Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-05-10
LOCAL MINING SUMMARY,
For tho Week Endlns May 10, 1873

For tho Week Ending May 10, 1873.
This has been a decidedly lively
week as far as stocks ale concerned,
characterized by no small degree Of
excitement among both large and
small dealers. Stocks have f~,uctuated
considerably, with au advance all
along the line. and exhibiting a still
advancing tendency Mt the close, with
a good prospect for a lively week
The present rise in stocks, as
we have before stated, Is due more to
ease In money matters, and the facili-
ties for buying and selling on margins,
than to the Improvement In the mines,
although our mines certainly are look
lug much better than they were q year
ago. The most important new ore de-
velopment is that in the Baltimore
Consolidated, yet rumors OF a rich
body of ore at the lower level Of the
Savage have u very perceptible effect
upon the stock Of that mine, and SYM
pathetically upon all tho others. The
San Francisco Bulletin Of Wednesday,
has the following on the situation
The excitement in mining stocks
There has been nothing
like 1t In nearly a year. The disburse-
ment of over 81, 500. 900 in dividends
by the Belcher and Crown Point mines
has developed a strong disposition to
and many are trying to regain
some Of the losses sustained within the
past year. Savage continues to be the
feature OF tine market. The operations
in this stock affect the whole list OF
Washoe mines. SO far there has moth
ing been made public to justify the ad-
vance, and the movement Is looked
upon as purely speculative. The rise
o more plentiful supply Of
money than was supposed to exist.
Savage opened this morning very
strong at $ll0, and closed at $l25, a
gain OF $35 over the highest price yes
A week ago tho stock was
at $72, and was considered high
1t that. The nominal appreciation In
the value Of the mine during the inter-
val is over $500. 900. A year ago,
extraordinary excitement, Saw
age sold at $500 to 500 per share. 1t
does not follow that IL will bring any
such prices now.
The Alta says:
The whole market presents a firm
and buoyaut aspect. The orders to
buy multiply a little faster than the
means Of carrying with the brokers,
but the growing value of the stocks In
creases the available securities, giving
constantly greater breadth to the mar
xet In the hands of those well-known
houses who can command money from
institutions at M per cent. on call,
and re-let to advantage on stocks,
which are subject to careful revision.
Money thus finds its way to the sup
port Of the market, aided BY the large
sums which the mines and institutions
will disburse in the next ten days.
The present state OF the market should
have manifested itself two months
since, and the brokers and dealers can
estimate BY it the immense injury
which incompetent aud uaintelligent
bear operators of the Whitney stamp
did the majority OF brokers as we'll as
stock owners. Their mere audacity,
begOtten in Ignorance. cowed the
whole Board and sacrificed hundreds
OF clients who lost their margins
through fictitious quotations. Tho
remedy is In tho fact that those per-
SOUS ultimately ruin themselves, and
when once out Of the door the Board
will consult its own Interest by keep
ing 1t closed against them.
Below we give what we know about
the mines:
Bcicher.
Daily yield over $50 tons, 200 oil
which comes from the l300-foot level,
through the Yellow Jacket shaft. The
ore slopes and breasts in that and the
other producing levels are looking
finely, as usual. The main incline !:
now down l24 feet below the l2OO-tool
level. The drie north at the l2O0.tooi
level Is In Ell feet from the incline,
and the drift south from the slopes to
connect with 1t Is in 4a3 feet. leaving
only about 90 feet to complete the
connection. Drifting south at the
l3OO.foot level Is not resumed rs yet,
as the umbering Is not quite finished
The winze connecting it with the leveI
above Is also being widened and tim
bered for ore raising purposes
When the drift connection with the
main incline Is completed ar the 1900
foot level, with the incline, the ort
from the l300.toot level will be holstec
through the winzs aforesaid aud SEN
out Of the l200.foot level and RAISED
through the Belcher incline and shat
instead of through the Yellow jacket
shaft as at present. The May receipt:
of the Belcher mine are ostlmated a
81, 300, 900. The dividend Of s. pc
share dlsbursed to-day aggregate
$S32, 900. This will make $4,576.0 ON
paid to stockholders by the company
| since the resumption Of dividends II
January. 1872, OF which 81, 302, 600 Ia
been declared since January l, 1873.
Baitimore Consolidated.
This mine continues to be the cente
of attraction at this end of the ledge
from the important and still improV
Ing Developments made in it In til
shape of a good body Of rich pay orc
the extent Of which Is not yet ascei
$3.50 ,pba ,yast drift at the 925.foc