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Show of Nat. G. Goodwin & Co., Inc., m and Stock Brokers, Reno, Nevada m In short, the developments throughout through-out the district during the past fortnight fort-night have fully verified the predictions predic-tions made in the last issue of this Fortnightly Market Review and placed Rawhide among the great gold camps of the world. All the big operators In the country now h-ave their representatives on the ground, making examinations of the principal properties, and a number of important deals have already been consummated. Prices of inside properties proper-ties are going up by leaps and bounds, and claims representing outside territory, terri-tory, which could have been bought for a few thousand dollars two weeks ago, cannot bo touched for. less than $50,000 today. Eugene Grutt and associates, asso-ciates, who own the Grey Eagle Fraction, Frac-tion, which adjoins the Balloon claim and the Balloon Fraction of tae Rawhide Raw-hide Queen Mines company on the northeast, and is under lense to the Grey Eagle Fraction Mining and Leasing Company, have refused $500,-000 $500,-000 for that piece of ground, which contains less than eight acres. E. W. King, president of the Rawhide Queen Mines Company, who owns 55 per I cent of the stock of that corporation which is capitalized for 1,000,000 shares, has just refused $2 a share for his holdings, and he says that he would not for a moment consider an offer of loss than $5 a share. Many leases that are still in the prospect stage have changed hands during the past two weeks at prices ranging from $5,000 to $25,000. POPULATION OF TOWN BIGGER THAN GOLDFIELD. The town of Rawhide is building up with remarkable rapidity. There are now more than 300 wooden buildings ir the camp, and 250 are in course or construction. There are 3,000 tented habitats. Fifteen mule teams of ten to twenty animals each are engaged in hauling lumber from the railroad, and many smaller teams are being pressed into the service. More than loo carpenters are employed, at $8 a day, and contractors are sending out-fide out-fide for workmen to enable them to complete their contracts on time. Real estate value's have moro t'.ian doubled in a fortnight, it being impossible to buy for $25,000 a corner lot which sold two weeks ago for $0,000. Many operators from Nome and the Klondike are now on the ground, attracted at-tracted by the reports that rich placer diggings have been discovered. These placers, which are situated at the lower end of town, in the canyon which drains the rich quartz section around Grutt, Balloon, Murray and Hooligan Hills, are being prospected by meauB of shafts, and some remarkable re-markable value's have been encountered. encount-ered. Dirt running as high as $200 a cubic yaixl has been struck at several sev-eral points, and nuggets weighing as high as $2 are frequently found. It is believed that these placers can be worked at an enormous profit by the dry-washing process, and If water sufficient suf-ficient for sluicing purposes can be developed, de-veloped, which is now assured, this rich ground will produce fortunes, in piacer gold. MILLING FACILITIES. The question of water for mills and transportation to smelters needs no solution in Rawhide. Water in abundance, abun-dance, in fact in an inexhaustible sup-Ply, sup-Ply, is to be had four miles from mp, on the flat, by sinking fifty foet. 'nomas Kearns lias just organized a company, and raised the capital to supply town and mills with water, and a reservoir is now being erected on Balloon Hill. The nearest railroad station is Schurz, twenty-six miles away on the Southern Pacific. The charge for hauling ores to the rail-rr rail-rr d is $8. But all the ores can be billed on the ground. The developments develop-ments on the rich estate of the Raw-a Raw-a waterworks and electric lighting system and the erection of a stamp mill at Rawhide. In talking of his plans, Mr. Kearns said: "Some time ago I decided to erect a 200-ton plant at Rawhide to reduce the ores from the Kearns leases, and the first problem prob-lem that confronted me was the development devel-opment of a water supply. I sunk a well in the flat, about six miles below the camp of Rawhide, and was gratified grati-fied to find that I could develop an inexhaustible in-exhaustible supply of water at a depth of fifty or sixty feet. I then conceived con-ceived the idea of putting in a water system and electric lighting plant for the camp, and my engineers have been working for several weeks on the plans, making preliminary surveys, sur-veys, etc. As a result of their work I have formed a company and have raised $136,000 cash, the sum estimat ed to be necessary to carry out ihq project. We will put in a pumping plant of sufllciont capacity to supply a town of 10,000 people and operate 200 stamps. We expect to have the pipes laid within the next sixty days, and If "There is no unexpected delay we will have water running in the streets of Rawhide within three months. We are constructing two reservoirs on the top of Balloon Hill, which will give sufficient pressure to afford perfect fire protection. We intend in-tend to put in a 200-ton reduction plant at the foot of Balloon Hill to handle the ores from the Kearns leases, and this work will be started in ample time to have the plant in commission by the time the water system sys-tem is installed." W. B. Devereaux, Jr., of W. B. De-vereaux De-vereaux & Sons, New York, mining engineers and extensive mine owners in California, Mexico and Panama, the engineers of E. H. Harrimnn. has made critical and extensive examination examina-tion df the properties in Rawhide. "I am prepared to say," he said, "that I never saw such a remarkable showing of gold over such a large area In my life as that revealed in a tour over these hills. If any one should tell me that there would be at least half a dozen big mines in this district I would not tell him he was crazy. I went down the shaft of Kearns No. 2 lease on Balloon Hill, the ground of the Rawhide Queen Mines company, and they have two feet ten inches of ore that will run between $3,000 and $4,000 to the ton. nine feet of shipping ore and an indefinite amount of milling ore. I have not taken anyone's word for the values represented, but made a number num-ber of tests personally, and my opinion of the properties can best be expressed by the statement that I am willing to put my money into the camp.- The distribution of the gold deposit is not limited to one or two ledges. Anywhere in the mineral belt a man has a chance to make money." ANOTHER EXPERT VIEW. James G. Flynn. formerly mine superintendent su-perintendent of the Combination and Mohawk mines of Goldfield, lias made the following report on the Balloon Hill portion of the district: "I have spent three days in making a more thorough and complete examination of Balloon Hill, and any doubts entertained enter-tained of its containing millions of the precious metal have been dispelled. Squat on the hill are the mining locations lo-cations known as the Balloon, Balloon Fraction, Grey Eagle Fraction, Mascot No. 1, Diabase and March Rose. The Grey .Eagle Fraction Is under lease in its entirety to the Grey Eagle Fraction Frac-tion Mining & Leasing company. The Mascot No, 1 is as yet unincorporated. unincorporat-ed. The Balloon claim, the Balloon Fraction, the Diabase and the March Rose are the property of the Rawhide Raw-hide Queen Mines company. The formation is porphyry and rhyolite. The rhyolite is a large intrusive dike about 300 feet wide, running parallel with the hill. The contact with the porphyry on the west side is being prospected by nine leases. Among the most active at present are the Grey Eagle Fraction, and the Kearns No. 2, Kearns No. 1, Reynolds-Ogll-vie, St. Ives and Nat. C. Goodwin on the Balloon and Balloon Fraction. Ali of these leases have remarkable showings show-ings for the amount of work done. The most remarkable and, in fact, one of the greatest prospects I have ever seen is in the Kearns No. 2. On this lease there is a shaft down sixty-five feet, with twenty-two foet of cross-cut at the botom toward the hanging wall. There are values from the surface sur-face to the bottom of the shaft, but the richest ore and best showing are in the crosscut. The first nine feet of this is in ore running from $100 to $500 per ton. The rest of the crosscut cross-cut Is in ore of a good milling grade of from $10 to $20. and the. hanging wall is not yet reached. The mineralized mineral-ized part of this vein is a secondary sillflcatlon of porphyry and is very soft; that is. the sillficatlon has not been complete. Within this ledge and running parallel with it are talc seams. The mineralization of this is what might be termed 'banded;' that is, there are bands of very rich ore alternating with the leaner or poorer grade of corresponding width. These talc seams separate the enriched zones from the leaner ones, and perhaps per-haps from the hanging wall of the channels of the gold-bearing solution. I see no reason, goologicnlly or otherwise, other-wise, for this mineralization not to extend to great depth and along the entire length of this contact. I feel confident that developments In the next ninety days will open up mines that will rival any in the state." RAWHIDE MINES AND PROSPECTS We proceed to a review of the important im-portant mining companies of Rawhide Raw-hide that own inside ground on or surrounding or situated between Balloon Bal-loon Hill, Grutt Hill, Hooligan Hill. Silver King Hill and Murray Hill, which mark the center of activity. Tn doing so, we bear in mind the mistakes mis-takes and short comings of camp boomers and mining stock promoters of the Greenwater type and of other districts that have been overboomed to the cost and heavy loss of Investors In this connection it should be pointed point-ed out that Greenwater was the outgrowth out-growth of a conspiracy hatched up in the cafe of the Waldorf-Astoria in New York and that the securities of that camp were manufactured to feed a growing demand for mining stocks that grew out of the tremendous boom that was brought about by the merger of various Goldfield producers into the Goldfield Consolidated. There is nothing "manufactured" about Raw hide. The camp has grown despite i'lB depressed financial conditions vSK throughout the country, and ore dls- ''UHl coveries alone are responsible for it. 