Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-04-16
INTERESTING TO SACRAMENTO.
The Project of the California Mining and
Water Company.

The following extract is from the American
Exchange New York; for March 18th. Sac
ramentans will find interest in it from two
points of view. First, the bringing in of
water across the American SO as to reach a
point near Newcastle, and its conduct thence
down the foothills. will open vast acreage to
cultivation, and give place and inducement
for large population, which viii naturally
make Sacramento its market town. Second,
the introduction of mountain water into this
city by the exten ion of the canals of the
company some twenty miles. The Erchange
says:
The California Water and Mining Com
pany on Monday offered 200, 900 shares of its
capital stock to subscribers in this city. and
already nearly the entire amount, it is stated,
has been taken. As soon as all their stock
has been sold the subscription books will be
closed as the remaining 800, 900 of the total
capital stock will not be offered on the mar
ket, 200, 600 shares having been retained by
the former owners of the property, and the
other loo, 600 shares placed in the treasury of
the company. The company has been organ
lied under the laws of this State, with capi-
tai of $40, 100000, the stock being fully paid
and worcestershire Among the stockholders
are many very prominent men, Of national as
well as local celebrity. AS the title of the
| company suggests, it has been organized not
only Tor the purpose of mining, but also for
supplying water to various enterprises.
1he property OF the company is located be-
tween the south fork and the middle fork of
the American river, in Ell Dorado county.
California, and comprises exclusive water
rights on the divide, covering an area of more
than 700 square miles. The company has
now In operation canals and bitches having
total length of 257 miles, which supply water
to number of mines and ranches for mining
and lrriGating purposes. 1t owns an interest
In eighteen mines, many of which are re-
ported to have proved rich in gold, and
large area of timber land with three saw
mills, which are kept actively at work to fill
orders for lumber. As the company owns
exclusively all the water rights in that Sec
tion of the country, it practically owns all
the placer mines in that region. The COM
pany has at present revenue from its prop
erty which it is believed will not only pay
reasonable dividend, but will provide re-
serve fund with which further to extend op-
erations and developments.
The company is already supplying num-
Der OF gold placer mines and agricultural
lands with water, and will further extend its
operations in that direction. By extending
its canals distance of twenty miles it will
be enabled to furnish the city of Sacramento
with water from the mountain lakes. This
project is now under way, and the company
expect to derive a large revenue from it. The
mines OF the company are located in one of
the richest goid-bearing districts of Califor-
MIA, and are now being worked to advantage
Reports have been obtained from Professor
Rossitel w. Raymond, of this city, Professor
William Ashburner, E. P. Hutchins George
w: Swan and Professor Amos Bowman, of
California, who have personally examined
the property, and have spoken very encour-
agingly of its condition and prospects.