great facility, and being always firmly secured to the bowl, afford an easy method of "cleaning up," by placing the bowl over a box, with the ends of the shaft resting axle-like upon each side of it, and giving the bowl a revolving motion accompanied with a few dashes of water. By this method, a set of twenty-four bowls can be washed out in a few minutes. At the Phenix Mine, in North Carolina, by a simple method, the shafts could be ar ranged in a moment's time. The block had but to be slipped upon the gudgeon of the shaft, be placed into the space which it exactly fitted, and be secured by a key-pin. The sloping floor discharges the slimes that flow from the bowls into a trough, which conveys them into tanks."

I have now concluded the description of the common machinery used in the gold districts of the Middle and Southern States. Were I to attempt the task of portraying each machine that has been placed upon the different mines of the whole field, I should find it as endless as it would be unprofitable. In many cases the sketches would, from necessity, be broken and unconnected; for a few stray fragments of ferruginous basins, oxidized cog-wheels, and numerous massive globular bodies of metallic iron, are all that are left to show the destiny that must ever attend similar illdirected efforts, to make machinery act contrary to established principles and facts. Their numbers are countless, and in a few brief years their very existence

"Will be forgotten as is their builder's name "-SHELLEY.

To be Continued,

COMMERCIAL ASPECT OF THE MINING INTEREST.

NEW YORK, Sept. 24, 1856.

The operations in mining stocks are very limited, and confined only to those of undoubted merit. Of course we do not notice sales of worthless gold and copper stocks which are bandied back and forth merely for purposes of speculation. Very few of these will ever again be worth the paper upon which they are printed. The time has gone by in which they can lay claim to any attention from those who are engaged in earnest in mining pursuits.

The stocks now chiefly sold are Pennslyvania Coal, Delaware and Hudson Canal, Ward Coal and Iron Cumberland Coal, and a few others. The amount of sales is fair, and prices well sustained. The market for Lake Superior Copper stocks is chiefly in Boston; and for the sale of these, we refer to the letter of our correspondent there.

Annexed is a very interesting table to those engaged in inining pursuits. It shows the dividends declared by the English Companies during the first six Inonths of this year :

DIVIDENDS PAID BY BRITISH AND IRISH MINES IN 1856.

The following Dividends were paid in the first six months of the year 1856:

The mining interests of Lake Superior promise a more abundant harvest, speaking generally, than for any previous season, although the product of last year was largely in excess of 1854. It is too early yet, perhaps, to make a

reliable estimate of the result, but we should think the total would reach very nearly 5,500 tons of rough copper.

It is true that a number of mines have failed of success after having cost their shareholders large sums of money; and this has, of course, proved a serious drawback to the development of others; but on the whole, there is much to give encouragement for the future, and we have full confidence that the resources of the Lake Superior Copper region will yet be developed so as to prove the vast richness of that country and the immense value of its mineral property. We propose to give a short review, of such mining stocks as are, or have been, known to this market within a period of some years.

Minnesota stands first as a successful mining enterprise, and still bids fair to maintain its high position. No better proof of this is needed than the fact of the stock being in better demand now at $93 to $94 per share, than it was little over a year since, at $30. We have been somewhat curious to ascertain the actual profit at which an original shareholder now stands, and have prepared the following statement, which is believed to be accurate.

We assume three shares as a basis, in order to avoid fractions in the calcu lation, as an original share would give 63 shares of the present stock, the total having been increased from 3,000 to 20,000 shares.

8 shares old stock now give 20 shares @ $94,
Dividends have been paid equal to $19 on 20 shares,
Less assessment on 3 old shares @ $22,

Net value of 3 old shares,

$1,880
880 $2,260
66
2,194

In addition to the above, every three shares of the old stock was entitled, as a dividend, to twenty shares in each of the Rockland Co's Flint Steel River, and Superior (formerly Location B.) Co's, as also three shares in the Lake Superior Co., which would give

8 Lake Superior (no assessment) @ $20,

60

825

(The first three of the above have 20,000 shares and the latter only 8,000 shares)

Total for three shares,

Profit on one original share,

$3,019
1,006

No allowance has been made for interest on the amounts paid in, but the first cost was so small that the item of interest would amount to a very trifling sum indeed. We think the success of this Company, as forming a species of profitable investment, is beyond that of any other kind of property, and even more so than any other Copper Mining concern in the world, with perhaps one or two exceptions of English Mines.

Pittsburg and Boston, sometimes called "Cliff Mine," has also been very successful, this and the Minnesota being the only ones which have yet paid dividends. The original cost of this stock was $18.50 per share (6,000), now selling at $225, and the dividends since 1849 have been liberal, as will be seen by the following tabular statement, showing a total of $120 per share for eight years:

The first dividend was paid in May, 1849, all since February and August.

