Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1875-02-04
LOCAL MINING SUMMARY.
Ter Il. Week K.AI.s F.sr..ry I, 1873.
Latest Official Mining News

The Great Depression In stocks-
why IL Ms-who Caused n:-
when VIII &c End :-Other 90.
nundrauas-what she Great No.
nanxH and ths Lower Levels all
Aisng she Limo shew Teddy.
We were correct last week In our opin-
ion that the stock market had reached
bottom. but the rise which followed, al
though gratifying. was very brief and
not at all satisfactory. Tho up-raiss
was discontinued and sinking resumed,
Deeper and deeper in porphyry and ruin.
till now. to-day, stocks arc much lower
than they were a week ago. The future
outlook in that respect is not encourage
ing. and the market decidedly shaky
and unreliable. When this un.
looked for, disastrous break will
end no one can say. Margins have been
swept away without mercy, and those
brokers who did not sell out their clients
when their margins were reached, but
are still carrying them. are looked upon
Us a possible source OF further disaster.
Operators and small dealers who have
not bought on q margin, but who are
still holding their stocks, have simply
the grim satisfaction Of knowing that
they arc safe from total ruin. and can
regret, at their leisure. the emo opportu-
mites they have lost OF selling at q
splendid profit. Even marginal buyers
are not n, all destitute Of that unconsol.
ing reflection.
Everybody wonders who first started
this unexpected aud ruinoua break, and
the disposition is not 80 general to
charge ii all to Sharon as il was u week
or 80 ago, the more especially as
IL daily becomes moro and
apparsn, that Sharon and his friends
are the GREATEST victims. The fact Of
the matter Is that Sharon did not start
the break. although he may have assist
ed the decline since, by trying to
realize in self-dcfenso. As the smoke
Of tho preliminary skirmish clears
away il develops into battle
between giants. 1t IL not tho
big fish getting after tho little
fish. but leviathan against loviaihan. II
was we'll known that the California
Dank party had succeeded in obtaining
OF tho 0phir, and Sharon and
his friends were freely purchasing aud
carrying" that stock. A job was put
up TO catch them out. and |, has worked
pretty ,ffeetually. We believe. II the
truth wore known. that Baldwin iir.t
started the break by realizing on the
great amount Of Ophir stock he hold
when defeated for tho control Of that
mine, aud that others followed suit
In both that ani other mines
before tho Bank party could even think
Of unloading. Small holders and ner-
vous dealers followed, n panic was in
augurated. and margins melted away
with q rush, which still further fright
ened everybody, AMI even now who
shall say that the bottom Is reached, or
that they can soc the end. Those who
considered themselves worth their hum
dreds OF thousands three or four weeks
ago. and were newspaporially recorded
M the lucky ones, are now thousands OF
dollars in debt. and have ruin staring
them In the face.
Meanwhile the mining explorations SO
on uninterrupted, and with no adverse
circumstances or indications. The ex-
tent Of the great bonanza is still unde-
fined. the quantity Of rich ore devel.
oped. increases with zach foot OF drift.
cross-cul and Wine, and the mines II
passes into and through, IRE worth
twenty-five per cent. moro to-day than
they were n week ago. The bullion 70.
turns are daily increasing, and the pro-
duct Of tho Consolidated Virginia for the
present month. assisted by the new mill,
will amount TO over ono million dollars.
The outlook for dividends is about an
follows The Consolidated Virginia will
pay - a share on its old stock. and next
month paying 50 monthly on
it, old ~sharss-equai to $40 ON tho old.
Crown Poin, and Belcher may possibly
pay dividends this month, but II in con.
sidersd very doubtful, in view OF the
present condition Of those mines. In
fact they may not pay any moro divi-
bends until new and richer orc bodies
arc developed in thcm. Both have
plenty o. ore in sight to pay their cur
rent expenses for some time to come.
Below We give our regular weekly
summary Of the latest and most correct
mining information obtainable
Belcher.
Daily yield. $50 tons OF orc. Tho
ore breasts show no change in the char.
actsr OF tho ore extracted, or indication
Of exhaustion. Sinking the main in
cline is progressing steadily. though
sloxlx owing 10 the extreme hardness