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Show Fortnightly Market Review Number 16 of Nat C Goodwina ,' J! 8 W . ANALYTIC REVIEW Of I MINES AND SECURITIES J OE GREAT GOLD CAMP II j ) Expert Opinion Based on Thorough Exam- I , , ination of District and inquiry H Into Incorporations I ' EARLY PRODUCTION ASTONISHING H J I Rawhide Proving Its Right to an Eminence in the H I World of Gold Mining Geology of the District m, Assures Permanency to fabulously Rich Ore :(.J Bodies No Milling Problems Ores Are Not Refractory Camp's Important Mining Securi- H ' ' ties Which Represent "Inside" Properties With H. j Ore Queen, Coalition, Grey Eagle Fraction, Balloon Hill, Mascot and Other Offerings. IK" ' 1 3 ; . EBNO (Nov.), Man-.Ii 6, 1908. j I . . """I INCE our last Fortnightly Market j 1 ' j Review was issued (.he camp of r Rawhido has more Hum doubled ' I its population and tho camp now eon- I , I tains more than 9000 people. Tho rush ! j to the district is increasing in volume " 'M hourly and the newcomers are pour- H iug into the district; at the rate of 350 t - or 200 a da'. ' l Hk Many sensational strikes have been - " made during tho past fortnight, sov- oral of them disclosing at a depth, . , varying from sixty to 325 feet, large , . , bodies of high-grade ore that exceed ; : 1 i in size and values uny previous dis-j dis-j , eovertcs in the state. . . Tho developments to dale full' sub- : 1 'stantiate the prediction made in tho V last issue of this Market Ttcvicw that i'i Kawbido is developing into the great- . : est gold camp in the United States. 4 TUB GEOLOGY OF RAWHIDE V Several geologists and mineralogists ' of national reputation have during tho . r past month made a careful study of the ' formation of the district, and without ! , "exception they declare that all the indications in-dications point to' the permanency of ' " ' the oro deposits. t . ' Tho genesis of the ores of the dis- , triet is three-fold, viz: Stockworks, j,, impregnation and replacement. Tho , porphyries, which arc acidic in type, l " ; found iii the immediate vicinity, un- i J doubtedl.v represent two geologic ages. ; ; - It is in tho earlier porphyries that all i; 'The values thus far have l)ccn found, i These values are encountered over a wj '. most extensive area, it being well with- ' ' in tho confines of accuracy to sa' a ler- I: ! ritory three miles square. On the "eastern side of this area lie three very -prominent hills, named from north to 'V ..south, Grutt HU1, Balloon Hill and ,R. "Murray Hill. These hills immediately ; ,, . ;bound the t?own of Rawhide oh the oast, while Hooligan (or McLcod) Hill : ' .'and Silver King Hill lie jusi west of '"i '.h'e main street of tho town. That "'j . Isome of tho largest bodies of high- , ' ) grade ore ever discovered in tho world r exist in these hills. is now conclusive- ".', ly demonstrated. : ' How these ore bodies were found is 'A. -an interesting study as well as a most ; . " encouraging one. "Stockworks" is a Jl; .term given to a reticulated mass of : - rock which is made up of a number of i ', ' s,mall seams and veins runniug in every !''.' ' conceivable direction and filled with , 1silica and metals. If this wero the C : ' 'v.full meaning of "stockworks" it would ; ' ! ' seem a very discouraging condition, but i j i .'fortunately there arc larger and major , ' ' veins here which arc found not only in : the shearing zoues, but also as frac- l ' , 'lures, tlius affording doublo vent to . the ascending waters and their precious I ' ! accompaniments, gold and silver. This i " .represents impregnation. : PROCESS OF REPLACEMENT l ; . )Vo now cotne to tho third process, li t, nad really thp one which is destined i ,' ; to make Haftvhide famous, and that is ; .tiie process of . replacement a strange I t!i9tasomatie trick of nature1 by which Uj I ; tl0 worthless- eldsjiars arc replaced H;'J by silica, gold and silver. The replace-Hi replace-Hi j j , ment process is clearly demonstraJble K ' in the Kearns,, Murray, Grutt and other n I leases. Tt is a harbinger of glad tid- II , , j"gs to -those-in Kawhide and to those U 1 .who are to go there, for it means big H ' ore bodies, aud a big camp. V : -lie other features of the district, H '.from a geological standpoint, aro all .extremely favoraolo to its future. Dikes j'"' f of basalt, and dacito may be seen crop-Wm crop-Wm ' Pi"g hero and there, most of them run-H run-H ng': in a northerly and southerly H '.; direction, and, ns y. rnloj cuttiug K ..through tho country rock at nearly a Wa . -Tight angle to tho main axis of atrati- " fication. i Thc c,-v"ter of .mining, activity is on m ' and around Balloon Hill, Grutt Hill, Mu ray Hill and Hooligan (or McLiCod) Hill. Th ese four hills adjoin one another an-other and compose thc backbone of the district. Tho properties embraced in this "inside" "in-side" territory are thc. following: Rawhide Queen Minos Company's estate, consisting of sixty-five ucres, practically covering tho center of Balloon Bal-loon Hill, and including tho Balloon, March Rose and Diabase claims and tho Balloon Fraction. This company is incorporated in-corporated for 1,000,000 shares of a par value of $1 each: 300,000 shares arc in tho company's treasury. Rawhide Coalition Mines Company's holdings, embracing eight claims and three fractions, or a littlo moro than 160 acres, covering a large part of Balloon Bal-loon Hill, Grutt Hill, Murray Hill, all of Hooligan Hill, all of Silver-King Hill aud all of the townsite. Thc com pan' is incorporated for 3,000,000 shares of a par valuo of .1 each; 750,000 shares are in tho treasury, Grey Eaglo Fraction, which has boon leased in its entirety for two years to tho Grey Eagle Fraction Mining and Loasing Company, which has just bcon incorporated with a capitalization of 1,000,000 shares; .'550,000 shares are in thc company's treasury. This" fraction, which contains about eight acres, is probably tho most valuable picco of ground of its size in the district. It adjoins tho Balloon claim aud the Balloon Bal-loon Fraction of the llawhido Queen Mines Company on the northeast, and has tho extension of thc great lvcarus Xo. 2 vein opened up on the Balloon Fraction, next door. It is bordered on thc other -side by thc bonanza Mascot claim and by tho ground of thc Rawhide Raw-hide Conlition Mines Company. Mascot and Mascot No. 1 claims, not. yet incorporated. Grutt Fraction, adjoining thc Silver King Annex claim of the Rawhido Co- I alition Mines Company. Rawhide Consolidated Minos Company's Com-pany's estate of eight claims and four fractions, incorporated for 1,000,000 shares of a par valuo of $1. Thc Murray Mur-ray lease, one of tho big bonanzas of the district, is situated on tho Bald Hornet claim of this estate. Rawhide Balloon Hill Mining company's com-pany's estate, consisting of sixty-Gvc acres and including tho Litigator, Commercial Com-mercial and Commodore claims and thc Litigator Fraction. This company is incorporated for '1,000,000 shares of a par value of $1. The Kearna Xo. 1 vein passes through the Litigator claim and the Pike and Howard veins of the Rawhido Queen Mines company extoud' through thc Commercial ,and Commodore Commo-dore claims of this company. Rawhide claim, the original location of tho district, not yet incorporated. Rosebcrry Rawhide Mining company, compa-ny, of ninotysevon acres, situated, between be-tween Rawhide Consolidated and Coalition Coal-ition ground on the south. Incorporated Incorpor-ated for 1,250,000 Shares, of which 100,000 shares aro in tho treasury. Rawhide Combination Mining company, com-pany, owning the Iasfc Chance claim. ALE OF THEM HAVE ORE On every claim iu this segregated area, ore ranging from good milling grade to sensationally rich shipping valuo has been doveloped. It is, in our j opinion, the most valuable mineral tcr- ! ritory of its acreage in the world. Kenrns Lease No. 2, on tho Balloon claim of the , Rawhide Queen Mines" company, has just opened up a body of phenomenally rich ore which, places that picco of ground iu the front rank of the great bonanzas of history. On tlio sixtyvfivc-foot level tho vein has been crosscut for a distance of twenty-four feet, with no sign of the hanging hang-ing wall. E. "W. King, president of tho Rawhide Queen Mines company, assures as-sures us that for its entire widtji this immense oro bodr gives average assays of from $iQ to ,t!)0 a ton, with streaks of high-grade oro from one to three feet wide thai, carry tho richest ore over discovered in the "West. Within tho past thrco dnys tho miners broko into a shoot two feet ten inches wide that, samples from $2000 to .fnOOO a ton. Pnnuings from this fabulously rich Bhool yield from $4 to $7 from a Biuall egg pan full of tho ore. A largo ton-nago ton-nago of tho richest oro ever minod iu thc Stato is now being rnised from tho sixty-fivc-foot level and the dump is growing rapidly. Shares in the 'leasing company operating this lease aro hard to obtain at $1 per share on a million-share million-share capitalization. Shares in tho par'onl. company, owner of tho ground under IcaBc, tho Rawhide Queen Mines company, aro in hot. demand at from $1.00 to 1.75 on a inillion-share capitalization. capi-talization. Kearns Lease No. on tho Balloon claim of thc Rawhide Queen Mines company, the lease being operated by the Original Rawhide Miniug company, is almost as rich a piece of ground as Kearns No. 2. Thc dovolopmcuts on thc oigbty-foot lovel during tho pa8t ten days havo been of a most sensational sensa-tional character. Tho ore shoot, which is forty-fivo feet, wide and samples 55 a ton from wall to wall, has bcon drifted on for 100 fcot in each direction, direc-tion, and samples taken all along thu drifts indicate Hint tho values aro uniformly uni-formly the same as in the crosscut. Threo carloads of ore averaging $200 a ton have been shipped to tho smelters smelt-ers from this lease, and regular shipments ship-ments of oro of this grade or bettor will be made from both of the Kearns leases from this time forward, STRIKES OF DAILY OCCURRENCE OCCUR-RENCE In addition to theso great strikes, remarkable discoveries aro being made daily on adjoining and neighboring properties, notably the Murray lease, on thc estate of thc Rawhido Consolidated Consoli-dated Mines company; the Gray Eaglo Fraction, adjoining tho Kearns No. 2 on tho northeast; tho Grutt, Proskcy and Luning leases on tho Wild West claim of the Rawhido Coalition Mines company; tho Miller, Do Armand and other leases on Hoolican Hill, within the estate of the Rawhide Coalition; the Litigator claim of tho Rawhide Baloon Hill Mining companj', the Ogilvio-Rc3'nolds and Nat. C. Goodwin leases on tho Balloon claim of thc Rawhido Queen, and