Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1874-02-25
ag. There was quarter of million

Stag. There was quarter of a million
dollars in that Stag heap, which it
would not pay the company to touch;
but they would have to try and save
what they could i'm the furnaces, and
not deal with it afterwards; the value
of the Stag heap showed the necessity
for very careful smelling. Great loss
had also been experienced from the
dust which was blown out of the fur
naces, injuring the health of the men
and getting into their eyes; but before
he came away long flue had been
planned which would save this dust.
so that an additional economy would
thereby be effected. The next point
was an economy to be effected i'm the
sale of their produce. Their produce
was now sent to San Francisco, from
whence the agent there had to remit
the greater portion to New York, the
great emporium for lead. Why should
it not bc sent to New York direct !?
Their agent at San Francisco was q
worthy gentleman, who only got his II
per cent, which he got from every
body else, but this was not the fault of
the people out there, but of the pro-
moters of the company for starving it
for want of working capital. He
wished to observe here that their agent I,
Mr.. Daniel Meyer, was man of great
honor and integrity, and he deserved a
high tribute for his honorable charac-
ter. (Hear, hear.) The company
owed him deep debt of gratitude, for
he was Il large creditor of the company
at n very critical time; but, fortunately
for the company, did not press his
claim, but said he would take "back
seat" and let the small creditors he
paid, and either sink or swim with the
company. (Cheers.) If any man
should derive a benefit from the COM
pany it was undoubtedly Mr.. Meyer,
but the necessity no longer existed,
and when they parted the company
and Mr.. Meyer would part friends.
He thought the cOmrany should have
their own refining works at Eureka,
as he considered they would derive
great benefit from the establishment of
such works on the property of the
company. This question had been
brought before the board, who would
have to decide upon it, but they would
like to have an opinion from the share
holders on the subject. If they had
these works now at Eureka they would
be able to separate the silver and gold
| from the lead in ten days or a fortnight
at most, and send it away by express
to New York, San Francisco, or even
to London, and get the money lodged
in the bank. They had at present to
wait three months before it could be
! realized in New York. This would be
Il great advantage, as they would have
immediate command of two-thirds Of
the produce, which would dispense
with the necessity of borrowing, be-
sides the great saving of time. Anoth-
err advantage of primary importance
was that the oxide of lead or litharge
produced in refining would then be of
great service; instead of being trouble
some as it was to some refinerS. In
April last they had only had dry ore
to put through the furnaces, which was
deficient in lead, only having per-
centage of about Ii or II of lead, the
consequence being that they had lost
% per cent. Of silver and gold through
out the month. In June, they had Il
better supply of lead, the loss Of silver
and gold was reduced to II per cent.
| He would not bring any further mat
terS of details before the meeting, but
| he would remind the shareholders that
changes and improvements would cost
| money, and where was it to come
from? lie thought the capital was
large enough already. and would be
the last to urge an increase Oft. (lIear,
hear.) lie did not wish the capital to
be increased, and he thought the eN-
penscS should come out ofthe earnings,
and let the shareholders for Il time be
content with less dividends, i'll order
that Il portion of the profits should be
devoted to these improvements. The
only thing remaining for him TO do was
to bear testimony to the valuable ser
vices of his colleague ut Eureka-Mr-
COrrigan. (CheerS.) His services had
not been fully appreciated, as his posi-
ton was not understood, but he could
assure the shareholders that Mr.. Cor
rigan had had difficult task to per-
form, for he was the only person there
who understood the situation at the
time of the lawsuit; and he had acted
solely upon his own responsibility in
com promising the suit. He was here
to-day to answer for his sins, but he
did not think the shareholders would
deal very harshly with him. Cheers }
After thanking the meeting for the
patience and attention with which they
had listened to his remarks, Mr.. Pro-
bert Sa; down amidst long and contin-
| ued cheering.
Tho chairman said Mr.. Probert had
referred to the dividend. Very long
discussions had taken place, but as the
board had all the accounts before them,
and they said that the company was
accumulating capital out of the earn
ings, they thought they We're justified
in dividing a portion of the profits
among the shareholders. About 5000
pounds of bullion had since been sold
at Il very fair price, which left them Il
good sum in hand accumulated out of
earning. Qilcar, hear.) Respecting the
insutliciency of capital he thought they
had got over that difficulty by very
great eXertiOn. He considered the
suggestion to delay full dividend
until the end of the year a very good
one, and he had no doubt that the
dividend would be quite made up tEen.
The returns for the past two months
were not equal to the profits, but it
was thought best to keep the furnaces
going. Mr.. Probert had told the meet
ing of the improvements which had
been made, but he had not mentioned
the fact that many of. these
were his own, especially the tlue, which
would doubtless prove of such great
advantage. (Cheers.) He called on Mr..
Corrigan to give an idea of what he had