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Collection: Books and Periodicals > Mining & Scientific Press
Volume 08 (1864) (474 pages)

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Page: of 474

149 The Mining and Scientific Press,
DECIDEDLY ARBITRARY.
Tho Bill of Mr. Shafter, for a crooked, rigid and
narrow law for the publicntion of nssessments und
snles of mining st-eks, has hve antended hy striking ont one of its varions fovlish and abominoble
features, viz, the provision for the redemption, withinninety days, nf the stock sold, in which condition
tho net has passed to engrossment in the Senate.
Possibly the means and influence of sharpers and
selfish and “ gobbling ” publishers may earry the bill
through ; bit in the hovest iutelligenee of onr
legisIntors, and the exceedinyly nrbitrary provisions
of the bill, we in fancy discern the spontuneous seeds
of its certain denth.
By this act uo assessments of nver 5 per cent. of
tle capital stock ean be levied nt any ove time, nnd
a second assessment eannot he made until all the
requisitions of the law have been gone through with
exactness to collect the former to the last eeut.
This is nt least n pieee of presumptnous gnardianship nver the assumed ignorance and ineapacity of
stockholders, who inake their own hy-lInws and the
trustees elroseu tn execntn the same. In most instances, 5 per eent. assessments are all sufficient, but
in others they are not. The capital stock of many
companies in tho State has been fixed, hy the unassuwing holders, nt n modest figure, nearer the
eoniparative vnlue of their mine than “ wild cats”
nre apt tn place theirs, nnd it is as injurious
as it is unjust to disregard their eommon sense
rights and interests, as this hill certainly does.
A. Inrge pumber of companies, whose stockholders’ means are . mited, nre in the hnhit of making
monthly’ assesments of twenty-five eents per share,
hut the restrictions of Mr. Shafter preeludes this, and
if an initial letter of the name of one of the shareholders should be published wrong, the works of the eompany must stop until the full process of the law has
again heen throngh with, and the publisher furnished
an extra ndvertiseinent or two.
The order levying au assessment must specify the
time of advertising the snle of delinquent stock,
which shal! not he less than thirty nor more than
thirty-five days. Will Mr. Shafer, or any other
advocate of this “important bill,” inform us of any
good reason why the time of advertising should he
limited to between jnst thirty and thirty-jive days?
What harm would accruo if the trustees should be
nllowed to givo stockholders in San Frauciseo,
Washoe, or New York, thirty-six days’ uotice, in
gome instnnces at least, before obligiug them to pay
their assessments orbe taxed for a notice ofsale?
Again, the sale can tnke plaee within fen days of
the time fixed for its first advertisement, hut it shall
not be made after a notice of over twenty days. 1f
ten days uotice suits Mr. Shafter’s nrbitrary feelings,
wlhty outhar the more liberal notions nl’ equally houest men, in the management of their own affairs, and
the privilege of giving twenty-five or a hundred
days’ notice if they see fit? What harm would
eome of it.
if the publication is in a daily paper it may he
either ten or twenty days; hut if in nny other, it
must, he just two weeks—no more or less. Being a
little interested in the matter ourselves, and having
n few friends among the mining fraternity of the
State, we respectfully ask Mr. Shafter to explain to
us nll (when his hill again comes up) why he did unt
bestow this, the most libernl feature of the bill, upon
those whose wisdom nnd economy leads them to patronize weekly publications—allowing them also to
extend the period of insertion.
The closing section of the hill isin keeping with
the illiberality of the balance, and requires that it
should take effect immediately after its passage,
without allowing tiie for its imperative provisions
to he properly circulated and understood.
We know of hut one essential ameudment necessary to our present laws for selling delinquent stock,
namely, a simple provision requiring secretnries in
their notices to state the location of the claims of the
company. The present laws have been tried, are
well known, nnd with the above nxeception nre
pronounced “ very good” by n larger class of honest
and intelligent men than will ever be found to supMr. Shafter‘s “ Bill for tho Arbitrary Dietntion of
the Aets nod Literaturn of Mining Associatious.”
WASHOE STOOK MARKET,
Collated from the Regular &eporis of tho Virginia Dally Union
to Latest Dates.
Stocks during the week covered by our report have
not been as active as forthe two weeks previous.