other properties in tho viciuit3r. In the western section of thc district, nearly three miles from tho town of Rawhide, several important strikes have been made duriug tho past two weeks, indicating that that part of the district contains several promising properties. The Royal and Tiger, Bull-whackor Bull-whackor and Stoinhcimor. situated in that locality, have opened up shipping oro at a depth var3'ing from twenty to sixty feet, tho strike in tho Royal on the sixty-foot level having disclosed ore running as high as $1000 a ton. In short, thc developments throughout through-out the district during thc past fortnight fort-night havo fully verified the predictions predic-tions made in thc last issue of this Fortnightly Market Review and placed Rawhide among thc great gold camps of thc world. All the big operators in thc country now have their representatives on the ground, making examinations of the principal properties, and a numbor of important deals havo already been consummated. con-summated. Prices of inside properties are going up by leaps and bounds, and claims representing outside territory, which could havo been bought for a few thousand dollars two weeks ago, cannot be touched for less thau $50,000 today. Eugene Grutt and associates, who own tho Grey Eagle Fraction, which adjoins the Balloon claim and the Balloon Fraction of the Rawhide Queen Mines company on the northeast, north-east, and is under lease to (.he Grey Eagle Fraction Mining and Leasing compan3', have refused $500,000 for that piece of ground, which contains less thau eight acres. E. W. King, prosidont of the Rawhido Queen Mines company, who owns 55 per cent of tho stock of that corporation, which is capitalized cap-italized for 1,000,000 Bhares, has just, refused $2 a share for his holdings, aud lio says that he would not for a moment consider an offer of lees than .$5 a share. Many leasos that are still in the prospect stage have changed hands during tho past two weeks at prices ranging from 5000 to 25.000. POPULATION OF TOWN BIGGER THAN GOLD.FIELD The. town of Rawhido is building up with remarkable rapidity. There aro now moro than 5100 wooden buildings in tho camp, aud 250 are in course of construction. There arc 3000 tented habitats. Fifteen mule teams of ten to twenty animals each aro engaged in hauling timber from tho railroad, aud many smaller lcam3 are lieing pressed into thc sorvice. More than 200 carpenters are employed at 8 a day, and contractors arc sending outpidc for workmen to onablo them to complete their coutracts on time. R-eal estate valuos have bcon more than donblod in a fortnight, it. being impossible to buy for $25,000 a cornor lot which sold two weeks ago for $8000. Many operators from Nome and the Klondike are now on the ground, attracted at-tracted by the roports tliat rich placer diggings lmve lieen discovered. Theso placers, which are situated at the lower end of the town, iu the canyon which drains the rich quartz section arouud Grutt, Balloon, Murray and Hooligan Hills, aro beinc prospected by means. of shafts, and some remarkable valiros havo been encountered. Dirt running as high as $200 a cubic yard has bcon Htruck at several points, and nuggets weighing as high as $2 are froquontly found. It is bolioved that these placers i enn bo worked at. an enormous profit by the dry-washing process, and if water mifllcirnt for sluicing purposes can be developed, which is now assurod, this rich' ground will produce fortunes in placer gold. MINING FACILITIES The question of water for nulls and transportation to smelters needs no solution in Rawhide. Wat or in abundance, abun-dance, in fact an inexhaustible suppb', is to be had four miles from camp, on tho flat, by sinking fifty feet. Thomas Kearns has just organized a compan' and raised thc capital to suppl' town and mills with water, and a reservoir ifl now being erected on Balloon Hill. Tho nearest railroad station is Schurz, twenty-six. miles awa- on tho Southern Pacific. Thc charge for hauling thc ores to the railroad is $8. But all the oros can be millod on the ground. Tho developments on tho rich estates of tho Rawhide Queen, Rawhide Consolidated Consoli-dated and Rnwhide Coalition juatily thc erection of mills of largo enpacitj to reduce their ores. President E, "W. King of tho Rawhide Queen is now considering plans for tho installation of a fortj'-stamp mill at a point near tho companj-'s holdings, and it in probable prob-able that work will be commenced early next; month. In speaking of his project, King said: "While a rich camp like Rawhido Raw-hido can live for a certain length of time on tho high-grade ores, it sooner or later has got to got down to tho actual production of bullion on tho ground, and thc sooner that is accomplished accom-plished thc better it is for the camp and all the mines in it. A largo proportion pro-portion of tho ores of the district can be treated b3' tho straight stamp and amalgamation method, but somo of thc ores which carry high values in silver, notably those of tho Murray lease, will have to be smelted or treated by the concentration aud eynnido process. From experiments that I have mado in my own laboratory in Helena, I am satisfied that an extraction of from 90 to 07 per cent cau bo mado on all tho ores in tho camp. The ores of the Miller, on Coalition ground, Kenrns No. 2, on Queon ground, De Armand and Alexander leases, on Coalition ground, in particular, can be treated simph with stamps and plates and a very high extraction made. All of tho ores from the leases on Hooligan Hill, whore the De Armand and Alexander loases aro situated, come under this classification. There is no reason why fifty stamps could not be kept dropping da3' and night on tho present development in tho leases I have just named. EXPERIENCE IN MONTANA "During ni- experience in Montana I have been able to mine and mill ores for as low as $1 a ton, but the veins in Rawhido being narrower than the large deposits in lime in Montana, the cost would be much greater. Tho higher cost of labor and power and the cost of water would also add to thc expense. But there is no reason wli3' the ores of Rawhido cannot be mined and milled at a cost not to exceed ex-ceed $5 or $6 a tou, while in exceptional excep-tional cases, such as those of tho Kearns and Ogilvie-Reynolds leases, they can bo treated for $3 or $4 a ton. This would bring to the stamps an almost unlimited tonnage of low-grade low-grade oro that could be handled at a profit. "Several outsido parties have as-Mired as-Mired me that tho3" will erect a large custom mill in the camp within a short time, and thc compan3 is awaiting await-ing their decision. Tf actual construction construc-tion work is not begun by some ono within thc next twont3' da3's, the com-pan3' com-pan3' will at once begin the erection of a mil of sufficient capacity to treat all the oree from its mines." Mr. King's cxporienoo in managing some of the best gold mines in Montana Mon-tana has peculiar' fitted him for solving solv-ing the problem of economical- reducing reduc-ing tho ores of tho new camp. His first groat bucccss was putting the Gilt Fxlgo mine, situated in Fergus county, Mont., on a Uvidond-pa'ing basis. Several companios had operated thc pr07crtyr but in evor3' instance failed to put it on a paying basis. "When Mr. King took eharge of the mine the cyanide process of extracting gold from refractorj' ores was iu its infamy. B3' tho method in use at the Gilt Edge it. roquired from two to three pounds of eyanido to a tou of gold to make the extraction, and tho cost of the cyanide rendered it impossible to mako a profit 01 thc ore, which averaged aver-aged about $6 a ton. "Within a short .timo Mr. King, by tho adoption of improved im-proved methods of his own invention, reduced the quantity of C3'anide ncces-sar3' ncces-sar3' to extract, tho gold from v. ton of ore to less than a third of a pound, and this saving cnablod him to operate tho mine at a handsome profit. Thc Barnes-King mine, situated in thc same count3', was also made - a profitable producer by Mr. King, who introduced his new process in reducing its oros. Under his management thc two mines produced ovor $3,000,000 and puid big Xrofits to tho stockholders. PERMANENCY OF ORE BODIES : Tn discussing the question of thc ; pormaueno3' of the ore deposits on Bal- . loon Hill, President King said: " When I first visited the district last 1 October, ono of thc features that led' mo to beliove that tho oro deposits would provo to bo permanent, is thnt all the evidences . point to thc deposition deposi-tion of thc gold having been mado by asconding solutions and that tho mineralization is therefore apt to be strong for man- fco.t; in depth. Tn fact, would not, bo surprised to sco tho values continue to a depth of 2000 or 3000 feet. Tt vorj' often happens in a lime formation, such as we havo in Montana, where thc lima has been tilted .03' eruptive rocks, that the gold-bearing gold-bearing oolutions havo come up through tho eruptive rocks and flown downward through tho strata of lime and deposited their gold values at a c.omparativeh' shallow depth. That was rny cxperionco in Montana, particularly in thc Gilt Edge andrf Barnes-King mines. "Another thing that strengthens 103' belief that the oro deposits of the camp go to a great depth is tho provalcncc of silver values. Nearly all gold-bearing solutions carry more or less silver, aud that is gcnerall3' deposited farther down in tho veins; so that the pros-enco pros-enco of silver is always a good indication indica-tion of permanency. Thc ores on thc Comstock carried a largo percentage of silver, and the dopth to which those mines could bo profitably" worked was limited oy by th6 high temperature which prevails on thc lower lovcls. The Gilt Edge and Barnos-Kiug mines are in lime formation, and they were pockety and gradually 'petered out' at a comparativehr shallow depth. "We did not find tho ore below tho 400-foot level, and thoy carried no silver values whatever. I expect to find the heat at depth in the Rawhido mines, because thore are hot springs in thc viciuitj. Tn tho Michigan copper mines tho3' go down 5000 or 6000 fcot, and yet thc lower levels in thoso mines aro comparatively com-paratively .cool, while at a depth of 2000 feet in the Comstock mines the temperature is almost; at the boiling point. Tho fact that there are hot springs in tho vicinity of Rawhido leads me to beliovo that the mines will repeat the histor3' of tho Comstock and go to great depth." KEARNS ON WATER AND MILLS Thomas Kearns, owner of the famous Kearns leases at Rawhide, was in Reno Monday, on his way back to the great gold camp from San Francisco, where ho spent a week