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Show JARBID9E m TI S1EJM DISEASE Troubles of District Blamed Upon E.xce$sive Prices on the Properties. Judging from tho numerous opinions placed 011 record throughout the country, coun-try, tlm difficulty with the camp of Jarbldgo, Nov., has boon diagnosed a too much desire to got fortunes from prospects. It Is stated, for IiihIiuicc. Miut thero mc numerous propositions In the dislrlrt which any reasonably cautious cau-tious operator of protninein'o would be willing tit lake over and develop, hut not great many men within Mils classification classi-fication will tuke over a group of claim:? with 11 buiiHi of ten-foot holes driven 'here and thve, making oxcensivo Initial cash payments nnd additional cxivsslve payments nl brlr Interval. .hulildgo needs capltnl nnd It needs men who know how to mine and who aro In u financial position to do Mie work, hut theso men :iro not. going to buy the many prospects thero at" developed de-veloped mine prices. It takes nun generosity gen-erosity than the sivorage man possesses to muko cash payments for a prospect at the end of staled Intervals, during which It would be a physical impossibility impossi-bility o develop an eriual value of ore. Wevcrul months ago the .larbldge district dis-trict hud Mie opportunity of a life time for prosperity when Ccorgo Wingfleld .secured an option or two on ground thai had been considered worth while. It I3 understood that nothing but largo rash pnymentH demunded by the terms of tHe options forced thin prominent operator out of I lie section. But this disease Is not confined to Jarbldge alone, nearly all mining camps have tho same ailment to a more or less extent. The older tho district und the less hope there is with the swiftly pass-lug pass-lug years that capital will take hold, the higher (ho scale of purchase prices sot by the owners. It seems that the average aver-age owner of a mining property who sits by year after yenr waiting for a buyer to drop In loses his perspective In time, often reaching the conviction that capitalists cap-italists know his is the richest mine in the world and have deelded to wait for him to die so they mn steal 11. Sail Francisco Oil Stocks. James A. Pollock ,t Co., bankers and brokers, furnish the following, received over their private wire yesterday nfter-noon: nfter-noon: I Bid. lAsked. Monte Crlsto S S 1.40 New Pennsylvania 50 Palmer 59 .60 Premier : 55 vada Hills shaft, which operation In the future will not be necessary. Connections aro just finished between the Webber shaft and the lowest workings work-ings of the Nevada UIHs shaft, thus making possible 'he economical handling of the known ore In the Nevada Hills vein, east of the "Big Fault," and will nlso allow development to be resumed In the ore zone end of the "Big Fault." at a much loss cost than has heretofore been possible. Vork to Eagle Ground. The crosscut from the 450-foot level of the Webb or shaft to tho Falrvlew Eagle has been driven to dale 727 feet. There remains yet to go about ICO feet, when the Eagle vein should be cut at a point thirty feet below Us present lowest exposure. ex-posure. Midway between Ihe Webber shaft and the Nevada Hills shaft on the 300-foot erosscut a vein was exposed In a very faulted country, which for a width of two feet assayed Sll per ton Future development may prove this lo bo the upward continuation of known Nevada Hills vein east of the "Big Fault." Another vein was exposed by the crosscut cross-cut to the Fairvlew Eagle at a depth of 450 feet, also cut by the Webber snaft nt a depth of 5S5 feet, and bv the crosscut cross-cut to tho Nevada Hills at a depth of 650 feet. This vein has been drifted on for a distance of eighty-five feet on the 450-foot 450-foot level, also 278 feet on the (150-foot level The width of Mile vein Is from one to three feet, while (he values have been from zero to $60. These bunches of ore, while in the past too erratic to bo of much commercial value, seem to war rant further development. An apparently new vein near and parallel paral-lel to the Nevada Hills voin was Intersected Inter-sected by (he C50-foot crosscut. At point of exposure this vein shows two feet of good quartz, and may respond substantially substan-tially to future development. Increased. Resources. The consulting englnoer's report says. In port: Almost ail of the necessary "dead work" Is now completed, and during the coming year It is expected that our work will bs ;lmosl cntlrelv confined to ore zones of the Nevada Hills, Wingfleld and Eagle veins on both sides of Mie "Bltr Faull." On account of the small amount of work In ore during tho nasi, fiscal vear. ore to the amount of onlv uhut S500.000 wa.o added lo Mie reserves. The geological conditions existing are almost Identical with thoso of Tonopah, being very romplex and requiring a groat amount of careful studv. Glass models have Just been completed, showing In detail de-tail all of the ground so far opened, and will undoubtedly prove of great value In our future work. The crosscut to the. Eagle workings could have been completed com-pleted before this time, but It was doomed advlsablo not to tap the water contained In the workings until such time as the mill who running and we were able to store tho water. As (he mill has started uguln wo are now completing com-pleting this crosscut, and It should reach the Eagle vein In about three weeks. The balance sheet follows: Assets. Properties .. ..$3,539,933.35 Amount c o m- . -A puled as rep- ' v resenting ex- . . : huustlon o f ore deposits to Dec. 31. 1911. at $42.67 per ton $ S9S.2SS.S4 $8,941,711.16 Organization- expense 1,422.447.91 Construction and equipment. 154.91S.12 Account receivable ......... S2.06 Bills receivable (Pacific Power Pow-er Co.) 27,616.65 Supplies on hnnd 49.357. SO Absorption 7.73S.00 Profit and loss 596,231.32 Dividend: 312,726.50 Cash in bank and on hand... 9,774.19 $5,822,603.50 Liabilities. Oapltal stock authorized ...$6,250,000.00 Capital stock unissued .. .. 921,745,00 $5,326, 2R5. 00 Accounts payable 2,316.05 Bills payable 495.000.00 Miscellaneous liabilities 32.75 $5,822,603. SO This Item showing a loss Is caused by tho fact that all ore extracted to date has been charged off at $12.67 per ton. regardless of assay valuo, the llgurc uficd as a depreciating unit. It consequently ahowa a loss by reason of this accounting account-ing practice mndo necessary to conform with the TTnlted States treasury department depart-ment regulations. Se page 20. |