26 tons from the "Western Extension" mine, at $125 per

ton.

Toll-roads:

Work done on roads from the "Panaca" ground over the mountain, and improving old roads around the "Burk" and "Creole " mines.

Cash on hand

LIABILITIES.

Superintendent's drafts, advised but not yet presented...

The Pioche mine first came into general notice during the spring of the year. It has since contributed largely to the bullion product of the district.

A correspondence in the White Pine News, of August 8, gives the following particulars in regard to this mine:

The ledge varies from 2 to 7 feet in thickness. In one place it even winds to 12 feet. It is incased in quartzite. Its strike is east and west, with a dip of 48° south into the ledge down for 200 feet. There is also a shaft 200 feet deep, and from the bottom of it a tunnel is run 50 feet to the ledge. The ledge is then drifted on both ways from the end of this tunnel, and from this depth two inclines, 115 feet apart, follow the ledge. One is 58 feet deep, the other 40. A continuous body of ore is disclosed, from the surface to this depth. From 10 tons of first-class ore, two average assays were made, giving $857 and $1,005 per ton. From points where I saw large bodies of the same, July 8, ultimo, I took samples of first-class ore, assays of which, since made by myself, give $1,315.81 and $1,297.26. Also two assays of second class give $812.54 and $907.95 per ton.

The following description of the mine appears in the News of August 23:

Forty-four feet from the surface comes First station, drifted on east and west along the ledge. Here a large body of ore was extracted, and a large body remains in sight, but of a base quality, which was immediately left, on striking freer ore below, 11 feet deeper. Next comes Second station-drifted on westwardly. This is also in base ore. Ninety-five feet below Second, comes Third station. Here drifts east and west have been run along the ledge, in good free ore. Fifty feet below Third, comes Fourth station, and between these two stations the principal work of the mine has been done. Here the ledge showed to perfection, from 4 to 7 feet wide, and the ore of a free and excellent quality. Extensive stopings were carried on here on the ledge, several hundred tons of good ore extracted, and several hundred tons of ore yet remain in sight of this point. Then prospecting commenced below the fourth level, by means of two winzes, 115 feet apart, along the incline of the ledge. The ledge appears to gradually and surely improve as depth is made. Here it is straight, compact, of an even width, with smooth and perfect walls. The workmen were enabled to sink some 60 feet on each winze before the air became too foul. Here they drifted east and west, again on the perfect ledge, and now are pushing vigorously to connect the two winzes, in order to establish a current of air. However, a blower has been put in to bear on these winzes, which makes comfortable work in these quarters, only somewhat slow hoisting with buckets and windlass. Here, also, a little stoping has been done, to prove the ledge, and many a dividend is reposing quietly here in sight. All the stations down to the Fourth are connected with the main shaft by adits; the tunnel on Third station being 55 feet long, on account of the ledge pitching southwardly, and the adit-level on the Fourth station being 72 feet long. All the stations are also connected by a series of chutes and winzes along the ledge. On arrival and placement of steam-hoisting works it is the intention to prosecute the sinking of the shaft to a great depth at a rapid rate. Everything points downward to the location of hidden treasure, unprecedented in extent and richness. Although the ore throughout is known to be somewhat base, yet the company's mill worried out of it, last month, 76 per cent. of pulp assay, and from 168 tons of' mixed ore turned out $40,000 worth of bullion-over $35,000 fine, and $4,000 base. The Stetefeldt furnace, in connection with the mill, is nearly completed, and when finished but a very small percentage of these rich assays will slip through. Three hundred tons of rock from this mine yielded $54,000. The Stetefeldt furnace has since been completed.

The Alps is a new mine. According to the latest news it looks encouraging, and will probably add considerably to the bullion product of the district for next year. The shaft has been sunk to the depth of 115 feet, and a drift to the east has been run about 120 feet, showing a body of ore about 2 feet wide. The average assays from the stopes and dump are $165.54. There is also a winze sinking below the first station, showing a fine body of first-class ore, about 3 feet wide, assaying $222.61. The company have built a mill, and intend to commence crushing ore early in January. There are about 200 tons of ore on the dump.

A number of other mines have been acquired by corporations during the year, and have commenced operations energetically. They are at present not sufficiently advanced to warrant special notice.

The mills in this district being, of necessity, located a considerable distance away from the mines on account of the necessary water for milling, the cost of transportation is at present rather high and onerous. The building of a narrow-gauge railroad from Pioche to Bullionville has, therefore, been considerably agitated. In its argument for this scheme the Ely Record estimates the following as the amount of ore which the below-mentioned mines would furnish monthly as freight to the railway company:

Since the necessary steps have been taken by some of our leading men to secure the construction of a narrow-gauge railroad from Pioche to Bullionville, the public will be interested to know what benefit the road will be to the community. Among the benefits to arise will be the great saving in cost of transportation of ores from mines to the mills. During the years 1872-73, the mines in Pioche will yield ore as stated herein, and perhaps much more than the present estimate. The Raymond and Ely will ship to the mills 2,000 tons per month, or 24,000 tons per annum. At present rates, $6 per ton, this costs $144,000 yearly. The same can be shipped on the railway for $2 per ton, total expense, $48,000, thus saving the nice little sum of $96,000 per annum.

The Meadow Valley Company, by using the mill at Dry Valley to work up the large quantity of tailings now on hand at the mill, would be large gainer by building a new mill at or near Bullionville, where good water can be had in abundance. Then the company could ship as large a quantity of ore as the Raymond and Ely is estimated to ship. The saving in freight would be $96,000.

The Pioche Company will ship 800 tons per month, 9,600 per annum, at a cost of freight, at present rates, of $57,600 per annum; at railroad rates, $2 per ton, would save $38,400.

Washington and Creole Company will ship 300 tons per month, 3,600 tons per annum; present rates of freight, $21,600; railroad rates, $7,200; saving $14,400 per annum.

The Bowery will ship the same amount as the Washington and Creole, and the probability is this company will ship much more than that amount. The saving to this company will be at least $14,000 per annum.

The Alps mine will ship 260 tons per month, 2,400 tons per annum, costing at present rates $14,400; railroad rates, $4,800; saving $9,600 per annum. Thus we have a total saving from these mines alone of $283,200 on the freight of ores, without reckoning the saving on freight of wood, timber, &c. Many other mines will ship large quantities of ore to the mills, which must be taken to the valley for reduction.

The savings in the above amount will be greatly increased by the new mines that are opening out in that district. This mining camp is already sufficiently developed for the undertaking of such a work, and the benefits that would be derived would aggregate sufficiently in two years' time to pay the whole cost of building one.

For the quarter ending December 31 the bullion shipments aggregate $1,203,542.83. This is the result of the crushing of seventy-five stamps, and is equivalent to $16,074 per stamp. This showing is far superior to any other district in Nevada.

The total shipments of Ely district, during 1871, are given by Wells, Fargo & Company, as $3,982,228.