or ton da3'S perfecting plans for tho installation of a -water works and olectric lighting system and tho erection of a stamp mill at Rawhide. Raw-hide. In talking of his plans Mr. Kearns said: "Somo time ago I decided to erect a 200-ton plant at Rawhide to rednco tho ores from tho Kearns leases, and the first problem that confronted mo was thc development of a water supply. I sunk a well in tho flat, about six miles below thc camp of Rawhide, and was gratified to find that I could develop an inexhaustible supply of water at 3 depth of fifty or sixt3' feet. I then conceived tho idea of putting in a water system aud olectric lighting plant for the camp, and my engineers havo been working for several weeks on the plans, making preliminar3 sur-vc3'B, sur-vc3'B, etc. As a result or their work I have formed a cemponj' and havo rnised $135,000 cash, the sum estimated to be neccssar3" to earrj- out the project. We will put in a pumping plant of sufficient; suffi-cient; capacity to supph'"a town of 10,-000 10,-000 people and operate 200 stamps. "We expect to have the pipes laid within tho next sixty days, and if. there is no unexpected dela- we will have water running in tho streets of Rawhide within three months. "Wc aro constructing con-structing two reservoirs on tho top of Balloon Hill, which will give sufficient prossuro to afford perfect, fire protection. protec-tion. "We intond to put in a 200-ton reduction plant at tho foot of Balloon Hill to haudle the ores from the Kearns ' leases, and this work will bo started in ample time to have thc plant in commission b3' thc time the water system is installed." V. B." Devercaux, Jr., of "W. B. Dcv'er-eaux Dcv'er-eaux & Sons. Now York, mining engineers engi-neers and extensive mlno owners in California, Mexico and Panama, tho engineers en-gineers of E. H. Harriman. has made critical and extensive examination of the properties in Rawhide. "I am prepared to say," ho said, "that I never saw such a remarkable showing of gold over such a large area in' mi" life as that revealed in a lour over these hills. Tf airy one should tell me that there would not bo at least half a dozen big mines in i.his district J would tell him ho was era 513-. T went down thc shaft of Kearns No. 2 lease on Balloon hill, thc ground of thc Rawhido Raw-hido Queen Mines company, and U103-havc U103-havc two feet ten inches of ore that will run bctwoen $3000 aud $4000 to the ton, nine feet of shipping ore' and an indefinite amount of milling ore. I havo not taken anj one's word for the values represented, but mado a numbor of tests personal', and my opinion of the properties cau best be expressod 1)3' the statement, that 1' am willing to put my money into the camp. Tho distribution dis-tribution of thc gold deposit is not limited lim-ited to one or two ledges. Aiu'where iu thc mineral belt a mnn has a chance to make mono'." ANOTHER EXPERT VIEW .Tames G. Ffy-nn, former' mino su- I perintendent of thc Combination and ' Mohawk mines of Goldfield, has made tho following report on I ho Balloon till portion of tho district: "I have jpent three days in making a more Lhorough and complete examination of Balloon Hill, and any doubts autor- tained of itscontaining millions of the precious metal have boen dispelled. Squat on the hill aro tho. mining locations loca-tions known as the Balloon, Balloon Fraction, Gre3' Eaglo Fraction, Mascot No. I, Diabaso and March Rose. Tho Gro3' Eaglo Fraction is under Icaao in its entirety to thc Gro3 Eaglo Fraction Mining and Leasing company. Tho Mascot No. 1 13 as yot unincorporated. The Balloon claim, tho Balloon Fraction, Frac-tion, the Diabase- and tho March Rose aro tho property of tho Rawhide Queen Miu3 compan'. The formation is porplyry and rhyolite. The rhyolite is a large intrusivo diko about 300 feet1 wide, running parallel with the hill. The contact with tho porphyry on thc west side is being prospected by nine leases. Among thc most, activo at; present are. the Groy Eagle Fraction, and tho Kearns No. 2, Kearns No. 1, Reynolds-Ogilvio, St. Ives and Nat. C. Goodwin on tho Balloon and Balloon Fraction. All of these leases have remarkable re-markable showiugs for the amount of work done. The most remarkable and, in fact, one of tho greatest prospects I have ever seen is in tho Kearns No. 2. On this lease there ib a shaft down sixty-five feet, with twent--two feet of cross-cut nt the bottom toward the hanging-wall, There arc values from tho surface to the bottom of tho shaft, but the richest ore and best showing aro in the crosscut, Tho first nine feet of this ia in ore running from $100 to $500 per ton. The rest of tho crosscut cross-cut is in ore of a. good milling grade of from $10 to $20, and the hanging-wall hanging-wall is not yot reached. The mineralized mineral-ized part of this vein is a secondary silification of porphyry and is very soft; that is, tho silification has not been complete. "Within this ledge and running parallel with it are talc seams. The mineralization of this is what might bo termed "banded;" that is, there are bands of very rich ore alternating alter-nating with the leaner or poorer grade of corresponding width. These talc seams separate the enriched zones from the leaner ones, and perhaps from the hanging-wall of tho channels of the gold-bearing solution. I soo no reason, geologically or otherwise, for this mineralization min-eralization not to extend to groat depth and along the entire length of thiB contact. con-tact. I feel confident that developments develop-ments In the next ninety da3s will open up mines that will rival any in tho Stato." I RAWHIDE MINES AND PROSPECTS WE proceed to a review of the important mining companies of Rawhide that own inside ground on or surrounding or situated between Balloon Hill, Grutt Hill, Hooligan Hooli-gan Hill, Silver King Hill and Murray Hill, which mark, the conter of activit3. In doing so, wo bear in mind tho mistakes mis-takes and shortcomings of camp boomers boom-ers and mining-stock promoters of the Groenwator type and of other districts that havo been ovorboomed to the cost and heavy loss of investors. In this connection it should be pointed out that Grcenwater was the outgrowth of a conspiracy hatched up in thc cafe of thc Waldorf Astoria in Now York and that thc securities of that camp were manufactured to feed a growing demand for mining stocks that grew out of tho tremendous boom that was brought about by the merger of various vari-ous Goldfield producers into the Gold-field Gold-field Consolidated. There is nothing "manufactured" about Rawhide. The camp has grown despite depressed financial conditions throughout the eouutr3'. and ore discoveries alone are responsible for it. Indeed, but or tho fact that the strikes of high-grade inade in Rawhide havo' been of such tremendous significance, thc boom would have been throttled in its in-fanc3' in-fanc3' by tho absonco of bu-ing power for securities of the average variet3', which for months has been evidenced throughout tho conntr3', and Rawhide would have died still-bom. RAWHIDE QUEEN MINES COMPANY Tho Rawhide Queen Mines Company, whose ground is ccntralby located on Balloon Hill. i6 incorporated for l,000,r 0Q0 shares of a par value of $1 each, of which 300.000 shares are retained in tho trcasu for development purposes. The officers of the corporation, which was the first holding compan3 organized organ-ized in thc district, are E. "W. King, president: J. H. Barrett, vice-presidont; William Lane, sccretar3 and D. Y. Snowgoose, treasurer. The proper-consists proper-consists of threo full claims and three fractions, vir.: Tho Balloon, March Rose and Diabase claims and tho Balloon Bal-loon Fraction and two small fractions not ycfc named. Tho estate contains sixty-five acres, situated squaroby on Balloon Hill, with the oxception of a small area on thc extreme north end. A. controlling interest in the property was taken ovor on' January 1 of tho present 3'car by E. W. King, the well-known well-known .banker and mine-owner of Montana. Mr. King has been operating in Montnna for ncarl3' twenty 3rearo, 1 being the moving spirit in the Gilt Edge Mining Compaq', the Great 1 Northern Development Company, thc 1 Barnes-King Mining Company, the Kendall Mining Compaq- and the Alder t Gulch Mining Compnm'. He built threo I large mills in Montana, aud has man3' 1 mining interests throughout the North- 1 west, in addition to thoso mentioned, t Mr. King's control produced more than j half th eml'l nnbvJ; oC Mnntn-na- and t he is considered one of thpW- . nent authorities on gold mini :MK "o is Speaker of 4fc. House ,n the Montana legislate flr former president of the MontaaiMfi ciety of Mining Engineers. A little JKS four months ago King' attend ! called to Rawhido by C. G. 2. Wt pioneer of the camp, and he camo aBS from Montana and paid a visit tn3K new district;. After a few days' inJSK txon of the camp and its propertfeSK bought somo stock in the Kubv BihSfi ' Mming Company, which was o'M a lease on the Balloon claim owned by the liawhide Quecn 'f Company. He learned that J. H. BaM? and D. V. Snowgooso had a bond Wli of Balloon Hill and lhat thoy haf3 bonded it to Hinckley & narrl of ' 'If J for $50,000. Ho then came to B,ao fyj? bought a nine-tenths interest "ia f-bond f-bond from Hinckley & HarTij5j ani 7 ft the payments came due he mado th a and organized tho Eawhido OnS j Mines Company. Eour well ledges have been opened np ou tj Le Rawhide Queen estate, and all of ihjl have been traced into the property . j?Ti tho Eawhidc Balloon Hill Mining Con, fl pany, which adjoins the Rawhide QoL Ti on tho north and east. Thera ' ' twenty-one working leases on tho J tato of tho Kawhidc Queen Mines Coai UJ pany. The first ono to become a ft t nanza was tho Kearns LcaSo f0 tj 7j situated on tho Balloon claim, oa west slope of Balloon Hill, with fo L additional blocks on tho Barno clajjj 5j tbo Icaso holdings having been intoj itl porated under the name of the Orighi u Eawhide Mining- Compan;-, with a eaj , italization of 1,000,000 shares of a J value of $1 each. A gonoral uaaji taken last Sunday across three feet j ?