'VB Indeed, but for the fact that the hImIB strikes of high-grade made in Raw- hide have been of such tremendous aH significance, the boom would have -wHj been throttled In its infancy by the absence of buying power for securi- sIB ties of the average variety, which for JjriMll months has been evidenced through- rfPWi hide Queen, Rawhide Consolidated riftiH and Rawhide Coalition justify the (SBH erection of mills of large capacity to rtduce their ores. President E. W. l'Hff King of the Rawhide Queen is now uWfflM considering plans for the installation IwlH oi a forty-stamp mill at a point near 1MMhH the company's holdings, and it is prob- iKnK able that work will be commenced Hwjjf next month. lmJai In speaking of his project, King jiXi said: "While a rich camp like Raw- $8111 hide can live for a certain length of time on the high-grade ores, it sooner PflCVll or later lias got to get down to the f jSlil actual production of bullion on the $Slffii ground, and the sooner that is accom- "KMi plished tire better it is for the camp tiiSSw and all the mines in it. A largo pro- "tjffiiil portion of the ores of the district can iligjlf bo treated by the straight stamp and H nnialtrn.nint.ion mathnrl. hut enmo of IftSilra the ores -which carry high values In Xlf silver,' notably those of the Murray Wmk lease, will have to bo smelted or treat- i fKgfl ed by the concentration and cyanide Xl process. From experiments that 1 PBiF have made In my own laboratory in Helena, I am satisfied tlwt an extrac- fwf tion of from 90 to 97 per cent can be jfl , made on nil the ores in t ie camp. The iiPB ores of the Miller, on Coalition ground; fM J$ Kearns No. 2, on Queen ground; De il Armand and Alexander leases, on Coa- llvi&l lition ground, In particular, can be viffiS treated simply with stamps and plates and a very high extraction made. All ilil ot the ores from the leases on Hooll- gan Hill, where the De Armand and tl'llai Alexander leases are situated, come i'IwSB under this classification. There is no reason why fifty stamps could not be ;?ai$!S kept dropping day and night on the ilflU present, development in the lenses 1 jjWwff have just named. fWm: EXPERIENCE IN MONTANA. "During my experience in Montana I h-avo been able to mine and mill Sv1 ores for as low as $1 a ton, but the iwsk veins in Rawhide being narrower than 'tfvil the large deposits in lime in Montana, -twffi the cost would be much greater. The im $f higher cost of labor and power and tm'-m The cost of water would also add to tiiftn the expense. But there Is no reason "Mm why the ores or Rawhide cannot be M W mined and milled at a cost not to ex- ift'i&l reed $5 or $0 to a ton, while in excep- fPlB tional cases, such as those of the jfl Kearns and Ogllvie-Reynolds leases, I'-Ml they can be treated for $3 or $4 a $ffflm ton. This would bring to the stamps til'M an almost unlimited tonnage of low- film grade ore that could be handled at a H'S "Several outside parties have as- 11111 sured me that they will erect a large i'Sril custom mill In the camp within a 'iSlI short time, and the company Is await- jaBflS ing their decision. If actual construe- I-hmk tion work is not begun by some one IfiEr within the next twenty days, the com- W' pany will at once begin the erection IP of a mill of sufficient capacity to treat lip - all the ores from its mines." I Mr. King's experience in managing WM' some of the best gold mines in Mon- hHtL 1;ma luis peculiarly fitted him for soiv- !hP lng the problem of economically reduc- W'" lug the ores of the new camp. His T' Ifl rat great success was putting the Gilt Edge mine, situated in Fergus county, Montana, on a dividend paying pay-ing basis. Several companies had operated the property, but in every instance failed to put it on a paying basis. When Mr. King took charge of the mine, the cyanide process of extracting gold from refractory ores was in its infancy. By the method in use at the Gilt Edge it required from two to throe pounds of cyanide to a I ton of gold to make the extraction, and the cost of the cyanide rendered it impossible to make a profit on the ore, which averaged about $G a ton. ! Within a short time Mr. King, by the adoption of improved methods of his own invention, reduced the quantity of cyanide necessary to extract the gold from a ton of ore to less than a third of a pound, and this saving enabled en-abled him to operate the mine at a handsome profit. The Barnes-King mine, situated in the same county, was also made a profitable producer by Mr. King, who introduced his new process in reducing its ores. Under his management the two mines produced pro-duced ?3,000,000 and paid big profits to the stockholders. PERMANENCY OF ORE BODIES. In discussing the question of the permanency of the ore deposits on Balloon Hill, President King said: "When I first visited the district last October, one of the features that led me to believe that the ore deposits depos-its would prove to bo permanent is that all the evidences point to the deposition dep-osition of the gold having been made by ascending solutions and that the mineralization is therefore apt to be strong for many feet in depth. In fact, I would not be surprised to see the values continue to a depth of 2,000 or 3,000 foot. It very often happens in a lime formation, such as wo have In Montana, where the lime has been tilted by eruptive rocks, that the gold- bearing solutions have come up ? through the eruptive rocks and flown 4 downward through the strata of lime 1 and deposited their gold values at a comparatively shallow depth. That was my experience in Montana, partic- j ularly in the Gilt Edge and Barnes- King mines. ; ' s "Another thing that strengthens my I belief that the ore deposits of the If camp go to great depth is the preva il lence of silver values. Nearly all gold- bearing solutions carry more or less a silver, and that is generally deposited I farther down in the veins; so that the I prosonce of silver is always a good I indication of permanency. The ores 1 on the Comstock carried a lai'go per- I . centage 'of silver, and the depth to I which those mines could be profitably I worked' was limited only by the high I temperature which prevails on the 1 lower levels. The Gilt Edge and Barnes-King mines are in lime for- 1 mation, and they were pockety and I gradually 'petered out' at a compare- tively shallow depth. We did not I find the ore below the 400-foot level, I and they carried no silver values i whatever. I expect to find heat at 1 depth in the Rawhide mines, because I there are hot springs in the vicinity. I In the Michigan copper mines they I go down 5,000 to 6,000 feet, and yet a the lower levels in those mines are 1 compai'atively cool, while at a depth I of 2,000 feet in the Comstock mines i the temperature is almost at the boil- I ing point. The fact that there are hot I springs in the vicinity of Rawhide I leads me to believe that the mines I will repeat the history of the Com- i stock and go to great depth.'" I KEARNS ON WATER AND MILLS Thomas Kearns, owner of the fam- $ ous Kearns leases at Rawhide, was in I Reno Monday, on his way back to the I great gold camp from San Francisco, 1 where he spent a week or ten days f perfecting plans for the installation of FIVE Goodv.'a Rawhide out the country, and Rawhide would jf have died still-born. RAWHIDE QUEEN MINES COMPANY. COM-PANY. The Rawhide Queen Mines company whoso ground Is centrally located on Balloon Hill, is incorporated for 1,-000,000 1,-000,000 shares of a par value of $1 each, of which 300,000 shares are retained re-tained in the treasury for development purposes. The officers of the corporation, corpora-tion, which was the first holding company com-pany organized in the district, are E. terest in the property was taken over on January 1 of the present year by E. W. King, tho well known banker and mine owner of Montana. Mr. King has been operating in Montana for nearly twenty years, being the moving spirit in the Gilt Edge Mining company, com-pany, the Great Northern Development Develop-ment company, tho Barnes-King Mining Min-ing company, the Kendall Mining company and the Alder Gulch Mining Mining Engineers. A little over four months ago King's attention was called to Rawhide by C. G. Walker, a pioneer of tho camp, and he camo down from Montana .and paid a visit to the new district. After a few days' inspection of the camp and its properties, prop-erties, he bought some stock in tho Ruby Silver Mining company, which was operating