The Sun.
London, England, 1868-01-08 00:00:00

THE SUN, LONIJON, WEDNESDAY EVENING, JANUARY 8, 1868.

MINING INTELLIGENCE.

QUARTERLY RETURNS.—We give below a table
of the returns of mines in Lander county for the
quarter ending September 30th. The table is a
fair exhibit of the books of the County Assessor,
excepting those mines that produced less than one
ton, of which there are fourteen.
Name of Mine or Co. Te. Lbs. Av pr T.
Adriatic
Argentoro
Argent South America 1... 1,749... 138 48
Buel North Star
„ „ „ (B. and W.) 21... 1,354... 157 56
Blue Jacket 1... 1,141... 196 97
Beard and Seaver 3... 1,275... 288 34
Brandow (Santa Fo)
Cheshire 2... 1,666... 393 49

Chase

57... 226 28

C&e, J.
1... 250... 137 70
Cayuga
Childers . 1... 531... 76 77
__ _.

Doe. Thompson 3... 1,311.-.-. 200 19
Disna

Excelsior (Cortez) 24... 575... 208 78
Empire State
Esther 2. 440... 45 06
_

Farrell and Hizon 13... 1,766... 83 62
Fuller and Lobbett
Florida (N. Y. and Austin Co.)
Gen. Corcoran
Gla.der 3... 127... 164 92
Galvin 1... 1,728... 138 28
Glasser
Helm, J. B 14... 47... 165 81
Idora
Liggett
Langton 4... 492... 206 50
Manhattan, S. M. Co.
77 Co. (chloride ore)
Magnolia 35... 944... 191 96
Marshall
Maunt Tenabo Co. (Cortez)
Naiad Queen
Neighbors
Niagara
North River
Navarette
Plymouth
Patriarch ... .
.. .. 1... 1,895... 101 96
Perkins
Quintero 2... 54... 66 84
Roanoke
Romeo 1... 1,868... 159 33
Roberts 2... 821... 333 79
1 Shoshone S. M. Co 9... 138... 320 40
Savage S. M. Co 30... 1,218... 183 39
Savannah 9... 745... 201 72
Sam. Brannan
Scott 3... 392... 96 96
South American
„ (Cortez) 25... 80... 141 18
St. Louis (Cortez) 107... 1,467... 182 14
Tom Jones 5... 1,076... 492 40
Troy
Timoke
Thomas Cox
Tuscarora
Taylor and Passmore (Cortez) ... 4... 300... 227 98
Troy

Colonel Buel has arrived in London, and is now
fitting up his offices in Palmerston-buildings. The
extensive knowledge he possesses of the mining
districts, the heavy stake he holds, his high cha-
racter and standing, combine to make him a pecu-
liarly fit representative of these interesting and
wealthy regions on the Pacific side of the Rocky
Mountains. The prospects are described of Eastern
Nevada as each day growing more brilliant. The
ore is raised in larger quantities than it can be re-
duced, and better and more extensive means are
only required to increase enormously the yield.
The Alining and Scientific Press gives an account
of the Morning Star Ledge, situated in Placer
County, California, and which we presume to be of
a similar character to the Lin.coln Company's mine,
lately brought out in London. It says :—" We
have before us the report of seventeen different
assays, made by Mr. M. A. Hunter, of Sacra-
mento, which vary in their results all the way from
$3 to $537 per ton. Mr. Varney, of this city, re-
cently worked 20 pounds of rock from this mine,
which yielded at the rate of $51.22 per ton of
2,0001b5. There appears to be a notable quantity
of silver in the bullion from this mine. Mr. Hunter,
in his Sacramento assays, returns an average of
about $lO in silver to $lOO in gold. Mr. J. J.
Reed, the principal owner of the mine, informs us
that he is about shipping 20 tons of the rock to the
Golden Rule Mill to be worked ; 20 tons more will
be shipped to Grass Valley, and 10 to Mr. Hunter's
works at Sacramento."