(W tho bottom of tho 125-foofc abaft i -L sayed $440 a ton, about one-third i jj tho values being in silver. On tho & jj, foot level tho ledge lias been crossa L from wall to wall, disclosing forty-fit 27k feet of ore ' assaying $55 a ton, u ' ft drifts run on the ledgo; for 100 ib ? I each wa3', show the valuea to g uniformly about thc same for the a g,e tiro distance, making it one of tl biggest high grade milling propositi in tho state. Tho new shaft is doTi "j 5 about thirty fcot, tho foundations. J gf0I tho hoist havo jbeon completed, and fl r machinery is being placod in poaitiS jf. Under tho terms of this lease, y leasing compan3' is required to eb :ie at least forty feet per month until; depth of 500 feet is attained. T1 , largo percentage of silver in tho & $ , j. in this Icaso is an indication that II rjr values extend to depth. Kearns Irfi No. 2 includes one block of ground the Balloon claim 300 feet square at W a considerably larger block oa the Hi loon Fraction. This lease has heeni j; corporatcd under the name of ti Kearns No. 2 Gold Mining Compai 14V with a capitalization of 500,000 slii of a par value of $2 each. A blockftpa the treasury stpek was placed on til mik market, a few days ago and over bal mtiu of it was immediately taken in Bai I'toi; hide at $1. It is doubtful whether u 11 moro of this stock can be had at I i fcij than par. At thc present writin'ili Ifct lease is the sensation at the aaj Ttii A general sample across two feet U inches of the big ledge opened t Lit u on thc 65-foot level was taken Saturday and it assayed $3920 a W ik j Tho ledge has been crosscut 24 fN i&xi on this level without encountering ,il i Wj hanging wall, and tho entire or'e-bd ttty samples close to $50 a ton. Aejayii from 5100 to $6000 throughout this m k mi monse ore shoot are froquontly 4 In; cured. A road is being graded iip" Hl!ty tho shaft, and two carloads of ore k rrj: be shipped within a few days. Th ore samples about $250 a ton, and.. is tho intention to ship at least th jhJfu carloads a week of this grade of oj ijpw hereafter. The leasing company ii '!my, .iust started a tunnel through BaDofl Hill from one block to tho other, afl double shifts of miners are no ei IjJu. ployed on each end of the tunnel. ikfH 25-horsepowcr hoist has been order and will be on the ground within a f? itf, days. The Kinkaid lease, which ' joins the Kearns No. 1 on tho eoat rVtl has been incorporated undor the naa of the Colorado Balloon Mining : pany, with a capitalization of l,Wt shares. The working shaft is M Kif j down nearly 100 feet, and the enoi tife shaft for tho last 50 feet has hecnJ NUt, milling ore of good grade. Tio t Ivcb Leasing Company, also on Qui Wag ground, which is incorporated J Jto, 1,000,000 shares, has a lease on V block lying between and adjoinuuj j tij.. Kearns leases. Under tho terms of lease, the leasing company is xeqw" Wlcd to sink at least 30 feet per month u .. til a depth of 500 fcot is atiamC5'(zi 1 large gasolino hoist has been tiP Mi and will be on tbo ground witnin fow days. Tho Ogilvie lease, adjoins the St. Ives on tho son"'? T lies higher up on Balloon 1W1, ""8 .fjwP e incorporated as thc Rawhide WgBJ1 t Reynolds Leasing Company, ""jfte lh capitalization of 1,000,000 shares, jfl fc aggressive campaign of JjH has been planned, and a shait js D,W?,, ti sunk rapidly, with the inlonJB! eifi, crosscutting at the 100-foot point jMJfy Grutt Balloon Hill Mining . Lom owns a lease, adjoining the car"'MMot 1 on tho north and the St. Ives MJJJ f south. Eugene Grutt, the 6U.cCCJB Ba pioueer operator of the caiun. iM-ij t 3ent of this company, wh,cM"! irg alized for 1,000,000 shares, bntt EJSho icrms of the lease the ,e?n6IDLt JE ' anv is required to do oOU jfgjhlc icork, either in sinking or a l(np t, luring thc life of the lease. MjNper 5 down about fifty feet, ""YjBJUt .wcafa- feet is La ore of good V iompany, Inc., Mine Operators and Stock Brokers, Reno, Nevada f jjtoft Companies arc now being t irHSd to operate the Bull Pup, Yost k .KfcVerve leases on Queen ground. SiSroil lease, which adjoins tbc li!fce-I"cynolds leas0 on th CaSt' haS nLt(Ei fhowinR on tho surface, and SEing a tunnel to tap the ledge ( lRpth. The Bull Pup lense is Ed on the March Roso claim, and 'Ethe Yost on Ihc cast. Stringers . WEjraa liiRli as $25,000 have been '! NKon the Mirface, and a shaft is pBrfpk to cut tho vein. The lease 4XB&bc of the vcrr best surface show-Balloon show-Balloon Hill. Tho Piko lease fca fituatca on the March Hose J Bf adjoining he Yost on the east. 'JfytJiK well-defined veins have been tRa up on the surface, nnd both IfBEood millinjr ore. The Nat 0. TiSBLjn lease, which adjoins the VBw No. 1 and the Ogilvie-R-oynolds E' 0n tho east, is now biug de "fiEd under the personal direction of 3 NKJ Eynn, mine manager of the MBde Balloon Hill Mining company, uiLjMj,00d values have already been 'osBjBj jn the shaft -which -was started "tfelEroek. The shaft is actually going "1 Kr on tho ore from, the grass-roots. lFvera that has made tho Kearns tho greatest lease in the camp tliBfti)ten traced across the Oglivio-Rey-HlJKj lease into the Nat. C- Goodwin. tFyein is tho strongest iu the dis-4M dis-4M It is believed to pass through "ftf,FGrey Eagle Fraction info the Mas-laJftyo. Mas-laJftyo. 1 and Mascot, and to wind ajM-ray through the Wild West claim Jfoie" Rawhido Coalition. Along its 'Uflikg the bonanza showings of the Afcw arc oenp" niae- Tno Kcama No. itagtKcia matches with the Kcarns. No. j lgjjfr crosses tho Litigator claim of . .urj Btdloon Hill Mining company, sKh adjoins the Queen at right jjjiW'ltj, insuring an ore shoot on the ijjjJjKiipropertiea of fully J 500 feet long. itwSnM Kearne owner, of the KcarnB l. E4, who was in Reno last Mondaj', fa IvB; "I arrived in "Rawhide from jTmCcld for the first, time about the jWdle of last November. After about Jr days' investigation T purchased tho jStt leaso on Balloon Hill, now known jc Kearns lease No. 1, paj-ing uadL 1,000 for 1' Wll0J1 T look chai'Ke of ( Tv fproperty the shaft was down only dfi' ' r0m "c "" tllC snor' 'un" but they had already exposed 3 rly-fivc feet of ore that averaged ler than $"2 :i ton, with several ' pgerg of ore running as high as 00 a ton. T sunk tho shaft oo a UJ body of ore. all of high milling l1? de, and now, at a depth of J 18 tkW; . ,avo four fQQi 0f orc ai SWiei i over $400 a ton. We shipped sixty wWi ig'of ore to Goldfield in December, ifcai 1 it returned $126 a ton net, in car- ife fllots. There are two more -carloads ' fief road now that wiJl probably run "! Sr$260a ton, and as-soon as the new 3etiJ. 1st is in place we will ship a carload Tmji ery other day. We have an immense s.ipil inage of orc iu the Kcarns No. 1 that (thfafc 11 "average $00 a ton. On the eighty- ai&i e-foot level we have cross-cut the jaV's a fortj-.fi ve feci, nnd more than pad 1 fect of drifting has been done jjai ithc vein at thai; point. The entire jgaii :sboot samples $5j a ton. Down the ;IJf!( tn another shaft, we have just trV Wl up ore that runs $1400 a ton, siftlP jj11 a' shaft still further down 2 00 iM wc have ore that assnys .$23S0 fit fi0, Wc a shipment from this ft-that netted us $2350 a ton. ).iV jArns Leaso No. 2, I believe, is the ?C5t mine 'n '10 world. I was If wed Inst week $700,000 for this -MOU,000 down and the- sam orb' ?nnt cvery month until the cntiro tfi mt was Paid. I refused to con. j,, tr tho proposition, for 1 can work t) Pyjsdf as well as anybody else. On 'ttif ri81.xlyfoot lcvcI tlio vein is twentv- 0 Meet wide. We have large bodies 1JW !rS 1 run from 300 to 6'00 a via1 1,dit,,cru 58 three feet that assays L ? i0.D' T lhink il is lhe neatest nnons, too, for we have opened up Sk '? D 3t variou5 Places on tho sur- , Jor a distance of 300 feet each If' lm th0 l,aft' Ifc i contact S &IcWMV- 'oy are sacking f J '',nP thai i. coming up. We ?. . 1,1 H venty-Svc horse- , ,U Sl,,;, a CJlHrjm, overr o A Lll u '-th f Vry . bought Br on i7b,f.e CaliUou Mla' om. 1 " "oolig.au Hill. There is -tu .f 5";rom the Mn-fnee to the x,re- K VCJr are ftin o" rh" .1 ;,, T"f00t leveI 1Thre we are f ng the ore average s $110 a ,Vj klbo tVo,4,l5,dT,0f rich streak. 011 th Ti n 181011 of thfi rrns i ovcrth;nBn,1 faction, aud lap. Jfcd,Tisa Jjjsw ou tin, ifjj?vdrk t,Icr or 'tho' Kcarns ! ! H ' whlclr"'n5 through No 3 " fK J " r constrained' r sucl, , , V,Mt haa a 0,(l 'nine K. lcn,ly I'wduccr of millions) I as does- the Rawhide Queen at its age. i No mine in Goldfield or Cripple Cro.ek, the two other really sensational gold camps of this country, has had two distinct dis-tinct ore bodi'pg opened up of such phenomenal richness nnd thickness at the same carlj' stage of development as ha6 the Rawhide Queen, and we doubt if any mine in oither of them at any stage of development showed the presence of rich orc bodies of such great width. We are inclined to plncc the Queen mine in a class by itself, and beliovo that the Queen will mark a new era in American gold mining. To suggest sug-gest that Queen shares may eventually sell at $20 or $30, is simply to mako a prediction that 6cctns fully warranted by present oro showings nnd geological geologi-cal conditions that surround thorn. As indicated in the foreword of this market mar-ket review, thcro is cvoo reason in the world, from the geologist's ptaud-point, ptaud-point, for the ore bodies of the Qucon mine and other properties on Balloon Hill to penetrate to the deep, and there appenrs to us 15 be only one chance of Rawhido Queen stock not becoming worth $20 or moro per share in the not distant future, and that is if Balloon Hill becomes an exception to the rule and tho theory of tho geologists, based on all mining tradition, is confounded. NWe aro informed that application for listing tho Rawhide Queen Mines company's com-pany's shares on tho San Francisco Stock and Exchango Board has been made and that the shares will, in all probability, bo listed and traded, in ou that historic board, which was the scene of the exciting trading of the Comstocks in the days of Mackay, Fair, Flood and O'Brien, within the week. Wo hayo beon iuundntcd with bids throughout tho week at $1.65 per share for stock in this company, and have been ablo to only partially fill orders. As far as we uan discover, the visible supply of this stock is not over 150,000 shares, tho balance being held by the owners of the control con-trol at a price, at this writing, known to bc $5 a share. The loose stock was sold during an early period in tho history of tho property and represents somo sontteriug blocks of ownership 1 stock belonging to several of the carly original holders. Not a share of trras-wry trras-wry stock has been sold, and no necessity neces-sity ha been found for it, because practically all the ground is under lease aud the company is already deriving deriv-ing a heavy income in royalties from the leasers. We predict an exciting i market for Rawhide Queen shares in I the immediate future, and wo advise j our friends to lose no time in getting I their orders into the market and po's- J scssing themselves of as much of this stock as they can obtain under $5 per share. We believe $3 a share is warranted war-ranted for this security by. present ore showings, and that the shares .have a speculative value of from $3 to $15 per share