a lease on the Balloon claim, now owned by the Rawhide RAWHIDE, NEVADA, GOLD CAMP -tmPife A THE HEART OF THE PRODUCING AREA OF RAWHIDE SHOWING THE RELATIVE POSITIONS OF THE IMPORTANT PROPERTIES W. King, president; J. H. Barrett, vice president; William Lane, secretary, secre-tary, and D. V. Snowgoose, treasurer. The property consists of three full claims and three fractions, viz., the Balloon, March Robo and Diabase claims and the Balloon Fraction and two small fractions not yet named. The estate contains sixty-five acres, situated squarely on Balloon Hill, with the exception of a small area on the extreme north end. A controlling in- cmpany. Ho built three large mills In Montana, and has many mining Interests In-terests throughout the northwest in addition to those mentioned. For several sev-eral years the properties under Mr. King's control produced more than half the gold output of Montana, and he is considered one of the most eminent emi-nent authorities on gold mining in the west. He is speaker of the house in the Montana legislature and former president of the Montana Society of i j Queen Mines company. He learned 9 that J. H. Bamot and D. V. Snow- 9 goose had a bond on all of Balloon 9 Hill and that they had rebonded it 9 to' Hinckley & Harris of Reno for $60,- 9 000. He then came to Rono and 9 bought a nine-tenths interest in the 9 bond from Hinckley & Harris, and 9 when the payments came duo he made 9 them and organized tho Rawhide 9 Queen Mines company. Four well de- 9 fined ledges have been opened up on 9 ihe Rawhide Queen estate, and all of iheso have been traced Into the property prop-erty of the Rawhide Balloon Hill Mining Min-ing company, which adjoins the Rawhide Raw-hide Queen on the north and east. There are twenty-one working leases on the estate of the Rawhide Queen Mines company. The first one to heroine he-roine a bonanza was the Kearns Lease No. 1, situated on the Balloon d aim, on the west slope of Balloon Hill, with two additional blocks on the same claim, the lease holdings having been incorporated under the name of the Original Rawhide Mining company, com-pany, with a capitalization of 1,000,-000 1,000,-000 shares of a par value of $1 each. A general sample taken last Sunday across three feet in the bottom of the 125-foot shaft assayed $440 a ton, about one-third of the values being in silver. On the 80-foot level the ledge lias bean cross-cut from wall to wall, disclosing forty-five feet of ore, assaying assay-ing $55 a ton, and drifts run on the ledge foV 100 feet each way, show the values to be uniformly about the same (or tne entire distance, making it one of the biggest high-grade milling propositions in the state. The new shaft is down about thirty feet, the foundations for the hoist have been completed and the machinery is being placed in position. Under the terms of this lease, the leasing company is required to sink at least 40 feet per month until a depth of 500 feet is attained. at-tained. The large percentage of silver in the ore in this lease is an indication indica-tion that the values extend to depth. Kearns Lease No. 2 includes one hinnlr mP D-rmnifl nn the Balloon claim 300 feet square and a considerably larger block on the Balloon Fraction. This lease has been incorporated under un-der the name of the Kearns No. 2 Gold Mining company, with a capitalization of 500,000 shares of a par value of $2 each. A block of the tre" uy stock was placed on the market a few days ago and over half of it was immediately immediate-ly taken in Rawhide at $1. It is doubtful doubt-ful whether any more of this stock can be had at less than par. At the present writing this lease is the sensation sensa-tion of the camp. A general sample across two feet ten inches of the big ledge opened up on the sixty-five-foot level was taken last Saturday and it assayed $3,920 a ton. The ledge has been cross-cut twenty-four feet on this level without encountering the hanging hang-ing wall, and the entire ore-body samples close to $50 a ton. Assays of from $100 to $600 throughout this immense ore shoot are frequently secured. se-cured. A road is being graded up to the shaft, and two carloads of ore will be shipped within a few days. This ore samples about $250 a ton, and it is the intention to ship at least throe I carloads a week of this grade of ore hereafter. The leasing company has just started a tunnel through Balloon I Hill from one block to the other, and I double shifts of miners are now em-B em-B ployed on each end of tire tunnel. A H twenty-five horsepower hoist has been ordered and will be on the ground within a few days. The Kinkaid lease, which adjoins the Kearns No. 1 on the south, has been incorporated under the name of the Colorado Bal-H Bal-H loon Mining company, with a capital- ization of 1,000,000 shares. The work- ing shaft is now down nearly 100 feet, and the entire shaft for the last fifty feet has been in milling ore of good grade. The St. Ives Leasing com- l'any, also on Queen ground, which is incorporated for 1,000,000 shares, has a lease on the block lying between and adjoining the Kearns leases. Un- der the terms of the lease, the leas- iug company is required to sink at least thirty feet per month until a depth of 500 feet is attained. A large H Kasollno hoist has been ordered and will be on the ground within a few days. The Ogilvio lease, which ad- Joins the St. Ives on the south and les higher up on Balloon Hill, has JM een incorporated as the Rawhide S (,Kilvie-Roynolds Leasing company, with a capitalization of 1,000,000 shares. An aggressive campaign of development has been planned and a shalt is being sunk rapidly, with the intention of cross-cutting at the 100-foot 100-foot point. The Grutt Balloon Hill Mining Company owns a lease adjoining adjoin-ing the Kearns No. l on the north and the St. Ives on the south. Eugene Eu-gene Grutt, the succossrul pioneer operator op-erator of the camp, is president of this company, which is capitalized for 1,000,000 shares. Under the terms of the lease, the leasing company is required re-quired to do 500 feet of work, either in sinking or drifting, during the life of th" 1ease. Tne shaft is down about flf j feet, and the last twenty feet is in ore of good milling grade. Companies are now being organized to operate the Bull Pup, Yost and Reserve Re-serve leases on Queen gi'ound. The Yost lease, which adjoins the Ogilvio-Revnolds Ogilvio-Revnolds lease on the east, has a good showing on the surface, and is driving driv-ing a tunnel to tap the ledge at depth. Tne Bull Pup lease is situated on the March Rose claim and adjoins the Yost on the east. Stringers assaying as high as ' $25,000 have been found on the surface, and a shaft is being being sunk to cut the vein. This lease ha's one of the very best surface showing show-ing on Balloon Hill. The Pike lease is also situated on the March Rose claim, adjoining the Yost on the east. Two well-defined veins nave been opened up on the surface, and both carry good milling ore. The Nat C. Goodwin lease , which adjoins the Kearns No. 1 and the Ogilvie-Rey-nolds leases on the east, is now being be-ing develo'ped under the personal direction di-rection of J. C. Flynn, mine manager of the Rawhide Balloon Hill Mining Company, and good values have already al-ready been found in the "shaft, which was started last week. The shaft is actually going down on tae ore from the grass-roots. The vein tha- s made the -Kearns No. 2 the greatest loase in the canip has been tractod across the Ogilvie-Reynolds lease into the Nat C. Goodwin. This vein is the strongest in the district. It is believed to pass through the Grey Eagle Fraction Frac-tion into the Mascot No. 1, and Mascot, Mas-cot, and to wind its way through the Wild West claim of the Rawhide Coalition. Coal-ition. Along its course the bonanza showings of the camp are being made. The Kearns No. 1 vein matches with the Kearns No. 2. It crosses the Litigator Lit-igator claim of the Balloon Hill Mining Min-ing Company, which adjoins the Queen at right angles, insuring an ore shoot on the two properties of fully 1,500 feet long. Tnomas Kearns, owner of the Kearns leases, who was in Reno last MOiHlay, said: "I arrived in Rawhide Raw-hide from Goldfleld for the first time about the middle of last November. After about five days' investigation I purchased the Grutt lease on Balloon Hill, now known as tiro Kearns Lease No. 1, paying $35,000 for It. When I took charge of the property the shaft was down only ten feet from the end of the short tunnel, but they had already al-ready exposed thirty-five feet of ore that average better than $32 a ton, with several stringers of ore running as high as $1,000 a ton. I sunk the shaft on a big body of ore, all of high milling grade, and now, at a depth of 118 feet, wo have four feet of ore that runs over $100 a ton. We shipped sixty six-ty tons of ore to Goldfled in December and it returned $120 a ton net, in carload car-load lots. There are two more carloads car-loads on the road now that will probably prob-ably run over $200 a ton, and as soon as the new hoist is in place we will ship a carload every other day. We have an immense tonnage of ore in the Kearns No. 1 that will average $50 a ton. On the eighty-five-foot level we have crosscut the vein forty-five feet, and more than 300 feet of drifting has been done on the vein at that point. The entire ore-shoot samples $55 a ton. Down the hill, In another shaft, Ave have just opened