Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1879-02-26

of nising Is~forussstsn.
The stock market during the past week
has bern uncertain enough to suit the
most iuvsterate taksr OF chances. Yet
there have in most instances been patent
reasons for each advance made. There
is sufficient uncertainty still connected
with the Sutro Tunnel compromise to
make tbs water stocks a good gamble for
the initiated. When once the agreement
is an accomplished fact these stocks will
doubtless take q bounce. The proba-
hility which still clinss to the matter. in
spite Of all delays. has had its influence
during the pas, week. while. in turn.
every doubt which could be cast upon q
final agreement has slso been used to
produce a downward ~auctuation.
Speaking OF this compromise the
Stock Report Of yesterday says:
We understand on unqaestionabls au-
thori,y that all the specifications OF the
arrangement between the tunnel and the
principal companies have been agreed
upon and articles prepared which have
been approved by all parties. The only
reason they are not signed Is that Sutio
insists that the smaller companiss-such
as least ledeers" for instance. and all
those that might possibly reap benefit
from the tunnel in future-shall be
brought into the anne arrangement.
These little companies generally agree
to the terms, but the labor OF preparing
the several articles, with all tho minute
specifications that Mr.. Sutro no doubt
wisely insists upon having incorporated
in each one. has delayed the final sign
ing Of the compact. by the end OF this
week, however. and perhaps before. we
shall be able to the consum.
nation OF the compromise, and the im.
mediate beginning Of the drainage.
Preparations for turning all the water
of the Julia mine into the Sutro Tunnel
will be completed tomorrow evening.
II is extremely doubtful II. even under
the new contract, Mr.. Sutro will allow
the water to go in. It stands at u TEN.
perature OF l5s degrees, and to allow
this to low into the tunnel before AZ
ransvmen,s have bssn completed with
the other companies would be to recede
from the position assumed by Mr. sutro
in regard to the hot water from the
flooded mines. He will doubtless rather
incur a liability for damages than to do
this.
In the meantime economy prevails at
the Savage and Hale x Norcross. The
water has been allowed to raise to q
point 40 feet below the 1000 level at the
former mine and - feet below the same
level at the latter, as 1t saves some dis.
lance in pumping. The pumps are be-
ing run also jus, rapidly enough to bold
the water anu thus n double economy Is
effected pending present delays.
While there has not been much change
in the mining situation during the week.
notes OF preparation are sounding all
along the lode. The Utah will soon
start GU a new aud grand scale and send
its incline rapidly toward the 1000 level.
where the Sierra Nevada formation is
expected to DO encountered.
AT the Sierra Nevada tho much.
needed new air compressor will soon DO
at work and will greatly facilitate opsr.
atoms. At present any delay for tho
want Of power from this source allows
water to accumulate in the incline.
hindsring the workmen and causing IN
increased expenditure to raise 1t out. so
that the work must necessarily proceed
slowly. This will all be remedisd be-
fore the close OF another week.
Tho North Consolidated Virginia will
10 ready to start its powerful machinery
in u couple Of weeks a, most and at
about the same time will connect with
tho 100 level Of the Sierra Nevada
through the upraiso now being made to
connect with It's shaft.
Bullion has made an important un-
foreground connection with tho lm-
perial.
At the Alta and Benton there Is q
milo Of drifts on four levels ready to DO
used as bases for crosscuts.
Further south arc Preparations for
tho resumption Of work. Reports
say the Dayton and Cherokee will CON-
mence operations some time next month.
and that the Kossuth. Daney and ANA
ron Il Glasgow will probably follow suit
soon after.
Below We give our regular weekly
summary Of tho latest and most correct
mining information. derived from Of
ncial and authentic sources. showing
the situation Of each mine to-day up TO
the time Of going to press:
Moraing star.
This Is one Of the Oldest mining loca-
tons ON the eastern slope OF Cedar Hill.
and although showing groupings OF con-
siderable magnitude. and having had
much surface work done on II at various
times since 1860. has never been pros
pectedto a depth sufficient to prove what
may lie beneath tho broken surface up
heayals OF the hill. Near the south line
Of the Utah a tunnel has been q In .
westerly direction q distance Of 60 feet.
This tunnel cut the ore vein showing 1t
to be over 30 feet in thickness and near
ly all low grade ore. A branch drift was
then started southwest which again PEN
etraied the vein 20 feet south Of where
1t was first struck. Al this point the
ore showed q decided improvement
AMI q WINE was started downward on
the east clay slope OF the ledge. This
Wine has been sunk to a depth OF 90
feet, showing for that distance as fine Q
clay wall and ledge formation a. there Is
ON the Comstock. A drift was then run