the prospects in depth are, so far, not very flattering. The same is the case in the other deep mines of the district, but the coincidence is not to be regarded as indicative of a general law. The following statements are taken from the secretary's report of the Meadow Valley Company, for the fiscal year ending July 31, 1873: CREDITOR. Statement of the gross proceeds of bullion from the mines of the Meadow Valley Mining Company, and cost of production and reduction of the ores yielding the bullion, for the fiscal year ending July 31, 1873. Contingent milling-expenses Assay-office expenses. Total expenditures in milling department. Deduct amount of inventory to supplies on hand at date To miscellaneous accounts, viz: Freight on base bullion to San Francisco. Discount on bullion-yield for current year State of Nevada taxes on bullion. States of Nevada and California property-taxes Exchange.. Insurance premiums on mill-property. Telegrams 14,662 32 4, 299 50 534 67 San Francisco incidentals, salaries, and trustees' fees 12, 226 98 84,968 80 Total expenses To net profits for the year 8250 00 7,689 34 443 75 3,381 89 $933, 422 56 21,796 89 33, 561 87 The total bullion-product of the Meadow Valley Company from 1869 to the 31st of July, 1873, has been $4,233,296.58. The total net profits during the same time were $1,772,651.19, the total assessments $210,000, and the total dividends $1,260,000. During the calendar year 1873, the Meadow Valley Company produced Fine bullion.... Base bullion Total .... $470,609 69 268,035 31 738, 645 00 Besides the above amount the Meadow Valley Mining Company's Mill produced $38,821.97 from customs ores. From the very full reports of the president, superintendent, and secretary of the Raymond and Ely Company for the year ending December 31, 1873, I insert the following: A short time after the last annual meeting of the stockholders of the Raymond and Ely Mining Company, a diminution became apparent in the quality and quantity of the ore, and, of consequence, in the production of bullion. This condition of affairs has extended throughout the year. We have been, for some time past, and are still engaged in developing and exploring our mines, with every reasonable hope of soon discovering new deposits, corresponding in character with the rich ores extracted in former years. During the year 1872, dividends were paid with great regularity. Anxious not to depart, if possible, from long custom, the trustees paid a dividend in January last, relying for much of the amount on the production of bullion during that month. To this extent, they anticipated the profits of the mine. Had it not been for unusual circumstances, against which no human foresight could provide, they would not have been disappointed. The epizootic unfitted all the horses and mules in Eastern Nevada for work, and oxen had to be substituted in their place. The roads became almost impassable, thereby largely increasing the cost of transportating ores from the mine to the mills. In fact, this increase amounted to nearly 50 per cent. Even with this greatly-increased price paid for hauling by slow teams, it was found impossible to keep the batteries of more than one of our mills running regularly, thus losing for weeks the production of one-half of our milling capacity. The company has taken the precautions against the recurrence of such embarrassments by making large advances for freight to the Nevada Central Railroad, extending some fifteen miles from the mine to the mills. Had the production of ores from the mines continued as large as the developments apparently warranted, one year, the return in the shape of freights earned by the railroad would have been greatly augmented. The railroad is bound to transport our ores for one-half the amount charged by teams. When the mine becomes more productive, the benefits arising from the transportation by the railroad will be more fully realized, besides relieving the company from loss and embarrassment growing out of the stoppage of their mills, in consequence of the bad condition of the roads. The receipts of bullion during the past year have decreased considerably, when compared with the product of previous years, while our expenditures have been unavoida bly increased. A material portion of this increased expense has been incurred in the effort to protect the company's property from parties who were struggling to dispossess the company of a large part of their valuable mining-ground. During the past year the company has expended a large amount in defending its title, thereby diverting the revenues of the mine from the stockholders. Besides the anxiety as to the result of this continuous litigation, it has necessarily greatly embarrassed the management of the company's affairs. When the suit first