Volume 08 (1864) (474 pages)

164 The Mining and Scientific Press, MINING GOSSIP. EDITED BY FRANK WARDDELL. [in this department of the Minine anp Scientiric Press we propose to give various and brief accounts of mining eompanies, and shall, under all circuinstances, write plain/y respecting their merits and de-merits: fnrthermore, we shall bring te light such transaetions as may come within onr knowledge regarding the “Bulling aud Bearing” system and the “underground” actions of both Trustees and Brokers. We are vain enongh to suppose. at all events, that we have the “inside traek.” and shall, without hesitancy or fear, give to tho mblic. from time to time, 2 peep Lchind the scenes whenever the oceasion justifies. If, in doing so, at any time we have fallen in error as to our repurt, and it ean he so proven, nothing will afford ns more pleasure than to make the ‘‘amende honorable” by eorrecting the same, We shallleel under obligations to those who are Interested in stock if they will communieate to ns such items as may eome under their observations. and which will prove InterestIng to our readers. This department ls openfor {ree disenssion to one and all.’ Our object is to render justice to every one. Communieations, in all eases, must contain the anthor’s name and address to insure publicallon, which will be kept strictly considential—other wise no notlee will be taken of them.) Nor a Bap Inza.— We overheard the conversation of a well-known broker in this city, the other day, who, among other remarks, said : “ It is no use talking ; if times don’t improve in the stock market, and thus give the bulls aud bears an opportunity to get even in their late unlucky operatious, I don't know what will hecome of them all;” and, he added laughingly, that the most advisable plan would be to petition to the Legislature to have established, in this city, a home for destitute brokers, for he had uot the least donbt hut it would, ere long, have plenty of inmates. We thought to ourselves it was not a bad project, by any means; and, if tbe edifice should be built we would suggest that the building should have four prominent wings, to he called respectively the Wide West, Santiago, Real del Monte and Burning Moscow. ‘he inner sections or rooms might have such pleasing names as Chollar, Coso, Josephine, ete., which would hriug back to the memories nf the brokers fond recollections of the past. Aprorntuenr.—Mr. Ferrie having declined the appoiutment of Government Inspector of Coal Mines for the eastern division of Scotland, the Secretary of State has conferred it on Mr. Ralph Moore. This gentleman having satisfactorily passed his evamination, under Mr. Warriugton Sinyth, has entered upon the duties of his olfice. While reading the ahove item, which we extract from the Dfining and Smelting Magazine, published in London, the thonght occurred to us, whether if our numerous Superintendeuts of mines in this couutry were called upon to undergo such examinatiou, how many would be capable of doing so satisfactorily? We may be mistaken, however we will venture the assertion that not one-half of them could do so; and yet people wouder why it is that our mining operations are couducted in such a careless, extravagaut, unhusiness-like manner. It would prove a great blessing to those interested in miueral pursuits if they had a Board of Examination established in this country. Lacrr Breer Lence.—A gentleman of this city, a few days since, received a long letter from a frieud of his residiug in Como, Nevada Territory, in which he stated, among other matters, the flowing -—“ A while ago, I made mention ol the beneficial effects which the lager of the Como Brewery was baving iu promoting an increase in our population, and 1 now . have to tell you that withiu the last few days the en. tire brewery is discovered to be posted directly on top of one of the finest kind ot I-dges, of as rich looking quartz as one might wish to see. The ledge is ‘blind,’ not appearing on the surface at all, but is now found running directly through the cellar, where the beer is kept. It may not have been the remarkable qualities of the heer which produced this ledge, but there certainly was no such ledge known of before the brewery was placed there. It is called the ‘Tager Beer Ledge,’ and the Whitman Company are sinking a fine shaft in order to prospect the same fully.” . Presentation.— Mr. Warren Rose, First Assistant ‘Foreman of the Mexican mine, was the lucky recipient, on the 6th inst., of a very valuable and handsomely engraved gold watch and chain. It was preseuted to him by Messrs. Hay, Gorrisb aud Jobnsou, a committee actiug on behalf of the employees. Tue Butts ann Bears in a Squassie.