Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1883-01-14
THE ALBION.
THE ANNUAL MEETING HELD
LAST WEDNESDAY.
A Large Representation Present
Election of Onic ers-A Resume Of
II President It's Report.

A Large Representation Present
Election Of Onicers-A Resume OF
the Presidents Report.
San Francisco Exchange, Jan. IL.
A prominent representation Of the min
ing enterprise and capital of the Pacific
Coast assembled yesterday al 1 O'Clock at
the office of the Albion Mining Company,
Rooms 9 and 10, No. 1877 Pine street.
Among the familiar faces the Exchange
representative recognized were Thomas
Bell, Charles Main, L.. l.. Robinson, Alex
ander Forbes, Julius Jacobs, Ed. N. Rob-
inson, Solomon Heydenfeldt, A. G. LIE
Breton, Sanford Robinson, Louis Diftot,
Louis Sherer, Clinton Gurnee, Henry
Scott, Sydney M. Smith, B. A.. Wardell
and many others. After an informal eA-
animation Of the stock present it was as
certained that there were represented l4O,-
900 shares out of q possible 100, 900, a very
strong showing. The meeting was called
to order by President Robinson.
The following nominations for Trustees
were made to serve for the ensuing year:
Solomon Heydenfeldt, Thomas Bell, l.. L..
Robinson, Henry Pinchnoir, Sydney M.
Smith, julius Jacobs and Clinton Gurnee.
No opposition being made to the ticket it
was elected by the vote of 140, 900 shares.
The usual resolution now offered by all
prominent mining companies, to provide
for the sale of stock should any fall into
the company's hands the ensuing year, was
made by Charles Main and seconded by A..
j. LIE Breton. 1t passed, as was also the
| resolution to approve of all the acts, con-
tracts and undertakings Of the company
for the past year.
Secretary Chisholm had ready in re-
markable neat and precise form the state
ments of the transactions Of the company
for the past year, the reading of which
was dispensed with then IS too volumin-
GUS. To the question by a stakeholder as
to the opportunity for IN examination of
the same, the President stated that a re-
sumo of the whole matter would be pub
lished in the Daily Exchange to-day for
the benefit of the public, and that pamph-
let's containing the full reports, ETC., were
being prepared by the same firm, to be
ready in the Office in a few days. In tho
meantime the books of the company were
open for inspection to all inquirers.
An extraordinary amount of develop
ment and preparatory work has been
carried on by this company during the
year Just ended, Notwithstanding the long
continued and vindictive prosecution of
unlawful claims against the company by
designing outsiders. The efforts to en-
barrass were so pronounced that they
looked like a ~precopcerted persecution, or
an effort to stave of explorations through
the mine, or an attempt at stealing by the
wholesale.
At a subsequent meeting Of the Boord Of
Trustees the following named gentlemen
were elected to serve as the officers for the
ensuing year: L. l.. Robinson, President;
Clinton Gurneo, e-President; E. N. Rob
inson, Superintendent; D. B. Chisholm,
Secretary, and the Nevada Bank Treasurer.
A resolution was made to change the
date of the annual meeting from the Sec
ond to the last Wednesday in January, as
the President stated that the second
Wednesday came too near the end Of the
year, when the Company was very busy
finishing up their past fiscal years &C.
counts. This motion was referred to the
Committee on Bylaws on the suggestion
of Henry Scott, by whom it could be az
ranged best to suit the company's inter-
ests.
The Presidents report gives a general
resume of the present condition OF the
company-referring to the report Of the
Superintendent and Secretary for details.
Summarized, it states briefly that the prin-
cipal litigation of the company with its
opponent, the Richmond Mining Company,
which has been going forward for some
years, has, upon every point, been decided
in favor of the Albion. The Rose case is
in the United States Supreme Court at
Washington, where it will be reached prob
ably in 1885. The other minor suits are in
progress in various courts, and the Presi-
dent has no fear Of the results. The cost
Of litigation [that curse of 80 many mining
companies where the property is v%aluable)
has been about $4,000.
The President also gives quite fully the
reasons that induced the Board to con-
struct their own smelling works at the
mine, and states as a definite conclusion
that, based upon their expenses in sending
some 1,700 tons of ore to the Eureka fur
paces for smelling, and the result derived
from smelling their own ore at their mine
in their W furnace, the company save by
the latter process some SIT per ton OF ore,
or estimating the monthly capacity of both
furnaces at 2, 800 tons per month, will save
some $40, 500 per month. The President
also states briefly, the work which has
been done during the past year, and that
the only source of revenue upon which all
this work has been done since June last
has been from an assessment of rs cents
per share, which was absorbed by prior
liabilities, and some $40, 900 derived from
the ore sent to the Eureka Company.
He also gives in detail an account Of the
trouhle had with the Richmond Company
for right of way for a railroad at the
Albion works, also for a water pipe, which
Is anything but favorable to that foreign
corporation, and only shows how contrary
a regular John Bull corporation can be.
He also states that during the past year
the company have paid out Of these rev.
enues about $50, 900 for legal expenses.
The report also gives the detail Of the
| arrangement entered into with the Selby
works, referred to in our paper during last
| March.
The works of the company are insured
for S61 500. The financial statement shows
a liability Of some S75, 900, over and above
assets on hand.
The exhibits, including the maps con
nected with the reports Of the Superin-
tendent and Secretary, ere very full and
complete, and there can be no doubt but
that this year will show to the croakers
that Albion is worth all it has COST.
When the reports are printed we shall
probably refer more at length to them,
and the affairs and prospects Of this COM
pany. The Secretary's report is in our
hands being set up, and it will appear
tomorrow.
a Worthy Enterprise.
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