in addition. Telegraph us your buying orders. Give instructions to buy "at the market' Tho rise will bo rapid and will undoubtedly be sustained. sus-tained. It is now bargain time. RAWHIDE COALITION MINES COMPANY This company pwns a .vast estate, which covers more of tho choice inside area of the close-in part, of the Rawhide Raw-hide district than an' other fivo companies. com-panies. The acreage is nearly three times as large as that of the Rawhide Queen, which is itself n big estate. .The property consists of eight claims and throe fractions, or 1G0 acres in all. It ! is a compact group aud embraces all j of the ground of Hooligan (or McLeod) Hill, a part of Balloon Hill, uearly half of Grutt Hill, all of Silver King Hill and all of the townsile ground, and may ho said to bc tho hart of tho bonnnza portion of the district. The names of all of the Coalitions claims are as follows: The Silver King Nos. 1, 2 and 3. Guess It, Happy Hooligan, Happy Day, Sunbeam aud Wild West clRims and ' tho Silver King Annex, Wild West and Silver Slice fractions. All of the claims and fractions are prior locations, and comprise an estate approximately 2400 feet wide by 3000 feet long, being more than a half mile Fquaro. The estate adjoins nil of the properties that have so far produced the sensations of the camp. Adjoining it ou tho north are the Grutt Fraction and the Mascot claim, on the east are the Balloon claim of the Rawhide Queen Mines company and the Grey tJaglo Fractiou. two bonanzas, and on the oast and soiU.li is the noted Rawhide claim, rho original location of tho camp. Ku-gene Ku-gene Grutt, the big pioneer operator of the district, who owns a heavy interest, in-terest, in the Mascot claim, Grutt Fraction, Frac-tion, Grc.v liaglo Fraction and Rawhide claim, announces that under no consideration consid-eration will he dispose of his holdings in those great properties. Other noted properties that surround tho vast mineral min-eral estate of tho Rawhide Coalition Mines compairy nro tho Roscborry Rawhide and tho Hoodlum group; the Lant Chance claim, which recently furnished fur-nished a great sensation, only 400 feet from the Silver King Annex, and-tho great Rawhida Consolidated estate, which is only 400 feet nway. There is not u group of claims in the heart of the camp that does not cither adjoin the Conlitiou group or lie withig a few hundred feet of it. There arc forty-oight forty-oight working leases in tho estate of the Rawhide Coalition Mines company, and twentv-one of these are already producing liigh-grado ore. Among the best of tho latter is the noted Lease No. 2 on tho Happy Hooligan claim, known as tho Miller lease. It was recently re-cently taken over by Thomas jf.carus, owner of the famous Kcarns lenses on Balloon Hill, and thrco4 shifts of five men each wore immediately put to work on the property. He began cross-cutting cross-cutting ou the sixty-fivn-foot level to delorminr! tlio -n-irWfe of n,-!, show- t v RAWHIDE, NEVADA, GOLD CAMP THF HEART OF THE PRODUGNG AREA Of RAWHIDE j Showing the Relative Positions of (lie Important Properties ing in the shaft. The crosscut was run forty feet before encountering the wail, exposing more than forty foot of high-grade milling oro. The entire body, which lies between well-delinod walls, samples better than $10 a ton. Tho surface showings on the Miller lease, which lies on the south slope of Hooligan Hooli-gan Hill, are nearly as good as on tho sixty-five foot level", and tho ground is believed to contain one of the biggest milling propositions in the State. The formation of tho Miller lease is a lode porphyry, tho hanging-wall being a contact of porphyry ami rhvolitc. This lease has long been the "show lease'' of tho camp, and every visitor is permitted per-mitted to pan the dump at any place, invariabty getting a long string of c-oloVs in a small egg pan. The vein in the Miller lease trends northeasterly and southwesterly, aud tho indications along tho claim, as shown by neighboring leases, justifv the belief that this big vein extends Ihc ontire leugth of the claim. The Nelson lease, on block 4 of tho Happy Hooligan and adjoining tho Miller lease on tho southwest, south-west, has likowiso proven that the values val-ues of the Miller vein aro continuous through that block. The dump on (he Nelsou lease also pans good colors at everv point. The De Armand lease, on block 0 oC tho Happy Hooligan claim, adjoining the Nelson leaso on the southwest, has long been one of the bonanzas of the cump. lr. Do Armand Ar-mand has repeatedly brought into town bowlders of oro that; showed free gold plasiored all over them. The vein is somewhat narrower in the Do Armand loase than in the Miller and Nelson Ieafces, but carries greater values than in the others, tho gold being more concentrated con-centrated and making his lease a high-grado high-grado shipping proposition. A strike of great, importance was made last wcidc on the Fly 11 11 lease, which adjoins the Do Armand lonsn on llm jnnt Virn;( k, W. King, president of (lie I Rawhide Queen Mimjs company and j the Rawhide Balloon Hill Mining I company and tho biggest ope-! ope-! rut or in the district, purchased this I lease last Saturday for a big figure. I Tho ore body on the Flynn lease com-j com-j pares in size- and value with that, on the De Anunnd lease, adding another j high-grade shipper to the rot-tor of shipping lenses on Hooligan hill. An nssay taken by Mr. King from the. rich soam showed values of $7!),000 a ton. A Tonopnh company recently took over block iu on the Ilappv Hooligan claim nud is pushing development work to catch the Miller vein. Block 7 on the Happy m Hooligan claim, lving ou the west side of Hooligan hill, has some excellent surface Hhowings on a vein which runs parallel with the Miller vein.. This block has breji reserved bv the compaii3'. and will by developed on company account. The Jordan lease, on block 0 of the Happy Hooligan claim, is extracting ore from several of the cross-veins with which Hooligan hill is seamed, and is now sinking a shaft to intersect two of these cross-veins which 011 the surface show high-grade ore, Tho Allen lease, on block 1 of the Happy Hooligan, was recently sold to Eastern capitalists for lo.OOO. and extensive ex-tensive development work is being prosecuted to open up the bjg showing made on the surface by Allen and associates. as-sociates. The Davidson and Catching lease, on block. 2 of the Happv Day claim and adjoining the Mil jer" lease on the northeast. is sinking a shaft to tho depth of 100 feet at tho foot of the hill, to gain greater depth, and will cross-cut to lap the groat Miller vein. The loase is being worked systematically, and tho . cross-cut, when it inlurseets the vein I will uw hi 1iisL :i00 feet uf liaclt Block -l on the Happy Day claim, which is an exceedingly largo block, has been reserved for company work. The formation for-mation of this block is lode porphyry. Repeated assays taken from the surface sur-face indicate values of several hundred dollars a ton, and prove to the satisfaction satisfac-tion of the management that the- main vein of the Happy Hooligan claim extends ex-tends into and through the Happy Day claim. Geologists say that tins big vein is the same one that outcrops in the center of Nevada street, where numerous assays running over $300 a ton have been taken, and the same vein ou which Orutt Brothers recently made their sensational strike ou the Wild West, claim on Grutt Hill. If correct, this- vein extends the length of tho Happy Hooligan claim, and in its northerly north-erly course diagonally across- tho Happy Day, Sunbeam aud Wild West claims all owned by the Rawhide Coalition Miues company. The wonderful strikes made by Kcarns in his several leases on Balloon Hill are on veins which trend northeast and-soul Invest, and pass through the northeast end of the Happy Day claim. The Proskey lease, on block S of the Happy Day, has opened up the -main Kearns voin, and recently made a shipment of four tons of oro which netted about $1G00, or an average aver-age of $-100 a ton. Proskey has purchased pur-chased a power hoist and will open up his lease to depth as rapidly as possible. The Smith and Cross lease", on block 6 j of tho Happy Day. has a shaft down 00 feet, where repeated assays averaging $S00 a ton have been secured. The formation for-mation on this lease is lode porphyry, and although slightly broken up, it 'is believed that the ledge will bo found in place at the depth of 300 feet. T. H. Cook and Dr. Wheeler of Goldfield. who are associated . with Smith & Cross in the ownership of this lease, have 'supplied 'sup-plied the necessarv funds to nrovble jl machine hoist, and it will bo in commission com-mission within n week or ten days. Block 7 on the Happy Day claim lias been reserved for company wjtrk. This lease lies on the west slope of Balloon Hill, and adjoins the Ballooif claim of the Kawhido Queen Mines company, on which the Kcarns leases are situated. The rich vein on the Kcarns Lease No. 2 the bonanza lease of the camp, runs directly into block 7, which is considered by the management of (lie Rawhide Coalition ono of its choicest pieces of ground. On block 3 on the Happy Day a strike was made recent lv which proves conclusively conclu-sively that the parallel vein disclosed on the west, slope of Hooligan hill continues con-tinues through tho Happy Dav. The Sissou lease, on block L of the Ilappv Day, and situated on the crest; of Hooligan Hooli-gan bill, has reec.ntlv encountered shipping ship-ping ore right, at the top ol the hill, and n tunnel is now beinu driven to cut this rich vein at depth. The Murphy Mur-phy & Terrell lease, on block 2 of the Guess It claim, lies on the west slope of Hooligan hill. The .shaft is down fcixly-five feet, at which point a six-foot vein averaging $35 a ton has been opened up. j) four-inch streak in this vein assays about 150 a ton. Some of the finest specimens ever exhibited in the enmp are being taken from this rich streak, aud the owners are drifting drift-ing on it wilh the expectation of opening open-ing up one of the best pay shoots in the district. On blocks i ' and 10 of the Guess It claim a rich placer strike was made recently. These blocks, which lie on. a small hill, arc being trenched to uncover the ledge from which the placer gold was eroded. Kvcrv small gulch on, the slopes of the hill pans gold in suftiricnt quantities to insure profitable returns when worked by the flrx-.u-iisliinu unices-;. The. -Nuwent. lease, on block 2 of the Sunbeam claim, has recently opened up a "jewelry box.'" from which the lucky owners of Hie lease arc selling high-grade samples for watch charms. They find this method