Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-09-15
From the Alta of wednesday,

From the Alta Of Wednesday,
|, Mining Stocks In San Francisco.
The stock market was not very active
and prices were in some cases higher
The amount Of sales were $3.50 900.
SAN Francisco, Sept. llth, 1865.
EDITORS Alta: In your commercial re-
port this morning you say in reference tc
Mining Stocks, that "the movement of the
market is, to say the least, eccentric
The remark is as true as it is concise,
Let me. BY quoting one or two instances
of the prices now current, and recent huc-
tuations, show its truth.
By referring to the Brokers Circular oil
four weeks ago. I see that Empire Mill and
Mining Company's shares were "firmly
held at about $780," I see shares of the
same stock reported to-day at $3.50. Why
the decline: I am officially informed that
the mine never was in better condition,
and goes on as usual yielding its valuable
ores. But for the last month it declared
no dividend. as it usually does, and herein
lies the answer. Prices are down because
there was no dividend on the lst Septem-
Der. Why was there no dividend? Be-
cause the company, with praiseworthy
foresight and prudence, deemed 1t best to
expend one months dividends in laying
in their winter supplies. Next month
there will be in all probability a dividend,
a. usual. Here is enc instance OF depre-
citation from no reasonable cause. l refer
10 this-,he Empire Mill and Mining
C~ompany-as it is known to be in Tespec-
table hands, and as it therefore affords a
more than ordinary instance of the "eccen-
tricities" of the market.
Again, to refer to a mine in which there
is at present an immense amount OF specu-
lation-the Daney-shares which were
| about SS0@S5, two or three weeks since,
are to-day dull at $50, and were. only a
few days since, quoted at 1926. There is
no considerable reason why they should
be so low-priced as they are now. The
mine is in full operation, and, as | had
occasion once before to remark to you,
holds out the most encouraging prospects.
Yet another of the "eccentricities of the
stock market!
One other instance Of the reverse Of
these cases is afforded US at present in one
Of the leading mines, which recently levied
a heavy assessment Gan index of debt,
necessarily, and mismanagement most
likely), but whose shares have, neverthe-
less, advanced about 800 in value since
last week Oh! Eccentricity, thy favor
ed nesting place is surely in Montgomery
street! Yours, truly, A. c.
Our correspondent is among crowds Of
honest people who have pockets filled
with scrip, evidences of their ownership
in property they purchased in full conf
dence of Its value, and which confidence
is still mistaken, but who vainly ask each
other why do we get nothing from all that
wealth: In fact the very name of the
company alluded to above is a standing
sigh-"Oh ! for a dividend" "Oh for
some results! " "Oh! for honest man.
agement." "Oh! for common sense in
the administration" "Oh! for less col
fusion in the direction" The very atmos-
phere rings with "Oh! for" something
not yet within the grasp of the luekless
wights who paid their money to disturb
their peace of mind. Strange to say, most
of them are blind to the fact, that they do
not manage their property. The
companies get into the possession OF those
who own no stock, and whose forte Ia
humbugging stockholders into voting for
them, while they pocket the profits OF the
mine, and extracting assessments from the
pockets of the ownere. We showed, last
Spring, when commenting upon the an
nual return of the Ophir Company that,
although Sl,O07. $3.50 was actually realized
in bullion in 1864, nothing saved the COM
pany from an assessment but the money
realized from the sale of its property,
horses, quicksilver, etc. We showed That
they were working the Woodwork mill
at a dead loss; that it cost $l7 10 to mine
ore which they sold at 1913 %, being the
same class of ore that yielded 1926 at the
Woodwork mill. The company was then
out Of debt. It has now assessed $780,
900 to pay debts, or as follows:
Bullion. Ass'tS. Diy'ds Expenses
1863. .sl.632.l7a ...... s6ss'sG0 s9dS'S w
Isss. $50 s. SSS 100000 o ~: sSi'co
TOTAL. SSSOOtNSA 'o''N"
Thus, in 1868. it cost So cents per dollar
Of bullion realized /; in 1864, 9O'cents per
dollar; in 1865, 81 60 per dollar. In ad-
ton TO the expenditure Of $350,000 OBJ
tanned, $4,000 of materials that were
on hand in December have been expend-
ed, and $l0O, 900 of assessments bsen
called in.
During the last 81 months there has
been mined 40. 796 tons of ore, which gave
80. 956 0Sl bnllion ; of this mount the
stockholders got S756.0O0, and have now
paid back 100000, leaving $656.OOO,
and there has been a reduction OF prop
erty previously on hand. In other words,
out Of $l,323,9O9 bullion mined in the
last eighteen months, the have not
only not got a dollar, but have paid ou
$50. 800 cash. This has been the case, al
though the Superintendent reported, in
his last statement of ore. "a years sup
DIV in sight" which would be 81, 200, 900.
Now, under all these circumstances, the
stock has actually risen from $3.50 to 1856
per share-a rise Of 800 in a week, This
may be explained IN the principle of taxes
raising prices. Since the assessment OF
500 is paid, the stock costs the holder
| so much more, and unless he adds it to
the price of the stock, he will lose money.
The circumstance awakens suspicious,
that the old trick Of publishing the worst
to knock the stock down to facilitate pur-
chases, may be renewed. In otner words.
that the stockholders are being worked
instead Of the mine. Oh, for light!
SOMETHING NEw.-A luminous morn
ing contemporary has made a new discov-
cry in cllmatology, which it generously
makes known to the public. 1t says that
u trade winds" are the "natural
scavenger" of the city. The discovery
of trade winds in this latitude is one OF
great importance, and could have been
made by the learned pundit and industri-
Gus philosopher who discovered a remark
able method Of improving the breed OF
capons! We should as soon expect to
see lemons growing in the Arctic regions
-. e. a;ecovar trade winds in California,