up ore that runs $1,400 a ton, and In a shaft still furtner down the hill we have ore that assays $2,380 a ton. We jnado a shipment from this shaft that netted us $2,350 a ton. Kearns Lease No. 2, l believe is the greatest mine in the world. I was offered last week $700,- 000 lor this lease $100,000 down and the same amount every montn until the entire amount Avas paid. I refused to consider the proposition, tor I can Avork it myself as well as anybody else. On the sixty-foot level tne vein is tAventy-four feet Avide. We have large bodies of ore there that run from $300 to $700 a ton, and there is three feet that assays $4,000 a ton. I think it is the greatest thing in the world. It is going to be continuous, too, for Ave have opened up the vein at various places on the surface for a distance of 300 feet each Avay from the shaft. It is a contact vein, having hav-ing the finest kind of Avails, both in No. 2 and in No. 1. It beats any thing 1 over saw. Thov are sacklne every- hting that is coming up. We have three carloads of ore sacked, and as soon as the road is graded to j shaft Ave AVill begin shipping. Wo are putting put-ting in a tAventy-iive horsepower hoist, and Avhen tnis is installed, Ave will ship a carload every other day. On the 20th of February I bought a controlling control-ling interest in the Millei lease, situated sit-uated on the Hooligan claim of the haAvhide Coalition Mines Company on Hooligan Hill. There is an ore-shoot tAventy-elght feet Avide extending from the surface to the present depth of the shaft, Avhlch is dOAvn sixty feet. We are drifting on the sixty-foot level, and Avhen I left camp ten days ago tbey had opened up live feet of ore that ran $175 a ton. On the footwall, both at the surface and1 on the sixty- loot level, Avhere Ave are cross-cutting the ore averages $110 a ton. The en-tiro en-tiro tAventy-eight feet of vein matter, outside of the rich streak, runs about 24. I have just put four men to work on the Kearns Lease No. 3, Avhlch is an extension of the Kearns No. 2 on the Balloon Fraction, and lapping over on the March Rose claim. There are three fine ledges on this giound, assaying over $90 a ton. We are pushing Avork there for the Kearns No. 2 vein, Avhich runs through No. 3." Summing up the showings on this remarkable re-markable property, Ave are contrained to say that not in the history of gold mining in the Avest has a gold mine given such absolute evidence of becoming be-coming a steady producer of millions as does the Rawhide Queen at its ago. No mine in Goldfleld or Cripple Creek, the tAvo other really sensational gold camps of this country, has had tAvo distinct ore bodies opened up of such phenomenal richness and thickness at the same early stage of development ns has the RaAvhido Queen, and Ave doubt if any mine in either xof them at any stage of development showed the presence of rich ore bodies of such groat Avldth. We are inclined to place the Queen mine in a class by itself it-self and believe that the Queen avIH mark a now era in American gold mining. min-ing. To suggest that Queen shares may eventually sell at $20 or $30, is simply to make a prediction that seems fully Avarrantod by present ore shoAVlng and geological conditions that suiround them. As indicated in the foreword of this market revleAV there is every reason in the Avorld, from the geologist's standpoint, for the ore bodies of the Queen mine and other properties on Balloon hill to penetrate pen-etrate to the deep, and there appears to us to be' only one chance of RaAvhide RaAv-hide Queen stock not becoming Avorth $20 or more per share In the not distant dis-tant future, and that Is If Balloon hill becomes an exception to the rule and the theory of the geologists, based on all mining tradition, is confounded. We are informed that application for listing the Rawhide Queen Mines company's shares on the San Francisco Fran-cisco Stock and Exchange Board has been made and that the shares will, in all probability, be listed and traded in on that historic board, Avhich Avas VJH the scene of the exciting trading of JH the Comstocks- in the days of Mackay, '-IH Fair, Flood and O'Brien, AVithin the WM Avoek. We have been inundated Avith 'iB bids throughout the week at $1.05 per ;.' ''H share for stock in this company, ar ' '''H have been able to only partially ,.il 1i'flH orders. As far as Ave can discover, the visible supply of this stock is not over 150,000 shares, the balance being ilfl held by the owners of the control at a 'flH price, at this Avriting, knoAvn to be $5 !'H a share. The loose stock was sold 'flH during an early period in the history of the property and represents some Aal scattering blocks of ownership stock jM belonging to several of the early orig- lHH inal holders. Not a share of treasury 39 stock has been sold, and no necessity 'jfl has been found for it, because prac- t'S9 tically all the ground is under lease iiiSjfl and the company is already deriving "llll a heavy income in royalties from the I'jalfB leasers. Wo predict an exciting mar- ket for Rawhide Queen shares in tire 'iBhI immediate future, and Ave advise our j'V9 iriorids to lose no time in getting their i'S9 orders into the market and possessing iiWBI themselves of as much of this stock 'IfflPjS as they can obtain under $5 per share. ifjBu We believe $3 a share is Avarranted ,smM for f.his security by present ore sIioav- jV8 "frigs, and that the shares have a spec- inBfl ulative value of from $3 to $15 per jlflH share in addition. Telegraph us your WM buying orders. Give instructions to iljfij buy "at the market." The rise will be dj&i rapid and will undoubtedly be sus- v$M tained. It is now bargain time. w Rawhide Coalition Mines Company. iflttji This company oAvns a vast estate, Ifmfi Avhlch covers more of the choice in- i"mM side area of the close-in part of the IImH Rawhido district than any other five Srf companies. The acreage is nearly ifflmM three times' as large as that of the IfflU RaAvhlde Queen, Avhich is itself a) big ' estate. The property consists of eight tflra claims and three fractions, or 1G0 1B acres in all. It is a compact group mm and embraces all of the ground of !tw? Hooligan (or McLood) hill, a part of ji Balloon hill, nearly half of Grutt hill, W, all of Silver King hilt and all of the $Mfo townsite ground, and may be said to ym be the heart of the bonanza portion iwM of the district. The names of all of Itwg the Coalition claims are as 1'oIIoavs: $81 The Silver King Nos. 1, 2 ad 3, Guess '"'mm It, Happy Hooligan, Happy Day, Sun- ifwg beam and Wild West claims and the Wo Silver King Annex, Wild West and W& Silver Slice fractions. All of the jFXl claims and fractions are prior loca- tions, and comprise an estate approxi- ?Wi matoly 2,400 foot Avide by 8,000 feet :'tjB long, being more than a half mile ((91 square. The estate adjoins all of the Vi&t properties that have so far produced j-Hf the sensations of the camp. Adjoin- (hBl ing it on the north are the Grutt Frac- : tion and the Mascot claim, on the east jW are the Balloon claim of the. RaAvhide .Queen Minos company and the Grey 1 Eagle Fraction, tAvo bonanzas, and on the east and south is the noted Row- (!.; hide claim, the original location of the I m camp. Eugene Grutt, the big pioneer la operator of the district, avIio owns a i?j 1$ heavy interest in the Mascot claim, tU Grutt Fraction, Grey Eagle Fraction pl and Rawhide claim, announces that i''l under no consideration will he dispose lh of his holdings In these groat proper- ties. Other noted properties that sur- 'Jirj round the vast mineral estate of the tyxbi Rawhide Coalition Mines company are K the Roseberry RaAvhide and the Hood jp group; the Last Chance claim, Avhich jSg recently furnished a great sensation, only 400 feet from the Silver King SSk Annex, and the great RaAvhide Con- jH solldated estate, Avhlch is only 400 j'Sfl feet aAvay. There is not a group of j4H claims in the heart of the camp that nH does not either adjoin the Coalition tjnm group or lie Avlthin a feAv hundred qKw feet of it. There are forty-eight Wt working leases in the estate of the jB Rawhide Coalition Mines company, gHl and tAventy-one of these are already 9P producing high-grade ore. Among I7 the best of the latter is the noted "j I I ' Leave No. 2 on th Happy Hooligan il claim, known as tho Miller lease. It i, was recently taken over by Thomas ;; Kearns, owner of the famous Kearns leases on Balloon Hill, and three ti shifts of five men each were immedl- ately put to work on the property. Ho I began cross-cutting on tne sixty-live jj, loot level to determine the width of . tho rich showing in the shaft. The cross-cut was run forty feet before encountering the wall, exposing more ' than forty feet of high-grade milling ore. The entire ore body, which lies ! between well-defined walls, samples i . better th:m $40 a ton. The surface showings on tne Miller lease, which lies on the south slope of Hooligan Hill, are nearly as good as on the tlxty-fivo-foot level, and the ground is ! believed to contain one of the biggest I milling propostioas in the state. Tho formation of the Miller lease is a J lode porphyry, the lwmging wall be- i ing a contact of porphyry and rhyo- j lite. This lease has long been the jl "show lease" of tiie camp, and every visitor is permitted to pan tho dump ! at any place, invariably getting a long i string of colors in a small egg pan. ; Ihe vein in tho Miller lease trends northeasterly and