—This seems to be, indeed, a fighting time generally. Even tlie stock speculators down in Wall street, and the grain and flour speculators at the Corn Exchange, have had their beautiful “set-to” the past week. The stock brvkers tease each other by dropping pennies dowu each other‘s hacks on ‘Change, and the provision men throw bits of dough, in the four market, at each other's heads. ‘his kind of fnn, at last, degenerated into fisticufis, and they went at it ala Heenan and King, The feuds broke out two or three times, but the Board finally interfered, and peace was restored. I only wonder, seeing the wide license for humor allowed at these ‘Changes, that more of these disorders do not occur. I know one broker who never leaves the Board without shaking out atleast a dozen nickels that have been slyly dropped down the neck of his coat to provoke him. Tbrowing dough is much worse, . think. —Satanella's Letier from New York to Morning Cull. So it seems this is not the only place where pugilistic science is brought to bear in occasionally settling disputes relative to stocks, ete. We were under the impression, until now, that this was the only locality where knock-down argnments were so frequently used ; but we must frankly “ acknowledge the corn,” and say we are far more sutisfied with the conduct of our brokers after reading the ahove disgraceful actions. Tucker ann Garrison Dirrreutty—The case of W. R. Garrison vs. John W. Tucker, wherein the latter gentleman is charged with forwarding to this city numerous false dispatches, came up in Judge Shepheard’s Court on the 10th inst.; but, upon application of the prosecution, it was continued. We noticed Mr. Tucker in Court, as “hold as a lion,” and with a determination, as he said, of seeing the matter through. Ilis witnesses were ready for action, and “ eager for the fray ;” but the continuance was granted in conformity to a rule with the Court, that either party can secure a continuance upon the first calling of any case. This case is looked forward to with much interest hy the public. A Goon Repry.—The Trustees of tho Real del Monte took the responsibility upon themselves to levy an assessment of $20 per share, without condescending to consult the wishes of the stockholder’s committee. Mr. Robhins, learning of the fact, got out an injunction against the assessment. ‘The next day he was sent after, when some ol’ the Trustees asked him to withdraw the injunction and have arbitrators appointed. His reply was, “ No! gentlemen, never; iny arbitrator is the Supreme Court. and the attorney Mr. McAllister, to whom I most respectfully refer you in behalf of the stockholders.” -_ Santa Rosa G. & S. M. Co., Vireixra.—Another very encouraging leitcr has been received by the Trustees of this company, from their new Superintendent, Mr. Cummings Cherry. He also forwarded several different grades of the ore which he is now taking ont of the mine. The stock has been quite active in the market during the week, and continues to advance gradually. Holders of the stock seem to be very sauzuine as to their prospects, and we should uot be surprised to see it touch: high rates in market value, if tbe reports we hear concerning it are correct. Desann For “ Frez.—A gnit hag been commeuced by a Mr. R. West against the Trustees of the Ophir of the Colorado Mining Company. He desired to force them to issue him certificates of their stock, which be avers helongs to him, as he is oue of the original locators, and is entitled to two hundred feet of the said claim. They having refused to do so, he thus asks for his rights in the matter. Iverovement.—The Pacific Board of Brokers intend at once to enlarge their present beautiful board room to double its size. When completed, this will be one of the finest board-rooms in the city. They have progressed wonderfully lately, and we would ddvise our friends of the First Board to look well to their Jaurels, or else they might get beaten on the “home-stietch ” yet. / : Tun Reaw Det Monte Meretixn.—The meeting of this company was held at Blumenhurg’s hall, Pine street, last Saturday evening, March 5th, and, as nearly as we could estimate, there were two hundred aud fifty stockholders present. R. 1. Brewster, President of the company, took the chair, called the meeting to order, and stated that the object of the meeting was to inform the stockholders respecting the condition of the mine. report from Mr. Attwood was then read (this gentleman having been employed by the president to examine the mine) he says that the present working does not show very favorable iu one or two of the shalts, but by working the several shafts or ledges in a proper manner, he had no fears for the final result. He entertained bopes of the Réal del Moute mine proving a good paying investment, as it had now an able superintendent. The secretary then read a letter dated February 20, from the superintendent, which spoke flatteringly of the indications hut gave no specific information. It also mentioned the destruction of the engine belonging to the company’s mill and recommended the purchase of a new horizontal engine to replace it, which would be better for the purpose, and at a cost of $6,000 could be got to work in from forty to sixty days from the time of purchase in this city. The financial report was then read from which the following items were gathered: The total assessments paid on the stock of the coinpany was $101,133.39. ‘lhe total bullinn taken out of the mine np to date was $519.023.95 from which the freight to this city, discount on bars, and cost of crushing being deducted left a ba‘ance of $314,000. ‘Ihe whole indebtedness of the compauy at