The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-03
THE BONANZAS.

To The EDITOR rME HERALD
An editorial on mining Investments appears In
ono OF tho New York morning journals. The state
mcnts therein are inaccurate far as the two
called the Bonanzas concerned. Every man. es-
pecially editor. Is entitled form his opinion.
ot newspapers tot sententi9 bat he is entitled
TO form his facts The journal In question has
represented these mines to be balloon and the
ayers have used trick aud fraud IN their Office.
Permit NO. one OF the sharch oders whose fate is
doplored to furnish the facts composing the simple
history OF these mines. The body Of called the
Bonanza was, when discovered, divided into two
mines. One half called tho Consolidated Vir-
ginia and was tho FIRST developed. Shareholders paid
in assessments $450,000. Il speak from memory
This mine has repaid its shareholders $26 0O0 900
in dividends. Tho other half OF the
body called the California, and this
nino work was commenced later, but It's development
was managed that shareholders not called on
for any whatcver-have to this day
caioi Tor any assessments; but tho California
miuo nevertheless paid $4,000, 900 In dividends
on It's shareA Wherefore the two Bonanza mines,
being have paid S3s. 0OO 600 for outlay
upon them oil $3.50, 600 Their present daily produce
~ on daily record and has exhibited no signs Of
haustion That u the simple and clear statement OF
the matter.
Eighteen months ago the fire In Virginia City totally
mines, thereby stopping further produclion for
the time. II was cxpected BY shareholders
that the managers would suspend tho pay.
ment oil monthly dividends until the works
should be rebuilt Unfortunately, think, they rc-
solved, with pride sowew verging imprudeuce
denls and 10 do 50 were obliged 70 dcpeie the bulk OF
accumulated on the dumps and their reserve Of
capital When the works restored and production
resumed this longer stood against any
gency. Last winter THIS emergency presented itself
The Consolidated Virginia min Was found TO require
cleansing and retimberng, and further explorations
mado to ascertain the extent Of the mine. TO accom-
pIish this, production was temporarily suspended:
Whom banking corporation or railway directors nnd
their immediate earnings insufficient to pay usual
dividends thcy have recourse TO borrowing money
using their capital fund 10 conceal their momentarv
embarrassment
The managers Of the Consolidated Virginia objected
TO adopt THIS policy and stated their condition hon.
estly The gamblers on the stock market eeized this
opportunity to dcprecate the market value OF the
shares and the Consolidated Virginia pulled down its
sister nine, the California IN lis fall although this
latter mine continued, AMI still continues TO pay
81 600 600 per month In dividends to Its shareholders
We're the managers Of the Consolidated Virginia
bound 10 regard solely the interests OF the sharchod
ers they called upon tak0 into considera
ton the operations Of dealers In these shares on tho
Stock ExcnangeY Were they 10 regard the ZEAL value
prosperity OF the minc rather than consider what
value the gamblers chose 10 put upon " and what
they might say Of It's prosperity ! honestly think
they acted rightly and have tho right to say tor
am large shareholder, and have been 20 Tor the
last three years. | have followed shrcwdly and
aentvcy the conduct Of their business feeling coni-
dent they faithful hardw orkng, honest men,
TO their trust. hold stake 500, 600 that
| OPINION ana shall hold II to the end. II lose that
stake II will not be through their Encouragement
by their dishonesty Tho mines are mines. The next
stroke OF the picka may develop the end of them
that event Is much unknown 10 the managers as Il
~ to Shareholders mine Ia only pocket, and
every pocket has bottom. Every shareholder knows
that and he TOOL that does not. accept that
the injustice dono to these gentlemen by attacks on
their conduct and their attempt 10 attribute 10 them
the brought about by the wanton use made oil
the Bonanza shares by gamblers the Stock Exchange
| Yours truly DION BOJCICAULT