Sales are still chiefly confined to American Flat.
Dealers nre wore eautious in making investments,
nnd mnny are waiting for further developmeuts. Our
list of “asked ” and “bid” contains the latest figure
of each eompany reported, nnd is confined exelusively to transactions withiu the week.
LATEST ASKED AND BID.
Goto Hinn Disraicr.—Arizona, $14 bid, $20
asked. Argo, 6b, 18a. <Astur, 17b, 20a. Branch
Mint, 19h, 30a. Bullion, 78b, 90a. Baltie, 170h, 190a.
Baltimore Amerienn, 45b, 50a. Bell Vernon, 3b, 9a.
Challenge, 7a. Claremont, 7a. Comhined Effort, 12b.
Consolidated Company, 29h, 35a. Caledonia Tunnel,
20b, 28a. Croesus, 50b, 60a. Croesus Original, 2b,
15a. Crown Point Ravine, 20a. Empress, 5b, 15a.
Frankel, 6b, 7.50a. Golden Swan, 15b, 50a. Glohe,
15b, 29a. Harold, 10h. Jim MeClellan, 1.25h, 4a.
John A. Logan, 15a. Kentneky, 3h, 5a. Keystoue,
3Ub, 45a. Keystone No. 2,11b, 24a. Kniekerbocker,
42.50b, 42.50a; do., 55b, 55a-buyer 10 days. Lafayette, 25a. Leon, 1ib, 20a. Louisville, 4h, L5a. Mary
Anon, 36b, 55a. McMeans & Williams, 3h, 6a. Miautonomah, 7b, 13a. North American. 120b, 140a.
New Oregon, 13b, 192. Napoleon, 7b, 9a. Northern
Light, 8a. Nevada, 8b, 14a. Occideutal Consolidated,
3b. Overman, 500a—seller 3 days. Oneota, 11b, 16a,
Pontiae, Sa. Rock Isluud, 15b, 23a. South Bullion.
Gn. Stevenson Kehoe, 60b, 12a. Sweezy, 6a. S Francisco, 3b. ‘Texas, 20n. ‘lontine, 1Gb, 22a. Vesuvius,
12b, 22a. Golden State, 5a. Abell & Keys, 12a.
Champion, 5a. Cresceut, 5b. Cinciumati, 10a. Carsou, 7a. Colorado, 7b, 10a. Coppers, 10b, 25a. Contraband, 5a. Dardanelle, 2.50h, 3.50a. Diligeut, 7a.
Effingham, 5a. Exeelsior, 25a. Golden Horn, 5.50b,
Ga. Hawkeye (Original), 80a, Jewett & Shepard, 7h, .
fa. Jaeksna, 25a. Massillon, 9a. Narragansett, 1b,
4.50a. Pride of America, 1b, 5a. Pilot, 5a. Republic, 25a. Sandy Bowers, 3b, 3a. Yellow Jacket, 90h,
975a. Yolo, 10b, 1da. Hartford, 13b, 20a. King Solomon, 10b, 15a. Utah, 8b. Uucle Sam, Sr., 9b. Silver Vule, 4h. Mother Lumpkins, 2b, 15a, Alumanee
Consolidated, 2b, 5a. Burke & McClellan, 5b, 15a.
Schuylkill. 5b, 25a. West Point, 8a. Clinton &
Hubbs, 20b. Golden Eagle No. 1, 15a. G. H. Q. M.
& M. Co, 285b, 285a. Justice, 250a. Jenny Lind. 1b.
Midas, 1,500. Victor Hngo, 5b. Dowd, 3a. La Plato
Oro, Ua. May Rico, 16b, 35a. Ormus, 2a. Michigan, 6a. Centrnl Park, 15a. De Soto, 31b. Golden
City, la. Belcher, 1,400a. Cherokee, 4n. Alpha, 1,100a. Gold Hill & Virginia Divide, 7b, 15a. Mountain Spring M. & W’. Co., 3a. Palo Alto, 2h. Richmond, 15a. Senior, 10h.
Viaeinra Disrrrer —Allen $20 bid, $50 asked.
Burning Moseow, 90b, 190a—buyer 30 days. Birdsal, 4h, 12a. Grass Valley, 40b. 60a. Milton, 50a.
