The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-01-22
Some of the Mysteries of Silver Mining.

The annual meeting Of the Consolidated
Virginia Mining Company. held in San Fran
cisco on Jan. IL, which was briefly reported
by telegraph at the time, seems TO have
been rather an excited gathering, and the
proceedings afford some insight into the pc
culiarities Of mining spcculations on the
Pacific coast, whore gambling in mining
shares is the favorite pursuit OF very large
proportion of the population Indeed, the
mania for speculatons OF this kind extends
to every class Of people in Nevada and Cali
fornia, irrespective Of sex or previous cond-
ton, state OF affairs that is as disastrous
t. the great mass Of SPECTATORS rs it l. re-
muneratve TO the few operators within the
Rings which control the management Of the
principal mining properties.
The Consolidated Virginia is, perhaps, the
best known " the bonanza mines of the Com
stock lode. During the past year, according
to the Trcasurers report. the dividends to
tho stockholders amounted to Sll, $50, 900;
yet, notwithstanding this fact the shares
which sold at s97 in January Of last year
are now selling at a fraction over S35 which
represents shrinkage in the market value
OF the mine Of over s3s. OOO, 900 within twelve
the suspension OF the expected December
dividend and widespread belief that the ore
deposits are nearly exhausted; though there
Is party who suspect that the managers
have knowledge Of new and rich deposits in
the lower levels which they conceal from the
public In the hope Of buying IN the stock at
its present deprecated price. 1t wcs this
feeling, on the part of some Of the stock
holders, that the trustees Of the company
were Withholding valuable information from
the Shareholders, that led to the animated
discussion at the recent annual meeting
Messrs. FLOOD, OBRIEN, MAcKEY, and
FAIR are the principal managers of the Con-
solidated Virginia, but in consequence OF
the dissatisfaction felt by some Of the stock
holders, an opposition ticket for the Board of
Trustees was nominated at the late meeting
This ticket was defeated, only 80, 93j shares
being voted for it, against 4s3 1856 for the old
board; but the movement for change
opened the way for some vigorous on
slaughts upon the existing methods Of man
agement by Mr.. S. 7. DEWEY and others,
which were met with equal spirit by Messrs.
FLOOD and MAcKEY.
In opening the discussion, Mr.. DEWEY
congratulated the stockholders that, accord
ing to the report Of the Superintendent
there was n certainty of a speedy resump-
ton Of dividends, and their continuance for
long period Of time, but regretted that the
facts were not given month earlier, so as
TO prevent the terrible sacrifices that SO
many Of the shareholders had been made to
suffer, at the same time ntimating that the
managers We're still concealing Information
that was reserved for their own benefit
This was denied VIII heat by Mr. FLooD
and soothingly by Mr. MAcKEY, the latter
suggesting to his accuscr that if he would
gamble in stocks he must expect TO lose
once in while. Then Mr.. WHITE, an cx-
member Of Parliament, who represented va
rious English stockholders, expressed his
dissatisfaction, whereupon he was informed
by Mr.. MACKEY that an Englishman could
know nothing about the management Of an
American mine, an ntimaton which did not
however prevent Mr.. WHITE from roitorat-
ing his expressions Of disgust during the
subsequent proceedings. Various rcsolu-
tlons bearing upon the subjects under dis
cus-ion were introduced, and finally Mr..
Dewey mad" proposition that the Nevada
Mill Company, consisting Of Mcssrs. FLOOD,
OIRHN, MACKIY, and FAIR at whose rc-
ductlOn works all the products OF the mine
are treated, should be invited to dispose Of
their mill t. the mining company; and that
In case no purchase could bc effected at a roa-
sOnable price, the trustees Of the mining
company should be instructed TO erect mills
adequate to the necessities of tho mine
This Proposition led. TO another sharp de-
batc, in which Mr. DEWEY asserted that the
mill Interest is eating out the vitals Of the
mining interest in the Cumstocl lode, de-
olarlng that but for it the Ophir and the
Bolehor would be dividond-pay ing mines.
whereas the Ophir, with a bullion product Of
s23)10oo the mst year, pays nothing to
shareholders, wAilo its shares have depro-
clatod during the same time from SIS to SIT,
the whole minc with s}jO,O0O in its treasury,
selling now for less than the value Of two
tiird,"l the years product. MI DEN Ky also
aesortod that the Belohor yields Il profit Of
over $1,000 per day for milling, or 3]l per
cent. pr aAnua " the market value Of the