The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-03-16
wCOPPERF|ElD IS
RICH PRODUCER
MINES ON GREAT MINERAL
BELT NOW PAYING
DIVIDENDS

COPPERFIELD, New, March o.
The annual report of General Man
ager Paxton Of the Engels Copper
company, which has recently been
made public, Is stimulating interest
in that great copper belt lying on
the east side Of the Sierra Nevadas
which has the Engels mine on the
northerly end, the Nixon-Nevada
mine on the south, with the Walker
mine and a fourth that is being de-
veloped by Herbert Humphrey of
Reno, in between.
The report shows that the Engels
mine produced last year 5,941,741
pounds of copper, which was an in
crease of 38 per cent over the pro-
duction for the previous year. There
Is little doubt that the output for
this year will be at least double that
of 1917, as an immense new mill
has just been completed at the lower
mine, and the Indian Valley railroad,
WHICH COuucCtS Inc miuc Will IhO
main line of the Western Pacific, is
now operating with full equipment.
During the year covered by the
report $522,24O was spent for i'm
provements of plant and $4,000
for completing the railroad. The
gross earnings for the year were
$1,307,123; the net earnings we're
$590,007; dividends amounting to
$295,253 were paid, and the cash
balance Dec. 81, 1917, was $400,210.
While there has been more or less
mining along this belt since the
days of the Comstock, it is only in
the last three years that work has
been prosecuted IN a broad scale,
with scientific management and
modern methods. One of the strik-
ing features is the fact hat nearly
all OF the properties passed directly
pector to the big moneyed interests.
This is not usual, for the real big
fellow seldom takes owe a prospect,
no matter how promising they
want a developed mine with the ore
blocked out.
Another striking feature is the
fact that, while the general public
has not yet fully sensed the import
ance of this belt and is little repre-
scented in the ownership, the big fell
lows who are interested are scattered
from Maine to Hawaii. Robert w.
Single, president of the Warehouse
Trust company of Honolulu, was one
of the early investors in the Engels
mine, getting in at 25 cents a share
and seeing it go as high as 50. The
Spreckels and. Paxton interests OF
San Francisco got in on the ground
floor, and Mr.. Paxton is given full
credit for putting the mine on such
a substantial basis in so short a
time.
The Walker mine, which Is also in
the control of a subsidiary of the
Anaconda Copper Co., owned by
John D. Ryan. the Rockefellers and
other financial giants.
Among the prominent of
the Nixon-Nevada aree William H.
Butler. former vice president of the
american Tobacco company; r. E.
Owen of the Owen Magnetic Motor
Car corporation; C. B. Halsey of C.
B. Halsey & Co.; John F. Mcdonald,
vice president Hibernia Savings bank,
Boston; Samuel A. Cunningham,
president Bankers Safe Deposit Co.,
New York City; George H. Allen.
vice president Commercial Savings
bank, director Manufacturers' Ma
tional bank, Lynn, Mass; and
George j. Gould, Jr., son of the IA
nous railway magnate.
Herbert Humphrey, who is n of
the wealthiest men in Nevada, is de-
.veloping a mine on this same copper
belt south of Reno which is very
promising. That there will be a
number of big mines developed
along this belt is predicted by those
who should be able to Judge.