The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1917-12-01
GAVE UP FIVE FEET
FROM A BONANZA

Considered from the standpoint of
a speculation for which you get the
| biggest moneys worth for the small
est outlay, National Leasing stock,
selling on the New York curb al
around eight cents a share. is really
in class by itself. says Rice's Indus
trial and Mining Age. This company
is actually spending at a rate of $50.
900 per annum for development work
equipment and rentals, and yet the
entire issued capitalization is selling
in the market for less than $4,000.
In the vernaeular of the curb mar
ket, as expressed by a veteran trader
in mining stocks last Saturday, "There
isn't a stock on the whole list in anv
New York market. Stock Exchange or
curb in which the speculator is get
ting such a big run for his money.
considering the small size of the in
vestment at eight cents a share. If
the stock makes good, the conapany's
I fiye-year lease amounts to practical
ownership Of the ground. and the is
sued capitalization, selling at around
/ a valuation of $4,000, may mount
quickly TO figures in the millions. It's
a mining stock gamble that NAV pay
anywhere from 1000 to 5000 per cent
profit quickly in the event of success.
Anybody who dabbles in mining stocks
and is unwilling TO take that kind of
a chance ought to be peeling potatoes
for a living"
In a communication received on
Thursday at the New York office Of
the company. Mine superintendent
Elmer Pfouts said: "The south face
on the fifth level was driven twenty
one feet on the ledge and the north
face was driven thirteen feet. making
thirty-four feet for the week The
south face is in a pinch, the ledge
showing twenty-eight inches wide
with six inches of ground-up quartz
on the footwall side The quartz is
all mineralized. showing iron and an
timony. The hanging wall is good
and very well defined. while the foot
wall is soft, makes a little water and
is irregular. The north face 1--WE cut
the ledge on the south side Of the
National Mines line. so have twenty
eight feet to drift on it to get back
TO the north end line) is five feet
three inches wide. all quartz and very
highly mineralized. The quartz is not
the regular high-grade quartz but
the ledge is very strong. having two
very good walls and making plenty
of water The quartz looks TO me
as if ii should carry silver, and we
have stopped work on this face until
| get returns on an assay that / have
sent to Denver.
zone of the characteristics of the
National ledge is that it will pinch
and then open up again, and it is di-
rectly after one of these pinches that
the high-grade occurs; so we might
have ore after going through this
pinch in the ledge"
Commenting on the report of Super
intendent Pfouts. Consulting Engineer
Arthur Feust. who recently returned
from visit to the National Leasing
Company's property, said: with the
drift in vein material, which looks so
much like the vein matter that was
found Just prior TO the opening of the
sensationally rich high-grade ore in
the National mine. the greatest en-
couragement is afforded for expecting
a similar bonanza in National Leasing
without further warning. In fact, any
round of shots may transform the
National Leasing Companys property
from a prospect TO a bonanza mine.
The suddenness with which a bo-
nanza may be disclosed is illustrated
by the following happening on the
same vein in the adjoining National
mine: Donaldson and Gayer of Ma
tional Nevada, secured the original
lease on what later became the famous
Stall brothers lease. These men, wfo
were experienced miners, after sink
ing thirty-five feet without finding any
high-grade. sold their interest in the
lease to the Stall brothers for 5000.
Within a few days amer III stall
brothers began work Tor, to be exact
at a point four or five feet below
where the other lessees left off, the
famous National bonanza was encoun-
tered. The Stall brothers admitted
taking out more than S1000.000 in less
than year. They were then disabled
by an accident and sold the lease 70
Chicago syndicate for $250000. The
syndicate is reported 10 have extract
ed more than $400O.0OO. exclusive Of
a vast quantity of rich ore stolen by
high-graders, which is variously esti-
mated at from $1.500.000 to $2,000,000