southwesterly, and the indications along the claim, as shown by neighboring leases, justify lite belief that this big vein extends the entire length of the claim. The Nelson lease, on block 4 of the Happy Hooligan and adjoining tho Miller lease on the southwest, has likewise proven that the values of the Miller i vein are- continuous through that, block. The dump on tho Nelson lease also pans good colors at every point, i Tho Do Armand lease, on block 6 of I the Happy Hooligan claim adjoining tho Nelson lease on the southwest, has long been one of the bonanzas of the camp. Mr. De Armand has repeatedly repeat-edly brought into town bowlders of ore that showed free gold plastered all 1 over them. The vein Is somewhat narrower in the De Armand lease than in the Miller and Nelson leases, but carries greater values than in the others, the gold being more concentrated concen-trated and making his lease a high-grade high-grade shipping proposition. A strike of great importance was made last week on the Flynn lease, which adjoins ad-joins the De Armand lease on the southwest. E. W. King, president of the Rawhide Queen Mines company and the Rawhide Balloon Hill Mining company, and tire biggest operator in the district, purchased this lease last Saturday for a big figure. The ore body on tho Flynn lease compares in size and value with that on the De Armand lease, adding another high-grade high-grade shipper to the roster of shipping ship-ping leases on Hooligan Hill. An assay taken by Mr. King from the rich seam showed values of $79,000 a ton. A Tonopah company recently took over block 10 on tire Happy Hooligan claim and is pushing devel-I devel-I opment work to catch tho Miller vein. I Block 7 on the Happy Hooligan f claim, lying on the west side of Hoo- I ligan Hill, has some excellent surface i showings on a vein which runs para- llel with the Miller vein. This block has been reserved by tho company I and will be developed on company ac- count. The Jordan lease, on block 3 of the Happy Hooligan claim, is ex it tractlng ore from several of the cross- I veins with which Hooligan Hill is I seamed, and is now sinking a shaft fi to intersect two of these cross-veins 1 which on the surface show high-grade I ore. The AJlen lease, on block 1 of 1 the Happy Hooligan, was recently I sold to eastern capitalists for $15,000 I and extensive development work is I being prosecuted to open up tho big showing made on the surface by Al- len and associates. The Davidson and I Catching lease, on block 2 of the I Happy Day claim and adjoining tire i Miller lease on tire northeast, is sink- 5 ing a shaft to the depth of 100 feet at the foot of the hill, to gain greater I depth, and will crosscut to tap the groat Miller vein. This lease is being worked systematically, and the crosscut, cross-cut, when it Interescte the vein, will give at least 300 feet of backs. Block I on the Happy Day claim, which is an exceedingly large block, has been reserved for company work. The formation in this block is lodo porphyry. por-phyry. Repeated assays taken from the surface indicate values of several hundred dollars a ton and prove to the satisfaction of the management that the main vein of the Happy Hooligan Hoo-ligan claim extends into and through the Happy Day claim. Geologists say that this big vein is the same one that outcrops In the center of Nevada street, where numerous assays running run-ning over $300 a ton have been taken and the same vein on which Grutt brothers recently made their sensational sensa-tional strike on the Wild West claim on Grutt hill. If correct, this vein extends the length of the Happy Hooligan Hoo-ligan claim and in its northern course diagonally across tho Happy Day, Sunbeam Sun-beam and Wild West claims all owned own-ed by the Rawhide Coalition Mines company. The wonderful strikes made by Kearns In his several leases on Balloon Hill are on veins which trend northeast and southwest and pass through the northeast end of the Happy Day claim. The Proskey lease, on block 8 of the Happy Day, has opened up the main Kearns vein, and recently made a shipment of four tons of ore, which netted about $1,G00, or an average of $400 a ton. Proskey has purchased a power hoist and will open up his lease to depth as rapidly as possible. The Smith and Cross lease, on block G of the Happy Day, has a shaft down fifty-live feet, where epeated assays averaging $800 a ton have been secured. The formation on this lease is lode porphyry, and although al-though slightly broken up, it is believed be-lieved that the ledge will be found In place at the depth of 100 feet. I. H. Cook and- Dr. Wheeler of Goldfleld, who are associated with Smith & Cross in the ownership of this lease, have supplied the necessary funds to provide a machine hoist and it will be In commission with a week or ten days. Block 7 on the Happy Day claim has been reserved for company work. This lease lies on the west slope of Balloon Hill and adjoins the Balloon claim of the Rawhide Queen Mines company, on which the Kearns leases are situated. The rich vein on Kearns lease No. 2, the bonanza lease ct tho camp, runs directly into block 7, which is considered by the management manage-ment of the Rawhide Coalition one of Its choicest pieces of ground. On block 3 on the Happy Day a strike was made recently which proves conclusively conclu-sively that the parallel vein disclosed on the Avest slope of Hooligan hill continues con-tinues through tho Happy Day. The Sisson lease, on block 1 of tho Happy Day and situated on the crest of Hooligan Hooli-gan hill, has recently encountered shipping ore right at tho top of the hill, and a tunnel Is now being driven to cut this rich vein at depth. The Murphy & Terrell lease, on block 2 of the Guess It claim, lies on the west slope of Hooligan Hill. The shaft is down sixty-five feet, at which point a six-foot vein, averaging $35 a ton has been opened up. A four-inch streak in this vein assays about $150 a ton. Some of the finest spe- .mens over exhibited ex-hibited in the camp are being taken from this rich streak, and the owners are drifting on it with the expectation of opening up one of the best pay shoots in the district. On block 9 and 10 of the Guess It claim a rich placer strike was made recently. These blocks, which lie on a small hill, are being trenched to uncover the ledge from which the placer gold was eroded. Every small gulch on the slopes of this hill pans gold In sufficient quantities to insure profit-ab profit-ab . returns when worked by the dry-washing dry-washing process. The Nugent lease, on block 2 of the Sunbeam claim, has recently opened up a "jewelry box" ftom which the lucky owners of the lease are selling high-grade samples sam-ples for watch charms. They find this method of disposing of their rich ore very profitable. Blocks 5, G, 7 and 8 on the Sunbeam claim, which lies within the townslte, have just been taken over by a company of Utah mining men, wire have agreed to furnish fur-nish $5,000 a month to open up what they believe to be the extension of the Miller vein within their territory. Tho Adams lease, on block 9 of the Sunbeam Sun-beam claim, made a very important strike last week In the bottom of the fifty-foot shaft, and since the strike a quarter interest in the lease has been sold for $2,500 cash to provide funds tor development purposes. The Hamilton Ham-ilton lease, on block 10 of the Wild West claim is sinking a shaft to tap the vein on which tho great Grutt strike waa made and which crops on the Hamilton lense. The minora employed em-ployed on the lease are accepting stock in the leasing company for two-thirds two-thirds of their pay, and declare that they would rather have the stock than cash. The Trultt lease, on block 8 of tho Wild West claim, covers the big strike that was made recently In tho center of Nevada street, In the heart of the townslte. A shaft is being be-ing sunk at a point 200 feet from tho strike, with the Intetion of crosscut-ting crosscut-ting the vein at a depth of 100 feet. One of the most sensational strikes that ever occurred in Nevada was made recently on the Grutt lease, which covers block 9 on the West West claim of the Coalition. Within half an hour aftor the strike was made half of the residents of Rawhide flocked to the scene and Grutt Brothers Broth-ers were compelled to rope off the lrole where the strike was made to prevent the eager sightseers from packing off thousands of dollars' worth of samples. The blast which opened up this phenomenal find. scattered scat-tered high-grade ore through the camp, pieces of the ore which were half gold, dropping in the streets and on the roofs of houses, and there was a great scramble to pick up tho samples sam-ples when it was learned that they were filled with gold. The strike disclosed dis-closed a ten-inch streak that assayed as high as $300,000 in gold. Eight sacks of ore, valued at $25,000, were taken out and stored in the office of Crutt Brothers. The strike whs made on tire surface, about forty feet from the shaft, and since only underhand Btoping is allowed under the terms of the lease. Grutt Brothers are rapidly pushing the shaft down to the 100-foot 100-foot level to tap this phenomenally rich vein at that depth. The shaft is now down about seventy feet. For tho first twenty-five feet it followed a twelve-Inch stringer of ore assaying $300 a ton, but this rich vein pitched out of the shaft at the depth of twenty-five feet. The Lunnlng lease