Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-07-19
LOCAL MINING SUMMARY.
For tho Week Kndins July 10, 1879.

For tho Week Endins July 10, 1879.
Our announcement that stocks were
down, In our last weekly summary OF
the mines, was somewhat premature,
as shown since by the heavy decline
which has taken place In most of the
leading stocks on the line of the Com
stock. Savage, which closed on Satnr-
day last at 1874, closed yesterday
morning at $50. a decline Of $sl per
share. but rallied again in the after
noon to $a4. Hale and Norcross has
declined 81, Chollar Potosl 81, Crown
Point 50, Belcher 81, Ophlr 81, and
Virginia Consolidated 50. while most
Of the American Flat stocks, although
subject during the week to strong fluc-
tuatlons, have generally held their
own and In some instances show a
slight advance.
As to the causes that have conspired
to produce this terrible decline, there
seems to be literally none, except that
1t Is the will Of the bears that 1t should
be. The ore-producing mines on the
entire lode have not looked more
promising or yielded better for the
past year than at the present, while
In San Francisco the money market
continues easy, with large amounts Of
loanable funds accumulated In the
banks. The rates In tho commercial
banks remain at 1@lE per cent. per
month, and 9Sl2 per cent. per annum
in the savings banks. Coin drafts oil
Atlantic cities commlnd Clio to IL Of
l per cent, and currency drafts l4S
per cent; so that there seems to be no
sound reason whatever why stocks
should not command the prices they
did two months ago.
Below we give what we know about
the mines.
Lady washingtss.
This claim was located In 1859, md
during the administration Of Andrew
johnson was patented by the owners.
1t Is situated directly north Of the
Justice and south OF the Orerman. and
about $500 feet north of the Silver Hill,
the next claim south Of the Justice.
The u. 5. patent Is for 1000 feet north
and south. Since the lst Of May y
large building for hosting works, In
size 75xG0 feet. lIis been erected over
the shaft. which L. situated about 400
feet north Of the Justice line, OIL the
east side of Gold Canyon. An engine
of 40-horse power Is already In posi-
ton, the boiler Is set, and complete
hosting machinery nearly ready for
| operations. The gallows frame will
be raised to. morrow, and 1t IA expected
to resume sinking by the last OF next
week. The shaft Is divided into three
| compartments, four feet square, and
substantially timbered. It il expected
that the ledge will be cut about 800
feet from the surface, although the INA
chlnery is sufficient to sink to n depth
of 1900 feet. MIR. James Rule Is the
acting Superintendent Of this mine,
and work is being pushed forward
In the most rapid manner. We shall
undoubtedly chronicle good results
from the Lady Washington within a
short time.
Sinking the incline has been again
resumed and Is making good progress.
The main south drift Oh the l700.foot
level Is being driven encrgetically
ahead to make connection with the
north drift OH the same level from the
Hale & Norcross. a cross.cut west
from the main south drift has been
started near the south winze, but has
developed nothing Of material value
as yet. Prospecting In other portions
Of the mine continues rs usual, With.
out change of interest. At the annual
meeting. held July 18th, In San Fran
cisco, All entirely new Board OF Trus-
tees was elected. with the exception
of James A. Pritchard, President. The
management Of the mine, however, re.
mains IL the same hands, Hayward
and Jones. j. IL. Boalt, Robert Sher-
wood, j. ID. Coughlln and 5. A. Ray
mond were elected Trustees; Alonzo
c. Hamilton, Superintendent, and f.
B. Holmes, Secretary.
ChsIIar.Peissi.
Daily yield, 40 tons of ore, worth
per assay value, $50 per ton. There
has been little or no change In either
the looks or yield Of the different ORE
producing sections Of the mine during
the week. The east cross cut, from
the main northwest drift Mt the 4th
station, Is still pushed energetlcally
ahead. the face In quartz OF u very
promising nature. The annual meet
Ing Of the company was held IN San
Francisco. July 18th, when the officers
were 70 elected as follows: A. X. l..
Harmon, j. d. Fry, Alpheus Bull,
william Norris, II. q. Kibble. James
Freeborn and James II. Dobison,
Trustees; Secretary, w. E. Dean ;
Superintendent, Isaac j.. Requa. The
Secretary reports the receipts for the
year $l.O05. 1851. including an assess
ment OF $40, 900, and the expenditures
$S7l. 06S, leaving $l33,3O3 cash on
hand.
ImperiaI.
The cross-cuts at the l700-foot level
afford nothing new to report for the
week. Prospecting the other levels
continues. with no change Of Interest.
Two large tanks, or reservoirs, have
been constructed on the high hill east
of the Imperial-E Empire shaft, which
are to be kept filled with water pumped
from the shaft, the elevation Of the
tanks giving a tremendous pressure to
| the water when returned to the hoist
ing works through hose, so that If fire
should occur In the hoistlng works 1t
could BIZ drowned In a moment.
Ophir.
Sinking the incline Is making steady
progress, without change Of interest to
chronicle. The flow Of water from
the east cross-cut of the upraise at the
first station, north mine, has been
gradually increasing for several days,
and the ground being very soft, the
progress Is necessarily slow. The rock
In the south drift ut the l3O0.foot level
Is improving In character. Nothing
new to report Of the prospecting IN
other portions Of the niue.
| uvlI