Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1883-10-24

DlssATasFIRD STOCK ROLDEBs.
Report Of the Connissse On Eureka
Tunnel Affairs.
A considerable number Of stockholders
Of the Eureka Tunnel mine assembled in
the Courthouse last night to hear the re-
port Of their committee appointed ct .
recent meeting.
r. Sadler called the meeting to order
and E. J. Butler acted as Secretary.
Alexander Wilson read . report Of the
committee, which was amended in some
particulars 20 - to read Is follows:
To the stockholders Of the Eureka Tunnel
4 Mining Company: Your committee sp-
pointed on the 18th inst. to report upon
the general aud financial condition OF the
company beg leave to report - follows:
That they have examined into the sfairs
oAths company, and find - follows: The
company was organized and 1O0, 900 shares
Of stock issued. Twenty-Five thousand
shares as . working capital, $4,000 shares
to Gen. Conner. The books Of the COM
psny having been burned in the great fire
in April, 1878, the only data we have 10
from those now in existence. Upon the
record book we find an order passed by
the Board OF Trustees then in power that
all the stock of the company be turned
over and issued to Gen. Conner. We find
that Gen. Conner 10 charged with $12, 500
for as 200 shares Of capital stock Of the
company. We ind, also, that by resolu-
ton Of the Board Of the then Trustees on
Dec. IL, 1881, that several and sundry
notes were issued, amounting to 81, 318.
Of which amount $50. 900 is to draw II
per cent interest per month until paid.
We find that the trustees then in power
allowed interest to the amount Of So, 1903 10
to Gen. Conner on mines advanced up to
that date, which, we conclude, was un-
authorized. We also 6nd on Dec. 81, 1881,
that the company purchased the Eldorado
and other mines, but that only $50 feet Of
the same was decided through E. N. Rob-
ins0n to the company, although Mr.. Rob-
inson was in no manner connected
with the Eureka Tunnel Company, or
with the parties disposing Of the prop
erty to the Eureka Tunnel Company. We
also find that Conner. Robinson and others
incorporated . company in their own in
terests on the southern portion Of the
purchased mine, the title coming from
Messrs. Fiield 4 Aalloy, when it
was understood that it should have
been for the benefit Of the Tunnel
Company. We find that up to March ],
1883, SIT 900 or ~thereabouts, il charged
a. interest on the books OF the company.
We also find that up to the same date the
salaries amount to nearly $25. 00O-the
most Of which was paid or credited to Gen.
Conner and the observation-disclosures the
salaries Of the latter were comparatively
insignifcant. II also appears that . note
for 1850 was issued to Bishop d 6abin as
Sttorneys for the company, they being at
the G@s irustees; and that said note has
not been paid nor the interest accumulated
thereon.
We also find that large sums Of money
| were expended for commissions on sale
Of stock and advertising the project in
newspapers in the cities Of the Eastern
States, when nearly ell Of the working
capital was sold in Eureka. These ex-
penses certainly should not become .
charge against this company. especially
% they appear to inure to the individual
benefit Of Gen. P. E. Conner.
We find that since December 1881, the
mine has been upon . paying basis; the
expenditures from the LIST day of March.
1883. to the LIST day Of October, 1883. over
balancing the receipts from ore for the
same time, $l,056, out OF which receipts
there was therefore expended for perma-
nent improvements on the mine, in the
shape Of machinery. $4,575, showing Q
very favorable balance in favor Of the
company.
The assessment levied and collected,
amounting to about $25 900, seems to
have been used in liquidation Of the in
debtedness Of the company.
We find that since the issuance Of the
notes on Dec. 81. 1881, which are the
subject Of the present embarrassment Of
the company, the property has been
more than successful financially, and is
now in such . condition that with Just
md economical management IL can ere
long become . dividend paying property.
In conclusion. we find the
present indebtedness of
the company - appears
on the .$sl, 71s %
Which includes notes due
Gen. .$Sl, 100 Ct
Labor, etc, about. ........ 5000 90
Paxton L Co.. overdrsft. :. 1900 90
White Pine County Bank,
time checks. $500 90
N~ote-Bishop 4 Sabin. and
interest. ............... 1899 90
Expenses of Gen. Connor
A. NJ vi IN M