The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-09-08

Won will soon have several II these gentry In
NV York. with trunks full ~ worthless mining
share ccrtihcates. The following 1nalvsis OF we
mine. ON and near The Comsiock shows that
many " then have no real value, aud that AL
are iatecN overestimatcd Number OF Washoe
mines listed at san Francisco STOCK boards, ITO;
whole number ut shares. p,3j2OD, win uoui-
.nIlcluit1l ut $llU per share ot S95COhW0. A.
easements naid no to end OF July, $s.bN 900.
Amount of dividends paid w to date, t8o,6'1iW.
thirteen mines I've paid DIVIDENDS ~ past
wears. auh twp Cons lidated Virginia and Cah-
formal ire paying dividends now. OF the hteen
uIVideud mines Ouly nine have id in excess OF
1-a,@ mems. Eighty-nvr mines are kept up ny
ass sssufnnis, and sixteen are idle. me ogre.
gite OF hividcuds piid In tue pas exclusive OF
tYn-olid ted virginia and CtliinrulO - t4pV,',.
70O. u which Belcher . Id Sl5MNV asslnst
ass, ssments sM337O: savage $l,iGoco. ASSESS
ments <2l4GUU; nouid y Curry SJ,s.O,yOO, as
sassments sl,alOOO; Cnoliar-potosi $tQccOV,
assessul ents $2jgS.DO; tale y NOrcruss fl0es,-
no. assessments s2Ole,VOO; Opuir sl5si4Uu' as
TINS l. not an encouraging exhibit, for the
dividends have generally ceased whie the assess
ments are going On. Some mines on the llst are
turning out pay ore, tut the proceeds lot .es-
sous already stated, do not reach tue share
holders. In the three months ending Juiy ~
llelcher produced $SSi 900, crown Point <3A,uo-,
Chollar S9i2s9. O1hir $GG9,2il The present
value In tne market Of TINS group OF mlnes Is
Pint sI.gis.S d Gould & Curry ti6slcjj, Hale n
| Norcross sll'OUO Ophit $52tiVvt S .,',,,'
s2,G,s,cO. Yellow Jacket s312oON. ovetrpin1,ndn'
| 90 and never uaid dividend, is selN"R III '"e
rate OF t2.s 32tO. .. ...,,s 81, n
| In condeuluing the system which permits the
| mauagers of a CONS ock mine O. ulNcrt 70 tue,'
| own uses. an unduly large per centaee vl prouts
| on the product OF the mine, 10 NOT WISH 70
| accuse those managers OF any violation OF law
| rhey are acting upon methods wnlcn nave oVh
| tinued In practice since the ntst WORKINGS M III
| the Comstock lode, aud which have the sane
| ton Of custom SO far as any special business
| methods can he said to have the sanction OIL
| custom. In this new community Hut they ar,
| wrong in principle. ana unfair In practice, and
| they need prompt and radical condemnation
| and reformation. II mining stocks are TO be ut
| loaded upon the New York market, II If righ
| that purchasers in that market should under
| stand that heavy tax IA levied upon tine pro
| duct Of mine 10y the parties In control mere
| and that the tax must be paid before any pro
| ceeds from the product l. divided among th'
| shareholders. As the mines. II they nave am
value. will continue under the direct control o.
| California shareholders, the New Workers wht
may become Interested will DO the payers no.
| the payees of the eK lcted tribute.
The MANAGERS who steal from assessments or
their fellow stockholders are simply thieves wh'
| should be s mt to tha STATE prison, but unhap
pily they not sent there and are not iikely u
| be until we have here more correct ana rOhus
| public sentiment against this species OF fraud
| For stockholders at dist nee there Ii apso
| lutely 20 protection against these rascals.
there is no remedy for those who may be foolis
| enough to lose their money In wild cats
Nv purpose In writing TINS letter IS 10 pom
| out some OF the risks that Will walt upon TN
| New Yorker VINO may BE- inclined to listen u
| sharp; and, with the AID Of the independent an
| widely circulated SUN, my obssrvations ma
| perhaps be useful as warning against To-
| eredulOus belief in the value OF the securite
that are likely to De offered TO your citizen
through the agency Of tue new Mining Board.
| MANHATTAN.