on block 7 of the Wild West claim, has one of the most sensational showings in tho district. At a depth of sixty feet the Luning boys have opened up a body of sulphide ore of good shipping ship-ping grade, and alongeslde of this there is a streak of remarkably rich ore which yields some of the finest samples ever seen in the camp. The owners of the lease carry from $500 to $1000 worth of this specimen rock home with them every night. Tho Schafev lease, on block 10 of the Silver Sil-ver King No. 1 claim, has about thirty sacks of $300 ore taken from the shaft during the past five days. The Selover lease, on block 9 of tho Silver Sil-ver ICIng No. 1 claim, at the foot of Grutt Hill, has a largo dump, the whole of which will average $45 a ton. This dump, like that on, the big Miller lease, is one of the sights of' the camp, and is visited by many newcomers, new-comers, who are always invited to pan for themselves. The ProBkey lease, on block 1, of the Silver King Annex, has 125 sacks of ore on the dump and is buying machineiy to push development. This lease is on the west slope of Grutt Hill, where Proskey has opened up a vein running run-ning parallel to the rich vein on which Grutt Brothers made their sensational strike. The ore In Proskey"S shaft Is a brown hematite filled with crystallized crystal-lized gold. The Selover-Robbe leases, on block 2 of the Silver King No. 1 and block 2 of the Silver King No. 2, have opened up one of the largest milling propositions in the district. The ore is a pure sulphide averaging $20 In gold and $15 in silver. It is a beautiful blue water-formation quartz, having an average width of four feet between well-defined walls. The Annie An-nie Laurie lease, on block 2 of the. Silver ICIng No. 3 cralm, is ownod and operated by "Ragtime" Kflly, the I dance-hall king, who last week opened I five cases of champagne In celobra- I tion of an important strike on his I lease. Tire dls covery was made on I an outcrop In the center of Rawhide I avenue, and assays averaging $300 a I ton were obtained from the vein at a I depth of two or three feet below the I surface. A portion of the estate of I the Rawhide Coalition Mines Company I is covered by tbe business section of I the town of Rawhide, and to facili- I tate mining operations on this part of I its territory, the company has made I fourteen mining reservations, each I 100x300 feet In the midst of the tent- I ed city. The company owns all of the I mineral rights on which surface dwel- I lings are now constructel and blast- I Ing Is going on In every street of the I town. As wo go to press we learn of I a great strike having been made vos- I terday on tho Grutt lease on the Wild I West claim of the Coalition group, I situated on Grutt Hill. A telegram I from our engineer at Rawhide gives I the following particulars, "One of the I camp's greatest mineral discoveries I has just been made on the Grutt lease I on the Wild West claim. At a depth I of sixty-five feet a drift has opened I up from twelve to fourteen inches of I $1,000 ore, and it seems the deeper the drift penetrates the or body the M richer tho gangue becomes. The ore I resembles in every particular that I opened up in the 'Glory hole' I farther down the hill some time ago. I Samples from the ore shoot shown I around town are literally half gold, I and although fire tests have not been I made, the values are an evidence that I it is safo, to say that the entire vein I averages $1,000 a ton. With four feet of high-grade shipping ore in the glory I hole, a large body of good oro on the I Grutt Lease No. 2 and the extraurdi- I narlly rich find just made, the Wild I West claim itself now takes rank with H the big bonanzas of the district. The H vein has an northeasterly and south- H westerly course, and is marked by un- usual strength clear across the Coall- H Uon group." But one deduction can be made from tho foregoing exhibi- H tion, and that is that the ore showings H at or near the surface on the ground of tho Rawhide Coalition Mines com- I pany are staggering in point of rich- I ness and freqeuncy. If a series of great gold mines are not opened up cn this ground ns a result of persis- tent development work by tho leader and by company work, which it is an H nounced will begin at once, then Na- H turo must have bespattered this H ground with a lavish flow of the piv- clous metal only to have later reap- H neared and removed it, leaving only its H many traces. For several weeks w H have been aware of the fabulous H showings on this property and have H tried to doubt our own eyes. We hav H taken pains to interview veterans of B Aspen, of Leadvlllo, of Cripple Croel. H of Goldfleld, of Nome and even Jo- H hannosburg, whom wo have met on the ground, but have failed to find a H single dissenter from the general pr - H vailing opinion that tho Rawhide Coa'- H ition Mines company owns the biggest and richest series of gold mine pro- H pects that has been disclosed to view H in a compact area of 150 acres In the H history of American mining. This cor- poration is capitalized for 8,000,000 shares of the par value of $1 eaoh. Of these 750,000 are in the treasury. The president of the company is E. W. King, who is also president of the Rawhide Queen Mines company and of the Rawhide Balloon Hill Mining i company. The vice president is W. J. Smith, a much respected and affluent gentleman from California, who has been identified with mining for many years. The treasurer is Moritz Scheeline, for many years vice president presi-dent of the Bank of Nevada in Reno, and now president of the Scheeline Banking & Trust company of Reno. R. M. Van Dora, one of the pioneers of the camp and a young man of sterling ster-ling integrity, secretary, and one of tho principal owners. Not a single share of this stock has yet boon released. Not a share has been offered for subscription. sub-scription. Those among the directorate director-ate who own the control have tied up their stock in escrow in a way that makes it absolutely impossible for them to withdraw a share of their holdings for from twelve to eighteen months from date. They believe their holdings will make them multimillionaires multi-millionaires within that period. Wo have offered to underwrite for the clients of Nat C. Goodwin & Co. all of the treasury stock of the company that is to be sold. Wo have been allotted al-lotted 250,000 shares, and have an ironclad agreement that for six months fiom date of March 15 no more treasury treas-ury stock shall be offered. The sub-subscription sub-subscription price for these share is rar, $1, and there is no doubt in our mind that the entire 250,000 shares lor which we have spoken will be taken tak-en up by readers of this Fortnightly Market Review within a few weeks of this announcement. We advise all of th-ose interested to lose no time m wiling us their reservations. Naturally, Natural-ly, we shall supply it to first comers. Our underwriting this block of stock carries with it a guarantee from the company that the shares will be listed I on tho San Francisco Stock and Ex-B Ex-B change Board and that transfer of- flees shall be established in San Fran- cisco and New York in order to facill- tate trading on both the San Fran-B Fran-B cisco Stock and Exchange Board and I the New York curb. Wo believe these H shares are intrinsically worth from $2 H to $3, and that they have a speculative value up to $15 per share. We believe B further, that never in the hlstoiy of gold mining in tho wost has an op-B op-B portunity been afforded such as this B for tho general public to partake of B such a high-class offering. Further, B wo are convinced tho shares will com-B com-B mand a big premium immediately af-B af-B ter the stock is listed, by which time H tho investing public generally will un-H un-H derstand tho true value of this won-H won-H derful property. H Rawhide Consolidated Mines H Company. This company owns a group of eight claims and four fractions, about 1G5 H acres, adjoining the estate of the Raw-H Raw-H hide Queen Mines company on tho southeast and tho Balloon Hill Min-H Min-H ing company on tho south, and em-B em-B bracing all of Murray Hill and Con- solidatod Hill. The holdings consist of the Bald Hornet, D. and D., Early Bird, Daivs and Dunning, Nevada Umpah, Novada Umpah No. 1, L and M. No. 1 and L. and M. No. 2 claims, H and the Bald Hornet, Goldpah, Mocca-1 Mocca-1 Kin and Lucille fractions. The com-H com-H pany is capitalized for 1,000,00 shares H f f a par value of $1. T' officers are: C. Duning, president; Eugene H Orutt, vice president; Fred Grutt, secretary and treasurer. Tlioi-e are thirty leases on the property, air of H which will be under active develop- H ment by the 15th inst. The best of the'tie at the present stage of develop-ment develop-ment is the, Murray lease, wliich has H 'teen incroporated under the name of H the Rawhide Mining & Reduction c,,mpany, with a capitalization "t H i .000,000 shares of a par value of $1-H $1-H iho lease has boon opened up by two shafts. The old shaft, which was abandoned because it was too high on the hill for economical work, Is th.cy feet deep, and all the way In ore of good milling grade. The new working shaft, which is situated fifty feet down the hill from the old one, i down ninety feet artd has opened up an immense body of high-grade milling mill-ing ore, with a two-foot streak of shipping ore running from $200 to $400 a ton. Four carloads of ore that has