| Show THE california NEVADA the california nevada mining company is in trouble this company hasas has as its basis several old and abandoned mines near winnemucca nevada acting agents for the company was the dirril of baldwin co of albany new york this firm has been advertising with nearly every newspaper in the country that was willing to prostitute its columns for anoney money these advertisements made all kinds of statements W NIJ 1 1 Z 2 sylvan lake near custer idaho they set forth that in the companas comp anys mines all of twenty million were blocked out and in sight ready for extraction and shipment ship meni regular monthly dividends of a cent and a cent and a half were guaranteed and these were paid up to a month ago baldwin co have been in frequent correspondence with the mining review and this paper has been requested and urged time and time again to carry the advertisement above alluded to this the review refused to do but an investigation was started as to the merit and value of the property of the california nevada mining company and the methods and standing of the company which led to the writing of tae following letter to baldwin co in which the results of these investigations and the opinion of this paper in the matter were fully set forth A copy of the letter is here with given salt lake city utah march 7 1901 W H baldwin co albany N Y gentlemen yours of the tilt received and contents carefully noted you have asked us to be frank with you in regard to our opinion regarding the califor nia nevada we would have written you before and would also have published our conclusions in the mining review but for the fact that the information we have regarding this company is but hearsay hear say and could not without a great deal of trouble on oil our part be substantiated in a court of law but the facts we have gleaned are sufficient to oblige us to decline to carry your advertisement ti in our columns in the first place we have talked with several well informed mining men from that portion of nevada and they f estate tate that while the properties of the company are coq possessed of merit and may in time develop into producing and paying mines it is pr preposterous post erous to say that they have twenty millions in sight or even ten thousand that with the exception of two carloads of ore shipped for experimental purposes several months ago that no ore whatever has been marketed from the companas comp anys mines it Is also stated that the company only has bonds on its various groups and for the sum of of which only the small sum ol of has been paid we are also informed that henryj henry J dull I 1 M E who made the report on the property which was published in the companas comp anys prospectus and J B keeler superintendent at 1 ta 0 tl T M es and wha who is 9 also alse quoted in me prospectus are one and tf tha ijes same ane person this rl looks exceedingly bad to us ua S Whiley QU have hear dof adverse reports afe S be 0 california cevada nevada evada i we have haare hz ciaro ad deev erata and the silver state published at winnemucca in its issue of jan 30 gave the company a fearful roast which it would not dared to have done hadr its publishers not been in possession of facts which they could produce in a suit brought for damages As for the capitalization of the company and the fact that of its shares have been placed in the treasury this counts for nothing this capitalization is excessive and has no relation whatever to the actual value of the property we are more and more convinced that the whole proposition is a fraud and more we are convinced that the dividends being paid are paid out of returns from the sale of treasury stock the company we are assured would not dare of itself to do this and make the representations that you are doing but as fiscal agents you can take the risk and the company can claim immunity on the plea that it was not conversant of what you are doing you stated in a previous letter that the company had in its treasury and that you could furnish them with more within a reasonable time thae if this is true why are you making such an effort to sell more stock half this amount would equip the mines with machinery this again looks bad to us we are batis satisfied fied that the P 0 department in its investigation of this affair made a mistake in applying to postmaster sain for information as we are informed D that thai 11 sir r sain is handin hand in glove with the enterprise together with other residents of that portion of nevada in fact they have been subsidized as it were it is no pleasure tous to write you so plainly regarding this matter nor would we vm willingly or knowingly injure in any way a legitimate mining proposition we are as keen to make money as anyone could be but we will not endorse what we deem fake schemes or crooked methods to do this and we never will if we can help it run any advertising in the mining review which will mislead adour our readers and so cause them to lose money mondy in doubtful a and nit illegitimate mining schemes if you feel that you have ground for criticism as you intimate we shall take it in the same spirit in which it is given as we have no feeling in the matter other than to do that which is just and right we be lieve however that your methods will require more explanation than you are able to give before we will be able to look upon the affair as you do truly yours THE MINING REVIEW per W C H mr baldwin was in colorado springs a week ago and the colorado springs papers notably the mining investor and the daily mining record had lengthy interviews with him in these interviews he admits that conditions condi tons are as bad or worse than those outlined in the letter given above he claims however that he has been misled as to the affairs of the company and that through his ignorance in mining affairs he has been gulled by the california nevada company and he further states that he is mo morally rally innocent of any intentional wrongdoing according to statements made he has been able to dispose of about shares of stock at figures ranging from 20 cents to ubo share what has become aae of the bosn tte if professed ignorance avi I 1 bends harj have veen zen discontinued and anad it is sail I 1 that th 19 that ahai its property has be been n heaed he suspended Aea the visit of mr baldwin to the west accompanied by his attorney is said to be for the purpose of trying to save something for the innocent stockholders how he can do anything in this line is a mystery to us as the company has nothing excepting its options and bonds to the best of our knowledge and belief it is more than likely that in the near future more will be heard regarding this dirty looking affair |
