Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1880-01-08

The recent assessment Of 50 per share
levied on the capital stock Of the Sierra
Nevada has called out the following
open letter to the trustees and managers
OF that mine:
Being q large owner Of Sierra Nevada
stock, and having q right to know,
please inform me tor what purpose you
have expended the large sum OF one
million two hundred thousand dollars
Isl, 200, O00) which you have collected
In assessments since the LIST day OF De-
cember, 1878; and what was done with
the proceeds Of about 5000 tons OF ore
crushed ct the Mariposa mill during the
year 1879. which I believe yielded about
$50, 600 .,
Giving you credit for the money paid
for the Eureka mill. Sl25. 900. for one.
third Of the purchase Of the Union Con.
shaft, $500, 666 33I, for n air COM
pressor, $50, 900. for ons.third Of the
cost Of the new machinery now being
erected on the Union shaft. $780,
GG6 GGH, would leave . balance for
working expenses Of 500, 900. or S54,-
800 per month for thirteen months.
which appears to me Q very large sum to
pay for wood. miners, and all other in
eidental expenses.
The greater part OF the past thirteen
months has been spent 10 sinking an in.
cline from the 1900 level to the 24OO
level and making connection on the 200
level between the incline and the north
shaft, q distance OF 600 feet. which ought
not to require q large number OF miners.
But assuming that you employed an
average Of 100 men per month. Of 81 per
day, that item would amount to Sl2 200
per month; and assuming that you have
burned 40 cords Of wood, at Sll per
cord, that would amount to SIS, 20O;
and allowing $1,000 per month for all
other expenses, the total amount would
be $50, 200 per month. or $500, 800 for
expenses for the past thirteen months.
This sum deducted from the $7O6, 900
which ought to be on hand, after paying
paying for the Union shaft. machinery
and mill, would leave q balance on hand
Of S3l3.400
Today you have. levied an assessment
aggregating $500. 900 moro. Please in.
form me for what purpose you propose
to spend the money!
L. p. DRExLrR.
Virginia. January G, 1880.
Last evening q representative OF the
Nrws called upon Superintendent Nc
Kenzie and asked him what, II anything,
he had to say to the foregoing. His reply
was that ut the next meeting OF the stock.
holders Of tho company, which would
be held in San Francisco on the 2lst
instant, the questions raised 10 the letter
would be fully answered. He was not
the financial accountant Of the company
and did not keep the books. he knew,
however, that but q small proportion
of the work done in the mine
during tho past thirteen months was
mentioned in Mr.. Drexler's lettor and
but a small proportion Of the eIpendi.
lures were enumerated in II. He was
employed to superintond certain work
in the mine and when the work was
done II was paid for. He could say,
however, and his report to tho stock.
holders at their annual meeting would
show, that as much work had been
accomplished in the mine itself accord.
ing to the expenses incurred therefor rs
in any mine on tho lode.
n-... a. Al. Drvahaaa nj tha IIniOn
shaft some work had been planned and
partly executed. which had by that pur-
chase been rendered unnecessary; but
IL that shaft had not been purchased,
every dollar expended would have been
for work which would have been indis-
pensable. An orc house had been built,
which cost $4,000; machinery had been
purchased and put in the incline ut its
top and at the 2200 level; the third com.
psrtment TO the incline had been com.
menced and cut out q part OF its length
to give more working room and ventila.
ton. and other things had been done
which might have been avoided had the
purchase Of the Union shalt been made
or contemplated sooner.
Then the letter OF Mr.. Drexier maue
no mention OF the proportional expense
incurred by the mine in operating the
Union shalt. This averaged $4,000
per month. and he believed the amount
to be judiciously expended. Then there
was the pumping and the east shaft
from the 100 to the 2200 levels and the
long drifts east and north on the 1900
level and all the workings on tho $500
level west and north, which were not
taken into the account by Mr.. DreIler.
All these and a great many moro things
would DO mentioned in his report to the
stockholders ut their annual meeting,
and he believed that all expenditures
would be then satisfactorily accounted
for. That meeting was now 30 near at
hand that il was not. in his estimation,
worth while to answer Mr.. DreIler until
that time.