Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-10-19
THE EUREKA DIVIDENDS.
A Vigorous Defense by an Eastern
Journal.


The New York Mining Record ouotes the
statement Of anoth.r journal, that a "two-
dollar dividend is no great thing" and
says: Coupled with other depreciatory
matter, such is the vicious assertion. made
prominently, though anonymously, in a
quasi mining journal here in the East, the
other day, with the object Of discrediting
the value Of no less a mining stock than
that Of the Eureka Consolidated. Deliber-
ately vicious, we must characterize these
statements, because, if credited, the effect
mus be to alright shareholders, in this
quarter, into selling their stock in effect at
a sacrifice, with the loss thereafter of the
handsome dividends that are certain to be
paid to the shareholders of the Eureka for
a long time to come. The statement that
the increased dividend has been paid mere
IL out OF a Surplus balance" carried for a
long time, is vicious, because substantially
untruthful and perversely aimed to destroy
confidence in one of the safest investments
in the whole range of mining securities.
True, there was, and is, a surplus balance
on hand; for this mine for the eight months
ending the 31st of August Of this year, has
produced as much a 81, 900, 900, of which
as much as Sis, 100 has been gold. From so
large a product averaging $241 900 per
month for the same period, the dividends
have aggregated only $3.50, 900, that is to
say, two dollars per share for January,
February and March, and one dollar per
share monthly, from April to August in
elusive. So, of course, there must have
been ga surplus balance" on hand, bus to
state that the dividend Of two dollars a
share paid in September, on the August
product, came exclusively, or even ma
terially, from that source-or without
having been earned-is clearly a misrep-
resentation; for the product of the mine
during August, exclusive Of lead, was
1922 800, including S62, 500 in gold. We
have been at the pains to make this expo
sition Of the spirit at the bottom Of this
irresponsible and mischievous attempt to
damage the pockets of Eureka shareholders,
not only for the reason Of the lurtful pc
cuniary effect that must ensne from it if
not exposed to holders here in the East of
the Eureka Consolidated shares, but also
because w believe the same method is
likely to be employed by the same I'M
s%crupulous parties with the like hurtful
effect upon other first-class mining invest
ments.
We may add in this connection that re-
Gently, Of our own knowledge, parties have
been industriously telegraphing from San
Francisco that "insiders" were selling out
their stock, and yet we know further that
comparatively small orders sent within
the last forty-eight hours, could not be
filled in the San Francisco market at quo.
tations.
Further, developments on the 1,400-foot
level of the Eureka Consolidated indicate
that the mines OF that district extend to
an indefinite depth, also, that the forma-
ton is growing wider, as well as being well
defined. The Eureka Consolidated can now
rely on having sufficient ore in sight to pay
dividends without interruption for another
year. at the least, and really, we know Of
nc other mine that gives a better showing.
Lastly, there has also been a marked i'm
provement in the Richmond, underground,
and it appears better to-day than it has
done for . long time. The X X, Phenix,
Jackson, Dunderberg, Connolly, with other
mines Of this district, seem very promising,
and all that is needed is depth of explora-
ton. The Phenix is shipping ore for the
first tim in years. The mines Of Prospect
Mountain are very encouraging. The gold
belt which passes through the Williams,
the Silver Conner and Pioneer, forms an
important part Of the mineral wealth Of
the district. The ore is extremely rich In
gold. The tunnel Of Prospect Mountain is
expected soon to tap this gold section at a
great depth. The prospects Of Eureka are
bright and cheering.