Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1882-04-27
THE RICHMOND MINE.
A BAD SHOWING FOR THE ENG
LRSH STOCKHOLDERS.

Are they Fighting For ?'-SOme.
thing with Regard to the Com.
pany's Condition and Manage.
ment.
San Francisco Stock Exchange.
In the hearing now in progress before
Chief Justice Leonard at Carson as to the
probable damage which. might accrue to
the Albion Company, consequent upo1, a
supersedeas, 80 that he can fix a proper
amount, for which the Richmond Com
pany must give bonds, a queer result has
been developed, which is certainly of
grave interest to the stockholders of the
Richmond Company and is so vastly differ
ent from the r~ose-colored reports made
from the Eureka officials to the company
in London that we deem it our duty to
publish for their information the facts, at
least we assume that the sworn testimony
of the witnesses of the Richmond Com
pany in present hearing is, so far as that
mine is concerned, reliable, for they must
certainly know the facts, which are as fol-
lows:
Mr.. Westcoatt, who has been Assistant
superintendent and Surveyor for the Rich
mond Company for many years, swore that
"no ore had ever been found below the 600
Ao'N oho tieU IL tLhl uStCl " Viz TUCK
below that level was not favorable for ore"
that their works are down, some 500 or 600
feet below the 600 level, and no ore or signs
of ore have been found except a small bunch
on the 700 level near the Eureka line, and a
small amount of ore extending for a short
distance below the 600, call of which has
been worked out" This statement under
oath from a man occupying such a respon-
al hI4 nOgItIDp 40 thjS mon hoo onor,irl =,
that mine is certainly a bad showing. But
when this is supplemented by another
sworn statement in this same hearing, from
Mr.. Longley, their underground foreman,
who has been at work in the mine for years,
"that almost all the ore above that 600 level
has been extracted" it certainly looks still
worse than ever, and we can now readily
understand why their $4,000 shares
have fallen in value in London from f19
to f10 per share. But we cannot un-
derstand how it is that the price still
keeps up to $50 per share or about two and
three-quarter millions of dollars for a
worked-out mine. Under the recent de-
cisions of the Supreme Court of Nevada
the Richmond is confined to LOO feet of
the lode between the Eureka and Albion :
worked out to 600 feet deep with no ore
below and with crock below that level not
favorable for ore." 1t is true that that
company has expensive reduction and
separating works, and that the mine has
yielded some eighteen or twenty millions.
But with a worked-out mine, the larger
the reduction and separating works are
the less they are worth. 1t is certainly
very clear, from the testimony of the
Richmond witnesses, that in a very short
tirOa fhaca wprlo p,1nf o1o,o u1,ouax
much We may regret giving publicity to
these sworn statements of our own people,
it is but right that those most interested
the shareholders-should know the truth.
and we give il plain and unvarnished, and
we incline to the opinion that it is the
first time in many months that it has been
told to them.
From the foregoing our readers can
readily understand why it is that the Rich
mond Company have made such desperate
efforts to capture the Albion ground, as it
is what is called virgin ground, extending
for $500 feet along the ore-bearing zone
northwest from the Richmond, with large
known ore bodies developed, and with
great probabilities and still greater posi-
bilities for q more valuable mine. 1t
strikes US very forcibly that this Richmond
III ltb utSpcIdlC 5tIuSSlc w JAP
ture this ground, and i'll its present I'M
%scrupulous and earnest effort to prove
the Albion of no value, has overshot the
mark, and in going out to shear has come
home shorn. They have proved by well
known witnesses, to their own satisfaction,
hat the ore in the Albion ground is only
worth, all told. gross, SOL 400, and net only
S25, 900, and that it is impossible for any
nra fn oyiSt in fhot rrnpp1 avnarf <bot
While no one believes such statements,
from such witnesses, still we are bound to
believe that their own witnesses would not
underestimate nor understate the status or
value of their own mine. And the best
evidence which can be given to the world
of the great value of the Albion is the I'M
s%crupulous and desperate efforts of the
Richmond Company to capture it, le-
gally, IL they can, but to cap
ture it anyway. 1t does not stand to
reason, and certainly does not convince
any one, that the Albion is Of little or no
value when the Richmond Company have
expended over a hundred thousand dollars
and three years. time in obligation to get
possession Of mining ground worth only
S25, 900; and the repeated loud boasts Of
their counsel in this city, that they stand
ready to give bonds to the extent OF a quar-
ter Of a million or more to embarrass the
Albion, if it can be done, is certainly pretty
good evidence that there is in the Albion
something worth having. We much fear
that the repeated loud boast Of this same
counsel that the Albion shares will ere long
fall to Is cents per share, is of the same
peculiar style as the evidence of the wit
nesses. If what their own witnesses state
is true of their NINE. il looks to rs yery
much as if the Richmond shares might
soon reach that figure. In conclusion, we
submit that the game Of beggar your
neighbor is not a good one for the Rich
mond Company to indulge in. Knowing
as we do the parties interested in the AL
bion mine, we do not believe that they are
men to follow shadows, and in the game
mentioned are perfectly capable Of taking
care Of the interests conided to them by
the Albion shareholders.