Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1879-01-25
ONE OF OUR BEST MINES.
WHY 1T HAS BEEN IDLE FOR
MORE THAN A YEAR.

Annual MOOU"S
Company-State Of Its Finances
Enough Money on Hand ia
Run the Mine Six Months Etc.
The annual meeting of the Kos
suth Mining Company was held in
San Francisco on the Goth instant,
when the old Board of Trustees, con-
,isting of Edward P. Flint, F. Brisac,
Oh. Goddard, M. Greenwood, and
John Yule were re- elected. Edward
r Stone was also reelected Secre-
tary. The reports of the President
and Secretary were received. The
latter stated that the total disburse-
ments during the past year were
$4,929 %, and the receipts from all
sources $s2,711 30. Cash on hand,
s1z7S2. The total outlay on the
mine, from the organization of the
Company, has been S333,424 3d. =
The Presidents Report. Il n
Following are the most important
passages in the Presidents report:
Your Board of Trustees came into
office one year ago under peculiar
circumstances. A series Of assess
ments, levied by the former Boards,
had reduced the value Of the com.
pany's stock to mere nominal fly
ure. Great dissatisfaction existed
among the stockholders regarding
the expenditure of the large sum of
S421 200, raised by assessments, and
this eliminated in change of man
agement, and the inability 10 raise
more money by assessment to keep
up work at the mine compelled its
being shut down.
An examination of the books re.
vealed that large amount Of money
had been spent, without in our
opinion, any development of the
mine equal to such an expenditure.
We found that $l4,355 Of the assets
Of the company were locked up in
the Everett estate, the mine shut
down, the President receiving a
salary of $3.50 per month and the
superintendent $500 per month, and
other expenses, making up total
monthly expenditure of from 5000
to $1,000, without any return what.
ever.
We cut down expenses at once,
and eventually reduced them to $l75
per month. We were forced to CON-
mence legal proceedings to recover
the money due from the Everett es-
tat, and attached all the available
property, aud at length, in Novem-
Der last, recovered the money, to-
gether with interest, which fully
covered all legal expenses.
We judged it advisable to make n
careful and thorough examination of
cur mining property as well as of
the neighboring mines, and the pros
poets OF the south end of the Com
stock, before recommending work, in
order TO do 50 advisedly. The more
important results aud details Of that
examination are given at full in the
able report of one of our trustees,
hereto appended, in order that every
stakeholder of the company should
be in possession Of those facts which
so materially concern the value of
his own property-his shares, be they
few or many, in the Kossuth Mining
Company.
cannot close this report without
briefly congratulating you upon the
present condition Of tho company.
No debts, cash on hand nearly equal
to the present selling price Of the
stock in the market, and enough,
under economical management, to
carry forward work at the niue for
several months.
Our mine-occupying, as it does,
a central position Of 2,700 feet in
length (only 40 shares per FOOT of
the main Comstock Ledge, on which
$780, 900 has been expended-has as
good hosting works, for their size,
as any on the ledge; and, if thought
advisable, work can be begun in a
small way on the 200 foot levcs at a
moderate outlay.
Mr.. Geddard's Report.
The report of G. Ii. Goddard, ESQ,
we'll known civil engineer and one
of the Trustees of the company, was
also received. We are unable ia
publish it in full, owing to Its length,
and are therefore compelled to con.
dense it as follows:
The ground patented to the Kos.
suth company, 2,700 feet long by coo
wide, is situated on the center line OF
groupings Of the Comstock, which
extend from the eastern to the west,
ern lodges at least ! 900 feet at thi,
place. 1t is the earliest location OF
its neighbors. Its surface shows
several lodges running parallel with
the length of the claim. The mair
shaft is in three compartments. in
perfect condition, 600 feet deep, and