The correspondent of the Wall-street Journal,
writing from Austin, Nevada, Nov. 15, says, the
" Manhattan" Company since they repaired their
main shaft have supplied their mill, some of the ore
being taken out by parties from their own mines,
who received three-fourths of the net proceeds.
The " Buel North Star" Company are doing a
splendid thing in this way. C. C. Wallace last
week brought out his partner, they having leased
the upper part of the mine for six months or a year.
Wallace has a splendid body of ore in sight, and is
even now taking out sufficient for current expenses.
Timoke" has a large body of rich ruby in sight,
and the mine yields so much that the agent, W.
F. Leon, has been forced to employ a second
ore-house, the mill and first ore-house both being
full.

The new shaft of the Manhattan Company is 100
feet down, and the Ethan Allen Mine has been
purchased by the company. The Reese River Re-
veille gave a brief account of the working shaft of
the company designed permanently to develope its
mines. Enough is known to ascertain the actual
character of the property, and if experience and
skill be brought to bear from the beginning, no
doubt is:entertained of a grand success, provided the
company upholds the manager. The New York and
Florida Company, among others, have adopted the
same system, aiming at a depth in its two great
shafts of 1,000 feet. The Plymouth company broke
ground last summer in the project of a general
working shaft, and its position justifies the belief
that many ledges will be cut, long before it reaches
the depth of 500 feet. "It forms one of a valuable
group, to which the Florida, Magnolia, and Troy be-
long, and is separated from the works of the Fuller,
Nfanhattan Company, South American, and Savan-
nah, by a shallow ravine. The small area covered by
the works of those companies is now the busiest and
the most productive on Lander Hill, and from all
appearances not one of them has prospects of suc-
cess and remuneration superior to those possessed
by the Plymouth. The shaft was undertaken with
the determination of developing the property in a
thorough and systematic manner, and if the plan is
carried out patiently it must result in great success
and profit. Hitherto the owners of mining pro-
perty have been too impatient, and looked for the
fruit before the seed had time to germinate. In
silver mining it is admirable policy to hope and
wait. No great plan of mining, at all likely to be
successful, can be carried out without intelligence,
skill, patience, time, and ample capital. The best
plan for working assured mines, in the hands of the
most energetic and skilful superintendent, will
prove abortive without money. Cash is the sinews
of mining, and of every great branch of industry,
as well as of war. Suppose the owners of produc-
tive mines upon the great Comstock had been nig-
gardly instead of lavish with their means their
mines would be lying idle to-day instead of yielding
tons of silver. It is to be hoped that the compa-
nies possessing interests on Lander Hill will pursue
a generous and wise policy, that will lead certainly
to a consummation of their plans and the achieve-
ment of substantial and lasting reward."
ANOTHER GREAT MINE.—One of the early dis-
coveries in the district of Silver Bend was the El
Dorado, which is now claimed and partially traced
for the distance of 6,4oofeet. Among the first claim-
ants was Col. Buel, who prized the ledge highly, both
on account of its great size and the fine appearance
of its outcropping ore. The first location on the
southern end of the great ledge belongs to W.F.Leon
and Co., who have been working it for some time,
and they were lately rewarded by the development of
superb ore. At the depth of 104 feet in the in-
cline, about 60 feet perpendicular, a stratum 15
inches wide was uncovered, selected specimens of
which gave by assay 2,8,03 32 of silver per ton. The
ledge has not been cut through in the incline, but
it is known to be very wide. The El Dorado is
likely to justify the expectations of its owners, and
toip,rboevLe
aonndeerof
atnhde great mines
Bh a
district.
ground on
the 14th November with excellent prospects. The
f t of
broke the
Florida shipped $106,500 in bullion for the year
ending Nov. lcth. The reports from the outside
districts are bright as in Austin, and the mines
generally give promise of rich returns. A disco-
very has been male on the Humbolt river of vast
solid beds of peat which iu a country so destitute
of fuel will prove of enormous value. There is one
bed covering 15,000 acres. These deposits are

always found in the most barren and desert-like re-
gions—one of the first signs of their presence is the
dead appearance of the tide or Marsh grass. When
the Pacific Railroad is finished, a Mae to the south
of this region, the vast deposits of :fuel will come
into play most effectually, both in the operation of
the road and in the development ,of the Nevada
mining interest. _

