Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-07-22
ACKNOWLEDGEMENTS.
Half Yearly Meeting of the Share.
hNldera I'm London.

yearly meeting of the shareholders Of the
Ruby-Dunderberg Consolidated Mining
Company, carrying on the business OF
mining in this district. The President
closes his Introductory remarks as follows:
1.-THE Winter there has been more severe
than had been known for many years, the
fall Of snow had been intermittent, and the
roads awful, and wagons had been stuck in
the plains. There had been great difficult
ty in bringing the ore to the furnaces.
During the months Of January and Febru-
airy only the shipments of ore had fallen
off. The shipment Of Dunderberg ores
from October 1 to April 80 comprised
2,706 tons. 1t was only in May that tho
stopping operations had commenced, so they
now might look upon themselves as having
really commenced operations at the mine.
Hitherto they had been prospecting, and
he hoped the shareholders would be re-
warded for their long patience. With re-
spect to the B~ullwhacker mine, the mining
captain, in one of his letters, said he ex-
pected to increase the yield to five tons per
day. The report contained full informa-
ton as to the furnaces. The total amount
smelted to April 80 was 1852 tons, and in
May $50 tons were smelted, making q total
IL OyCOC UOuby il NAAth AJoV1 WVAo hk0A1 V"o
Dunderberg mine, $50 from the Bull
whacker mine and TAI from the tribute
ore. Unfortunately the price of ore had
ruled low in the United States, which had
very much interfered with the company OBJ
tanning q good value for their bullion.
About six or eight months ago they re-
ceived two cents a pound for their lead in
Eureka, whereas they were now getting
only less than half that amount. The ex-
penses from October 1 to the end of April
on behalf of the Dunderberg Compa-
ny amounted to $50, 1888, while SO, 1879 had
been expended in the development Of the
Bullwhacker; in course Of smelling they
had expended S41, 780; on furnace recon-
struction 81, 1877, assay Office 1922, and the
salaries Snd law expenses amounted to
S $3.50, and taxes, ETC., to $2,400. Over
$4,000 had been expended in extraordin-
airy prospecting. The expenses Of timber
alone in the shaft and galleries amounted
to So, 200, making $22, 200 extra expendi-
ture in prospecting more than they would
have done in ordinary circumstances He
thought that was q policy which would
commend itself to the shareholders, be-
cause he thought they would be of opinion
that the Directors were acting wisely in ex-
pending the money in developing the
mine. 1t meant delay for a few months.
but this year they would reap the benefit of
the expenditure. [Cheers.
George Batters said the Chairman had
very clearly laid before the shareholders a
statement Of the operations of the com
pany during the past year, but he thought
it would be a satisfaction if the Chairman
would inform e as to the commercial
working of the company at the present
moment, and as to whether they were
making profits or not. Hear, hear. He
noticed that the Richmond Company was
making a profit of about $50, 900 a week,
and they made a profit of GAG, 000l. in the
past year. According to the Chairman's
statement, and to what had been reported
in the last few weeks, the Ruby and Dun
derberg returns We're now upwards OF $13,-
900 a week, which was rather more than
one-fourth of the returns Of the Richmond
Company. Now, if that were 80, and
their profits were proportionately anything
like those of the Richmond Company, they
should be making a profit of about 1000l.
mum on the capital of the company-a
most satisfactory state of things-hear,
hear, and one that would warrant their
shares being at a premium and not at o
discount. He wished to ask if the COM
pany was now being worked at a profit
satisfactory to the shareholders? Hear,
hear. Was there a reasonable prospect
that the present returns would be kept up,
and what were the speculative chances of
increasing the returns for the opening up
OF the levels they were now driving He
understood that they were driving in the
600 and 700 levels and that the ore bodies
had not yet been intersected in the latter
level, and he thought it would be Of inter-
est if the shareholders were informed
whether there was any reasonable prospect
of increasing the returns when the ore
bodies were intersected in the 700 level,
which the outlay Of sinking the shaft had
been incurred? Applause. The share
holders-or some Of them-had been
greatly troubled by the action Of specula-
tors who had an interest in depreciating
the company's property but this was a
course Of proceedings which they must
always expect to be subjected to. What
they had to do was to take care Of them
selves, and not be frightened out of their
shares. The Richmond Company went
through precisely the same ordeal, and
they would not, therefore, be surprised at
the powerful efforts which had been made
to depreciate their property. He was
aware that the company started with very
little money, and, therefore the directors
must have had to put by the earnings up
to a very recent date, if not up to the pres
ent time, in order to provide working cap
ital. [~Applause.l With regard to the
Home Ticket lode he thought it would
have been advisable to sink a winze from
where they knew the body of ore to exist
in the upper level down towards where it
would be intersected in the crosscut that
had been driven during the last six or nine
months. Following ore" was a very
good miners maxim. Applause.
The chairman, in reply, said the ques-
tons which had been put were only nat
ural questions, considering the many I'M
reports that had been circulated
with regard to the property. The returns
were upward of SIS, 900 a week, and give a
handsome profit, and if these returns
were continued, as there was every reason
to believe they would be, the directors at a
very moderate estimate, calculate that
these will yield a profit of between 600l.
and TOOL. a week. Applause. He there
fore hoped by the next meeting the dTec-
tors would be enabled to propose some d.
vision of profits. Hear, hear.l They
had now got over the worst Of their diff |
culties. Mr.. Batters hit the right nail on
the head in saying they had not a large
working capital. The fact was that the
work lone during the last fourteen months
was done upon a working capital Of some
thing less than $4,000. Applause. He
knew something about mining, but he did
not know another mine which had been
worked with such economy Of capital. The
greater part Of the working capital had
gone in liquidating the debts OF the old
company which were taken over with the
property, and which 1t was estimated that
the company would have had time given
them to pay. But for this insuficiency Of
capital the B~ullwhacker and other mines
would have been productive before this
time. This was also the reason why the
upper works at the Home Ticket mine
were not continued downwards, as recon-
mended by the agent. With regard to the