The Sun.
London, England, 1868-01-18 00:00:00

Marcl

31, 1866 I Sept. 30, 1867.

Aver. Aver.
NAME. Tons. . Tons
per ton. per ton.
- - -- -
Diana
Amsterdam
Bud North Star 5 336 68 230
Camargo l2 116 ••• •••
Chase
Enterprise (White Pine
District)
East Oregon
Empire State
Ensign 1 66 ••• •••
Fortune Teller
Florida ll 255 63 199
Fenian Star 8 54 ... ...
Fortuna
Farrel
Groat Eastern 287 217 ••• •••
Idora
J. R. Murphy 1 251 ••• •••
Joseph Cole
Jacob Bradley
Keystone 2 191 ••• •••
kihock 1 197 • .• .••
Zaidee , 2 100 ••• •••
Lodi 7 32 ••• ...

The last table of the County Assessor for the
quarter ending 30th September, 1867, as our readers
can see by a reference, comprises 61 mines, differing
materially from that as above given for March, 1866.
Some of these mines have been formed into com-
panies, and have changed their names ; others are
among the 14 that produce less than one ton, and
therefore were not named ; and some, no doubt,
have been abandoned under the difficulties of ob-
taining the capital necessary for working them.
The progress of Austin, however, is better shown
by the increase in the silver exported than
even by the increase of the number of mines.
According to our author, in the month of
Mach, the amount was $105,000 ; while the
value for the month of September was pOO,OOO.
A correspondent of the Wall-street Journal, writ-
ing from Austin, December 1, says, in allusion to
this result--" When the Combination, Centenary,
Eldorado, and other mills, on our large producing
mines, shall add their quota, T 340,000 will be nearer
a day's production, than the pride of the community
for a month's time. The Manhattan alone turned
Jut upwards of $1.00,000 from their mines on
Lander Hill." The mills about Virginia City
working the Comstock ores reduce without roast-
ing, by which a large percentage is lost ; while
those at Austin save by roasting : the difference
)eing for the former 65 per cent. of the metal, and
ior the latter from 80 to 90. In Belmont they use
a cheap and expeditious process, leaving 40 per cent.
of the silver in the tailings, which, however, is pre-
served for future treatment. The great difficulty
.1 a want of capital and a sufficient supply of
labour. In the immediate neighbourhood of Austin
the system of working shafts has been greatly im-
proved, and some companies that have had the ad-
vantage cf Eastern capital have deliberately
planned to develops the lodes, expending largely
before expecting a return. Cash is the sinews of
mining, and although prizes may be secured such
as the Florida, which has been opened and brought
Into working order with little or no capital, yet
they are rare, and even where miners combine to
take possession and work a lode, unless highly
favoured and prepared to surmount great difficul-
ties, as a general rule, they fail. The Florida has
a thousand feet of tunnels and avenues open for
use, a steam engine of 50-horse power, excellent
graded roads, and all the appliances requisite for
profitable mining ; yet this was not wholly accom-
plished without capital, and Major A. E. Sherman,
the manager, is considered to have performed in
this achievement a wonderful feat. A correspon-
dent of the Springfield Republican, writing from
San Francisco on the 23d Nov., alludes to the pro-
gress of the Central Pacific Railroad. Next year,
he says, it will be in operation far up the
Humbolt river, when a great impetus will be given
to the development of the mining interests of
Nevada. Among the prohibitory expenses, such
as the price of fuel, the charge for freights,
which arc then to be brought down, he adds,
rates of interest for money, too, will be reduced,
and borrowers will cease paying from five to ten
per cent. per month. If this be the rate of interest at
Austin, there is little wonder that miners should
sink under the load, and the only surprise is that
operations could be successfully carried on in the
face of such a charge, whatever may be the wealth
3f ore of the district. " Following the organization
of Reese River District, in the same year were dis-
covered and organized those of Simpson's Park ad-
joining it on the south, and farther south that of
Big Creek ; north were Mount Hope and Grass
Valley ; south east were Smoky Valley and Sante
F 6, and northwest was Ravenswood. These nearly
surrounded Austin, and were from five to fifteen
miles distant. All but Ravenswood were in the
Toiyabe mountains, and the fact that large veins
of silver-bearing quartz were found outside of this
district gave an impetus to prospecting, and the
mountains in their entire length were fully ex-
plored and districts formed throughout before the
termination of the year 1863."
Mount Hope, one of the highest peaks of the
Toiyabe Mountains, " attains an altitude of about
10,000 feet above the sea, and from it in its deep
canons run a number of streams of water, capable
of furnishing an unlimited power for driving machi-
nery. Its sides are covered with extensive forests
of pine, and where its streams debouch into the
plains, at its base are extensive tracts of most excel-
lent agricultural lands. In the valleys which
skirt its foot, are many fine and productive farms ;
but its mineral wealth lies entirely neglected. One
district has been noticed by a gentleman of high
attainments as an assayer and mining engineer, Mr.
J. S. Boalt, who, after as close an examination of
the ledges of Indian district as their development
would permit, reported that they were true fissure
veins of size from four to fifteen feet in width, and
of unmistakable value. Several of the veins were
cut transversely, and the ore taken for trial, with
the intent of great care, and thus it was proved that