The Denver News says :—Our city was cheered
this morning by the sight of more. than a ton of
bullion bricks from the reduction works of Mr.
Cullom, on Bear Creek, a branch of Snake River,
about a mile and a half from Montezuma, in Sum-
mit County. We spoke, not long since of the for-
m ardness of Mr. Cullom's works. Since then he
has made a run of one hearth with the above re-
sult. In 12 hours 1,475 pounds of ore were smelted
down, giving 825 pounds of metal—lead and silver.
This has not yet been assayed, but is supposed to
contain from $5OO to $6OO to the ton in silver. The
bars were deposited in the B:ranch Mint in this
city. They number 83, and the total weight is
about 2,200 pounds. The ore produced was from
the Common Stock Lode.

RUBY SILVER.—At the last meeting of the Ly-
ceum of Natural History, in New York City, Pro-
fessor Eggleston exhibited some remarkable speci-
mens of ruby silver from Chili, and made some
remarks upon this rare mineral, which is only found
in a few places, and has recently been discovered in
Nevada in deposits of large extent. One specimen,
weighing one hundred and sixty pounds, was sent
to the Paris Exhibition. The president of the
Lyceum remarked upon the interest which was
manifested in Paris in reference to the enormous
masses of ruby silver sent from the United States.
Nothing of the kind has ever been seen before, and
a majority of the visitors were unable to decide
upon the true name of the mineral. As soon as the
character of the red blocks became known, they
were visited and examined by persons interested in
such matters from all parts of the world.
The Wall-street Journal gives the following as
the latest prices from San Francisco, received by
telegram from that city on the 7th December :
Gould & Curry
Savage "
Chollar-Potosi
Ophir
Hale & Norcross 825 "
Crown Point
Yellow Jacket
. .

Belcher
Alpha
Kentucky
Overman .,. It
Empire ••• tI
Imperial
Confidence

The value of the silver exported from Austin,
Nevada, for the month of November last was
$300,000.

RAILWAY AND 07HER COMPANIES.

COCKER3IOIJTH AND WORKINGTON.

A general meeting of this company was held at
Cockermouth on Saturday ; Mr. Steel, M.P., in
the chair.

The CHAIRMAN moved the following resolution :

"It appeared by the statement submitted to this meet-
ing that, after payment of all liabilities up to the 30th day
of June, 1865, there is a balance of £1,250 at the disposal
of the shareholders, resolved that the sum of £750 be
divided among the original shareholders, being at the rate
of 3s. per share, and that X5OO be disposed of by the direc-
tors in such manner as they may deem it expedient."
The directors proposed to hand over to the officials
who had served them so well £250 of the £5OO, and
the other £250 would be retained either for their
own remuneration, or to
meet any claim which
might be made upon them of which they had not
yet been apprised. The money to be paid over to
the shareholders in the shape of dividend would be
equal to £9 5s per cent., with which, he thought,
they should be well satisfied. Their railway now
stood pre-eminent on the share-list.
Mr. J. FLETCHER seconded the motion, which
was agreed to.

