Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1882-05-06

III Value Discussed i'm the London
Mining I0MEnallThe-E Falling OFF
in the Ore Product of the Rich
mond of h Injunction
"Damnable Iteration" of No
Change since a Report"
A correspondent Of the London Mining
Journal, who signs himself IS. H.. has
a communication in that paper of April
Is, which possesses considerable local in
terest for the people of Eureka, especially
in the light of the present issue before the
Supreme Court at Carson as to the value
of the ore in the ground in dispute be-
tween the Richmond and Albion Mining
Companies:
The Directors of this mine (the Rich
mond) have intimated their intention to
appeal against the decision of the Carson
District Court, which has been given on
all points in dispute against the Richmond
and in favor of the Albion Company, and
the verdict is stated to nave been unani-
nous. Under these circumstances the
result of the appeal may be for%eshadowed.
Instead of %prolonging this litigation l
think the Directors of the Richmond
mine, in pursuance of the powers given
them in the articles of association to pur
chase adjoining properties, would act wise
ly in buying up the Albion mine on be-
half of the Richmond Company. The
value of Albion shares is between 50 and
50 so each, and l notice in he reports of
the San Francisco share market that
thousands of these shares change hands
daily at about the medium between the
| prices named. Therefore suggest to the
| Directors of the Richmond to send
instructions at once to Mr.. Probert
to buy up all the shares he can
obtain at from So to 50 so each,
as it is expected that when the decision of
the Carson Court is confirmed by the final
| Court Of Appeal the shares will rise to at
least $40 each. An ~amalgamation between
the two companies sooner or later is inc
vitable, as the ground between them is re-
ported to be caving in, and it will soon
"Cap a Philadelphia Lawyer to decide
which is Richmond and which Albion ore.
The Directors of the Richmond are well
aware that ore is visible in the disputed
ground, as in their last report they ac-
count for the falling off in the returns Of
their W mine by the fact of the injunc-
ton preventing their taking ore from this
part of the mine, in which it is known to
exist. Unless some step of this kind is
taken the shareholders may be startled
some fine morning by a Geographic an
nouncement from Samuel Longley, the
newly appointed foreman, that the ore
chambers no longer yield the quantity re-
CURED to keep one furnace going, and that
smelling must be suspended until new
discoveries of ore are found in the lower
levels. In the account of the explorations
now going on there is a 'damnable itera-
l t,,,y5 -. H. a,~+, &c Ef,N nbanp ipn
last report" which simply means no fresh
ore bodies discovered. Now I am of the
opinion that it would be far more protita-
bic to expend our reserve fund Of Il, 000I.
in buying ground in which abundant and
rich ore is known to exist at the same
levels at which the Richmond mine was so
profitable, than to continue running
drifts at n depth below that at which de-
posts of valne lave never been found in
any other mine on Ruby Hill. l am not
going to say one word against the Directors
Of the Richmond Company. They have
managed the property in a manner to de-
serve the gratitude Of the shareholders,
and they are men OF high standing and
unblemished reputation, but there is one
part of their policy which 1 cannot in
dorse. l refer to their pertinacity in hold
ing large stocks of lead. Upon these
stocks, it appears to me that the share
holders have to pay interest to the bankers,
or agents Of the company. A short time
ago the stock Of lead was not less than
0 1000 tons, representing a money value
approaching f200, 600. The interest lost
on such q sum as this must be very large,
and could scarcely have been recovered by
the slight advance in price which took
place last year, and which has since been
lost. The lead, as we'll as the gold and
silver, should be realized as soon after
they are smelted as circumstances will
admit, and I hope that in the future the
Directors will adopt the course which I
venture to recommend. must not close
this letter without mentioning that the
Albion Company has recently made a call
on its shareholders OF 80 cents, about Is.
3d.. per share. and any buyers of shares
would have the call to pay in addition to
the quoted price. AS my motive for rec
ommending the purchase of Albion shares
may otherwise be misunderstood, l may
mention that I do not hold, and never
have held, an Albion share. and my only
object is to promote the interests OF the
Richmond Company,