the time was $270,748.98. A list of the claims which had heen purchased by the company after long litigation was read, by which it seems that the adverse title to ground claimed hy the company cost $278,692.65 while the cost of law suits and expenses incurred prior to purchasing footed up to 94,225.42. The president next read a despatch which he had received from the superintendent of the mine that day, which stated that the ore both in the upper and lower levels worked was improving greatly in value, after which the stockholders called au informal meeting, and elected Judge Heydenfeldt as chairman, to receive the report of the committee appointed at a meeting held about a weck ago. The report was read by Mr. J. J. Robbins, showing an abstract from the books of the affairs ol the company, substantially the same as the report of the secretary, with the exception of pointing out several amouuts of the liabilities which, in the judgmeut ol the committee, were illegully contracted by the trustees. The report of the committce was not very fluttering. The committee also recommended that a rigid investigation be had as to the causes of those expenditures, and such steps as will hold their agents to strict accountability. Alter some questions put to several of the trustees, explanatory of the nature of several transactions, a motion that power be conferred upon the present committee to invesugate the affairs of the company fully, as also to consult with the trustees in adjusting conflicting claims outstanding now, and report. to the stockholders whether to compromise or litigate the same, was adopted. The meeting adjourned at ten and a half o'clock to meet again at some future day at the direction of their president. The general impression of the stockholders seemed favorable as to the value of the mine, and the conclusion appeared to be that it weuld be redeemed from its present unfurtunate position. There appeared to be hut o:e opinion as to the scandalous manner in which the affairs of the company have beeu conducted. PrrsonaL.—Mr. Merriam left here last week for Owen's River, having been sent there by a company of capitalists of this city to locate different mining claims. While away, be intends looking after the interests of several leading mines, among them we learn is the East Lynne,a very promising miue. ‘We wish him a pleasant trip. Goop-Byz.—Mr. John 8. Henning, Superintendeng of the North American imine, who has been in town for some days rast, enjoying the good things of this life, intends taking his departure for the mine on the 14th inst. Good-bye, ye lucky youth!

164 The Mining and Scientific Press, MINING GOSSIP. EDITED BY FRANK WARDDELL. [in this department of the Minine anp Scientiric Press we propose to give various and brief accounts of mining eompanies, and shall, under all circuinstances, write plain/y respecting their merits and de-merits: fnrthermore, we shall bring te light such transaetions as may come within onr knowledge regarding the “Bulling aud Bearing” system and the “underground” actions of both Trustees and Brokers. We are vain enongh to suppose. at all events, that we have the “inside traek.” and shall, without hesitancy or fear, give to tho mblic. from time to time, 2 peep Lchind the scenes whenever the oceasion justifies. If, in doing so, at any time we have fallen in error as to our repurt, and it ean he so proven, nothing will afford ns more pleasure than to make the ‘‘amende honorable” by eorrecting the same, We shallleel under obligations to those who are Interested in stock if they will communieate to ns such items as may eome under their observations. and which will prove InterestIng to our readers. This department ls openfor {ree disenssion to one and all.’ Our object is to render justice to every one. Communieations, in all eases, must contain the anthor’s name and address to insure publicallon, which will be kept strictly considential—other wise no notlee will be taken of them.) Nor a Bap Inza.— We overheard the conversation of a well-known broker in this city, the other day, who, among other remarks, said : “ It is no use talking ; if times don’t improve in the stock market, and thus give the bulls aud bears an opportunity to get even in their late unlucky operatious, I don't know what will hecome of them all;” and, he added laughingly, that the most advisable plan would be to petition to the Legislature to have established, in this city, a home for destitute brokers, for he had uot the least donbt hut it would, ere long, have plenty of inmates. We thought to ourselves it was not a bad project, by any means; and, if tbe edifice should be built we would suggest that the building should have four prominent wings, to he called respectively the Wide West, Santiago, Real del Monte and Burning Moscow. ‘he inner sections or rooms might have such pleasing names as Chollar, Coso, Josephine, ete., which would hriug back to the memories nf the brokers fond recollections of the past. Aprorntuenr.