Year: 1864

10 the Precedent 10 keep matters straightl
and conduct them legally according to the
bylaws, and hence he is expected to pass
much OF his time at the Office, and is to re-
ceiye some compensation for his exclusive at,
tention. With forty presidents waiting, and
transfer brisk, an office would be needed as
big as the Bank Of England.


Suppose valuable stock like the Gould and
Curry or Ophir, transferred in this way.
The Secretary could issue stock, and not
cancel the piece offered, and slip into the
Brokers Board and sell it off, and before the
Company woke up he could be non est. Who
would be responsible to any innocent pur-
chaser /? The Company, Of course. A case
recently occurred in which the owner of
niece Of stock, transferred in the morning,
saw the identical piece later in the day in a
brokers' window, and investigation revealed
the fact that the secretary did not cancel it,
but went into the market and sold it.


Another safeguard which should be prac.
ticed is this So soon and so fast as stock is
cancelled, it should be gummed on to Its
proper margin, and then no piece OF stock
can be used BY any possibility, and any stock
holder can see for himself at glance, should
his fears or curiosity be excited. In this way
OF conducting the business, the President
and Secretary would be checks upon each
other, and do not well see how over issues
could occur and unless so conducted We
will have burst-up some fine morning in
this direction. Stockholders must look
sharp, even at the risk of being deemed of
icious and meddlesome.


There is another matter may mention.
It is the correspondence from and to the
mine. All letters received and sent should
be placed on file or in drawer, SO that the
owners Of the property could know as much
about it and its management, although not
officially connected with the management as
the officials. True, this might degenerate
into oficiousness, but it need not, and doubt
less would not when stockholders were made
to realize that all matters were evidently in
tended to be conducted honestly and above
board.


There is another matter may as weli men
ton, now my hand is in, and that is the ma
ture of the trust reposed in the trustees, and
their duties in the premises. The mine once
located, and company incorporated, and work
commenced, may be compared to piece Of
machinery which is wound up and set agoing;
and it is the plain duty OF trustees to keep ii
going, which can only be done By leyying as
sessments as prescribed in the bylaws OF the
company. Now, the danger to be apprehend-
ed is, that trustees may desire to convey more
SLOCh tudu llle1 dIS "hIliiS " pay ScSh ahN
assessments for, so as to have big show
when the mine is open, even though they
may have incurred and saddled big debt
upon the mine. Let trustees understand that
their stock must not appear in the delinquent
list when published; and il permitted, it is to
be construed that they either have not the
requisite faith to be at the head Of the enter
prise, or else that they are carrying SO much
stock that they cannot honorably represent
the interests Of the company, and that they
be required to step out.


Let stockholders see to it that their rate Of
assessment is as low as is requisite to work
their mine, If it is in process Of develop
ment, with surplus in the treasury adequate
to the ordinary contingencies of business;
and when more funds are needed IN any extra
emergency, let the stockolder be summoned
to decide. But let trustees understand that
their plain duty is to furnish the funds needed
to the carrying forward adequately the i'm
provements on the mine; and If they do not
then, let the President-whO is the centre Of
responsibility-see that it is his duty, and
that he performs it, that the stockholders arc
notified, and shut out this selfish indifference
to the best interests Of the mine, which often
times cripples and paralyzes the best enter
prises. In other words, the machine once
wound up must in justice to all be kept 60
ing, and not permitted to stop until the stock
holders are sold out by delinquency and the
last man takes the property.


1t is Just such shaking up as we are hav-
ing now that is to induce inquiry and purify
the management Of mines, that the dangers
may be detected and mapped out and guards
and restrictions placed around investments in
mining, and make it safe for men and women
of moderate and small means to invest: for
it seems that the precarious jreturns from
mining do not result solely and alone from
ignorance in conducting the business Of
mining, which it must be confessed requires
scientific attainments of the highest order,
but often from improper management and
wilful neglect of the true ultimate interests OF
the Company. JUSTICE.


Virginia City, n. T., March Ist, 1884.