The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-06-14
THE DIRECTORS DENY It.
President Walker of the Bodie
Mine Replies to the Share
holders.
THEIR ATTACK UNJUSTrIIED.
He Says 1t Is Simply a Case of Sore
ness Under the Sting
of Loss.

H. D. Walker, president of the Bodie
Consolidated Mining Company, came out
yesterday in reply to the dissatisfied share
holders The latter have been making all
kinds of serious charges against the
directors, who constitute, they say, the
inside" and of these Mr.. Walker is said
to be one, while the others are NJ. e. Wilks
and George Ives.
The charges brought by the disgruntled
shareholders relate mainly to false returns
alleged to have been made of the Bodie's
yield. These returns were made, it is
charged with view of creating a panic,
depreciating the stock and then buying it
in for the "inside" before the natural re-
action. There was another charge of COL
fusion in the suit brought against the
Bodie by the Standard Company. To both
these accusations Mr.. Walker made full
reply.
In regard to the charges in general, he
said they were entirely uniustifed.
"Why," said Mr.. Walker 1.-The figures
they quote are not even correct or calcu-
turns. For instance, they say that in
September, 1894, 452 tons OF ore were
crushed varying in value from SOL 50 to
$42 "a a ton, the taiiings of which ran
from IS AZ to 81 50, and the total value was
S73173 81. Now, as matter of fact, the
yield was $50 tons instead of 452, which en-
tirely upsets the subsequent calculations"
AS to the allegations that the tailings
showed a greater value in the ore than
that shown in the pulp assay, Mr.. Walker
states that the reason of the variation is
that the tailings contained five times as
much silver as bullion, which increased
their value while not increasing the pro-
portion of gold which they represented.
''Our mill rum said Mr.. Walker, twas
away over the value that the battery assays
called for. On the Comstock it is consid-
cred good work to get 80 per cent of the
battery assay, whereas we returned con-
siderably over the full amount of what the
battery assays called for"
Mr.. Walker asserts that the charge of
collision in regard to the suit brought by
the Standard Mining Company to the eff
feet that the Bodie has taken out $500, 600
worth of Standard ore is entirely I'M
founded. The shareholders have expressed
a belief that the directors favored this suit
as helping TO depreciate the stock still fur
Their.
LAS matter OF fact" said Mr.. Walker,
"the suit has been commenced against us
and we are defending it as we'll as we can.
There is no collision whatever"
Mr.. Walker states that he cannot under
stand the complaints of the shareholders,
except on the theory that they are sore at
having lost their money and are trying to
censure the directors for the depreciation
of the stock. As the statement of ''sore-
heads" the charges of the shareholders
became more Ineligible, because state
ments made under such conditions were
not always expected to be strictly accurate
Mr.. Walker deprecated any controversy
over the matter and said he only wished
to have it understood that the directors
were perfectly justified in their actions
and had done and would continue to do
the best in their power for the share
holders.
The annual meeting of the Bodie Con-
solidated Mining Company will be held on
Monday next.