Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-09-09
LETTER FROM GOLDEN RULE Joe


DISSATISFIED shareholders I'm the
East and other Matters.
New York, Aug. 81, 1881.
EDITOR SENTINEL: l have read with
great interest the editorials that have
lately appeared in the New York Mining
Record on the Eureka Con. management,
and the leading article that appeared in
your Issue on the 7th inst. In this mat
ter permit me to state that during the
time l have been in this city l have met
aud conversed with some Of the Eastern
stockholders Of the Eureka Consolidated
Mining Company, among whom are men
OF very high financial standing, possessed
OF more than ordinary shrewdness and
business ability, but not one have l heard
to express himself as dissatisfied with the
management at the mine or the company's
Offices at Eureka.
With reference to the New York Mining
Record, il is its duesto say that a close in
spection Of its pages will show that it has
always expressed a very high opinion Of
Eureka as q mining district, and of the
mines Of Ruby Hill as famous and reliable
ore producers. With the management Of
the. Eureka Consolidated at the mine it
if1 uud NJ ldulby Dub ~ HAS CeTLAlQly
scored the Directors of the company, se-
verely criticising their official acts, and in
30 doing has met the approval of all the
stockholders OF the Eureka Consolidated
Company with whom 1 have conversed on
the subject in New York.
understand that q movement will be
made to appoint a committee of Eastern
shareholders to inquire into and report on
the alleged Encouragement, and to select
such gentlemen in San Francisco as in
their estimation are qualified and
worthy to be entrusted with the
management of the company's bust
ness for the ensuing term, and appoint
q gentleman to be trusted with the proxies
OF the dissatisfied stockholders, and vote
for them at the election OF officers in Octo-
Der next. The gentleman selected by the
committee, if elected, will be required to
secure for the company among other things
advances on the bullion production OF the
mine at six per cent or less per annum, in
stead of "a per cent, which it is alleged is
now ~wrongfully paid to Laidlaw Il Co.,
and the yearly aggregate OF which amounts
to as much as the dividends paid to the
stockholders. The stockholders here COM
plain that the present managers audit their
own accounts, and fix their own salaries,
of which nothing is known from their pub
bshed reports. Complaints are made that
nc reports are furnished to the stockhold-
crs as to the condition of the mine; that
the Superintendent's reports as now pub
lished are incomplete. Stockholders here
are so far away from the property in which
their money is invested that they cannot
intelligently estimate its value; therefore
they desire that in addition to the reports
now sent to the c%ompany's Office, there be
added statements as to the ore in sight, the
new discoveries of ore and their assay val
ues. They also think that in justice to
themselves a copy of the weekly report be
furnished to them by telegraph at the
transfer Office OF the company in New York.
A few weeks ago reports were industri-
ously circulated in New York and else
where THAT were not creditedl that there
was not any ore left in the Eureka Con.
mine but a little on the eighth level,
and that the payment Of dividends would
soon cease. This was held by the investment
stockholders as a bear movement made on
the part of the San Francisco manage
ment to Brighten them out OF their hold
ings, but neither that nor the %chopping Of
the stock from S31 so 10 $40, in San Fran
cisco, had any p%erceptible effect in New
York.
Eureka District is getting to be better
known here than heretofore, the manipu-
lations Of her enemies are understood,
and it will not be long before Eureka will
stand before the world first in the front
rank Of American mining districts.
1 learn that inquiries have been made as
to why your correspondent tarries SO
long in Gotham, to which l would reply
that he has been handicapped in his en-
deavors to secure the capital necessary to
work and develop his mining property,
but having repaired the damage done will
soon return to Eureka to do good work
for his company, himself, his friends and
the district.
James E. Anderson's little pamphlet ION
Eureka DISTRICT has been fayerably COM
mented upon wherever / have known it to
have been read. 1t has sufficiently illus
trated that printers ink is the indispensi-
BILE adjunct to success, and that detailed
reliable information regarding our mines
at large (well distributed) would have the
certain effect Of bringing a great deal OF
outside capital to our door. Yourstruly.