On the motion of Mr. FLETCHER a vote of thanks
to the chairman for the valuable services he had
rendered the company for many years was passed
unanimously, and the proceedir_gs terminated.

interest, to purchase the subsidiary canals, and com-
plete the main canal as determined by the award,
which was given in favour of the bondholders.
It had been agreed on the part of the company
that a further sum of £250,000 should be paid
in discharge of the floating debt, amount-
ing to about £500,000. As a contribution to
this fund the bond and obligation holders were re-
quired to forego the payment of interest for another
year; but by virtue of the arrangements proposed
payment of interest on the bonds and obligations
would be resumed in July, 1869, if possible, but at
latest in January, 1870. To insure the regular
payment of the interest and the gradual redemption
of the capital, the bondholders, at the price of £ll5
per £lOO bond, a sum of not less than £90,000 ster
ling in London would be specially applied out of the
guaranteed railways of the company, and as the
bonds were gradually redeemed the amount of the
annual sinking fund would be proportionally in-
creased. In the first year there would be applicable
£60,000 for interest, and £30,000 for amortisation,
which latter amount would annually increase as the
charge for interest diminished. Assuming that
the 50,000 obligations now retained in the hands
of the Government could be re-issued to the
public, it was expected that the redemption
of the bonds would be effected in a very few years;
the bonds would be redeemed at £ll5, the bonus
being paid by way of compensation for arrears of
interest, and the further surrender of coupons now
recommended. One of the most important credi-
tors in London had agreed to take 10s. in the pound,
and the others would do the same. There were
other bondholders who would consent to defer the
payment of coupons till January, 1870.
In reply to Dr. Solly and others, it was stated that
the committee were confident of success. If all
parties would agree, the Italian Government were
prepared to assist them in carrying out the proposed
arrangement. They would have a fixed sum of
£90,000 to deal with. The whole capital under the
original concession was £2,200,000, of which the
Government held 50,000 obligations of £2O each—
equal to £1,000,000, with a view to provide that
the debentures should never exceed a certain sum.
The revenue of the company at present was about
£70,000 a year. The Government guarantee was
£192,000 a year, which, with £ll,OOO from another
source, would make together when the canal works
were completed £203,000 a year.
The resolution was then carried unanimously.
On the motion of the CHAIRMAN, a cordial vote
of thanks was unanimously passed to Mr. Creswell
for his valuable services in Italy, and also to Mr.
Young for his able assistance in drawing up those
arrangements. _ _ _

Mr. DENT said they were deeply indebted to
Sir T. Bateson for introducing the committee to
the General Agency Company, who had rendered
them considerable service abroad, and were to be
paid out of the first dividend available. _ _

The proceedings concluded with a vote of thanks
to the chairman.

On the 11th Dec. the officers of the New York
Central Railroad were elected at Albany. All the
old directors were discarded, except General H. H.
Baxter, of Rutland, Vermont. Cornelius Vander-
bilt, controlling 187,948 shares, was elected Presi-
dent, with Daniel Torrance as Vice-President. The
new directors are all men of experience and repute
in railroad matters :—Cornelius Vanderbilt of New
York, Chester W. Chapin of Springfield, and Daniel
Torrance, William H. Vanderbilt, Horace F. Clark,
Augustus Schell, Samuel F. Barger, H. Henry
Baxter, Joseph Harker, William A. Kissam of New
Yord, Amasa Stone, jun., of Cleveland, and James
F. Joy, of Detroit. The consolidation of this line
with the Haarlem and Hudson River Railroads will be
effected, and the result will, it is believed, even-
tually be attained of a practically unbroken through
line from New York to Chicago. The Boston and
Albany Railroad will be included in the new con-
solidation, giving a connected system with the
Eastern termini of New York and Boston and the
Western terminus of Chicago.

The annualreport of the Central Railroad shows that
its total earnings for the past year were $13,979,514,
of which $1,032,023 was from passengers and
$9,151,750 from freight. The transportation ex-
penses were $10,653,692 ; interest, sinking fund,
rents and taxes, $1,271,083, and dividends
$1,734,831, leaving for the net earnings $2,051,738,
or 707 per cent. of the capital. The company
purchased during the year the " Athens cut off,"
from Athens to Schenectady, 38 miles, for
$2,000,000, and now owns 1,046 miles of equiva-
lent single track, and leases 140 miles more. All
the road from Albany to Buffalo, except about 10
miles, has now double track, and during the year
220 miles of iron rails were renewed. The whole
cost of the road and equipments to the present time
is estimated at $,36,594,405, and during the last
year 3,618,642 passengers, and 1,667,926 tons of
freight, were transported by the corporation.

