Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1877-05-03
TELE

AuOtuor AotI6r IrOm DOH
Wade.
He Is Very Bitter Toward Presi.
dent Hayes.
Progress OF the Tweed Inyestiga.
tion In New York.
ZEE KEENE PRoP0sEs To MAZE
AL THE "BoYS" RICH.
[srsclAL DprArcHB = rur uoLp HILL
DAILY Nrwsl
Dasa Bsseieauis On the Bssassa
Mines.
NV YoRx. May 3.-Dion Doucicault
writes 10 tho Herald a. follows; An edi.
torial on mining investments appears In
one Of the New York journals. The state
ment therein 10 inaccurate 80 far ~ tho
two mines called the Bonanza are on
cerned. Every man. especially an editor.
10 entitled TO form his W opinions. but
he II not entitled 10 form his own facts.
The Journal In question represented these
mines 10 be . balloon. and the ~mansgersto
have used trick and fraud in office. Per-
NIT me, - one Of the shareholders whose
fate 10 deplorsd. TO furnish the facts COM
posing the single history Of these mines.
The body Of ore called the BONANZA Was,
whom discovered. divided into two mines.
One half was called tho Consolidated vir-
ginia. and was first developed. The share
holders paid In assessments SiS0,00O. 1
speak from memory. This mine has re-
paid It's shareholders SAG, 000. 900 In divi-
dends. The other half Of tho orc
body was called tho California. and
on this mine work was commenced
later. but its development was 80 managed
that the shareholders we're not called upon
for any assessments whatever. have never
10 this day besn called upon for any Assess
ments. but the California mine has, never
theless, paid twelve million dollars in
dividends on its shares. Wherefore the
two bonanza mines, being ono concern,
have paid thirty-eight million dollars for
outlay on daily record aud exhibited no
signs Of exhaustion. There is q simple
and clear statement Of the matter.
Eighteen months ago q fire In Virginia
City totally destroyed the buildings, works
and machinery OF these mines. thereby
stopping further productions for . time.
II wss expected BY the shareholders that the
msngers would suspend the payment Of
monthly dividends until the works should
be rebuilt. Unfortunately they resolved
with q pride somewhat verging ON i'm
prudence. ON Roiug on with the paymen Of
one million dollars por month In diyi-
dends. and 10 do 80 were Obliged 20 deplete
the bulk Of orc accumulated ON tho
dumps during months Of active work and
use their reserve OF capital. When the works
were restored and production resumed
this reserve no longer stood against any
emergency. Last Winter this emergency
presented itself: The Consolidated Viz
giuia mine WAS found 10 require cleaning
and retimbering. and further explorations
must be made 10 ascertain the extent Of
the mine. To accomplish this, produc-
ton WAS temporarily suspended. When .
banking corporation Or railway directors
lind their immediate earnings insufficient
TO pay the usual dividends. they have re-
course TO borrow money or using their
capital fund 10 conceal their momentary
embarrassment. Tho managers OF tho
Consolidated Virginia objected to adopt
this policy and stated their cohdiuoh non.
sstiy;, aambler. on tao ssoen az.
selxsa I'M, OPP ~ -. nj T"n.oiI.
maI,e vsius y. uaI La H. .,.,.s Mn
cs,u ..is \. n. 81, .i,Lon,h ,hs isttsr
lIsii'o IN .,,m con,inus. a.
min0 eon''S !, ooo nno ~ manth In
psy ~ sA'VyS.h .r.poi,.rs w.ra
uis'uenu. y. ~ cansniiJ.,sl Wiz.
tne mAssr ..sI .oisIx ,ha int.rcs,.
k,n, r."aho,'ss ar w.ys tb.v called
% .uo Iosa nn,ar.,io ,Lo orer.-
Nm. =, Jssi.rs in the.e shares on the
stock exchange" Were they TO regard the
real value and prosperity OF the ain r,th-
or . eon.,u a nal Ia, ,hsv misbt
ssw Of n. pro.perityY / honestly think
they acted rightly and have Alright to say 80
Tor am large ~sharenoIueI Ina nv v oss
sSn.-Six mi stten,iysly The conduct Of
their business. feeling confident they are
faithful, hard'working' homes. men, .Ine
70 sns,s W.. ,Son..na Jn,i,rs an flat opipion.
I shsil hold n 10 the end. II I lose that
stake Il will not be through their misman-
agement moi by their dishonesty. Mines
are mines, the next stroke OF the picka1e
may dsvelope the end Of them. That event
Ia a much unknown 10 tho managers a. u
il 10 the shareholders. A mine Is only q
pocket and every pocket has . bottom.
Every shareholder knows that, and ho Is q
fool that does not accept that contingency
along with security. But I do revolt from
the Injustice done these gentlemen by at
tacks on their conduct and their attempt
70 attribute TO them results brought about
by the wHnton use made Of the bonUza
shares by gamblers In the stock exchange.
....s..l.,,.. s,o,, ma. w.Ie.
49," Is w.,.--,,..
CLEvkLASp' may o'-p'f "sao "i'''
TO the L.ader concerning Q letter In Mon
d.v,. L,,d,, from Ward L,amon OF Wash.
a.. a. p...,,,.... A..
ins'on' sIAuhg mat 'ho hepuo
Congress formed . league during President
Liucoln's Administration TO oust Lincoln
90, ,,, In w,ao ar r,.mo,t N. dictator.
-,
and maj . eompac vas "'i''cn ou' "hich
-. .ta-, no NJ Nhaaa IN Iinraln Mr.