March 17, 1880 | The New York Times
Their resources unfolded to the members of the bullion club.
The members of the Bullion Club were addressed last evening on the subject of the mines of Bodie, Cal., by Mr. B. B. Minor and Mr. H. O. Callahan. Twelve months ago, the former gentleman said, the reputation of the Bodie district was merely local, but it is now wide, and its prominence promises to be as great as that of the Comstock lode, of Nevada, which, since 1859, has added $365,000,000 to the world’s stock of gold and silver bullion. In 1879 the stock of the Standard Mine, of Bodie, was $20 per share. Within a year $6.25 per share, or 31 per cent., has been paid in dividends, and the stock has advanced to $30, or 50 per cent, on cost, making a total profit of 81 per cent, on the investments made at that period. A short time ago Bodie was a small mountain town of, perhaps, 2,000 inhabitants, with only two quartz mills running. Now that population numbers between 7,000 and 8,000. There are 31 steam hoisting works, 5 newspapers, including four dailies, banks, stories, &c., in all, 450 places of business. The number of quartz mills has increased to seven, which have 125 stamps, with a capacity of 250 tons per day, or 7,500 tons per month. The estimated output of bullion is about $250,000 per month, or nearly $3,000,000 per year, with a steady increase. A railroad from the Virginia and Truckee line to Bodie is projected. The geology of the Bodie district has been carefully studied by Profs. Silliman and Blake and other well-known geologists, all of whom concur as to the permanency of the deposits. The gold of Bodie carries a percentage of silver, differing in various mines. The Standard ore averages about $5 per ton in silver, and $55 per ton in gold. Mr. Minor presented, in addition to his own views on the subject of the Bodie gold yield, a paper prepared by Melville Atwood, and read before the California Academy of Sciences. Mr. Atwood’s conclusions, he said, pointed to the discovery of silver in larger quantities at Bodie than was at first anticipated.
The Standard’s yield of gold and silver last year amounted to $1,400,000, of which $625,000 was paid in dividends, and $500,000 expended in improvements.
Mr. H. C. Callahan answered several questions concerning the Bodie district, after which Col. Montgomery, of Silver Cliff, delivered a brief address on the subject of mining speculations. He believed that men were apt to act a little too hastily in mining matters, and seem to forget to bring into the business the common sense and soundness of judgment which they deem requisite in other callings. Col. Anderson, of Idaho, spoke hopefully of the mining resources of that Territory.