Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1888-03-26
THE ALTURAS Mine.
WHY 1T HAS CEASED TO PAY FOR
The PRESENT.

The Board Of Directors, being In.
competent, Have Completely Disorgan.
lied the Service, and Caused the
Successful Manager to Resign-The
Shares Drop from % SAillings to Is.
The Alturas Limited, it is to be
feared, is to share the fate of several
other English mining enterprises, and
has already ceased to pay 4 profit.
To be sure, this can only be temper
airy, as the property is so valuable
that it can hardly be operated, If at
all, without paying a good profit; but
even this temporary "black- eye"
which the property has received is
bad-very bad, for the stockholders,
for Al.uras county, and for mining in
general, as the uniformed will, as
usual, blame the mine instead of its
management. Luckily for all parties
interested in maintaining the good
name Of American mines at home and
abroad, the London Financial News
OF March 10 tells just how it came
about that dividend proposition has
been suddenly changed to a non pay
ing prospectus follows:
at is a curious evidence of the
contraliness of human nature that
the more incompetent board Of
directors is the more it interferes with
the practical work of the company
over which it presides. The Alturas
mine had fortune TO have an ex-
cellent manager who knows his bus
mess. When he was left alone he
brought the mine out of the sloug h
of despond and debt into which it
had fallen. The directors, who know
nothing Of mining, chose to interfere
with their mansger, who has resigned
in consequence. This resi- gnation
has entailed others at the mine, and il
has plunged the concern into hopeless
confusion. AS the directors are, tc
Judge from their circulars, not willing
to admit that this is due to their in.
comparable folly, we propose to sup
plement the information given in our
correspondence columns yesterday,
and to show how an admirable
property has been brought to the
verge of ruin by the obs,inacy and
incApacity Of board of directors
Speculation is rife as to the cause OF
the drop in the value Of shares from
27s. to los; bat when the facts are
understood no more wonder will be
expressed q: this collapse.
"The facts are these. In May las,
year the management Of the Alturas
mine IaSsed from the hands of Mr..
Bickford Anthony to those of Mr.. NJ.
+. Leech. On Mr.. Leech's capabil-
tiles it is needless to dwell, as the re-
suits of his short period Of manage
ment speak for themselves. When
he assumed charge of tie mine the
Company was in debt. the slbscrib.
ed capital had all been expended, and
money had been borrowed upon
pronaissory notes, in security for which,
the gold produced was pledged. BY
careful and economical management,
Mr. I-eeeh paid Of the loan and all
the G un ted ilatiiti and laid
in winter stores for six or eight months
at cost of from $40, 900 to $50, coo.
Furthermore, he RENTED money
regularly to London up to so recent a
date as ten days ago. Early last
September change took place in the
directorate, the new members being
Messrs. Frank Hud.kinson, J. r
Arm'tase, and w. A. Ellis, the only
Old member remaining being Mr..
George Forman. A Mr.. Kyshe was
nominal'y on the board, but he had
not paid for his qualification shares,
AM! wa, in litigation with the agent
of the vendors. His fellow directors
accordingly resolved to send nc
notices of the meetings to Mr.. Kyshe
aud elected in his stead Mr.. Viii.
takrr, frieLd Of Mr. A-mi,age. Mr.
kyshe did not acquiesce in TIL.
shouldering out, and took the board
into the Ehancery Court, where Mr.
Justice North decided against then
week or two ago. To get rid O
Slr. ky>|,s the directors have pail
his costs as wsH as their own in thi.
action, an! have given him fl5O, al
out of the snarel O 'ue;s' money. I'm,