they contained silver in large quantities, the assays
of the ore showing a value of from one hundred to
several hundred dollars per ton." Returning to
the immediate neighbourhood of Austin, we select
at random one of the mines described by Mr.
Angel :—" The Great Eastern is conveniently
opened by a perpendicular shaft, and is advan-
tageously worked. In one month to the labour
of thirty men it produced 137 tons of ore,
which returned of bullion an average of 346 70
dollars per ton, or an aggregate of 47,506 30 dollars.
The vein is from ten to thirty inches in thickness,
averaging perhaps eighteen inches. The gangue is
a clear white quartz, and the ore, which constitutes
a large percentage of the vein, is an antimonial sul-
phuret, or as locally termed a ruby silver, from its
dark red or ruby colour. The mine was first opened
by an incline—as an inclined shaft is termed—fol-
lowing the inclination of the ledge, which dipped at
an angle of about thirty degrees from the horizon,
to the depth of 260 feet, developing much good ore,
although the vein was narrow. Better to open the
mine, a perpendicular shaft was sunk at a dis-
tance of 500 feet north-east of the croppings, which
pierced the ledge at a depth of 220 feet. At this
depth it was found of greater size and value than
had been developed in the incline, and as the depth
increases the value and quantity of the ore is so
much greater as to make the mine more remunera-

tive, although the expense of working is somewhat
increased. The shaft being divided into compart-
ments, a current of air is created, passing down
one compartment and up another, perfectly ven-
tilating the mine. The greatest depth is 350 ft. The
altitute of the surface is about six thousand feet
above the sea. The mine is easily drained, dis-
charging 18,000 gallons daily ; the water being
raised in a bucket, by a steam engine of about 30-
horse power, which also does the work of hoisting
the ore and waste rock from the mine. The cost
of transporting to the mill and reducing the ore is
as agreed upon usually ; if the entire amount of
bullion produced, or the " clean up" is returned,
the charge is 65 dollars per ton, but if the miller
agrees to return eighty per centum of the assay
value of the ore, the charge is 45 dollars per
ton. The rates paid for men employed are—superin-
tendent, 300 dollars per month ; engineer, 6 dol-
lars per day ; blacksmith, 5 dollars per day ; car-
penter, 6 dollars per day ; and miners, 4 dollars
per day. In the period in which the mine has been
worked there has been taken out an area of the
vein equal to 1,000 square feet, producing a total of
183,000 dollars. It is one of the few well-opened
mines of this section, and is therefore taken as the
representative of what the others might be, if
worked according to scientific principles."
The value of Nevada is best judged by the fol-
lowing fact. During the first ten months of last
year the dividends declared on mines on the Corn-
sto.ck lode reached the sum of $3,595,706. The
subject is of so much interest that instead of apo-
logising for dwelling on it at such length, we will
busy ourselves in gathering mater ial for a descrip-
tion of other portions of this wonderful State, and
the districts surrounding it—Anglo-American Times

NEIV YORK MARKETS.