—Mr. Ferrie having declined the appoiutment of Government Inspector of Coal Mines for the eastern division of Scotland, the Secretary of State has conferred it on Mr. Ralph Moore. This gentleman having satisfactorily passed his evamination, under Mr. Warriugton Sinyth, has entered upon the duties of his olfice. While reading the ahove item, which we extract from the Dfining and Smelting Magazine, published in London, the thonght occurred to us, whether if our numerous Superintendeuts of mines in this couutry were called upon to undergo such examinatiou, how many would be capable of doing so satisfactorily? We may be mistaken, however we will venture the assertion that not one-half of them could do so; and yet people wouder why it is that our mining operations are couducted in such a careless, extravagaut, unhusiness-like manner. It would prove a great blessing to those interested in miueral pursuits if they had a Board of Examination established in this country. Lacrr Breer Lence.—A gentleman of this city, a few days since, received a long letter from a frieud of his residiug in Como, Nevada Territory, in which he stated, among other matters, the flowing -—“ A while ago, I made mention ol the beneficial effects which the lager of the Como Brewery was baving iu promoting an increase in our population, and 1 now . have to tell you that withiu the last few days the en. tire brewery is discovered to be posted directly on top of one of the finest kind ot I-dges, of as rich looking quartz as one might wish to see. The ledge is ‘blind,’ not appearing on the surface at all, but is now found running directly through the cellar, where the beer is kept. It may not have been the remarkable qualities of the heer which produced this ledge, but there certainly was no such ledge known of before the brewery was placed there. It is called the ‘Tager Beer Ledge,’ and the Whitman Company are sinking a fine shaft in order to prospect the same fully.” . Presentation.— Mr. Warren Rose, First Assistant ‘Foreman of the Mexican mine, was the lucky recipient, on the 6th inst., of a very valuable and handsomely engraved gold watch and chain. It was preseuted to him by Messrs. Hay, Gorrisb aud Jobnsou, a committee actiug on behalf of the employees. Tue Butts ann Bears in a Squassie.—This seems to be, indeed, a fighting time generally. Even tlie stock speculators down in Wall street, and the grain and flour speculators at the Corn Exchange, have had their beautiful “set-to” the past week. The stock brvkers tease each other by dropping pennies dowu each other‘s hacks on ‘Change, and the provision men throw bits of dough, in the four market, at each other's heads. ‘his kind of fnn, at last, degenerated into fisticufis, and they went at it ala Heenan and King, The feuds broke out two or three times, but the Board finally interfered, and peace was restored. I only wonder, seeing the wide license for humor allowed at these ‘Changes, that more of these disorders do not occur. I know one broker who never leaves the Board without shaking out atleast a dozen nickels that have been slyly dropped down the neck of his coat to provoke him. Tbrowing dough is much worse, . think. —Satanella's Letier from New York to Morning Cull. So it seems this is not the only place where pugilistic science is brought to bear in occasionally settling disputes relative to stocks, ete. We were under the impression, until now, that this was the only locality where knock-down argnments were so frequently used ; but we must frankly “ acknowledge the corn,” and say we are far more sutisfied with the conduct of our brokers after reading the ahove disgraceful actions. Tucker ann Garrison Dirrreutty—The case of W. R. Garrison vs. John W. Tucker, wherein the latter gentleman is charged with forwarding to this city numerous false dispatches, came up in Judge Shepheard’s Court on the 10th inst.; but, upon application of the prosecution, it was continued. We noticed Mr. Tucker in Court, as “hold as a lion,” and with a determination, as he said, of seeing the

matter through. Ilis witnesses were ready for action, and “ eager for the fray ;” but the continuance was granted in conformity to a rule with the Court, that either party can secure a continuance upon the first calling of any case. This case is looked forward to with much interest hy the public. A Goon Repry.—The Trustees of tho Real del Monte took the responsibility upon themselves to levy an assessment of $20 per share, without condescending to consult the wishes of the stockholder’s committee. Mr. Robhins, learning of the fact, got out an injunction against the assessment. ‘The next day he was sent after, when some ol’ the Trustees asked him to withdraw the injunction and have arbitrators appointed. His reply was, “ No! gentlemen, never; iny arbitrator is the Supreme Court. and the attorney Mr. McAllister, to whom I most respectfully refer you in behalf of the stockholders.” -_ Santa Rosa G. & S. M. Co., Vireixra.—Another very encouraging leitcr has been received by the Trustees of this company, from their new Superintendent, Mr. Cummings Cherry. He also forwarded several different grades of the ore which he is now taking ont of the mine. The stock has been quite active in the market during the week, and continues to advance gradually. Holders of the stock seem to be very sauzuine as to their prospects, and we should uot be surprised to see it touch: high rates in market value, if tbe reports we hear concerning it are correct. Desann For “ Frez.