Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1883-10-28

The meeting OF the Vrueto6o Oh INC Hu-
reka Tunnel Company last night ct the
White Pine Bank was called to order BY
VIM. Pardy, Vice President; Trustees Geo.
w. Baker and G.. H. Thoma being also In
attendance. Mr.. Saddler. on the part OF
the dissatisfied stockholders-he, A. =.
Cheney, J. t. Cspron and John Burns OF
the committee being present-said he de-
sired to know II any steps had been taken
to relieve the company Of its financial en-
barrassment.
The question was discussed as to the
policy of paying an assessment of % cents
or 80 cents per share. The discussion was
informal and joined in by the ~stockhold-
ers and members Of the Board of Trustees.
Mr.. Capron was asked by Mr.. Baker:
you are a large stakeholder; would you
be willing to pay so cents?"
Said he: III I could see my way clear
and thought there would be no obstacle to
it's collection by . part of the stockholders,
sense in . less assessment. It would leave
| us where we are now, pretty much"
It was brought out that when the last
assessment was made, men holding IL. 200
shares refused to pay, but were allowed 10
come in after the sale and redeem their
shares.
1t seemed to be the opinion that an asses
ment could be collected, and all who
spoke favored . 5O-cent assessment.
Trustee Pardy stated that Gen. Conner
and F. w. Clute, Trustees, favored . o.
cent assessment.
The question OF what amount il would
be necessary to raise to clear away the
compyny's indebtedness was discussed, and
$50, 900 was the sum calculated on; certain
interest. it being presumed, would be
thrown off by Gen. Conner OF notes made
in his favor by the company. This amount,
So. 298 10, was due Gen. Conner up to
Dec. 40, 1881, on open account, when notes
| aggregating 100000 were given him by the
company.
Mr.. Capron wished to know how the
company could honestly, through Col. e.
N. Robinson, bargain for the Eureka Tun-
| mel ground kitty, Grindstone d Eldorado
No. % for S36, 600, then get only about one
third Of the same for $21 900 and turn
over the remaining two-thirds to their
middle man, Col. Robinson, for . deduc-
| ton Of SIS, 600 from the price.
While this question Of the origin OF the
title was being discussed with . view to
show by the records that the Tunnel Com
pany is entitled to the entire ground and
an ineligible issue to the same seemed
improbable. A. E. Cheney, counsel for
Lawrence Hartnett, presented the follow
lowing paper to the Board Of Trustees:
Gentlemen: You are hereby notified
that /, Lawrence Hartnett, q stakeholder
Of said company, request and demand
that you, a. the Board OF Trustees Of the
Eureka Tunnel l. Mining Company. take
action and authorize that legal psocsed-
.1gs Ss al once instituted for the purpose
Of contesting the claims and vacating and
setting aside the judgments recently rem
dered in favor Of the White Pine County
Bank and F. W. Clute and against said
company, and such other steps as are nee
essary to save and protect the property OF
said company and the interests OF the
stockholders thereof.
LAWRENCE HARTNETT.
Mr.. Cheney received the assurance OF
the Board that they would give him an
answer to his communication by next
Monday noon.
After this much depression Mr.. Sadier
again called up the matter Of levying a so
cent assessment on the shares of the
company.
1t was thought that if large stockholders
in California and the East could be made
to understand the situation they would be
willing to join stockholders here who will
pay and put the mine again on q working
basis. Fifty thousand dollars will do this
without calling upon the mine for any
thing.
Mr.. Sadler-I think this would do 1t,
and no obstacle would be put in the way
of such a project by Mr.. Clute, who sew
eral days ago ordered his notices OF attach
ment taken out Of the SENTINEL. That
shows he does not want to ''gobble up
the mine, as has been stated. but that all
he wants is what the Tunnel owes him.
The entire indebtedness Of the company
was shown from the books to be on Oct. l,
1883, $51. 7l9 So.
The total yield of the mine has been
sl5l, 900 IS, representing q gross ore value
Of about $500, 900.
From March l, 1883, the net proceeds
from ore have been $57, 1923 09, while the
total expenses, including cost Of extensive
Developments and machinery. have been
ST., 273 10, leaving q balance on hand over
all Of $649 SO for that time.
The books show that $4,000 shares are
held in San Francisco. 1t is not quite
certain how this stands, as some OF the
Eureka and possibly Eastern stock ia held
by San Francisco trustees. The other A.
900 shares are scattered. but mostly held
here and East.
These paragraphs are not given IS .
close report Of anything particularly.
They are merely crystallizations OF what
was said in the course OF much rambling.
The object OF the meeting. which was on
the part OF the committee to induce the
Board OF Trustees to levy an assessment.
was not accomplished.
The Trustees met as q Board after the
general meeting and decided, for the pres
ent, not to levy an assessment.