--¢ -

(Prong the Correspondent of the Anglo-American Times.)
NEW Yonx, Jan. 4, 1868.

The great grain house and wholesale merchants, Brown
and Gillespie, of Hamilton, Canada, have failed, and it is ru-
moured that the liabilities will fall little short of one mil-
lion dollars. Tho First National Bank of Bay City, Mi-
chigan, failed on the 2d January, and it is feared that all
the capital is lost. A bad swindle, too, has been effected
in Wall-street. A broker borrowed Stocks which he sold,
placed the cash in a bank, and snowed the 'sum to be
seized on judgment to his sister, and failed when the
checks he had given for the Stocks were presented forpay-
ment. Money still remains easy, though it is a little brisker
on call at 6 per cent. on Governments and 7 per cent. on
mixed collaterals, and first. class bills are discounted at 7
to 9. Gold is slightly stronger, closing yesterday at 133},
the general impression being that a rise will take place.
At Boston money is also easy at 6 per cent., though short
time loans, even on Government collaterals, maintain a
high rate. At Cincinnati and Chicago the rate is scarcely
so stringent as it was, though the best mercantile paper is
not cashed under 10 to 12 per cent. Money is plentiful at
San Francisco, where unemployed balances have accumu-
lated. The receipts of treasure from Califo- nia at this
port during 1867 amounted to $29,806,228, against
$41,901,005 the previous year, a falling off of $12,094,777.
It is, hlowever, larger than the receipts of 1865, which
summed up $21,414,192. During the year our export to
Europe was $49,791,278, of which the sum during the last
week was $3,226,677 ; this leaves a balance of exports of
nearly $20,000,000. The exports from Now York for the
week ending December 21 and from the beginning of the
year till then were $2,607,233 against $3,234,610, and
$185,535,176 against $185,815,620. The corresponding
figures for imports were $2,117,077 against $6,224,708, and
$332,981,347 against $279,821,758. The weekly Treasut y
statement shows that $399,000 in fractionals wore printed,
$253,600 destroyed, and $358,628 disbursed, last week ;
that $1,072,000 in Treasury notes were forwarded from the
department; that the Treasueerholds $378,815,708 in trust
as security for bank circulation and deposits of public
money ; and that the amount of that circulation, adding
$55,650 of new issues and deducting $5,625,555 destroyed,
is now $299,838,606. There has been a rise in railway
stocks of nearly a half per cent. generally. The Chicago,
Rock Island, and Pacific Railroad Companies had, how-
ever, a heavy fall. Forty-nine thousand new shares were
issued, raising the capital from $9,100,000 to $14,000,000,
which threw the stock down nearly 10 per cent. Satis-
factory explanations were made, and the shares in a mea-
sure recovered. It appears that the President was autho-
rised by the Board to raise money by selling either 7 per
Cent. Bonds or stock, and he succeeded on a favourable
market in placing upwards of 40,000 shares at fair rates.
The money was wanted for the extension from Des
Moines to Omaha. The following are some of the con-
densed returns of some few of the railroads, which may
interest our readers : —Boston and Worcester—Total in-
come $1,912,501, net earnings $781,421, dividends paid
$499,999, passengers carried 2,877,244; Boston and Lowell