been sorted up to $400 a ton is now on the du'mp, awaiting transportation transpor-tation to the smelter. The Murray ledge is at least 150 feet wide and carries ore of good milling grade for its entire width, making the biggest milling proposition ever discovered in Nevada. The Aspinwall lease, which adjoins the Murray on the north, is on the extension of the Murray ledge and has opened up an ore-shoot at a depth of twenty-five feet that compares favorably with that on the Murray lease. The Aspinwall was recently sold to eastern capitalists capital-ists for $25,000. The Big Four lease, wliich adjoins the Murray on the south, has the southern extension of the Murray vein. The shaft is down fifty feet, whore the showing is about the same as at the same depth in the Murray. Trenching on the surface some distance from the shaft has exposed ex-posed two feet of ore assaying $G0O a ton. This lease is incorporated under un-der the name of tho Big Four Leasing company. The Gardner lease, on the Davis & Dunning claim, has just started a shaft on -a vein of good milling mill-ing ore which contains an eight-Inch streak of high-grade shipping ore. This lease is in process of incorporation. Tho Fitting lease, situated on the L. & M claim, has opened up a large body of milling ore at a depth of fifty feet It will be incorporated within a few days. In addition to the lease named, there are many others JJiat have uncovered promising promis-ing veins, and all these will be developed de-veloped by their owners. Fifty thousand shares of Consolidated stock wore sold at 20 cents per share a few" months ago. It has since sold up to $1.25. There is another block of 50,000 shares of ownership stock loose. The remainder is pooled for the present A market has not yet been established for the issue, and it if impossible to quote a price accurately. accur-ately. Eventually we expect to see a steady strong market for the shares at much better than par. Grey Eagle Fraction Mining and Leasing Co. The company, wliich owns this Happy Hap-py Hooligan Fraction mining claim and the leasing privilege on all of the Grey Eaglo Fraction until 1910, is incorporated in-corporated for 1,000,000 shares of a par value of $1, of which 350,000 shares are retained in the treasury. Tho officers and directors are: M. Scheeline, president and treasuoij; Charles Worden, vice-president; Warren War-ren A. Miller, secretary; E. W. King and Charles A. Gehrman. Mr. Schoe-llne Schoe-llne is president of tho Scheeline Banking and Trust company of Reno and is one of the most conservative bankers in tho state. Mr. Worden was one of tho early pioneers of tho Klondike, where he made a large fortune for-tune as a part owner of Nos. 24, 25 and 20 on El Dorado creek. Ho is now ono of tho most successful operators opera-tors in tho Rawhide district. Mr. Miller Mil-ler is vice-president of Nat C. Goodwin Good-win & Co., Inc., of Reno. Mr. King is the biggest individual operator In the Rawhide district, being president of tho Rawhide Queen Mines company, tho Rawhide Coalition Minos company, and the Rawhide Balloon Hill Mining Min-ing company. Mr. Gehrman is president presi-dent of the Bank of Rawhide. Tho Happy Hooligan Fraction mining claim, which forms the owning basis of the incorporation, adjoins the Hooligan Hooli-gan and Guess It claims of tlte) Rawhide Raw-hide Coalition Mining company on the southwest, and is, one of tho best-situated best-situated claims in the district The company is now developing the Grey Eagle Fraction on a 22 1-2 per cent royalty basis, under a lease which runs until January 1, 1910. This ground, which consists of about eight acres, is situated on Balloon Hill and reaches over to and on Grutt Hill. It is surrounded by the Mascot, Mascot No. 1, Wild West and Balloon claims and tho Balloon Fraction, the bonanzas bonan-zas of the district. The great Koarns lease No. 2, which is now opening up the biggest body of high-grade ore ever discovered in Novada, is situated on the Balloon Fractie . less than fifty yards away, and the rich vein passes directly through tho Grey Eagle Ea-gle Fraction into tho Mascot No. 1 claim, for which Eueene Grutt has re fused a cash offer of $500,000. The Kearns ledge carries the same values whore is has been uncovered in the Mascot that it shows in the Balloon Fraction, and it is an absolute certain-tj certain-tj that tho Grey Eagle Fraction will catch the lodge at its richest point. Next to the Balloon Fraction itself, this acreage is considered the best piece of ground of Its size In the district. dis-trict. Eugene Grutt, who owns tho controlling interest in the Grey Eagle Fraction, has refused an offer of $500,-000 $500,-000 for it. The Grey Eagle Fraction Mining and Leasing company, which Is running a tunnel to catch the Kearns vein at depth, last week cut cine feet of milling ore in a blind vein running parallel with the Kearns vein. The tunnel is now in about 185 feet and It is calculated that it will oncounter the Kearns vein within the next GO feet. Day and night shifts are now prosecuting development work. J. G. Flynn, the well-known mininT engineer, who opened up the great Mohawk and the Combination at Goldfleld, this week made the following follow-ing report on the Grey Eagle Fraction: Frac-tion: "I hereby submit a report on the Grey Eagle Fraction. This fraction consists of about eight acres, situated on the west slope of Balloon Hill, in tho very heart of the producing area, bounded on the east by the Mascot No. 1, on the south by the Balloon and Balloon Fraction claims of the Rawhide Raw-hide Queen Mines company, on the west by tho Wild Wost claim of tho Coalition, and on tho north by tho Mascot claim. These claims are tho pick of the district, and there is ship-uing ship-uing ore opened upon all of them. As stated, your ground is bounded on tho south by the Balloon and Balloon Fraction. Frac-tion. The shaft on the Kearns lease No. 2 is on Balloon Fraction and within with-in 150 feet of tho Groy Eagle Fraction. This Kearns shaft is sunk on the contact con-tact between porphyry and rhyolite. Tho strike of this contact is north and south and runs directly into tho Grey Eaglo Fraction, and crops prominently on the surface. Tho formation of tho Grey Eagle Fraction is identical with the rest of Balloon Hill, that is, porphyry por-phyry and rhyolite. The mineralization mineraliza-tion is in the. porphyry side of the contact This contact is opened up on the Balloon Fraction by Kearns lease No. 2, the Ogilvle-Reynolds lease and tho St. Ives lease, and by three shafts on the Koarns No. 1. Up to date, when-over when-over the contact has been encountered, encounter-ed, oro of a good grade has boon found and in shipping quantities. Thoroforo I have reason to believe that when the upper contact between the rhyolite and porphyry is reached you will find the same conditions on the Grey Eagle Ea-gle Fraction. A tunnel is now being driven on the Grey Eagle Fraction to cut this contact, and if the contact holds the same depth as in the Ogil-vie-Reynolds and Kearns lease you should roach the l'se within tho next seventy feet. The work Is being prosecuted with three shifts of miners and they are making about five feet a day. In conclusion, I would say that it would be impossible to pick a hotter hot-ter situated piece of ground than the Grey Eagle Fraction in the entire Rawhide district It has everything f in its favor and is certain to bo a OH great producer." We have underwrit- IrH ton 100,000 shares of the treasury slock of the Groy Eaglo Fraction MIn- ing and Leasing company. We invite IsQI subscriptions at 25 cents a share. We believe the opportunity to be rare. lH There Is no reason why the same ore UB body on this ground, when opened up, Hlfl should not prove as rich and produc- Hl live as now revealed on the ground jftH 150 feet away, of the fabulously rich 'IH Kearns lease No. 2. If so found, these Ml shares will be soon In demand at $2. 11 The shares will be listed at a very Rawhide Balloon Hill Mining This company owns a compact 11 group of sixty-five acres, adjoining the $B estates of the Rawhide Queen Mines tfl company and the Rawhide Consolldat- fH ed Mines company on the north and ISfl east and embracing the Litigator, llfl Commercial and Commodore claims fll and the Litigator Fraction. The ground ''fl is being developed by means of a B shaft on the southern end of the Liti- gator claim, where assays taken at a jH depth of ten feet gave values ranging jH from $17 to $00 a ton, with rich string- !H ors running as high as $2,000 a ton. 1 fl The vein from which these assays 9i Avero secured is the eastern exton- 191 sion of the famous Kearns No. 1 vein, B which crosses the southern end of the ' ,1E Litigator claim, assuring an ore-shoot W& GOO feet in length on the ground of llsi this company. The Pike vein and the HflH Howard vein of the Rawhide Queon Hfli pass through the entire length of the Commercial and Commodore claims HI respectively of this company's group, iH and good surface values are found on jB both. The property is under active de-veiopment de-veiopment The officers are: E. W. King, president; Eugene Grutt, vice- H president; Warren A. Miller, secre- tary, and M. Scheeline, treasurer. jH Kinir If? tho heaviest individual nnern- MH tor in the Rawhide district, being ME president of the Rawhide Queen Mines company and the Rawhide Coalition k-M- Mines company, besides having other wm? important interests in the camp. Eu- .M gene Grutt is the most successful pio- $wj l'.eer operator in the camp, owning in-forest in-forest which have an approximate val- ue of $5,000,000. Miller is vlco-prosi- 'Mf dent of the Nat C. Goodwin company jjjfwi of Reno, and Scheeline is president 6mi of the Scheeline Banking and Trust fB company of Reno. The company is capitalized for 1,000,000 shares of a $MB par value of $1 of which 350,000 pjB shares have been retained in tho troa- jjJg sury for mine development. 