Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1880-04-09
IMPORTANT MINING SALE.
Purchase Of the X X Mine by Oh
Eureka Consolidated.

Purchase OF che X X Mine by the
Eureka Consolidated.
Telegraphic advices were received here
yesterday from official sources in San Fran
cisco, announcing the absolute sale and
transfer Of the X X mine to the Eureka
Consolidated Mining Company. The an
nouncement caused quite a breeze in min
ing and business circles, and when the
S%ENTINEL's extra was issued containing the
facts the news was eagerly discussed by
knots Of men in all parts OF town. The
consideration mentioned is $3.50, 900 cash
for the entire property Of the X X Com
pany, including the hosting works and all
and everything pertaining to the mine.
There are so, 200 shares represented in the
X X Company. The purchase price Of
$3.50, 900 for the whole property is therefore
equal to S. per share for the stock. This
sum per share, we understand, will be paid
to outside shareholders. Several parties
in Eureka have been holders OF the stock
for years. The rate at which the mine has
been sold will hardly put them even.
The territory purchased is not very ex-
tensive on the surface, though the lines Of
the X X run in a way that will nearly
double the Eureka's ground on the dip Of
the lode at a depth Of 1000 feet. The pur-
chase will also shut off all law suits in the
future. The Eureka now has compromise
lines at both ends. The dividing limo be-
tween the X X and Phenix was established
by compromise, and the Eureka Of course
now reaches over to this point. On the
other end the line between the Eureka and
Richmond has been held as valid by the
courts SO far as tested. The purchase like
wise gives the Eureka the m~uch-needed
ground for the big shaft. This great work,
il is now understood, will be ~inaugurated
without further delay.
The price paid for the ground is regarded
by mining men here as very low. The
X X, however, was quite anxious to sell
at the figures.
How the finances OF the Eureka Con.
are to be affected by the transaction is a
matter chiefly concerning the shareholders.
The Company had been carrying over about
$500, 600 for the purposes Of the new shaft.
The payment Of $3.50, 900 for the X X
ground, together with legal and other in
ciuentat expenses, Will uraW pretty heavily
on the reserve fund. The SENTINEL be-
%lieves, however, that the earnings OF the
mine will be ample to defray the current
running expenses and equip and sink the
new shaft.
The chief boom for the district in this
business comes in with the confidence dis
played by the Eureka Consolidated in pay
ing a quarter Of a million for a strip Of
adjoining territory. If one Of the Oldest
companies in the district, familiar with all
the ins and outs Of mining on the great
Ruby Hill lode, has the nerve to invest so
large a sum in additional ground, what de-
gree Of confidence should the transaction
impart to outsiders who have hitherto
doubted the wealth and permanency OF our
mines. In this view, and with the GER
tainty that we are at last to have the long
talked Of deep shaft, the transfer is es-
pecially important and beneficial to the
community and the mining industry. In
all other respects it were better that the
X X did not cease to exist.
The transfer Of the property will for
mally take place this morning. Whether
Superintendent Read will Immediately
close down the X X had not been deter
mined at latest accounts.