—Total income $975,041, net earnings $239,763, each a
trifle less than last year. Fitchburg ---- Total income
$1,101,443, net earnings 8354,744, passengers carried
1,535,097 ; Worcester and Nashua—Total income $419,383,
net earnings $151,360; Vermont and Massachusetts—
Total income $461,428, net earnings $34,114, or $25,500
less than last year; Cheshire—Total income $688,499, net
earnings $BB,BOO, an increase of $20,000 ; Providence and
Worcester—Total income $692,946, net earnings $160,429.
The following are the returns of some of the great Express
Companies : Wells, Fargoond Co., nine months, $931,732,
increase $188,363 ; Adams, ten months, $3,038,970, de-
crease $257,918 ; United States, eleven months, $2,173,650,
decrease $878,992; American, ten months, $2,120,385,
decrease $710,764, and Merchants' Union $3,764,855, or
more than $700,000 more than any of its rivals. Regard-
ing the amalgamation of the Adams, American, United
States and Merchants' Union, the presidents have issued
the following joint card :—" The public are informed that
an agreement has been arrived at between the Adams, the
American, the United States, and the Merchants' Union
Express Companies, by which the opposition, as carried
on for the past year, will cease. No consolidation has
been made, but an arrangement has been entered into for
territory, by which duplicate lines will bo avoided (except
in cases where the occupancy of a trunk line may be ne-
cessary to be used by two companies for the purpose of
reaching the territory used exclusively by each), and also
for general reduction of expenses, a uniform tariff of rates,
and mutual exchange of business. This, together with
the appointment of a joint committee to supervise the ex-
penditures, so as to bring about the greatest economyand
efficiency, are among the principal features of the agreement,
bywhich it is believed the public will be benefited, and the
Express Companies again enabled to do business at a profit."
Of the semi-annual dividends payable at Boston by manu-
facturing companies on New . Year's-day in a total of
$1,123,000, the Chicopee alone has increased its dividend,
paying 10 instead of 8 per cent. ; Easthampton Rubber
Thread Company, 20 per cent.; Hamilton Woollen Mills
at Southbridge, 5; Pacific Mills at Lawrence; Salisbury
(quarterly), 5 ; Hill Mills, 6 ; Androscoggin, 5 ; Franklin,
s—the last three of Lewiston Maine. The total sum, both
of railways, interest on bonds, and all other items, was as
follows :—Railroad dividends $2,751,158, manufacturing
dividends $1,123,000, interest on bonds $5,827,092, miscel-
laneous $624,590; total, January, 1868, $10,325,840. This
contrasts favourably with previous half years, notwith-
standing the general depression. Most of the national
banks pay a semi-annual dividend of 5 per cent., and on an
average they show a good business. Tho receipts of cotton
at New York continue to increase, and amounted to 105,617
bales last week, against 87,757 the week before, and 79,176
the second week before. The total receipts since Sept. 1
are 749,125 bales against 681,613. The total foreign ex-
ports from the United States in the same time were 358,199
bales against 249,781. Government Bonds remain much
as before, if anything a shade lower. The Secretary of
the Treasury has written the following let4er to the presi-
dent of a Boston bank :