The above averages $15 each year, but the last three average over $20, and the prospect is now considered good for $30, at least, each year hereafter. It is hardly necessary to say that both this mine and the Minnesota are doing better than ever before, and that the present year's product will not vary much from 1,800 tons of mineral, being an increase of 25 per cent. on last year's amount.

National would sell at $28 to $30 per share, and is considered a very promising mine. It has the famous vein of the Minnesota, and there is every pros pect that it will become a dividend paying concern within reasonable time. The recent decision giving to it the territory in dispute with the Minnesota, will add much to the value of the mine. The matter is yet to be heard, however, on an appeal, but there seems little doubt that the National will finally obtain it. The amount paid in is $11 per share in 10,000 shares.

North American is looking better than at former periods, and its managers feel a strong confidence that it is fast approaching a dividend point. The stock is quoted at 30 to 35, but sales are very seldom made in this market, the stock being principally held, we believe, at Pittsburg, Pa.

Rockland is popular among buyers of mining stocks, from the belief with many that it will eventually become a second Minnesota. This feeling, and the fact that the mine is now raising 30 tons of copper per month, has caused the stock to improve to $30, although only $2 per share has ever been paid in. It is not anticipated, however, that any farther assessments will be needed.

Isle Royale has been very popular in this market; and at one time, the stock run up to $19 per share, on the strength of a statement that the product of the year would be 300 tons, and that a dividend of probably $2 per share would be made in January next. The product has not been up to the views of its managers, and will not probably exceed 275 tons. The shares have fallen to $12, and are without activity. The general appearance of the mine, however, is improving, and especially the third level, where it was supposed there might be a decline in the richness of the vein. We cannot but have confidence that the mine will prove a valuable property, and the present finances of the Company are highly favorable, being free from debt, with a surplus on hand, and making a profit on each month's business.

Pewabic is a promising "young mine," and is doing remarkably well, the prospect being that the shipments this year will reach 90 tons. The shares sell at 4 for 12 paid in.

Central is also making a very handsome show, and will produce 80 to 100 tons copper this season. As yet there has been only 85 cents per share assessed, and the stock sells at $5. Mining was commenced on a small scale in November, 1854. The product from July 1855, to July, 1856, was 844 tons, and the mine is steadily increasing in richness. Quinsy adjoins the Pewabic, and is doing well, the prospect being good that it will make a valuable mine. The stock is divided into 8,000 shares, on which $7 has been paid in, and it now sells for about $9. Superior has the "Minnesota vein," and this gives it a market price beyond its present value from development, as we believe little or no work has ever been done, the name, until very recently, having been "Location B.' The proprietors have recently purchased from the Lake Superior Company

a valuable tract giving an extension of their vein; and to pay for this ($20,000) an assessment of $1 per share has been levied, and will be due Oct. 10. We presume farther calls must be made hereafter for raising funds to work the mine. Flint Steel River sells at $5; and some six or eight months since, it was worth over 50 cents per share. About that time some sudden improvement was made which started the stock up. but, we believe, the prospects then were not fully sustained. This is one of the "off-shoots" of the Minnesota, and some time, perhaps, it will" hit" upon a valuable vein.

Copper Falls, once a popular and apparently promising Company, has completely disappointed its projectors, and, although it may yet prove a paying concern, has been, as it stands at present, a most disastrous adventure for the shareholders. The stock once sold at $65 (June, 1854), since which $12 per share has been assessed, as the stock then stood with 10,000 shares, when the shares were doubled, and $3 more has been paid upon the 20,000 shares, which now sell at $3 each. The introduction of "Ball's" machinery for stamping out copper, it is thought will be a valuable feature for the Company, and there is yet hope that it will become a reasonably good property. The great difficulty with the mine, however, is the lack of barrel and mass copper, the "backbones" which give success to mining enterprises. Toltec has also failed to meet the expectations of friends, and has even fallen below what its enemies predicted. There has been assessed $14 per share, and the market value is now $1. Whether the mine will ever prove profitable is a matter which the future working only can determine. The failure of these two mines has proved a serious drawback upon the success of others, as people take what has been as their guide for the future. We think, however, that the present policy of mining managers is such as to make a mine pay where heretofore the same enterprise would have cleared the pockets of its shareholders, and then called for "more." Our already extended remarks will present an analysis of past mining management, but in another article, we hope to resume the subject.

In addition to the above described mines, there are quite a number of other Companies, the stocks of which have been more or less active here in past times, and to these we can only briefly allude.

Nebraska would now sell at about $2, Huron $2, Norwich $34, Phoenix $24, Star $2, Algomak, Winthrop and Dana, 25 cents per share. For Bay State, Bohemian, Fulton, Glen, Native, N. Western, Ripley, Shawmut and Webster, there is no market value. Forest has also completely faded out, although at one time selling at $25 per share, since which nearly as much has been assessed and paid in, while the stock is now entirely worthless.