Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-07-09
RrCnmeND CONSOLIDATED.
Comments Of the New York s.MIn-
ing Record'' ON the Report Of
the Commission.

Comments OF tne New York sMin-
ing Record'' ON the Report Of
the Commission.
In an article headed "a Great Mining
Property" the New York Weekly Mining
Record, taking the report Of the commits
sion as q basis, comments at length on the
value and Of the Richmond mine.
1t says:
From the report, we learn, first, that the
property consists Of four patented look
out, Richmond, Tip-top and St. George)
claims, and sixteen locations not as yet
patented. The patented portion Of the
property embraces 3,001h linear feet by
254 feet on an average; while the sixteen
non-patented locations embrace 1916 by
200 feet. In addition, the company have
located twenty-seven acres of land for the
site of q new shaft, which has been COM
menced to the northeastward Of the pres
ent shaft. At the time of the formation OF
the Richmond Consolidated Mining Com
pany, the property consisted only Of the
Richmor d, Sol 4 by 800 feet; the Colorado,
1,4O0 by 200 feet, and the Virginia, 1,400
by 200 feet, all locations. OF the subss-
quent additions, the Tip-top, 800 by 800
feet, and the Lookout, 400 by 200 feet,
have been acquired by purchase, and the
remainder by locations duly made and
held, under the laws Of the United States
and of the State Of Nevada. We have
mentioned these details as showing, first,
that this ~company--the stock of which is
held almost exclusively in England, with
the management in London-started orig
inally with an area Of 1901 Il by $50 feet
OF unpatented locations; secondly, that
under our mining laws, State and Federal,
they have gone on profitably working that
property and extending it until it now en-
braces, as we have stated, 3,001k by 254
feet Of mineral veins held in fee under
patents from the Government Of the
United States, with no less than 49, 76
feet by 200 feet held as located claims, to-
gether with 81 acres of land held by the
like title as well as some 1900 acres Of
woodland chiefly purchased from the Gov
eminent. These facts we commend to the
attention of the London Mining World,
as refuting very c~onclusively its repeated
allegations that our laws are made in effect
to discriminate against or operate preju-
dicially to alien adventures Of capital in
our mines. We also commend the same
facts to the attention Of readers Of q GER
tain special periodical Of this city-to
some extent concerning itself with mines
and mining questionable which period
ical, not long since, sought in this market
to discredit a mining property based upon
locations" by the urgent assertion that
"a mine without q patent is not ripe for
public investment" and, further, ''that a
possessory title to a mine is not q safe basis
for stock investment" Had such a state
ment appeared in an American mining
journal, at the time of the inception Of the
Richmond Consolidated Mining Company,
assuredly the effect must nave been to de-
ter the investment Of SO much English
capital in the exploitation of a mine,
which, since September, 1871, and up to |
August, 1877, has produced bullion to the
value Of little less than S., 000, 900, and |
which is now one Of the most valuable
mining investments in the world, though
the shareholders, in downright dividends
up to the present writing, may have only
received but about 81, 900, 600, or barely
an eighth of the production.
As for the production, it has been chiefly
derived from the Richmond, so-called pipe
vein, outside Of which, as the investigating |
committee complain. very little explora-
tory work has been done or development
made until quite recently, when rich dis
c~overies Immediately resulted.
As originally organized. the capital con-
sisted of 81, 100, 900, divided into A, 600
60 VI tHC NdluC VI go tdtu, anu VI
which 81 600, 900 were paid for the Rich
mond, Virginia and Colorado mines, to-
gether with certain reduction works.
In 1872. the capital stock was increased
to 81 1850, 900 by the addition Of 10, 900
shares. Additional furnaces had been ad-
ded; this involved debts through temper
airy loans and debenture bonds, Of which q
small part remains unpaid. The share
holders have received to date, in all,
twelve dividends; the first of which was
paid in April, 1872, and making a sum
total, as already stated, of something
above 81 ,000. 900.
In addition to the amount invested in
the outset, in the purchase Of the Rich
mond n the two other mines first ac-
quired, that is to say about ST. ZOO, 900, the
subsequent expenditure in The acquisition
of other mines and locations has amounted
to S187 900, in the purchase of woodlands |
and water rights $48 900, in refinery, hoist
ing works, furnaces, shafts, engines, ma
chinery, etc., 1881 900, and finally the ex-
penses of the lawsuit with the Eureka Con-
solidated Mining Company, sl70, 900
making an aggregate Of about 81, 800, 900
expended for the property and fixtures as
they now stand.
According to the financial statement pre-
sented by the commission, the net pro-
ceeds from sales in lead, dore bars and base
bullion for the six years ending 31st Of
August, 1877, have amounted to 81, $50, 600,
including the lead and bullion now sold,
with some ore on hand at the smelling
works, in all worth about 500, 900. Out Of |
this sum sos, 900 had been paid, to that
date, to the shareholders in dividends,
leaving on hand cash, bullion, lead and
mining supplies fully to the value of
$3.50, 600. OF this large sum realized from
production, it remains to say that as much
rs So. 1886, 900 were absorbed by smelling
expenses, $270,000 by refinery costs, and
$428, 900 by freight and insurance, while
S1S2,0 600 have gone to pay interest, and
$415 900 Of the profits have been added to
the capital account"
1t remains to be mentioned in proof Of
the fair spirit in which this committee
discharged their duty and in disproof
of the alleged unfair or partial tendency of
our judicial tribunals, when the interests of
aliens are involved, that referring to the adj
verse decision Of their company with the
Eureka, they have not hesitated to declare
that decision as rendered by Justice Field
''to be q clear AND lucid statement Of the
case, as it presented itself to the minds of
the Judges, and an instructive document
to put into the hands Of the shareholders"
and virtually, that the suit was one which
should never have been entered into by the
Richmond Company, and thatit only result
ed from the a Of any spirit of compromise
on the part Of their own agents in this
country.
1t must also be added, says the Record,
that the stock Of this company, the par
value of which is but $25 per share, is now
selling in the London market at from $50
to $62.5 so.
Sound Advice.
A modern philosopher gives this sound
advice, the same being as applicable to the
moral atmosphere Of the Base Range as