North Potosi, 65a—b 30. Sutro, 8a. Bajazette aud
Golden Era, 45h, 80a. Houduras, $b, ilu. Lowa,
150a. Kenosha, 6a. Mount Davidson, 5a. New Orleans, 10a. Osceola, 12a. Pioneer, 5a. St. George,
15a. Moss, 22.50b, 55a. Sierrn Nevada, 110a. Santa
Rosa, 1.450. Wm. Penn, 5h. Keystone No. 2, 20a.
Beach & Paxton, 852. El Dorado, 70. Sencea, 6h.
Spanish No. 2, 40a. Utah, 110a.
rowery Distercr.—Atwill, $1 hid, $3 asked.
Lndy Bryan, 50b, 60a. Lady Bryan No. 2, 1b, 8a.
Uncle Sam, 5b, 6.50a. Wealth Company, 4a. Weal
Chance, 10a. Yaukee Blade, 5a. Cherokee, 3a. Harrison, 2b. Desert, 40a. 7
Inpraw Spares Disrriet.—Randolph, 35a. Orton,
15a. Lyon, 10a. Winoua, 10a. Jackson, 18a.
Devit's Gare Distaret—Daney, $125 hid, $200
asked. Sehastopol, 10a.
Paztuyra Disrriet—Randolph, $30 hid, $44
asked. Rappahanuock, 20b, 45a. Rock Point, 5h.
SALES SINCE OU& LAST ISSUE.
Ten feet Kuickerbocker at $42.50; 5 feet ditto nt
42.50; 5 feet ditto at 42.50; 5 feet dito at 42.50 ;
20 feet ditto at 55 (buyer 30 days.) 10 teet Frankel
at 6; 10 ft ditto at 6. 5 ft Astor nt 14; 5 ft ditto at
15. 10 feet Uncle Sam (Flowery) at 5. 10 ft Honduras atl]. 35 ft McMeans & Williams at 4.50. 50
at 23. 5 ft Jewett & Shepurd ut 8. 50 ft Sandy Bowers at 3. 10 ft Consulidated Compnny at 30. 16 ft
Mary Ann at 55; 10 ft ditto at 60. 10 ft Jewett &
Shepard nt 7. 10 ft Jenny Lind at 6; 70 ft ditto nt
5. 20 ft Argo nt 10. 10 ft Roek Island at 16. loft
Grass Valley & Napoleon nt 3. 10ft Herold B.S. 8.
nt 2. 15 fi Milton nt 46. 10ft Rock Island at16. 50
ft Jenny Liod at 5; 20 ft ditto nt 4. 5 ft Harold at
41. 10 tt Dr. Perry at 25e. 10 ft Silver Vale at 8.50;
10 ft ditto at 8.50. 5 ft Cincinnati at 2. 20 ft Globo
nt 14; 20 ft ditto nt 14. 24, ft Hawkeye (Original)
nt 60; 5 ft ditto at 60. 10 ft Napoleon ut 7. G. HI.
Q. M. & M. Co. at 285. 10 ft Pony Express at 5. 10
ft Arizonaat 14.50; 10 ft ditto at 15. 10 ft Milton
at 40.10 ft Argo nt 3.50; 10 ft ditto nt 3.50 ; 10 ft
ditio nt 4, 10 ft ditto at 4. 200 ft Yankee Jim nt
1.50. 20 ft Wenl Chance at7. 5 ft Uncle Snm
Flowery) nt 5.50; 50 ft dittoat5. 10 ft North
phirat 2. 50 ft Sandy Bowers at 1. 5 ft Consolidated Company at 30. 10ft Argo at 6; 10 ft ditto
at 8. 25 ft Harold nt-10. 10 ft Keystone No. 2 nt 10.
10 ft Jenny Lind at 4.50. 20 ft Arizona at16. 5 ft
Caledonia Tunnel at 24, 10 ft Dr. Perry at 25 eents.