of disposing of their rich ore vory profitable. Blocks 5, 6, 7 and 3 on the Sunbeam claim, which lies within with-in the townsite, have just been taken over by a company of Utah mining men, who havo agreed to furnish $n000 a month to open up what they believe to bo tho extension of the Miller vein within their territory. The Adams lease, on block P- oi! the Sunbeam claim, made a verv important strike last .wool: in the bottom of the ilfty-i'oot ilfty-i'oot shaft, and since the strike a quarter quar-ter interest in the lease has been sold for $2500 cash to provide funds for development purposes. The Hamilton lease, on block 10 of the Wild West claim, is sinking a shaft to tap the vein on which the great Grutt strike was made and which cvops on the Hamilton lease. The miners employed .on this leaso are accepting slock 'in the lons-iug lons-iug company for two-thirds of their pay, and dcclnrc that they would rather rath-er have the stock than cash. The Truitt lease, on block 3 of the Wild West claim, covers the big striko that was made recently in tho couter of Nevada streot, iu tho heart of the townsite. A shaft is being sunk at a point 200 feet from the strike. Avith the intention of crosscut ting the vein at a depth of 100 feet. One of the most sensational strikes that ever occurred iu Nevada was mado recently on the Grutt. leaso, which covers block P on the Wild West claim of the Coalition. Within half an hour after the strike was made half of the residents of Hawhidc Hocked lo the scene, and Grutt Brothers Broth-ers were compelled lo rope oil" tho hole where the strike was mado lo prevent the eaeer sifhlscnr from nntkinn- nft" thousands of dollars' worth of samples. The blast which opened up this phenomenal phe-nomenal find scattered high-grade oro through the camp, pieces of tho ore which wore half gold dropping jn H,0 streets and on the roofs of houses, and there was a great scramble to pick up the samples when it was learned (hat tlioy were filled with uold. The strike disclosed a ten-inch streak thnt assayed as-sayed as high as $'100,000 iu "old. j Bight sacks of ore, valued at .$257000, were taken out and stored in Hie office of Grutt. Brothers. Tho strike was made on the surface, about forty feet trom the shaft, and since onlv 'underhand 'under-hand sloping is allowed under the terms of the lense, Grutt Brothers are rapidly pushing the shaft down to the 100-foot level to tap this phenomenally-rich vein a that depth. Tho shaft is'now down about soventy feet. For the first twenty-five feet it followed a twelve-inch stringer ol ore assaying $.100 a ton, but this rich vein pitched out of tho shaft at tho depth of twentv-five feet. w-i, 1w,,nsr ,Ic.nsc 0,1 hl(H 7 f Mm iU West claim has one of tho most sensational snowings iu tho district. At a depth of sixty foet tho Liming bov3 have opened up a bodv of sulphide ore ol good shipping grade, and alongside ot this there is a streak of remarkably remark-ably rich oro which yields somo of the finest samples over seen in the camp. The ownors of the leaso carry from $500 to .$1000 worth of this specimen rock homo with them ovcry night. The Scha for lease, on block 10 of the Silver ; King No. 1 clnim, has nbout thirty sacks 01 .$300 orc taken from the Fhnft, during thu past five do vs. Tho Sclovcr leaso. on block 9 of the Silver King i No. 1 claim, at tho foot' of Grutt Hill has a large dump, the whole of which will average. $45 a ton. This dump, hhv that on tho big Miller loase, is one of the sichts of tho camp, sni.1 l itcd by many newcomers, who are al-' al-' ways "invited to pan for themselves. The Proskey lease, on block 1 of the Silver King Annex, hns 325 sacks f oro on tho dump and is buying machinery machin-ery to push development. This loase is on tho west slope of Grutt H.il, wh,ere Proskcv has opened up a vein Tunning pnrnllel to tho rich vein on which Grutt Brothers made their sensational sen-sational strike. The oro in Proskey 's shaft is a brown hematite filled with crystallized gold. The Sclovcr-Robbc leases, on block 2 of tho Silver King No. .1. and block 2 of the Silver King No. 2, have opened up one of the largest larg-est milling propositions in tho district. dis-trict. The oro is a pure sulphide averaging aver-aging .$20 in gold and $15 in silver. Tt is a bcautifuVblue vatcr-forniatiou quartz, having an average, width of lour feet between well-defined walls. Tho Annie Laurie lease, on block 2 of the Silver King No. 3 claim, is owned and operated by ''Ragtime" K0II3-. tho dance-hall king, who last week opened fivo cases of champagne in eclcbrntion of an important striko on his lease. The discovery was mado on an outcrop in the center of Rawhide avenue, and assays averaging $300 a ton were obtained ob-tained from the vein at a depth of two or three feet below the surface. A portion por-tion of the estate of the Rnwhidc Coalition Coali-tion Mines company is covered by the business section of the town of Rawhide, Raw-hide, and to facilitate mining operations opera-tions on this part of its territory, the company has made fourteen mining reservations, res-ervations, each 100x300 foet. in the midst of the tented city. The company com-pany owns all of the mineral rights on which surface dwellings aro now constructed and blasting is going on in every street of the town. As we go to press we lenrn of a great strike having been made yesterday on the Grutt lease on tho Wild West clnim of the Coalition group, situated on Grutt Hill. A telegram tele-gram from our engineer at Rawhide gives the following particulars "One of the camp's greatest mineral discoveries has just, been made on tho Grutt leaso on the Wild West claim. At a depth of sixty-five foot a drift, has opened up from twelve lo fourteen inches of .$1000 orc, and it seems the decpor the drift penetrates tho ore-body the richer tho ganguo .becomes. Tho oro resembles in every particular that opened up in the 'glory holo' fnrthcr down the hill some time ago. Samples from tho ore-shoot shown around town aro literally half gold, and although firo tests have- not been mado, the values are so evident that it is safo to say that the ontire vein averages $1000 a ton. With four feot of high-gTado shipping oro in tho glory hole, a largo body of good oro on the Grutt .Lease No. 2 and tho extraordinarily ex-traordinarily rich find just mado, the Wild West claim itself now takes rank with the big bonanzas of tho district. The vein has a northeasterly and southwesterly courso and is marked by unusual "strength elenr across the Coalition group." But one deduction can bo mndc from the foregoing exhibition, ex-hibition, and that is that the oro showings at or near the surface on the ground of tho Rawhide Coalition Mines Company are staggering in point of richness and frequency. If a series of great gold mines aro not opened up on j this ground as a result of persistont j development work by the leasers and by company work, whichit is an-I an-I nouncod will begin at onco, then Nature must have bespatterod this ground with a lavish flow of the precious metal onlv to havo later re appeared nnd removod it, loaving onlj' its many traces. For several weeks we havo beon aware of the fabulous showings on this property and have tried to doubt our own cyos. We have taken jmins to interview veterans of Aspen, of Lcadville, of Cripple Creek, of Goldfield. of Nomo and oven of Johannesburg, but have failed to find a single dissenter from the goueral prevailing opinion that the Rawhide Coalition Mines Company owns the biggest and richest series of gold mine prospects that has beon dis-closed dis-closed to view in a compact area of 100 acres in the history of Aniorican mining. min-ing. This corporation is capitalized for 3,000,000 sharos of the par value of .$1 each. Of these 750,000 aro in the treasury. treas-ury. The president of tho company is E. W. King, who is also president of t he Rawhide 9.nen Mines Company and of the Rawhide Balloon Hill Mining Company. Tho vice-president is W. J. Smith, a much respected and affluent gentleman from California, who has been identified with mining for mnny years. The treasurer is Moritz Seliec lino, for many years vice-president of the Bank of Nevada in Reno and now president of tho Scheolinc Banking and Trust Company of Reno. R. M Van Dorn, ono of the pioneers of the camp and a young man of sterling intcgrit.y. is secretary and" one of tho principal owners. Not a single share of this stock has yet. been released. Not a share has beon offered for subscription. subscrip-tion. Those among tho directorate who own tho control havo tied up their stock in escrow in a way thnt makes it. absolutely impossible for them to withdraw a share of their holdings foi from twelve to eighteon months from date. They believe their holdings will make them multi-millionaires within that period. We have offered to underwrite un-derwrite for the clients of Nat C. Goodwin Good-win fc Co. all of the treasury stock of tnu company that is to be sold. Wo havo been allotted 250,000 shares, nnd have an ironclad agreement that for six months from date of March 15 no more treasury slock shall bc offered, j The subscription price for theso shares is pur, .$1, and thcro is 110 doubt in our mind that the cntiro 250,000 shares for which we havo spoken will be taken up by readers of this Fortnightly Market Mar-ket Review within a few weeks of this announcement. Wo advise all of those interested to lose no timo in wiring us their reservations. Naturally, wo shall supply it to first comers.' Our underwriting this block of stock carries with it. a guarnnteo from the company that the shares will bo listed on tho Sau Francisco Stock ajid "Kxcliango Board and that transfer offices shall be established in San Francisco and New York in ordor to facilitate trading trad-ing on both tho San Francisco Stock and Uxchnngo Board and tho New York Curb. We bolievo theso sharos aro intrinsically worth from $2 to ?3 and .that, they have a sjmculativo value up to $15 per sharo Wc bnliuvc, further, that never in tho histor- of gold mining in the West has an opportunity oppor-tunity boon offered such as this for tho general public to partake of such a high-class offering. Further, wo arc convinced the shares will command a big premium immediately after tho stock is listed, by which time tho investing in-vesting public generally will understand under-stand tho truo vnluo of this wonderful property. RAWHIDB CONSOLIDATED MINKS COMPANY This company owub a group of eight claims and four fractions, nbout lti5 ncres, adjoining tho estate of tho Raw- miIu Qllr.nil Minos Cinniumv ot. fltn southeast and tho Balloon Hill Min- 'H ing Company on the south and embrac-in?, embrac-in?, all of Mil r ray Hill and Consolidated '.m Hill. The holdings consist of tho Bald Hornet, D. and !., Early Bird. Dnvi3 lIBI and Dunning, Nevada Umpah, Nevada 'BhI Umpnh No. 1, L. and M. No. I and L. and M. No. 2 claims, aud the -' Bald Hornet, Goldpnh, Moccasin and- -al Lucille fractions. The compan 13 capi- ; 41H talizcd for 1.000,000 shares of- a par j ';JtKH vnluo of $.1. Tho oficers-aro: C. C.Dun- J-Jfl ning, president; Eugene Grutt, vice- . iJHH president; Fred Grutt, secretary and ItHH treasurer. There aro 30 leases ou tho 'niEfl property, all of which' will bc under j BBfl active deevlopment by the 15th iust. I IHfl Tho best of these at tho present stago Wal of development is tho Murray lease, H which has been incorporated under the I t"H name of the Rawhide Mining and Re- f fIH duction Company, with a capitalization I VlFI of $1,000,000 shares of a par value of $1. I The lease has bocn opened up" by two' j Bl shafts. Tho old shaft, -which ' was abandoned because it was too high on I jH the hill for economical work, is o0 I'ffH feet deep and all the way in oro of 1 I.HH good milling grade. Tho new working 1931 shaft, which is' situated 50 feet down (J ftBH the hill from the old one, is down 90 'jEfl feet and has opened up an immense j, flBI body of bigh-grado milling ore, with a' I m jH 2-foot streak of shipping orc running: 3 JH from .