assumed a formidable aspect, a proposition to compromise was made by the opponents of the company, but it was rejected as exerbitant. The case went to trial, and the verdict of the jury was adverse. Subsequently a settlement was effected upon far more reasonable terms, amounting to little more than one-half of the sum at first demanded. Involved in this suit was the title to 128 feet of the Magnet Mining Company's property, adjoining us on the west. That company has agreed to pay one-third of the amount expended by the Raymond and Ely in effecting a settlement. To secure this, that company has conveyed its 1,200 feet of mining-ground to the Raymond and Ely Mining Company. In a recent trial before the court, the title of the latter company to its mining property was fully sustained and clearly vindicated. From this time forward there is every reason to believe that no serious question can arise affecting the title. Heavy and complete hoisting-works have been erected at the shaft, with ample power to explore the mine to a depth of 2,500 feet. Mining operations during the year Lave been confined to the Panaca mine. Nothing has been done on the Burke mine and the Creole mine, belonging to the company. No change in these mines has occurred since the following in the last annual report of the superintendent: "In the Burke mine we have sunk the main shaft to a depth of 600 feet on the incline. Large quantities of ore of second quality are known to exist in this mine. "In the Creole mine we have sunk the main shaft to a depth of 641 feet and have run several drifts. But little stoping has been done in this mine, although large quantities of ore of a very fair quality have been developed." Amount of ore extracted.. Amount ore sent to mills Amount ore reduced at company's mills..... Amount ore reduced at custom mills... Average assay value of ore worked at the company's mills, per ton.. Average percentage obtained... Average assay value of ore worked at custom mills, per ton... Average percentage obtained.. Bullion produced from ore.... Amount tailings work.... Average assay value per ton Percentage obtained... Amount of bullion produced from tailings. Total amount of bullion from all sources.. Cost of mining per ton: Extracting...... Prospecting and dead work. Improvements and repairs. Sundries.... Cost of reduction per ton company's mill..... Amount of tailings at mills.... During the year, first-class hoisting-works have been erected at the mine, consisting of a steam-engine, (size) 18 by 27 inch cylinder, with the necessary gearing attached; two sets of boilers-one set (old) 48 inches diameter, 14 feet long, one set (new) 54 inches diameter, 16 feet long-which has capacity to develop and work the mine to a depth of 2,500 feet, unless water in considerable quantities is met with, in which case additional machinery will be required. The new buildings erected at the mine are the main engine-house, boiler-house, blacksmith shop and coal-house, together with improvements on the carpenter-shop and ore-house. The Lightner shaft has attained a depth of 1,070 feet. To the depth of 900 feet it consists of but two compartments; at that point, a third compartment was added. The rock in the bottom of the shaft presents the same general characteristics of all the material through which the shaft has passed from the surface down, still being in a quartzite formation. The ninth level (850 feet) is the lowest level on which the vein has been cut. The prospect in a winze being sunk from this level is very encouraging. The 30-stamp mill has been changed from dry to wet crushing; two pans have been added to the amalgamating department. The engine has been taken up and reset in a very substantial manner. At the 20-stamp mill two new 54-inch boilers have been put up, which afford ample steam for amalgamation and to run the entire machinery of the mill. Automatic battery-feeders have been placed at each and every battery at both mills. Both mills are in as high a state of efficiency as can be desired. The water-pipes leading from the spring to the mills (a distance of one and a quarter miles) have been placed under ground, by which a regular supply of water is furnished the mills. The Nevada Central Railroad has been of great benefit to the company in affording cheap and sure transportation of ore at all seasons; a saving thus far of about thirty-five thousand dollars as compared with team rates has been made. The first series of ore deposits seems to be about exhausted, and the works of exploration as yet have failed to develop other valuable bodies of ore. But it is highly probable that this great Panaca fissure, which has produced its millions of treasure, and made for the Raymond and Ely a world-wide reputation, will, at some depth, yield other deposits. |