The New York herald., 1878-11-14
CALIFORNIA BEARS"
OUT THEIR BONANZA MINING sToCKs-MR.
MAcKEY's TWO STATEMENTS.

ALLEGED TRICK TO MAKE STOCKHOLDERS SELL
OUT THEIR BONANZA MINING sTocKs-MR.
MAcKEY's TWO STATEMENTS.
SAN Francisco, Nov. IL, 1873
Virginia City despatch says that during Sunday
and Monday 26G miners were discharged from the
Consolidated Virginia mine of whom 1913 had been
employed the 1850 feet level and ftycight the
1850 level There are but three men left each
shift each level their only business being to keep
donkey engines running to maintain communication
between the different levels. witlDlt recourse to the
man shaft.
The following conversation with Mr.. J. w. Mackay
resulted from an inquiry by reporter whether there
was any prospect that the discharged men would be
soon re-employcd.
Mr. MAcxAy-Some will he wanted again soon. but
the majority will not. The fact is that We have
for long time had more men employed than we
needed.
REPoRTER-Is the vein pnching out?
Mr.. MAcxAY-No, but the ore in the lower levels
has become SO poor that it does not pay to work.
cept in few places The heat is so great and the
rock SO hard that six cannot take out many
car loads in given time as one man used to do
REpoRrER-But there is considerable good yet
on the upper levels. Is there not
Mr.. MAcKAY-Yes on the twelve and thirteen hun
dred levels there is yet considerable ore; but the
ground is constantly shifting and settling there and
the of excavation is consequentlyso great to
leave but small margin for profit.
The above despatch was received and sent ont at
late hour last night but it does not appear in any
New York paper il reproduced to explain what fol-
lows to-night-Assocated Press Office, Nov 49, 1851
HEAVY DROP IN THE CALIFORNIA AND CONSOLE
DATED VIRGINIA NINE sTocKs--coNTRADrc-
TORY OPINIONS.
San FRASc1sco. Nov. H. 1878.
The despatch of last night from Virginia city cre-
ated a sensation on Pine street this morning and
caused a heavy drop In the Bonanza stocks. nearly
5000 shares Of California and II 900 shares
OF consolidated Virginia changing hands at prices
ranging from 81 to 10 for the former and si to IL
for the latter. Numberless reports aoat
ing the real meaning of the recent action of the mine
managers in dischargng the men, and the utterances
of Mr.. Mackay, strongly in contrast with his
statement last April before the Commissioners
of Storey county in relation to the assess
ment of bullion tax when he said that the prospects
of the Consolidated Virginia and the California
good as at any previous time; tina. ther is enough
ore in sight to yield eighteen twenty millions even
IL IL did not reach than three feet deeper than at
present developed.
The opinion quite generally expressed that was
part Of bear" movement in con nection with the
contest between the Flood and Skac factions Atten
ton Is also called to the alleged fact that arg force
Of men had been put inst before the election who
we're no longer needed Others disposed accept
Mr.. Maskays reason as stated at the office of the
bonanza firm, but little definite information could be
obtained.
Some surprise here expressed mt the reading Of
the despatch from Virginia City in the papers Of the
California Associated Press this morning. 1t
intimated that the intelligence unexpected.
and that possibly Mackay's statements might
have been slightly ovcrdrawn BY the inter
viewer but 1t conceded that whatever
he actually said must he accepted as
correct The attention OF yonr correspondent was
drawn 10 an analysis OF Markay's statement which
would not bear ont the conclusion that no more was
10 be expected from tile Consolidated Virginia as an
ore producing mine. but in general way the impress
sion was conveyed that the prospect for resumption
and dividends was not encouraging.
virginia despatch says the acting superintendent
OF the bonanza mines stated to reporter this evening
that the real cause Of tho discharge Of the men was
the intense heat. The mines will resume work here
as soon as connection is made with the Ophir This
will be In ten days.