Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-08-07
A CHANGE
The New York Mining Record Ad.
dresses y Word TO Eastern Hold.
ers OF Eureka Con.

The New York Mining Record Ad'
dresses q Word to Eastern Hold.
ers of Eureka Con.
We have always considered the Eureka
Con. q model mine, and its management
has usually been characterized by economy.
The local management here is most excel
lent. Superintendent Read enjoys the
reputation of being, and is, n OF the
most reliable and straightforward men on
the Pacific Coast. The Eureka Con. man.
agement is entitled to the highest credit
and confidence. A comparative statement
will tend largely to prove this:
The Eureka Con. and Richmond CON-
panies had about an even start in life.
The Richmond has always been regarded
as the largest institution Of the two. The
Eureka Con has paid in dividends 81, $780,
600. The Richmond has disbursed among
its shareholders but 50, 1862, 585. Here is a
difference Of nearly 50, 900, 900 in favor Of
Eureka Con. The mines are on the same
lode, side by side, and both yield the same
character Of ore. We make this statement
to show the Eastern holders Of Eureka Con.
that they are far better off han the Lon
| don holders of Richmond shares. But it
appears that there is a dissatisfied element
in the East with the present management
| of Eureka Con. (having more direct ref
erence. we infer, to the Board), and q de-
| termined effort is to be made at the annual
election in October to i~nsugurate a change.
There is at least o probability that the
movement will prove successful. The
New York Mining Record Of July 80 re-
views the situation and demands q change
In a leading editorial article, which is as
follows:
On the third Monday Of October, the
shareholders of this company will meet,
chiefly by proxy, at San Francisco fer the
election of Trustees or Directors for the
coming year; and, already, we hear that
the proxies OF Eastern stockholders are
being actively sought by persons who
have a large pecuniary interest in con-
tinuing the present direction; persons
whose names nave figured for several years
past in the financial exhibits Of this COM
pany, as the recipients Of q great deal of
money for services so ~ambiguously stated
as to be inexplicable to all except the in
itiated of the inner sanctuary Of the man
agement. What we said with some full
ness Of statement and figures in the first
issue Of our last volume, we have care
fully reconsidered, coupled with what we
printed a week later in reply thereto on
the part OF Messrs. Laidlaw & Co. OF this
city, and we are more than ever OF the
belief that it is for the best interest of
the shareholders OF the Eureka Con. Min
ing Company that the management should
be taken out of the hands of those who
now hold it.. This should be done, we
also believe, in the interest Of the gen.
eral mining industry.
1t is high time that the administration
Of the business affairs of so great a min
ing property as the Eureka should be
entrusted to men whose wise economy,
business intelligence and strict regard for
their trust shall be of such sort as to lem
onstrate exclusively, that a mining cor
poration can and should be managed upon
the highest business plane. OF all our
mining properties, we know Of not one
in the management of which this can be
shown more conclusively than in the
case OF the Eureka, which hitherto has ap-
parently been managed in many respects
in the same shiftless, unthrifty manner as
a very fertile cotton or sugar plantation,
whose master having fallen behind hand
financially, from year to year, has had to
depend on advances" by q factor for the
means Of carrying on his industry. In
the month OF June last the reported pro-
duct Of the Eureka was $40, 900 with about
$3.50, 900 for the half year, while the share
holders for the same period have been re-
ceiving only S25 600 monthly, or in the
aggregate $3.50, 900, leaving a balance of
at least 500. 900, the disposition of which
we shall be curious to see accounted for
and particularly - to how little or how
much of it is to fgure as having been
paid Laidlaw & Co. for advances"-in
tha paxt GpanasaI avhsbtt ~ fba Traaonrar
of the company.
We once more assert that we have q
special right to speak on this subject, for
very largely is the Mining Record respon-
sible for the extent TO which the stock
of the Eureka Consolidated is held here
in the East at this time. When others
have been throwing discredit and distrust
on the industrial character and prospects
OF the property, we have steadily asserted
the shares to be a first-class business in
vestment, and this we repeat once more.
And it is because Of this high opinion we
have of this property that we feel called
upon at this time to urge Eastern share
holders to concert together to the end of
securing the best possible business admin
istration of it's affairs hereafter. The ma
jority Of the stock is held here in the
East, and itneeds but little intelligent con-
cert in this quarter among those having the
direct p%ecuniary interest in the most sue
cessful administration of this property,
to place the proper agencies to that end
in charge Of it for the next IL months.
As the first step to such concert, we beg of
our friends to rigidly withhold their
proxies from the persons we have indi-
Gated. These persons owning but little if
any stock in this company, we repeat, are
deeply interested in the continuation of q
business system wholly hostile to the in
terests of the stockholders or real owners
~ Az unx1-