Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1888-09-29


The Cnuses OF small Profits-Ex-
pIerations-Tbe Purchase of New
Mines Recommended The Gov
ernment Timber saits-The Com.
bIuation. Zee.
The ordinary general meeting Of
shareholders OF the Richmond Con-
solidated Mining Company was held
in London, England, August 2s,
George Hopkins, the Chairman Of the
company, presiding.
Mr.. Hopkins said that the causes Of
the small profits Of the company dur
ing the half year were: First, a
diminution in the grade Of the ore,
from $40 TO $39 per ton, which, on
1000 tons of Richmond ore, smelted
during the year, would amount to
$4,000. Secondly, the failure Of the
ore body discovered between the 100
and 200 levels. Thirdly, the COM
petition for thepurchase OF outside ore,
on which little or no profit has been
made in consequence OF the high
prices paid. Said he. you will see by
the accounts during the year, We ex-
pended 100000 in the purchase OF out
side ores. have long advocated the
policy OF not purchasing these ores; it
is no use laying out money unless we
make profit. The next has been the
low price OF silver. Ii is now only 3s.
Cd. per OF. On the l74,000 ounces
which we produced last year, the de-
cline of every penny per ounce makes
q difference to us Of e725 profit
year. II you go back to when it was
four shillings, that drop of six pence
makes TO us the difference on the
work OF last year no less than GA, $50
($2l ,054) in the profit. The fifth and
last cause assigned is the non-dis-
covery Of ole in the lower levels OF
the mine.
ROCK DRILLS.
We have been working for long
time with rock drills trying TO dis
cover, before sinking permanent
shafts, wether there were any large
bodies OF ore in the lower part OF the
mine, and up to the present time,
although we have had favorable in
dications, we have not ascertained
that ore does exist in the lower
levels. Boring is not complete ex-
pertinent. II you do not hit ore in
every bore hole there is no reason why
il should not be in the neighborhood.
Up to the present time We have not
discovered any ore below the 1850
level. We are about TO move the
machinery to explore the Albion
ground, and We shall also try some
boring in the lower parts OF the
Williamsburgh mine. During the
year we have expended on dead work
and prospecting, e9,520 ($46,067.)
That Is a large sum Of money to ex-
pend every year in dead work, and it
Is a question to what extent dead
work and prospecting should be car
ried on. In consequence oil the
shortness OF ore We have only been
able to run the furnaces 28 out OF the
81 weeks Of the year.
The output for the year was 4,b62
ounces Of gold, ia ,S56 ounces of sill
yer and S78 tons OF lead, which is
worth Mt Eureka 81, 1856 pounds ($276,-
635 Oh. On that outturn our profit
on mining, smelling and refining has
only been e3,758 ($lS,l88 ".
LOOKING FOR NEW PROPERTIES.
Mr.. Probert has been looking around
for many months past for a property
to supplement the Richmond property
We purchased the Williamsburg and
IIoosac mines. Both to-day cosi
the company nothing. That is to
say, what we have made from
those two mines has more than repaid
what we gave for them, and we have
TO their credit as well El 500 or f2 900
and il we can succeed in purchasing
property suitable for our wants in tn,
neighborhood OF the Richmond, i
would be the best thing that coulC
possibly happen us. A number o
properties have been brought to ou
notice, but neither Mr.. Probert no
ourselves have thought it desirable t
have anything to do with them, be
cause the ores were not suitable 10
our purpose, and what is frequently
the case, those who have the propcrt,
to sell ask far greater sum for then
than We are disposed to give. w
shall use every effort to find q snita
BILE property, and in view Of that W
ought to be very conservative in no
reducing our reserve fund too much
At the present time We have und
vided profits Of f74, 900 ($358, 1907.
THE TIMBER SUITS.
Mr.. Hopkins next referred TO tn
much-talked-of United States Go,
ernment timber suits against the FL
reka Con. and Richmond Companies
intimating that somebody had bee
putting the Government up to brint
ing them. and added eff they a
tempt anything OF the sort, | ventur
to say they will entirely ruin the mil
ing interests OF the district" lie the
reverted to the combination Of til
Richmond and Eureka Con. Compal
les in the purchase Of outside ore
and regretted that it had not been Ell
tered into years ago; because, said hs
1t is monstrous that the persons WI
smelt and refine the ore should get I
profit on account Of the competition