Grant H. Smith The History of the Comstock Lode 1850-1920, Geology and Mining Series No. 37, University of Nevada Bulletin: Reno, Nevada, vol. XXXVII. 1 July 1943, no. 3, (revised 1966), Ninth printing, 1980. 305 pp., 1884, 1880s
[p. 249] Chapter XXV Fire in the Stopes-Low-Grade Operations in the Bonanza Mines-The Comstock Milling Monopoly-The Last Washoe Process Mill-Losses in Tailings-Tailings Reworked
[p. 250] Low-grade Operations in the Bonanza Mines
[p. 250] "Patton notified Jones in the spring of 1884 that he had extended a drift into the stopes on the 1200-foot level and that he could begin operations. Jones commenced in May, and up to November 1, 1885, had mined and milled 18,487 tons of ore yielding $310,109.69, or $16.70 a ton, valuing silver at $1.2929 an ounce. The discount brought the value down to $14 a ton.
[p. 250] "As soon as it appeared that Jones was succeeding the Con. Virginia company began to extract low-grade ore below the 1550-foot level. For economy of management and operations the Con. Virginia and California companies were reincorporated on October 1, 1884, as the Consolidated California and Virginia Mining Company with a capital of 216,000 shares of the par value of $100 each. The company itself mined 19,670 tons, yielding $15.91 a ton during the first year, which gave a small profit. Mackay wanted the company to take over all of the operations and he [p. 251] persuaded Jones to surrender his lease to the company by agreeing to give him a one-third interest in the new milling company to be organized to mill the ores. James L. Flood who had taken his father's place in connection with mining affairs, was the third partner. [p. 251 Footnotes: James C. Flood [ -1889] died in 1889 of a long and distressing illness with Bright's disease. It is said that Mackay and James L. Flood bought all of the stock in the treasury at the market price when these operations were begun.]