—A gnit hag been commeuced by a Mr. R. West against the Trustees of the Ophir of the Colorado Mining Company. He desired to force them to issue him certificates of their stock, which be avers helongs to him, as he is oue of the original locators, and is entitled to two hundred feet of the said claim. They having refused to do so, he thus asks for his rights in the matter. Iverovement.—The Pacific Board of Brokers intend at once to enlarge their present beautiful board room to double its size. When completed, this will be one of the finest board-rooms in the city. They have progressed wonderfully lately, and we would ddvise our friends of the First Board to look well to their Jaurels, or else they might get beaten on the “home-stietch ” yet. / : Tun Reaw Det Monte Meretixn.—The meeting of this company was held at Blumenhurg’s hall, Pine street, last Saturday evening, March 5th, and, as nearly as we could estimate, there were two hundred aud fifty stockholders present. R. 1. Brewster, President of the company, took the chair, called the meeting to order, and stated that the object of the meeting was to inform the stockholders respecting the condition of the mine. report from Mr. Attwood was then read (this gentleman having been employed by the president to examine the mine) he says that the present working does not show very favorable iu one or two of the shalts, but by working the several shafts or ledges in a proper manner, he had no fears for the final result. He entertained bopes of the Réal del Moute mine proving a good paying investment, as it had now an able superintendent. The secretary then read a letter dated February 20, from the superintendent, which spoke flatteringly of the indications hut gave no specific information. It also mentioned the destruction of the engine belonging to the company’s mill and recommended the purchase of a new horizontal engine to replace it, which would be better for the purpose, and at a cost of $6,000 could be got to work in from forty to sixty days from the time of purchase in this city. The financial report was then read from which the following items were gathered: The total assessments paid on the stock of the coinpany was $101,133.39. ‘lhe total bullinn taken out of the mine np to date was $519.023.95 from which the freight to this city, discount on bars, and cost of crushing being deducted left a ba‘ance of $314,000. ‘Ihe whole indebtedness of the compauy at the time was $270,748.98. A list of the claims which had heen purchased by the company after long litigation was read, by which it seems that the adverse title to ground claimed hy the company cost $278,692.65 while the cost of law suits and expenses incurred prior to purchasing footed up to 94,225.42. The president next read a despatch which he had received from the superintendent of the mine that day, which stated that the ore both in the upper and lower levels worked was improving greatly in value, after which the stockholders called au informal meeting, and elected Judge Heydenfeldt as chairman, to receive the report of the committee appointed at a meeting held about a weck ago. The report was read by Mr. J. J. Robbins, showing an abstract from the books of the affairs ol the company, substantially the same as the report of the secretary, with the exception of pointing out several amouuts of the liabilities which, in the judgmeut ol the committee, were illegully contracted by the trustees. The report of the committce was not very fluttering. The committee also recommended that a rigid investigation be had as to the causes of those expenditures, and such steps as will hold their agents to strict accountability. Alter some questions put to several of the trustees, explanatory of the nature of several transactions, a motion that power be conferred upon the present committee to invesugate the affairs of the company fully, as also to consult with the trustees in adjusting conflicting claims outstanding now, and report. to the stockholders whether to compromise or litigate the same, was adopted. The meeting adjourned at ten and a half o'clock to meet again at some future day at the direction of their president. The general impression of the stockholders seemed favorable as to the value of the mine, and the conclusion appeared to be that it weuld be redeemed from its present unfurtunate position. There appeared to be hut o:e opinion as to the scandalous manner in which the affairs of the company have beeu conducted. PrrsonaL.—Mr. Merriam left here last week for Owen's River, having been sent there by a company of capitalists of this city to locate different mining claims. While away, be intends looking after the interests of several leading mines, among them we learn is the East Lynne,a very promising miue. ‘We wish him a pleasant trip. Goop-Byz.—Mr. John 8. Henning, Superintendeng of the North American imine, who has been in town for some days rast, enjoying the good things of this life, intends taking his departure for the mine on the 14th inst. Good-bye, ye lucky youth!