5 ft Irving at 11. 20 ft Grass Vnlley & Napoleon at
nt 1.75. 1 ft Milton at 50. 124 ft Knickerbocker at
43.50. 5 ft Harold at10. 25 ft Geutry at 5. 5 ft Muy
Rieo at 20. 10ft Abell & Keys at 1. 4 1-6 ft Crown
Point Ravine at 11. 35 ft Belle Vernon at 3.50. 5.
ft Grass Valley & Napoleon at 1.75. 20 ft Geutry at
5. 20 ft Silver Vnle at 6.50; 25 ft dito at 7; 25 ft
ditto at 7; 10 ft dittont 7. 15 ft Honduras at 8 ; 25
{t dittn at 8.50; 10 ft ditto at 10; 1.0 ft ditto at 9.50;
10 {t ditto at 10. 5 fc Justice at 225. 55 ft Kniekerhocker at 35; 10 ft ditto at 40; 10 ft ditto nt 42.50,
10 ft ditto at 45. 20 ft Arizona at 8.50. 5 ft Frankel
at 5.50; 5 ft ditto at6. 25 ft Silver Vale at 6.50.
10 ft Northern Light at 6. 5 ft Uncle Snm at 5; 10
ft ditto at 5.50. 10ft Crown Point Ravine nt 13.
10 ft Lady Bryan No. 2 nt 3.75 ; 10 ft ditto at 3.75;
5 ft ditto at 3.50. 10 ft Navigation nt 8. 20 ft Lady
Bryao Nn 2 at 3.75. Ten feet Lady Bryan No. 2 sold
at 4.50. 25 ft Arizoua at 9. 10 ft Branch Mint nt 20;
5 ft Knickerboeker at 32.50; 10 ft ditto at 35; 10 ft
ditto at 37; 10 ft dittto at 37.50. 10 ft Napoleon at
6; 10ditto nt 6.50; 10 ft dittoat 7. 10 feet Rock
Tsland at 20 (buyer 30 days.) 5 ft Randolph at 30;
5 ft ditto at 35.50. 5 ft Hondurasat 9. 5 ft Shnomrock at 3. 10 ft White Dove Consolidated at 3.
25 ft Frnukel at 26.50. 20 ft Mantonomah at 9. 15
ft Dardanelle at 3. 10ft Northern Light at 5. 3 ft
Lady Bryan No. 2 nt 4. 25 ft Silver Vale at 5. 10
ft Gentry nt 2.75; 5 ft ditto at 2.75, 50 ft Grenada
at 1. 20 Northern Light at 6. 10 shares Rock Island
at 18. 15 shares Kentucky at 4.50. 25 shares Gentry
at 2.25.
Rerse River.—The followiug items are from tho
Reveille:
We were lately shown a letter received hy gentlemau in Clifton, from the secretary of a mining eompany whose elaims are located here, but who resides
nt Folsom, Cal. Te, with others of the eompauy,
object to the working of their claim in which they
were gratuitously located by the prospectors, now
residing here, and anxious to go on with the developmeut of the mine. ‘Ibis seems to he n case of generosity misbestowed. Men at a distance selfishly
aceept of “fect” in ledges for the sole purpose of
putting the stock in the market, and never a thought
or an effort to make it productive. 1f such do not
wish to work, or assist with means the miner in the
development of his discovery, it would he more
manly and honorable to return the stock to the original Iocators,-and not be the dead weight that would
starve oue, nnd retard the general prosperity of the
eountry.
Several gentlemen of this place (Austin) have
heen granted a franchise to huild a toll road from
here to the Colorado river. They will send out a
party on the first of next month, and they expeet to
commence operations as soon thereafter as possible.
As this road will pass through Summit, Bunker Hill,
Smoky Valley, Washicgton and Sau Antonio districts, it willdo much towards develsping the resources of those rich sectious nnd thereby henefit
the whole eountry.
Three tons of ore from the Gen. Sigel ledge were
lately crushed at Hildreth’s mill, with uot extravagant but favorable result, yieldiug 318.25 ounces,
valued at $399.94. It was melted and assayed at
the office of Veatch & Co. This yield is at the rate
of $133 per ton. ,
Catirorsia Rartsins.—The Sctentifie American
says that California raisins area great novelty at the
East. They are said to be equal to the best imported, and can be sold at a lower figure. Very few
have appeared in the Aflautic States, butin the
conrse of time they will drive the foreigu fruit from
ft Richelieu at 6. 10 ft Argo at 9. 10,ft Branch Mint. the market.