The directors of the Western and Boston and
Worcester Railroads hare also effected a consolida-
tion on just and honourable terms, and without the
expense of employing
a commissioner. The Wor-
cester gives in $5,000,000, the Western $8,800,000,
making nearly 14 millions of dollars. From that
stock half a million is to be rteurned to the proprie-
tors of the Worcester Road, who paid out of its earn-
ings that sum on its construction accoant. The
funds and properties of both become common, as
well as the debts and obligations of each. The
directors were unanimous in accepting this arrange-
ment, and the Boston and Albany Railroad may be
considered an accomplished fact, ready to take its
part in the grand consolidation scheme represented
by Commodore Vanderbilt.

The report of the committee of the Debenture
Holders' Association of the Atlantic and Great
Western Railway has just been issued. Counsel's
opinion is given on the priority of the Debenture Debt
over the Consolidated Mortgage Bonds; the former
amounting to £2,800,000, and the latter to nearly
£4,000,000. Sir Rouudell Palmer advised the com-
mittee that the question in dispute must be go-
verned by American law, and the case was therefore
submitted to two eminent counsel of the American
bar temporarily residing in England. This was
prefaced by the opinion of the Hon. J. S. Black,
late Attorney-General of the United States and
Chief Justice of the Supreme Court of Pennsyl-
vania :—" I have examined the laws of New York,
Pennsylvania, and Ohio which define and limit the
powers of the Atlantic and Great Western Railroad
Company of New York, the Atlantic and Great
'Western Railroad Company of Pennsylvania, and
the Atlantic and Great Western Railroad Company
of Ohio—together with the statutes regulating such
companies in general, as well as the special acts
incorporating the companies named. These corpo-
rations have a right to borrow money and secure
the payment thereof as proposed in the prospectus
of the certificates of debentures submitted to me.
The pledge of the securities there mentioned is a
legal execution of their corporate power. The
holder of a certificate of debenture in the form
given will be entitled to the full benefit of all the
collateral securities pledged for its redemption. He
may recover principal and interest, and, if payment
should be withheld, no court in the country--State or
Federal—having jurisdiction of the parties and the
subject, would refuse him the prop'. remedy. Nor
can the obligation of the contract be impaired by
any future legislation without violating the Con-
stitutions of the several States, and that of the
United States." Both the lion. Louis T. Wigfall
and Judge J. S. Thompson gave a clear and un-
qualified opinion that the Debenture Debt takes
precedence, and that the holders have an equitable
lien for any balance remaining due after realising
and distributing the collateral securities deposited
in the Bank of England on the property of the
three old companies which now form the Atlantic
and Great Western, subject only to the prior liens
of the three old companies. The committee con-
sider it necessary to sell these collaterals, so as to
establish the exact amount of the claim, and they
recommend the debenture holders, or their accre-
dited agents, to buy them in, after which they
might divide amongst them the realisable assets,
amounting to £3 1 ls. per debenture. The railroad
may be supposed to commence paying its divisional
coupons tic the period announced by the committee
of administration, April, 1869, which then will

amount to £261,354, being about £9 6s. Bd. per
£lOO Debentures. Thenceforward the collateral
divisional bonds alone will produce an annual inte-
rest of .£66,706, equivalent to £2 7s. 7d. per cent.
on the whole gross debt of £2,800,000. The com-
mittee expect a considerable return from assets at
present unrealisable. Should the railroad be sold
under foreclosure the debenture holders, although
losing a large amount of share capital, would be
placed in an infinitely better financial position than
now.