$200 to $400 a ton. Four car-. it Blflfl load.s of oro that has been sorted up, ' u9(fl to $400 a ton is now on tho VhRS dump, awaiting transportation to the wfl smelter. The Murray ledgo is at M-ff9 least 150 feet xvridc and carries ore1 IslH of good milling grado for its entire BfSuH width, making tho .biggest milling. proposition ever discovered in Novada.- The Aspinwall lease, which adjoins the 'E?,sfl Murray on the north, is on the cxton-, 'lisPfl sion of the Murray ledgo and has "-otiKB opened up an ore-shoot at a depth of ' MwMl twenty-fivo feet that compares favor- PfXlfl nbl- with that on tho Murray lease." Viw&fl The Aspinwall was rocently sold to RjjlB Tiastorn capitalists for $2o,000. Tho- EjMIJ Big Four letflo. which adjoins tho (IHfl Murray on tho south, has the southern- JKHi extension of tho Murray vein. Tho i'SNI shaft is down fifty feet, whore the' i 'B'fl showing is about tho samo aa at tho ( FKlH same dopth in the Murray. Trenching y ffilfH on the Biirfaco sonic distance from tho' 1 itfcl shaft has. exposed two foet of ore as' saying $000 a ton. The leaso is incor-, - MM S poratod undor the name of tho Big y j -V Four Leasing Company. The Garduorl fl 'fl lease, on the Davis and Dunning clnim.r 1 ffl has just, smarted a shaft on a vein of j WwM good milling oro which contains an' v ILBH eight-inch streak of high-grade ship-' Ifffl ping orc. This leaso is in process of' H incorporation. Tho Fitting lease, aitu-i MH atcd on tho L. fund M. claim, has opened. SjH up a large body of milling orc nt a: IH'IM depth of fifty feet. It will be incor-. a It fH poralcd within a few days. In addi- . IkJSI tion to lhe leases named, there arc ltif3H many others that have uncovored: :-t.4lfflB promising veins, and all these will be ( developed by their owners. Fiftv W'taffl thousand shares of Consolidated stock" I (JhI were sold at 20 cents per sharo a few. months ago. It has since sold up to j WA'tH $1.2o. There is another block of 50,- U'-H 000 shares of ownership stock loose.' rX'JH Tho remainder is pooled lor the pres- HtLlH cnt. A market has not yet been estab- YVH lishod for the issue and it is impossiblo' 'H13B to quote a price accurately., lCventu- llH ally wo expect to sco a steady strong I U market for tho shares at much better ' HJ ilM than par. ' XiiH GREY EAGLE FRACTION MIN- uflfl ING AND LEASING COMPANY flf l This company, which owns tho Hap-' "iPf 11 py Hooligan Fraction mining claim iIllJlB and the leasing privilege on all of the ' 4ThlJ9B Gre3- Eaglo Fraction until 1910, is in-' ' "IbWIs&B corporatc-d for 1,000,000 shares of a par' ; 'fgA&fl value of $1. of which 350,000 shares aroj j ''WlB retained in the treasury. The officers, i J'tBI and directors are: M. Scheeline. presi- ' ?Km dent aud treasurer; Charles Worden, JI?JH vice-president; Warren A. Miller, sec-; Bt'S relary; E. W. King and Charles A.' HdH Gchrman. Mr. Schechno is president oil I "'ilH tho Scheeline Banking and Trust Com-i j ffldl pany of Reno and is one of tho most) jt conservative bankers in tho state. Mr.j iXiiH Worden was one of tho early pioncoraj P qfll'H of the Klondike, where ho made a largc( n lijjr. IjH fortune as a part owner of Nos. 24, 2o( ullH nnd 26 on El Dorado crcok. Ho is now . 'H 0110 of the most successful operators ' H'JH in tho Rawhide district Mr. Miller is' , JI'H vice-president of Nat C. Goodwin &' "MiffH Co.. Inc., of Reno.. Mr. King is tho! 1 Nitl biggest individual operator in tho) 1 -ljH Rawhide district, being president of; IrH tho Rawhide Queen Mines Company,; ilJI the Rawhide Coalition Mines Company lilfl and tho Rawhide Balloon Hill Mining; IlJI Companv. Mr. Gohrmnn is presldont of; ivwTH Mie Bank of Rawhide. Tho Happv j Hooligan Fraction miuing claim, which) illJI forms tho owning busis of the incor-: II, poration, adjoins the Hooligan and! li ';JH Guess It claims of tho Rawhide Coali- JM -aM tion Mines Company on tho southwest,. j jH and is one of the best-situated claims' , J3 cfH in tho district. The company is now H jiH developing tho Grey Eaglo Fraction' X M ;H on a 22 per cent royalty basis, under' J if "n lease which runs until January 1,' ( M H 1010. This groundl which consists of! ' ;j about eight acres, is situatod on Bal-I ,J II . ! 'H loon Hill and reaches over to and onj W lln.tt THM Tf ic cnrrnnrwlorl W Hip. 1 ft- LIH Mascot, Mascot No. 1. Wild West and. A jVfH Balloon claims and tho Balloon Frac-j ,; i jftH tion, tho bonanzas ofthc district. The, 1 jrtH great Kcarns Lcnso No. 2, which is now( !; 1 jH opening up (he biggest, body of high-, rjH grade ore ever discovered in Nevada, in i t 'fH situated on the Balloon Fraction, lc&9 ji ; UH than fifty yards away, and the ricn . , j fH voin passes directly through tho Grey' i i Lf'l Eaglo Fraction into the Mascot No. li u ji-H claim, for which Eugene Grutt has re- jl f LjjH fused a cash offer of $500,000. The' IK f T'HS Kcarns ledge carries tho same valucn' I j ( tIbI where it has been uncovered in thoi j T j y jM Mascot that it shows in tho Balloou) .( ' uj Fraction, and it is ail absolute ecr-1 j fPH tainty that the Grey "Eagle Fraction! fljl will catch the ledge at its-Vichest point. I .1 ' BH Next to the Balloon Fraction itself, thisi fj :-H acreage is considered the best piece of I i f 'H ground of its size in the district. Eu- ' jH gene Grutt, who owns the controlling 1 interest in the Grcj Eaglo Fraction,! . I- '.H hns refused an offer of $500,000 for it. ' ,( The Grey Eagle Fraction Mining and I 1 fl H LouHing Company, which is running a! 0 J tunnel to cntch the Kcarns vein at ' depth, lost week cut nine .feet; of mill-, i . i ' ing oro in a blind vein running, parallel j ; H with the Kearns vein. The tunnel is' , , now in about 1S5 feet and it is calcu- I j TH luted that it will encounter the I' J SH Kearns vein within the next sixty feel. ' ! il Day and night shifts nro now prose- i , VH cuting development work. J. G. Flynn, , m ViH the well-known mining engineer, who 'm 'MH opened up the great Mohawk nnd the ; S -'il Combination at Goldfield, this -week i''il''jlH mnde the following report on the" Grey ' M -'"fH Eugle Fraction: 'I hereby submit a L if i'.TH report on the Grev Eagle Fraction. 1 nllll This fraction consists of abqiil- eight '"-AlTfclS acres, situated on the west slope of r'iiH3lS Balloon Hill, in the very heart of Ihc rtfrlV producing area, bounded on the east bv v 'fll'lH the Mascot No. J. on tho south by tho -IB JftH Continued ou Pae, Tea , , IK r ; ?! Naf . C. Goodwin & Co.- Continued from Pac Nine. IKul j Balloon mid 13alloon Fraction claims W i li of tho Rawhide Queen Mines Company. . K on the west by tho Wild West claim of l ' tho Coalition, and on the north by l ie 1,1 Mascot claim. These claims aro tho t pick of Iho district, and Micro is ship-I ship-I 1 pii,r ore opened upon nil of them. As I stated, vour ground is bounded on tho ' south by tho Balloon and Balloon lrae-I lrae-I 1 tion. tho shaft on tho Kenrns oase v. "No. 2 is on Balloon Fraction and with-M with-M in 150 feet of the Grey Englo Fraction, r J ( This Kcarns shaft, is sunk on tho cpn-!?' cpn-!?' tact hotwoe.u porphyry and rhyohte. The striko of this contact is north and " ' ! 'south and runs directly into the Grey ' Eagle Fraction, and crops prominently I ' on tho surface. The formation of the " I Grey Enplc Inaction is identical with jj i tho rest of Balloon Hill, that is, i ' porphvrv and rhyolito. Tho minuraliza-m minuraliza-m tion is in the 'porphyry side of tho j contact. This contact is opened up on . tho Balloon Fraction I)' Kcarns Leano . I i INo. 2. tho Ogilvio-licynolds Lease, and J . tho St. Ives Leaso, and by three shafis l on Iho Kearns No. 1. Up to date, when-j when-j over the. contact has been encountered, I ' ! ore. of a frood prade has been found , and in shipping quantities. Thereforo I have reason to bcliovo that when the t upper contact between the rhyolito and porphvry is reached you will find the "1 , Romo ' conditions in tho Gre.y Eagle ' -- Fraction. A tunnel is now being drivon on tho Gre3 Eagle Fraction to cut this . I contact, and if the contact holds tho J I same depth as in the Ogilvio-Beynolds y, 'and Kcarns leases you should reach tho ledgo within tho next seventy feet. This work is being prosecuted with three shifts of miners and they arc ' making about five feet a day. In conclusion. con-clusion. T would say that it would bo ; t -A . impossible to pick a batter situated 1 1 piece of ground than r,ho Grey Eaglo Fraction in the entire Rnwhidc district, v j ( It has everything in its favor and is . eertain to be a great producer." Wo ; havo underwritten 100,000 shares of ;: ( the treasurv siock of tho Groy Eagle Fraction Mining and Leasing Company. 