New-York tribune., 1872-04-30
MINING IN NEVADA.
HOW GOLD AND SILVER ARE SOUGHT. AND
WITH WHAT SUCCESS.
BY A WORKING MINER.
To the Editor Of The Tribune:

SIR: IL is more than two years since the pub
catioR In THE TRIBUNE Of my second article on Mines
and Mining" in which endeavored to show what were
tho of failure and what the conditions OF success
IN the business Of mining the precious metals also
dsabusc the public mind OF inveterae and unreason
ing prejudces against investments In legitimate ana
honestly managed mining enterprises as extra'haz
nrous OF the many failures through ignorance
incompetenoy, dishonesty by which the said pupnc
had lost 80 heavily Shortly after the publication OF
that article ana on the eve of my departure for Caor
nia TO consummate the mining enterprise in "non 1
had been for several years engaged, the i0V"e "o0
from your Office was sent to me:
NEw.YoRK, May 6. 1870.
FRIEND WINCHESTER: During your pending trip
through Nevada and California, beg you to write
me the exact literal truth with regard to Mines and
Mining throughout that region. am less interested
In prospects than in actual results Let me know
all you can as to these.
Yours. HORACE GREELEY.
J. Winchester esq. No. 36 JOhnst., ". T.
This request has not. hitherto, been complied with, TOT
various easOns The extent to which fraudulent COM
panos had been hoated" upon the people OF the At
antic States and in Europe following the earlier ex
elements mining left nothing but hard patient per-
severng work he done by those who wished 10 estao
sh faith In the business by conducting 1t to successin
results upon the business principles as were neces
sary to success in other undertakings Besides te very
number and magnitude Of these swindes py "hch pup
lie confidence had been destroyed in conjunction WIN
the patcn abors Of the OF fath were the only or
most potent agencies bring about healthy reaction;
and for this. time indispensable condition. FOR
these swrdcs the people much TO blame as their
dishonest or incompetent promoters" The puohc
took everything upon trust bestOwng confidence and
cash with reckless disregard of the painest dictates OF
caution or In great majority OF mining
Investments, the losses consequent rather upon
lack Of discrimination than on any want OF sub
stantal basis upon which TO establish mining, under
legitimate management. a profitable business.
The two years last addressed the public through
TuE TKIBt have been more important In mining pro-
ress than an the previous since the discovery OF
gold on this coast. announcement has been given by
ml-mcn and miners 10 every device promising TO Sc
cure saving OF labor efficient modes In the re-
duction and anal gamaion of consequently many
oc0nOmzin agents, and more potent metalurgy, nave
introduced improving every branch OF mining In
dusry The beneficial changes wrought by these vari-
GUS Improvements and reforms have in these two years,
rcvoluoHized the business OF mining; and IN asserting
that success has now the rule, while failure is
the exception" say than what conceive the
facts 10 warrant This Is entire reversal Of the former
condition Of things
SOME or IuE ACTUAL REsULTs-THE coMsToCK LODE
In extensive field of operations as Is occupied In
production Of from eighty to one hundred millions OF
bullion in coin value per annum, IL is obviously impos-
sG!e but few of the actual results OF particular
enterprises. The COmsock Lode Is worldrenowned
and has been the most productive OF any hitherto dis
covered As official reports show. 1t is occupied and
worked by a large number Of companies, covering a
linear OF about three miles Twentysx OF these
companies have given 10 the world Lot less than
s0OOOO in the past ten years. OF which S22 have
paid 10 stockholders dividends. The actual In
of capital, paid in assessments, is believed
20 exceed sl2ODOO00 In OF these mines years
of Development and enormous sums Of money were re-
qured reaching the point of 1t Is also
hat fha dupfu in he q
Of them consequent upon the "bull" and "bear" "
fights in The Boards of Brokers, and among the sidewalk
operators Yet their product of bullion, and present
Of development, give them high intrinsic vaue
The Crown Point" paid four dividends of $40 per
during the year s7O yet in November Of that
the stock fel to s. so per share OF $4,000 for the mine.
This was part at least In consequence Of the belief
that lode had given but the Company persevered
in going deeper and rewarded by striking bonanza
body Of richer than in OF the upper
levels The developments thus far in the bonanza show
in sight according TO careful computation, of from
s0OO 10 s5OOcOOOO In April Crown Point shares
sold for s. cOthe equivalent Of s12OOOOO for the mne
or $4,000 per foot! The dividend for the month
per cent the selling price, or $500 per foot Its
mills are able reduce 1900 tuns Of per month,
and the product for the month is estimated at
SIoOQOJl. or 1900 tuns OF so per cent ore.
The EclcLcr" adjoining the Crown Point. IS believed
g. Dc quite equal the latter and by many thought to
De better 1t has struck the same bonanza, and the
Nalur o orc estimated sight" is rated high in
the Crown Point In October the Belcher stock
soI down 81 per share, 10000 for the mine.
It. yldcnd $50 per share) made IN January,
when the stock in price TO $780, or $50 900 for
thc .uc. The savage" has also struck the same body
of Their IOO and 1900 foot levels, and
pucncc stock has advanced from less than 500 to
500. being the rate Of 5000 foot TAe highest
price Of the Could and Carry" IL its best days was
(C-uo per foot
Considering the present state OF development In these
mines e Consock these values real rather than
the quantity Of in sight," proved by
drifts through the bonan-a and by the extent Of
many hundreds OF feet In length and depth in the three
mines, sufficient warrant the prices paid for the
stock And these developments also Justify the large
apprccat value of all the other mines the Com
stock Lode. In one OF them-the yellow Jacket-the
deepest working is 1900 feet, nich is low the
level Of the Sutro Tunnel and the deepest shaft the
American Continent. No water is found at that depth
The amount OF dividends declared the 9Th OF April
by three Mining Companies aggregated S71s0OO OF this
the elcher paid s2OsOO Crown Point 100000 and Ray
fnond & Ely S2lOoOO-being the largest dividends
paid by the SO mines. Since the 1st Of January last
Becher has paid 1924 OOO in dividends, and Crown Point
t7sOOO-a total for these two mines OF S40l0 900. Dur
Ing the week ending April 5000 tuns of raised
the Crown Point, valued at about s2OOOO0. The
capital Of The Crown Point is 5000 O0 In 120 shares
covering ZOO feet the lode Its proposed To make the
capital SO OOOO In 100000 shares. The current market
values Of Of the leading COmstock mines, based
upon the prices Of shares at the san Francisco Stock
Board. April 10, 1872. were follows:
oo-panH Pee' = Nine Phse PEI foot vs9so1M5s'
Heeher. ...........-lO4D $3.50 SSSOtOO
.sIH Eofu.