Gold Hill Consolidated Co. - Stock Certificate

Wm. Mann Co., NY. GOLD HILL CONSOLIDATED CO. NORTH CAROLINA Office: Room 309, No. 42 Broadway, New York. Mine at Gold Hill, Rowan County, N. C. Inc. as successor of Gold Hill Copper Co., a notorious promotion of the late Walter George Newman, known to have caught many Wall Street operators. New company, under same management, became bankrupt and property sold at auction, January 27. 1910 for $45,000. Company does no* own the adjacent Union Copper mine. Property: consisted of 1.050 acres in Rowan and Stanley counties, the Gold Hill mine, where gold was discovered-in 1799. Gold quartz veto were discovered 1831, and in 1845 this mine was the largest gold producer in the United States. Development: by 2 shafts of 615' and 830, and 2 lesser shafts. The mine was operated in 1913 and part of 1914. Shipments to the Perth Amboy smelter returned 1.5% copper and about $3 gold per ton, with small silver values. Copper occurs in minute "particles of chalcopyrite "> hard quartz schist and recovery by wet concentration is not commercially profitable. Equipment: includes ten 100-h. p. boilers and a 10-stamp mill. This company and its companion, the Union Copper Mining Co. enjoyed decidedly checkered careers. Operations conducted on a constant scale. 1901-1903 was unsatisfactory and failed to show up the advertised ore bodies. A receivership ensued which was ended early 1*"* but a receiver was again appointed, August. 1906. For the old company, on the application of Newman, on 'claims aggregating $352.000. In June. 1915. The Court again appointed a receiver for the property, which has been shut down and apparently abandoned by the company. Mr. Newman evidently used this property solely for stock purposes. The mine is considered worked out and low grade, but worthy of some drilling in depth. At best the company could never have paid honest dividends on its capitalization, and under the late' management was not regarded as worthy of any confidence whatever.