'J. G. ijflj Fiynn, who was the first superinton- 3jH dent of the world-famous Mohawk, at 'kmm Goldfleld, is in charge of the work on 4jtB (his property. In addition to the sink- fjflj ing of the working shaft on tho vein ffi opened up on the Litigator claim, ' Sp Flynn has a number of men prospect-ing prospect-ing on the surface of the Commercial I and Commodore claims and the Liti- kfk gator Fraction to determine the best points at which to sink shafts on that '; end of tho state. Mr. Flynn's initial j-M, report to President E. W. King of this company, made under date of Febru- ;W ary 17, follows: ' "Claims Tho property consists of yfc three full claims and ono fraction, jjST namely, the Litigator, Commodore, ffli Commercial and Litigator Fraction, ?Jw the total acreage being seventy-two acres. Location The property is lo- vM. cated on tho northeast slope of Bal- loon Hill in tho Rawhide Mining dis- jjH trict. It adjoins tho Rawhide Consoli- JB dated Mines company on the south, ftH tlte Balloon Fraction and the March LB Rose on tho West, the Crystal group !M on tho north and tho Rawhide Reward on the east. Work done A shaft Is mi being sunk on the Litigator claim and fiB is now down to a depth of about twen- 83 ty feet, and I have been doing pros- I pectlng work and trenching on tho sur- ms face of the Commodore and the Com- M (Conli. udn Page 19.) jffi NAT C. GOODWIN MARKET LETTER. (Continued from Page 1 5.) merclal preparatory to sinking a working shaft to develop these two claims. On th-e Balloon, March Rose ,'uul Balloon Fraction there are eighteen eigh-teen leasers working and of these eighteen there are ten that are in ore of a good grade. These are on veins Cint are running into the property of I he Balloon Hill Mining company. On the Early Bird claim of the Consoll-niited, Consoll-niited, adjoining your property on the MHtth, there are sixteen leases, in-( in-( luding the famous Murray lease. This lonse is within GOO feet of the shaft being sunk on the Litigator claim, and !l. in ore clear across their shaft, running run-ning $300 to the ton. The Kearns lease on the Balloon claim has a shaft down eighty feet and they are now crosscutting the ledge and hiive nine ieet of ore of a very high grade, and have not yet reached either wall. As above stated, the shaft on the Litigator Litiga-tor claim is down twenty feet, and the assays taken from time to time run from $1 to ?G0, taken clear across the vein. Geology The country is porphyry and rhyolite with several systems of veins crosscutting the formation. for-mation. The vein material is in an altered andesite and daclte. The vein so far opened on your property is the Kearns vein, striking in an easterly and westerly direction, and is traced across the Balloon claim, the March Hose, the D. D. and the Litigator claims a distance of 2,000 feet. Parallel Paral-lel to this is the Howard vein, which can be traced for nearly the same distance dis-tance and goes across the north end of the Litigator claim, and striking in a northerly and southerly direction is the main contact vein, which is a contact con-tact between the porphyry and rhyolite. rhyo-lite. and traverses lengthwise of the March Rose, crosses the side line of the Balloon, crosses the side lines ofi the Diabase and continues on through the Commodore claim. This vein is opened by several leases on the Balloon Bal-loon and March Rose claims. Parallel to this about 500 feet from it is the Pike vein. This strikes lengthwise through the March Rose and Missouri Fraction, crosses north through the Litigator Fraction and Commercial claim, and is opened up by six leases on the Balloon and Missouri Fraction, and Is one of the most pronounced and defined veins in the district. "Values As above stated, in the shaft of the Litigator claim the assays run from $14 to $G0 and very rich pieces of float are found all over the surface. Pannings taken from the outcrop of the Pike vein, which traverses the Commercial and Litigator Fractions, give very rich pannings in free gold, and I am expecting to have enough surface prospecting done in a few days to locate an ore shoot in this ledge, The contact vein which has been unexplored, is very likely looking. Recommendations Since I have been in camp I have received many applications for leases on your property, and I would advise the survey into blocks of 300 feet each and leasing alternate blocks. This method will insure to. you a thro-ough thro-ough and complete prospecting of your ground, and at the same time you will have the major portion of the ground developed and intact at the expiration ex-piration of the leases. I would further advise a continuance of the shaft on the Litigator claim and the installation installa-tion as soon as possible of a power hoist and other equipment necessary to economical mining. In conclusion, 1 consider your property one of the best located in the camp, and the' surface sur-face showing Is very encouraging." We underwrote 200,000 shares of the capital capi-tal stock of this company on Feb. 20 and offered it for public subscription inediately at 25 cents a share. It has all been subscribed within a fortnight. We wore able by the terms of our contract con-tract to secure an additional 100,000 shares on the same terms, and these are now offered at the same figure on the eve of listing. Books close March 20. Our eastern friends should wire their reservations prior to March 15. Remittances in full must b.e forwarded immediately on notification by us of allotment. Wet predict a more active market on the exchanges for this issue is-sue at a handsome premium over the subscription' price than that which has In recent years greeted any other low-priced mining security. Given a short period to turn this splendid prospect into a producing mine, investors in-vestors may reasonably expect to find those shares in demand on the exchanges ex-changes at above par. Your Commission Orders. We execute orders for the purchase and sale of listed Nevada stocks for 2 per cent commission. In buying we give clients the benefit of an unexcelled unex-celled service, which often enables us to purchase at less than market quota tions, and In selling we are often enabled en-abled to obtain higher prices than those which rule on the exchanges. Moreover, our confidential advices to regular clients are of groat value to them, and the 2 per cent covers a general gen-eral service that is hardly matched elsewhere. We carry all active listed Nevada stocks for a period of six months on. a margin of 83 1-3 per cent of the actual ac-tual cost, plus 2 per cent commission for buying, and. interest charges at the rate of 8 per cent per annum on debit balances. Stocks are received as collateral against purchases, in lieu of c." whenever desired, valuation ben.. made at GG 2-3 per cent of the old price on San Francisco Stock and Exchange Board. In order to avoid delay in having "buy" orders executed, our friends are requested to forward New York, Chi- lH cago or San Francisco exchange for 119 about 10 or 20 per cent of the approxi- ; jH mated amount of their order, and to jflB be prepared to transmit balance duo i iftk on notification by wire or mail or ad- fffl ditional amount required to cover in- HH &truct to buy "at market." In any i-'fl event you will receive the full bene- ' 'H fit of the market on th-e day the order ;i 'fifl is filled and your interests will be pro- ''JM tected by an honest endeavor to buy vHM the stock as cheap as possible. Direct .WM .wire connection, San Francisco, Salt :;'H Lake, Chicago, New York, Philadel- irH phia, Pittsburg and Boston. 'i-w9 We Solicit Correspondence. :iJ9 Wo are just close enough to all the isM Nevada mining camps to obtain all J.tKfl the news of the mines as soon as it i lBS happens and just far enough removed lrom the mines to see things In their proper perspective and not be carried v'Hfl away by local ardor. We are, bosidos, ' li-i! in touch with all th-e markets by wire and know what is doing in all the ' lPi markets as welt as all the mines, all j w" the time. That is whv our market ' Ki forecasts on particular stocks are so accurate. That is why we are being tmm entrusted with the guidance of the in- imM vestments in Nevada stocks of more '.BP than probably any other ten brokeago houses in the country combined. News of impending moves in Neva- ' . da issues reach- us almost daily, and lI'I'M.' our clients are in position to command !'; f all of this information by mall or J wire whenever requested. Consult us. ;-' f Let us know what stocks you own and , , what stocks you contemplate buying, .; I ' and lot us advise you when to buy and ?. J ' when to sell. We are constantly In l-v ; possession of Information that places i? I'.: us in a position where we can always 1 t advise you what to buy and what to -i sell ,and, aS a rule, We know our mar- kets well enough to suggest the mo- vm'i raent when to buy and when to sell. We answer all inquiries cheerfully. jiSjj, |