The following are from the IVall-street Journal:
The Dunkirk, Warren, and Pittsburgh Railroad
is now in process of construction under favourable
auspices. The grading, bridging, and masonry for
the whole route has, upon a basis consisting partly
of municipal subscriptions, made along the line
of the road, amounting to $400,000 in all, been
let to Messrs. Simpson and Smith, wealthy and
enterprising cJutractors, who are pushing the con-
struction rapidly forward. It is expected that the
road will be completed and ready to run by the Ist
October, 1868.

The surveyors of the proposed route for a rail-
road from Springfield, Massachusetts, to the Hud-
son River, report that it will cost only $20,000 a
mile to construct the railroad to the New York
State line by the Winsted route, while it will cost
$55,000 a mile to build it by way of Danbury, and
$32,000 by the way of Litchfield.

OPENING OF THE BUFFALO AND WASHINGTON
RAILIWAD.—The first passenger train over this road
left Buffalo, New York, Dec. 7. The city officials,
officers, &c., accompanied the inspection tour. This
is acknowledged to be the smoothest road in the
United States. It is the first road built on pure
cash principles, is completed in the shortest time,
and will pay from the start.

A charter was granted by the Legislature of Penn
sylvania last winter incorporating a company to
build a railroad from Reading along the valley of the
fulpehoccon, via Bernville, Rehrersburg, and Mil-
lersburg, Berks County, crossing the Blue Mountain
near the latter place, to Tremont, Schuylkill County,
Pennsylvania, and thence via Gratztown, to Port
Treverton, on the Susquehanna, there to connect
with other railroads passing through the oil and
lumber regions of Western Pennsylvania. The
capital of the company is fixed at $1,000,000,
$700,000, of which is guaranteed by wealthy cor-
porations interested, and $95,000 is already sub-
scribed, only $200,000 remaining to be subscribed.
A meeting to organise the company will be held in a
few weeks. The length of the road will be 65 miles,
and its estimated cost for grading, &c., is $15,000
per mile.

THE UNION PACIFIC RAILROAD.—The Govern-
ment Commissioners having reported the Fifteenth
Section of the road and telegraph line of the Union
Pacific Railroad Company as ready for presdnt
service, and completed and equipped, as required
by law, the President of the United States has
accepted the same, and ordered the issue of bonds
and patents for lands on account of said section of
road.

The report of the large earnings of the Central
Pacific Railroad for the quarter ending Oct. 31st,
is exceedingly satisfactory, not only to the bond
and stockholders, but to every American citi-
zen, inasmuch as it shows that the great na-
tional highway from New York to San Francisco
will prove to be one of the most profitable rail-
road investments on this continent. The gross
earnings for the quarter were, in gold, $593,847,
and the operating expenses were $102,088, leav-
ing the net profits $491,750. The receipts of this
company are in gold coin, and their first mortgage
bonds, bearing six per cent. interest, principal and
interest payable in gold coin, are secured by grants
of land and Government bonds, which make them
among the safest of investments. Messrs. Fisk and
Hatch are the financial agents of the Central Paci-
fic Railroad Company, and offer them for the
present at $95 in currency. The interest is an-
nounced to be paid on Januaryi n full, in gold.
A full meeting of the bondholders and stock-
holders of the South-west Pacific and the Atlantic
and Pacific Railroad Companies was held at their
office, 51, William-street, New York, on Da3einber
11th, and Messrs. Benjamin E. Bates, President
of the Bank of Commerce, Boston ; Charles 11.
Dabney, of Dabney, Morgan, and Co., and Win,
A. Stephens, of Ward and Co., were appointed a
committee to arrange with the State of Missouri
for the surrender to the Atlantic and Pabific Rail-
road Company of that part of the road recently
seized by her authorities, and to complete arrange-
ments for immediate and energetic work on the
construction of the Missouri division of the Atlantic
and Pacific Railroad.