" Treasury Department, Dec. 24, 1867.
"blv dear Sir,—Your favour of the 21st instant is
received.
" There is a good deal of difference of opinion among
the members of Congress in regard to what shall be here-
after our financial policy. At the commencement of the
session it seemed that the inflationists were in a decided
majority; but before the adjournment for the holidays a
more conservative spirit was manifested, and 1 am now
quite hopeful that there will be no legislation by the prc-

sent Congress favourable to the views of General Butler, or
very adverse to those of the Secretary. We shall know
better, however, when Congress again convenes.
"With thanks for the uniform support which I have
received at your hands,—l remain, very truly yours,
"H. ISl'CuLLocil."

(From the WallLStreet Journal.)

Closing prices, Friday evening, Jan. 3, 1868 : -Sixes,
1868, registered, 131 to 1311; Sixes, 1868, coupon, 131 to.
1311; Sixes, 1881, coupon, 1081 to 1101; Five-twenties,
1862, coupon, 108/ to 1081; Five-twenties, 1864, coupon,
1051 to 1051; Five-twenties, 1865, coupon, 1051 to 1051;
Five-twenties, 1865, coupon, new, 1041 to 1041; Five-
t wenties, 1867, coupon, 1041 to 1041 ; Ten-forties, coupon,
1011; Seven -thirties, 2d series, 1041 to 1041 ; Seven-
thirties, 3d series 1041 to 1041.
The following are the Railroad Mortgages :-N. Y.
Central 6s, 1883, 91; do. 1887, 89 ; do. R. Est, 88 ; do,
Sub'n, 85 ; do. 7s, 1876, 102 ; do. con. 76, 1171 ; do. '65-76,
1171 ; Erie Ist mort., 1807, 101; do. 7s, 2d mort., 1879,
102 ; do. 3d mort., 1883, 971; do. 4th-mort., 1880, 911 ;
do. sth more., 1888, 89 ; Long Dock Bond, 961; Buff. N.
Y. and E. Ist M. '77, 90 ; Had. R. 7s, Ist M., 1869, 102/ ;
do. cony., 1867 ; Harlem 3d mort., '6B, 100 ; Mich C. 8 per
cent., '69 '72, 1071 ; do. now Ist M. Bs, 'B2, 109 ; do. So.
7 p. ct., 2d M., 911; N. Ind. Goshen Line, '6B, 961; Mich.
S. and N.I.S. F'd, 7 p. ct., 96; 111. Cen., 7 p. et. 1870, 118;
Alton and T. H. lst M., 97; do. 2d pfd, 82; do. M. Inc., 751;
Chi. and N. West, S. F, 98 ; do. In't B, 87 ; do. Ex'n B,
85 ; do. Ist M, 86,1 ; Del. Lack. and West'n Bds, 96 ; Tol.
and Wab. Ist M, 901; Gt. Western 2d M. '93, 70 ; 31il. and
Pr. du Ch. Ist M, 95; Gal. and Chic. Ext., 100; do. and
Chic. 2d M, 97 ; Chi. and R. I. Ist 31, 102 ; Cleve. and Tol.
S. Fund, 103 ; N. J. Central 2d mort., 103 ; Pitts., Ft. W.,
and Ch. Ist M, 100 ; do. do. 2d M, 981 ; do. do. M, 88 ;
Cleve. and Pitts. 2d M, 981; Chic. and Alton, S.F. Inc., 90;
do. do. S. F. Ist M, 1021; Mil. and St. Paul 2d M, 78 ;
Marietta and Cin. Ist M, 85 ; Joilet and Chic. Ist M, 104 ;
Chi. and Gt. East'n Ist M, E 4; N. Y. and N. H. 6s,
and Dubuque and S. City, Ist 31, 821.
Railroad and Miscellaneous Stocks : -N. Y. Central,
1171 ; Erie, 721; Hudson, 1321 ; Reading, 911 ; Mich.
Southern and N. I. 851; Illinois Central, 132 ; Cleveland
and Pittsburg, 881 ; North-west, 571 ; North-west Pre-
ferred, 701 ; Canton, 50 ; Rock Island, 941; Cleveland
and Toledo, 971; Fort Wayne, 971 ; Pacific Mail, 1111;
Atlantic Mail, 1131; Quicksilver, `2l; W. U. Telegraph,
361; Mariposa Preferred, 13 ; Ohio and Miss. Certificates,
301; Boston Water Power, 20 ; Cumberland, 331.
New York City Bank Stocks : -Merchants, 117 ; Ame-
rica, 140 ; City, 2001; New York, 133 ; Manhattan, 1331;
Mechanics', 112 ; Union, 114 ; Phenix, 104 ; Tradesmen's
135 ; National, 108 ; Merchants' Exchange, 110 ; Seventh
Ward, 110 ; State of New York, 105 ; Commerce, 1171;
Ocean, 103 ; American Exchange, 1131; Bank of the Re-
public, 111 ; Bank of North America, 109 ; Eleventh
Ward, 110 ; Mercantile, 118 ; Fulton, 118 ; Mecha-
nics' Association, 110 ; Broadway, 235 ; Hanover, 105 ;
Irving, 102 ; Metropolitan, 125 ; People's, 135 ; Market,
110 ; Nassau, 105 ; Shoe and Leather, 107; Corn Ex-
change, 122; Continental, 105; St. Nicholas, 105; Com-
monwealth, 107 ; Importers and Traders', 116 ; Central
National, 101; Fourth National, 102 ; Ninth National,
101 ; Park, 144; Leather Manufacturers, -; Oriental
Bank, 135.
By telegram from San Francisco, dated Dec. 30, 1867,
we have the following quotations of silver mining stock :
-Gould and Curry, $315 per foot; Savage, 3,320 do. ;
Chollar-Potosi, 125 do. ; Ophir, 60 do. ; Hale and Nor-
cross, 1,175 do.; Crown Point, 700 do.; Yellow Jacket,
765 do. ; Seicher, 135 do,; Alpha, 450 do. ; Kentucky, 245
do. ; Imperial, 165 per share.