Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1882-05-11
THE RICH
An OminONs GreWl From Across
the Deem Blue Ocean,.

An luminous GrewI From Across
the Deep Blue Ocean.
A correspondent writing to the London
Mining Journal, under date Of April %,
says: 1 notice in last weeks Journal a
letter from Mr.. Hubert Akers, the Secre-
tary of the company, in which he states
that the accounts in the Eureka local
papers, which were copied into your jour-
nal, convey an exaggerated impression as
to the extent and importance OF the rob-
berries of ore from the Albion disputed
ground, and exchange of good ore for low
grade by the Richmond tributers. Now,
although it may in one sense be ~satisfac.
tory to know that the company has not
been defrauded to the extent reported, and
therefore that the officials at Eureka have
not been guilty of such an extent of care
lessness as was supposed, yet to those who,
like your correspondent, "W. H. K"
drew the inference that the falling off in
the returns Of the quantity and quality of
the ore produced might be accounted for
by the fraudulent practices referred to,
Il a statement is somewhat discourag-
ing, as taking away the ground of conf
dence in an important improvement of
the mine consequent on these practices
being stopped. I think it would have
been satisfactory to the shareholders if
the Secretary, instead of merely denying
the extent of the robbery, had gone a
little more into particulars and had given
some account Of the actual extent OF the
losses sustained by the Richmond Com
pany, as some estimate must have been
formed, from the fact of exaggeration be-
ing charged to the papers published on the
spot; but I suppose this information
is reserved for the general meeting in May.
I have advocated in previous letters the
purchase of the Albion mine by the Rich
mond Company, and I have done so be-
cause the disputed ground is said to be
full OF valuable ore, and the two mines
being contiguous could, no doubt, be
worked more economically by one COM
pany than by both, and by possessing
itself OF the Albion mine the Richmond
Company might be enabled TO increase the
returns to the old standard Of 1000 tons
per week, and TO maintain the dividends
Of los, per quarter. ] know no policy SO
likely TO corner the " bears," who are said
to delight In making o kind OF Stock Ex-
change, OF football, OF the shares of this
company. There are 100, 900 shares Of the
Albion Company, the present value OF
which is S24, OF lGs., per share, 30 that
if all the shares could be obtained at this
price, the amount of the reserve fund Of
the Richmond Company would suffice to
buy the Albion mine. I have taken some
pains to ascertain from a correspondent at
Eureka what is the opinion on the spot as
to the time the ore reserves in the Rich
mond mine are expected to hold out, and I
am informed that the present rate Of re-
duction, about 500 tons per week, cannot
reasonably be expected to continue much
beyond two years in the absence Of new
discoveries.
1t appears to me to be very important
that there should be some means adopted
to keep the mine going without depending
too much upon chance of ore being found
in the lower levels. OF course we have
all been expecting for some time past that
a valuable discovery would be made be.
tween the sixth and twelfth levels, but the
recent explorations have been disaproint-
ing. Whether they have been carried on
as skilfully as they might have been Is a
question which may arise. OF one thing
the Directors may feel assured, that is
that the shareholders will desire the early
appointment of a competent manager,
whose whole time shall be expended in the
service Of the company. s.. ID.