1 1 We invite subscriptions at twenty-fivo cents per share. We bcliovo the op- iportunity to be rare. Thero is no . , ; mason why tho same ore-body on this j H " ground, w'hen opened up. should not 1 prove as rich and productive as now I revealed on the ground 100 feet away, I ' 0f tn0 fabulouslv rich Kcarns Loaso Jo. 2. If ho foil ikI, these shnrcs will be f - soon in demand at $2. The shares will I bo listed at a very early date. 1 RAWHIDE BALLOON" HILL MIN- M IXG COMPANY" " i,' " This company owns a compact group l , of sixty-five acres, adjoining tho es- A : tates of the Rawhide Queen Mines f - Company and the Rawhide Consolidated 1 Mines Company on tho north and oast, J and embracing the Litigator. Commor- "i1 fi.il and Commodore claims and tho ; Litigator Fraction. The ground is j " being developed hy means of a shaft. U on the southern end of the Litigator claim, whero assays taken at a depth 'of ten feet gave values ranging from S17 to $60 a ton, with rich stringers r II ' running as high as $2000 a ton. The ' ' vein from which those assays were sc- ,! ' cured is the eastern extension of the famous Kcarns No. 1 vein, which y crosses tho southern end of tho Liti- t r gator claim, assuring an ore-shoot 000 r feet in lenirth on tho ground of this ' , company. The Piko vein and the ITow- 1 ard vefii of the Rawhide Queen pass through the entire length of the Com-! Com-! ' mcrcial and Commodoro claims re- ; spectively of this company's group, and '1 .. cood surface values aro found on both. The property is under active develop-" develop-" V menl. The "officers are: E. W. King, president; Eugene Grutt. vice prcsi-. prcsi-. dent: Warren A. Miller, secretary, and ;: r. Schncline. treasurer. King is tho . Heaviest individual operator in the t: Ifnwhidn district, being president of the , I" , "Rawhide Queen Mines Company and th. Unwhido Coalition Klines Comjany, besides be-sides having many other important in-' in-' ': tercsts in tho camp. Eugene Grntt is tho most successful pioneer operator in ' .. tho camp, owning interests which have ' , an approximate value of .fj.000,000. Mil- . ler is vice-president of tho Nat C. Good ly win Company of Reno, and Scheelino is f : ' ' president of the Hcheelinc Banking and I , Trust Company of Reno. Tho company m.: ' is capitalized "for l.OOO.OO') shares of-a J" par value of $lt of which 350,000 shares I , j navo bceii retained in the treasury for , L)J :ihinc development. .T. G. Flynn. who was ? 5 tho first superintendent of tho world- , i famous Mohawk at Goldfield, is iu charge of tho work on this property. j In addition to the sinking of the work- i; w ing shaft on tho vein opened up on the -1 J Litigator oJsim, F'nn has a number h. ' j, of men iirospccting on the surface of ; t lie Commercial and Cormundoro claims .'i and the Litigator 3'Vaction to detfrmine f the best points at which to sink shafts m that end of tho , estate. Mr. !' Flj-nii's initial report to President E. " ; AV. King of this companv. ina'de under 1 i date of February 17, follows: "Claims i 1. The property consists of three full . claims and oiie fraction, naniel', the " Litigator, Comniodore. Commercial and Litigator Fraction, tho total acreage being seventy-two acres. Location The property is located on tho north-oast north-oast slope of Balloon ILill in the Raw- hide mining district. It adjoins the Kawhido Consolidated Mines Company on the south, the Balloon Fraction and . , the March Roso on the west, the Crystal Crys-tal group on tho north and the Rawhide Raw-hide Reward on tho enst. Work done A shaft is being sunk on the Litigator claim and is now down to a depth of about twenty feet, and J. have been do-fl do-fl ing prospecting work and trenching on the surface of tho Conuiiodoro and the Commercial preparatory to sinking a working shaft to develop these two claims. On the Balloon, March Roso and Balloon Fraction there aro cight-'con cight-'con leasers working and of these eight-. eight-. eeri there are. ten that arc in ore of a good gradejThcHc are on veins that aro runningV'iuto tho property of tho 1 Balloon Hill Mining Companv. On tho Early Bird claim of the Consolidated, adjoining your property on tho 'south, thero are sixteen leases, including iho famous Murray lease. This leaso is within COO feet of tho shaft being sunk on the Litigator claim, and is in oro clear across their shaft, running $300 . the ton. The Kearns lensc on tho Balloon claim has a shaft down eighty feet and they nrc flow crosscutting the .ledgo and havo nine feet of ore of a very high grade, and have not yet . reached either, wall. As above stated, ; tho Hhaft on tho Litigator claim is ; down twenty foot, and the assnys taken from, time, to time run from $14 to $60, ; L'C(J'1 c,ear across tho vein. Geology The country is porphyry and rhyolito I with several systems of veins crosscut-ting crosscut-ting tho formation. Tho vein material is in an altered andosito and dncite. The vein so far oponod on vour property prop-erty is tho Kearns vein, striking in an easterly and westerly direction, and is traced across the Balloon cluiiu, tho March Roso. tho D. D. and tho Litigator Litiga-tor claims a distance of 2000 feet. Parallel Par-allel to this is the Howard vein which can bo traced for nearly tho same distance dis-tance nnd goes across tho north end of tho Litigator claim, and striking in a liorthorhy and southerly direction is the main contact vein, winch is a con-tnct con-tnct between the porphyrv and rhyo-lite, rhyo-lite, and transvorscs lengthwise of the March Rose, crosses, the side lino of tho Balloon, crosses the sido lines of tho Diabaso and continues on through tho Commodoro claim. This vein is opened by sovcral leases on tho Balloon Bal-loon and March Roso claims. Parallel Paral-lel to this about 500 feet from it is the Piko vein. This strikes lengthwise through the March Roao and Missouri Fraction, crosses north through the Litigator fraction and Commercial claim, and is opened up by six leases on tho Balloon and Missouri Frai'lion, ajid is ono of thc most pronounced pro-nounced and defined veins in tho district. dis-trict. Values As above stated, in the shaft of tho Litigator claim the nssays run from $14 to $60, and very rich pieces of float aro found all over tho. surface. Pannings taken from tho outcrop of tho Piko voin, whioh traverses trav-erses tho Commercial and Litigator Fraction, givo very rich pannings in free gold, and L am expecting to havo enough surface prospecting (tone in a few days to locate an ore shoot 'in this ledge. ' Tho contact vein has boon unexplored, un-explored, but is very likely looking. Recommendations Sinco nave boon in camp 1 havo received many applications applica-tions for loases on your property, and I would ndvise the survey into blocks of 300 feet each and leasing alternato blocks. This method will insure to you a thorough nnd eompleto prospecting of your ground, and at, the same timo you will have tho major portion of tho ground developed and intact, at tho expiration of tho leases. T would further fur-ther advise a continuance of the shaft on tho Litigator claini and the installation instal-lation ns soon as possiblo of a powor hoist nnd other equipment necessary to economical mining. Tn conclusion. T consider your property one of tho best located in tho camp, and tho surface showing is very encouraging." Wo underwrote un-derwrote 200.000 shares of tho capital stock of this company on February 20 and offered it. for public subscription subscrip-tion immediately at 25 cents a share. It has all boon subscribed within a fortnight. Wo were able by tho tonus of our contract to secure an additional 100.000 shares on tho s-amo terms, and those are now offered at. the snmo figure fig-ure on the evo of listing. Books close March 20. Our Eastern friends should wire their reservations prior to March 15. Remittances in full must bo forwarded for-warded immediately on notification by us of allotment. Wo predict a more active market on tho exohanecs for this issue at a handsome premium over be 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 may reasonably expect to find these shares in demand on tho exchanges at above par. YOUR COMMISSION ORDERS We exceuio orders for the purchase and salo of listed Nevada stocks for 2 per cent commission. In buying wo give clients tho .benefit of an unexcelled unex-celled service, which often enables us to purchase at less than market quotations, quota-tions, nnd in soiling wo aro often ou-abled ou-abled to obtain higher prices than those which rule on the exchanges. Moreover, More-over, our confidential advices to regular regu-lar clients are of great value to them, and the 2 per cent covers a general service that is hardly mntchca elsewhere. else-where. Wo carry all aclivo listed Nevada stocks for a period of six months on a margin of 33 1-3 per cent of tho actual ac-tual cost, plus 2 per cent commission for buving, and interest charges at the rate of S per cent per annum on debit balances. Stocks aro received as collateral against purchases, in lieu of cash, whenever desired. valuation being made at 06 2-3 per cent of the bid price on San Francisco Stock and Exchange Board. Tn order to avoid delay in having "buy" orders executed. our friends are requested to forward New York, Chicago Chi-cago or San Francisco exchange for about 10 or 20 per cent of the approximated approxi-mated amount of their order, and to be prepared io transmit balance due on notification by wire or mail or additional ad-ditional amount required to cover entirely. en-tirely. Givo limits in ordering or instruct in-struct to buy "at tho market." In any ovent 3-ou will receive tho full .benefit of the market on the day the order is filled and your interests will be protected pro-tected by an honest, endeavor to buy the stoclc as cheap as possiblo. Direct wire connection. San Francisco. Salt Lake, Chicago. New York, Philadelphia, Pittsburg or Boston. WE .SOLICIT CORRESPONDENCE CORRESPOND-ENCE ,Ve arc just close enough to all tho Nevada mining camps to obtain all the news of the mines as soon as it hap- pens and just far enough removed from the mines to see things in their proper norspectivo and not bo carried away py local ardor. We are. besides, in touch with all markets by wire and know what is doing in all the markets as well as all the mines, all the time. That is why our market forecasts on particular stocks are so accurate. That is why we aro being entrusted with the .guidaiico of tlic investments in Nevada 'stocks of more men than probably .1113' other ten .brokerage houses in tho country combined. t News of impending moves in Nevada issues reach us almost daily, and our clients arc in position to command all of this information by mail or wiro whenever requested. Consult us. Let us know what stocks you own and what stocks you contemplate buying, and let us advise you when to buy and when to sell. We are constantly in possession of information that places us in a position whero we can always advise you what to buy and what "to sell, and, as a rule, we know our mar-' kets well enough to suggest tho moment mo-ment when to buy and when to sell. Wo answer all inquiries cheerfully. j.' NAT. C. GOODWIN AND COMPANY RENO, NEVADA. t V. S-cPics of'.o4"1r Fortnightly M arket Review, as issued, mailed regii-' ; daily and vrithout' charge, on request. V - Htf |