"It goes without saying, gentlemen, that this property is pretty nearly
down and out. You will recall that most of the insiders sold out on the
tail of the Goldfield Boom and waited for the market to sag until we
could buy in again. The mines are full of water, work was abandoned over
four years ago, and the property is practically defunct. The original
capitalization was ten million shares at one dollar a share. We own or
control at least four million shares, for which we paid ten to fifteen
cents, while we had sold our original holdings for one dollar sixty to
one dollar ninety-five a share. While Horse's Neck represents a handsome
profit--in my opinion"--he cleared his throat again as if deprecating
the vulgarity of his phrase--"it is good for another whirl."
"You say it's full of water?" inquired Hunn.
"It will cost about fifty thousand dollars to pump out the mines and a
hundred thousand to repair the machinery. Then there's quite an
indebtedness--about seventy-five thousand; and tax liens--another fifty.
Half a million dollars would put Horse's Neck on the map, and if the
Amphalula vein crosses the property it will be worth ten millions. If it
doesn't, the chance that it is going to will make a market for the
stock."
Mr. Elderberry swept with a bland inquiring eye the shore of the glassy
sea about which his associates were gathered.
"I've been over the ground," announced Greenbaum "and it's a good
gamble.
Pages:
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236