Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-07-26

P. Bridgewater, q member Of the Board Of
Directors, strongly endorsing the man.
agement Of the C~ompany's affairs at this
end Of the line. We publish the following
extracts:
Since the formation of this company in
1871, with all the incidents peculiar to min
| ing, supplemented by the fact that the mine
is situated in the far west of tho United
States, it has managed to realize an average
dividend Of 10 per cent. per annum, and
now is able to accord a bonus of Ell per
share without at present interfering with
| the current dividend Of rs. Sd. per share
per quarter. OF 80 per cent. per annum,
and without exhausting by f85, 900 the &C.
cumulated amount in hand.
The committee of investigation now seek
to strengthen their position by nominating
Colonial Steuart, another member of their
own committee, to a seat ut the Board in
the place Of Mr.. Bower, a retiring Direc-
tor. How this can well be / am unable to
explain, for by q large majority Mr.. Bower
was duly elected at the meeting; nor do |
consider the poll demanded in favor Of
Colonel Steuart to be valid; however, it
has been ruled otherwise, and the question
is whether Mr.. Bower or Colonel Steuart is
to be the Director. 1t is a question Of
great importance, for if Colonel Steuart be
carried the committee will have three Of
their nominees-Mr Pulbrook, DR.. May
bury and Colonel Steuart-on the Board,
also Mr.. Hopkins, who, from motives Of
policy, was induced to join the committee,
which l think was unfortunate, for the
qualified use Of his name and the high es-
timation in which he is held have undoubt-
eddy given power 70 the committee which
Waa nat fnf.ndo1 I'm M nflar errnarpI
can it be explained why 80 many share
holders have upon an eI parte statement
given their proxies to the committee, and
which powerful engine the committee have
freely used to further their purpose. Their
right to it certainly wal not within the
scope OF their instructions as defined by
the resolution appointing them.
And now, with your permission, a few
words upon the report OF the committee as
it affects the Eureka management. 1t may
be promised that if the committee had
treated Mr.. Probert as an ~impersonality,
their comments and criticisms would be
entitled to greater consideration, but the
entire report is a personal attack upon that
absent gentl eman, but shareholders who
have read the committees report in an I'M
biased spirit cannot fail to have seen,
though the committee condemn him, that
eAS y wy 5hAAAcu CAiCt to-thtli OWA BE-
lection, too-are not unfavorable to Mr..
Probert. Mr.. Hague and Mr.. Plummer
frankly admit the good management of the
mine, and Mr.. Eilers, though critical on
the policy of the refinery at Eureka, which
is a fair point for consideration, and sug-
gestive in regard to the machinery, ex-
presses himself in no terms to Justify the
severe condemnation Of Mr.. Probert by the
committee. In fact, the report is out of
harmony with and a thorough misinterpre-
tation Of the opinions of those gentlemen.
pointed out in my remarks in your last
weeks issue, that out of the 20 patents or
locations posse ssed by the Richmond Com
pany 10 had been secured by Mr.. Probert
within the last two years, and that pending
these purchases extensive prospecting was
undesirable as tending to increase the
value Of these and other locations required
by the company, and that appeared TO me
a conclusive answer to the of the
committee upon the subject of prospecting.
The coke and charcoal question is not
impartially considered. Mr.. Probert was,
l think, the first local manager who en-
deavored to substitute coke for charcoal,
subject to the conditions of a regular sup
ply and q moderate cost, without which he
felt it would be unwise to destroy a local
industry always to be relied upon, but
which, once destroyed, could not be re-
vived. In this matter, moreover, Mr..
Probert is justified in his views by the fact
that the Eureka Company, doubtless for
the same good reasons, for the present use
charcoal and not coke.
1t is, l admit, a fair issue whether the
refining is to be at Eureka or at San Fran
cisco, or at some other center of industry,
where wages, rent and fuel are cheaper,
buf that We muat raftnn fnr nm ruaIva, ca.,na
very clear, or our large returns and quick
profits will soon cease. Prompt returns
for dore bars is the essence Of our present
sound position.
The elaborate question upon the Law Of
Contracts, like many other introductions
in the report, is only SO much padding
The Rozan patent was bought by Mr.. Pro-
bert for the Richmond Company. The Di-
rectors hesitated to adopt it, its operation
being outside their powers, but to secure
to them the advantages, and being fearless
of the result, Mr.. Probert took the patent
himself, giving the company tie choice of
four modes of adopting its use.
The first supplied the data n terms
upon which companies in England were
then working it; there was nothing dark
or concealed in this. The fourth plan was
to offer 1t to the company in its entirety.
ttiiHuH1 SClcStcQ tnc tiltu pan,
which offered to them the immediate use
and prospective advantages of the patent,
and which SO far has not been in Mr.. Pro-
bert's favor, for it leaves him considerably
out OF pocket, all of which, no doubt, he
Will fully explain in his reply, but
there was no question Of law involved in
this. 1t was one of the many expediencies
which the Richmond Company was COM
PEELED to adopt in its earlier and more i'm
pecunious stages, and the arrangement
has. and had from the first, this distinctive
feature, that it was terminable on six
months notice.
That Mr.. Probert's reply will be a tri-
umphant refutation of all the theories and
charges contained in the report, l have not
the least doubt. but having regard TO the
amendment agreed upon at the last adj
journed meeting, 'to refer the report and
the reply to the Board" the nomination of
Colonel Steuart to the Board in addition
to the other members OF the committee al
ready ON the Board, practically and entire
ly when the committee have secured the
remaining seats. as they admit they intend
to do, places them-that is, the members
Of the committee-in the charmingly IN
English position of being judges as well as
accusers. Surely no shareholder who is
anxious for his own honor and the inter-
ests Of the company will hesitate to record
his vote against the election of Colonel
Steuart or any other member of the COM
mittee to a seat at the Board, and to join
in the effort to remove those who are al
ready there, with the exception of their
valued Chairman tMr. Hopkins), and. on
the earliest occasion, to replace Mr.. Elliott
as o Director. But their frs duty l sub
nit is TO secure for Mr.. Prcbert not merely
the right Of reply, but IN unbiased, I'M
p~rejudiced consideration Of the same.
RrOke y Finger.
Ross, messenger for Wells. Fargo 4 Co..
on the E.. 4 P. railroad, while unloading
million at Palisade Yesterday. had the mis-