Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-03-22
nrcmnoND MINING COMPANY.

, A Richmond shareholder, replying
in the columns of the London Mining
Journal to another correspondent, who
demanded larger dividends, has the
following to say in regard to the future
policy of the company:
IAN Old Subscriber to the Journal"
writing to your paper on February
10Th, does not appear to have prohted
much by his experience of what the
Journal has taught him in the past as
regards the weekly returns" pub
lished by American mining companies
of London fame, otherwise he would
not counsel spending the returns got
ten out OF the rapid exhaustion of re-
serves of ore until at least some new
discoveries are made commensurate in
some degree with the call which has
been, and is being made upon what
has been discovered and laid open. L
merely wish in the interest of Ameri-
can mining to urge more caution upon
London management IN order to pre-
vent a recurrence Of the disasters which
have overtaken other Anglo American
mining companies, whose shares have
gone up to enormous prices on "week.
ly returns" and .'monthly dividends"
(the Richmond Company wisely make
theirs quarterly, and through which
the English public have lost enormous
sums of money, besides having their
mines pass altogether out OF their
hands. | do not mean to say that the
Richmond mine Is not worth 40 .000t.
sterling, II the public choose to give 81.
a share for the shares, but what / do
mean to say is that the management,
who cannot be ignorant of the poverty
of the mine as regards new develop
ment OF ore ground, will do well to
husband their until such
tune rs the equalization OF dividends
in the future can be assured for
at least three years. Your cores
pendent is incorrect in stating
is. Cd. per share quarterly as repre-
senting so per cent; il would take l3s.
cd. per share quarterly to pay this on
~. per share, and the fact of the direct
ors not paving more than Is. I'D. per
share clearly shows that they have the
Interest of the company at heart III not
g financing" their assets, aud leaving
the company without proper funds IN
hand in order to swell up dividends
and force the shares beyond the pres
ent high price, having always the state
OF the mine in view.
Your correspondent thinks" that
the damage to the Eureka Company
was estimated at IS. 900. What a
thought for a thinking man! Does he
imagine hat any American company
would 90 TO law for a damage OF IS 900,
"a ba,, ; ia L.. a. 49, a. Inn. nyNY1lH n nan.
10 $50 900 to have the question tried?
No, sir; the question of amount Of
damage was withdrawn from the issue,
IN consequence of an agreement come
to by the l%itigants, that Judge Field, of
the Supreme Court, M Justices Saw
yer and HiIlyer, OF the Circuit Court,
should try the case i'll regard to the
ejectment, leaving it To the Eureka
Company to bring suit afterwards for
the damage done them; and consider
ing that the Richmond Company had
gore over 400 ieet beyond the acknowl.
edged boundary in the best ore body
known In Eureka, / think it fair TO
assume that The damage may amoun
to the sum of over g.. 900 900, which it
is reported The claim Will be made for,
when the Eureka Company see tit to
make IL. This claim laying in ambush
strengthens my faith in advising a
modest per cent. dividend, and an
accumulation of funds for the present.