New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-05-04
TIE NEVADA SILVER MINES.
THE PROSPECT OF THE MINES.


TO the razor OF The Tri6une.
SIR: The lucid and instructive letter of Mr. j.
Winchester from Alpine County. California, in re-
gard to the present condition of mining affairs on
the Pacific Slope has been read with deep interest
by those in New-York best conversant with the sub
iect he treats with such candor and business ga
gacity. The article has been studied by many East
ern capitalists who have made large investments in
Nevada silver mines, and found, after bold
plans of operation and expenditure on
very liberal scale that mining, as they con-
Quoted it, meant heavy outlay and no
encouraging returns These capitalists have not lost
faith in the great future of silver mining In Nevada nor
were they deceived in the existence of vast bodies OF
good ORE but the business of reaching the ore and re-
ducing It, as prosecuted by Them has swallowed up large
sums Of money and led In many casos to suspension OF
operations even after large mills were built ana mines
partially opened. The most promising ana soundes'
companes have thus become at least temporarily ais
heartcncd and have abandoned veins of mineral which,
when the country becomes moro settled and supplied
with facilities for labor and ready transportation must
prove literally mines of wealth for centuries as saar
veins have proved in the Old World and in Mexico.
The letter of Mr.. Winchester appears at a moment
when the silvermnng interest III New-forK Is at ep
tide Some few capitalists may have been deceived
by artfu nominations but infinitely moro have been
selfdeluded by extravagan expectation and an IRA
tiona mpaence that has chosen to pay $40 to-day ior
that which in the early future would cost scarcely ha
as much. Since gold and silver mining Is business
sprnging up at first beyond the limits OF civilization,
and requiring that mountains Of rock shall be pierced
and laid bare, 1t reasonable that-amost more
than any other occupaonit should be engaged In by
men whose prominent trait is tenacty, not
feetlng enthusiasm. The reverse has been the
rule in seeking for precious metals in America;
yet Mr. Winchester shows cOnclusivey that the result
is nevertheless, most hopeful. and that transient
disappoinmens have not, any large sense assumed
the form of disaster On the contrary his estimate Is
that the yield Of American gold and silver mines during
1872 viii aggregate between s9OOoOCOO and s1oOcOOOo
the bulk OF which will e taken from the greatly abused
and undervalued silver mines OF Nevada. slhce MT
Winchester plainly belongs to that best and most sue
cessful class miners who have experience patience
and nvincibe faith it is well worth while to summarize
his deductions on mining founded on long personal
observation. Ii may DO done briefly as follows:
First During the last two years so many new mines
have been opened, and the mechanical details Of reduc-
ing ore so much improved and enlarged that success IN
gold and silver mining in Nevada and California Is now
the rule, failure the exception.
Second Capital is secOndng mining enterprises in the
West with freedom never before experienced.
Third: In San Francisco, which possesses the most
intimate knowledge OF the mines, the amount or local
capital invested is immense and increasing. English
capital is tending in the same direction.
Fourth: In the ComsocR Lode at Virginia City, which
Is the greatest vein of silver developed immense
bodies of rich ore have been found at depth OF 1900
feet and lies beyond may be judged from the fact
that no ssure vein in the world has ever been e1-
haustcd. The shares of company Grown Point),
which sold November, 1870. for 81 so share were
quoted in April. 1872. at over $1,000 per share.
Fifth: Notwithstanding so much has been said OF
assessments made mining stockholders, the total Of
these "lefhanded dividends does not exceed sl2OO0cO
which is an insignificant fraction of the yield
Sirh During the first three months OF 1872. the mar
ket value of at Virginia City alone has increased
from sl5,3l8,OO to SlO,5ls,ODO.
Serenh: Mines elsewhere in Nevada are yielding
largely that at Phoebe the extent of $1,000 per day.
So much for Mr.. Wincheser's timely and enlightened
statement lie asks for moderate sum TO continue in
his chosen field OF operations and the good sense with
which he writes will doubtless attract tho desired CO.
operatiOn IL happens that the writer though never
owning any pecunary interest in silver mine, has
visited nearly all Of the most noted veins in Nevada IN
pursuit of other business Some of the Odes which have
been famous and the busy Of active operations
employing hundreds OF men, and hundreds OF thousands
capital now in state of inactivity waiting for
more ndomitable owners. When was in Virginia City
in 1868 the place seemed threatened with RAPID decay,
stock had about pnched OUT at an average depth
OF less than 900 feet Yet its present enormous increase
value is based deposits or ore uncovered AT the
depth Of 1900 feet.
The celebrated Hyko mines in the Pah Ranagat
country in Southeastern Nevada, are now idle though
the villages and mills that spraDg up there during the
shall be infused. The assure vein discovered there
cropped out high and rich on top OF mountain and was
miners pronounced it second only 10 the Comstock vein
aud unlike the latter which is divided among Sc com
NAMES HykO owned entirely by one company
But the attempt TO develop the iyko vein, II has
been found that nature has disturbed its continuity and
the company. after following 1t for 400 feet and
spending large sums, ordered halt, and Is
waiting to mature less impusive plans OF action have
seen common aborer at HykO receiving six dollars per
day, and TWENTY-FIVE cents per pound paid for ordinary
freight. over 100000 was spent IN building mill there
before the vein had been opened at all below the
face This costly haste based on nexperence brought
reaction and has caused the great vein to be treated
reached on the lower levels but out not
and So operations we're stopped The history of mining
in Nevada has been, first headlong expenditure, and
then reaction, with suspicious and unreasoniDg midty
Mr. Winchester has taken happy middle ground that
accords exactly with my own mpTessions that felt
mpelled to write this Endorsement TO The TRIBUNE.
One incident of my visit to the Iyko mines has been
male memorable by subsequent events My cicerone
middle age with unbounded,faith in future OF that
mining region and at that period sadly corresponding
lack OF means. For several days Travelled over the
hills with him. listening to his theories and predictions
half inclined to believe him the visionary so many
called him. BY turning to your daily paper you VIII
find Raymond Ely shares quoted above par In the
dispatches from San Francisco; 1t is the same
RAYMOND and he is worth s200O0O0 every cent OF
1t made since 1870 in Nevada siyermning Fifty miles
S 81 'Rs E Poche is not
neV district When Hyko was in It's early and luxug
serious examination The groupings were promising.
but when the surface scratched to the depth OF
few feet the prospect failed and Tor long time Poche
Nj Raymond and his partner finally determined to at
tack IL III earnest lnty Hau no inontt anu bot
credit so they compelled to be patient and could
rush into the extravaganza that has been SO in
than they dared hope they struck rich and steady
deposit This mine, Mr.. Winchester says, Is now
handsome aggregate of $9O5,5Oo The Phoebe district.
like that OF Virginia City, that IL is fairly opened,
will never be abandoned Its season OF neglect has
passed AS railroads increase and labor mutiplies,
other unproductye veins IN the wonderful
state OF Nevada will yield their riches at the
command OF resolute capital, Of solid business
management, and the unshaken faith that any
a
warrant to maintain in the face Of all trials and
Those who reason and hold like Mr.. Winchester. or
xrho like MT. RAYMOND,