treasury This Will not be offered
for sale or issued, unless 1t be found
that the proceeds are absolutely re-
qulred for the proper prosecution of
the work. BY this the holders of
shares are not affected by the ex-
change as to the amount OF their
holdings, as they will receive shareJ
Tor share. but the par value will b
decreased and thereby the expense
as above mentioned will be cut to a
minimum. and further assessments
will be avoided
Work at the mine is now under the
immediate direction of William
csmpbell. mine superintendent, and
man Of recognized ability and wide
experience In actual mine work
T. d. Geddes, the consulting en-
slneer Of the company. arrived from
Sa't Lake City on Wednesday and
'elt again for his Utah Headquarters
"'s morning. Mr.. Geddes express
80 himself as well satisfied with all
developments 30 far, and while like
oil other industries the shortage of
eoai and extreme cold weather has
naturally retarded the work. every
mlhs Is being done that can be done.
"neh interviewed by representative
VI 'ne News Just before his departure
LOT salt Lake ciey this morning. Mr..
6eddes said:
we have the Zack shaft opened
ana IN perfect condition TO 435 feet
.eep' Today We lowered the big
cameron pump and expect to
a'a'' pumping tomorrow to unwater
,ae smart which is 72O feet deep with
,o'eis on the four. Ave. six and seven
hundred 80 ' " ~
AS soon as weather conditiens
VII permit. We expect to install a
n.l o"pressor plant and push develop
sa' a on the lower levels.
n.,s. o''orrow we start to repair the
n, NM ana shaft at the American.
n,., ae american. shaft is 500 feet den
I'm orifts on the $50 foot level
oaOwlns high grade lead-gold-silver
CHI AS soon as the American is in
.hs,' spo we VIII start the Brilliant
,'' ,aai' which Is s25 feet deem with a
cn,s Y amount of drifting and cross
hun, hans on the five hundred and six
INJURED foot levels.
al, eventually We expect to connect
Ds., = nree shafts with drift and make
shs,. h'o'y the zack the main working
'Aar, and power plant.
., work has been delayed by wealth
,,,oS '"u'tions affecting the fuel situ-
ho0a railroad facilities. etc. but we
foros 70 push the work with big
I've YEA as soon as possible.
,ss,. 'o'n copper and silver appear
70 s'rons and an indications point 4,
much hiEher prtcs %, 80