Among the subsequent locators is the Little York Company, the termination of whose canal is some fifteen miles above the dam of the Bear River Company. The Bear River Company have sued the Little York Company for damages, and for a perpetual injunction against further use and injury of the waters of Bear River. The facts established on the trial are substantiaily as we have stated them, and the Court is called upon to decide as to the respective rights of the parties. The testimony and argument occupied some three or four days, and the jury were put in possession of every material fact at issue. They returned into court with a special verdict, to the effect that the Bear River Company had suffered damage to the extent of $5000-that the damage had resulted from the use of the water of Bear River by the Little York Company, but that the latter company had used the water without useless waste or extravagance, for the usual purpose and in the usual manner. Upon this finding it is left for the Court to decide as to the right of the Little York Company to use the water of Bear River at all. This is the question at issue, and it is impossible to conceive one of greater moment to the whole community.

If judgment is rendered in favor of the Bear River Company, all that valuable mining district lying between their dam and the summit of the Sierra Nevada inust be abandoned, the capital invested in mining and water companies will be lost, and the thousands of miners of that district, must remove to other localities not subject to the same disability.

It is not alone the loss and inconvenience to be suffered by those parties that is to be considered in the event of a judgment for the plaintiffs in this action. A principle will be established, the inevitable result of which will be the immediate institution of hundreds upon hundreds of similar suits throughout the whole mining portions of the State, and which will apply as well in cases where water is diverted for other than mining purposes. The doctrine will be declared and become the law of the land, that the first occupant or locator upon the banks of a stream at its mouth has an indefeasible, exclusive, perpetual right to the waters of that stream in its original volume and purity. The bare fact of his prior occupancy will operate as a perpetual injunction against any future location upon its entire length, if such subsequent location tends to the injury of the first locator. In other words, the first locator at the mouth of a stream becomes its proprietor from its source in the mountain springs to its termination.

Water is the great agent by which alone the staple resources of this State can be developed. The supply is limited, and it is, therefore, of inestimable value. Every principle established regulating its disposition is of immense interest to the whole people. Every mountain stream, brook, and rivulet has been diverted again and again, from its natural bed, until the whole surface of the country has become a perfect net-work of canals and ditches. Science has been brought into requisition, enormous sums have been invested, and labor beyond estimation has been expended in the mighty enterprises for the development of the mineral wealth of the land.

An edict that shall go forth declaring that so many of these great and necessary works as tend to the injury of the first locator upon each stream shall be abandoned, will work a disaster, the extent of which no man can compute. The experience of each passing year has shown that the greatest mineral wealth lies high up in the mountains. Year after year the gold hunter has penetrated farther and higher up toward the summit; and year after year the placers among the low foot-hills have been gradually depopulated. In a few years these placers will be totally abandoned. They are of a character that when once worked they are useless for ever. In the mountains the character of mining is such that those mines are considered inexhaustible.

The first canals which were located on the streams were intended to wash the placers of the foot-hills. In order to render the inexhaustible treasures of the mountains available, it is impossible to avoid damages to canals. The use of the water in the mountains will inevitably diminish the quantity of

water, and in a measure depreciate its quality. If our courts declare that this diminution and depreciation is wrong, and forbid it by perpetual injunction, they then declare that the mining in California shall be confined solely to the placers of the foot-hills, and that the boundless wealth of the mountains shall lie for ever hid from the eye of man.

There is room for argument on the other side of the question, and these canal companies have, undoubtedly, many rights which it would be hard to deprive them of. But we are strongly of opinion that the best interests and prosperity of the State, and a principle of broad natural justice, is adverse to the position assumed by the plaintiff's in this action.

The argument upon this special verdict was, by argument of counsel, set for a future day, and to take place at Sacramento.

COMMERCIAL ASPECT OF THE MINING INTEREST.

MINING STOCK IN BOSTON.

Boston, October 29, 1856.

The aspect of the Mining Share Market has not materially changed from last month. Stocks of the reliable kind being in good request at improving prices; and we feel sure such are gradually gaining strength with the investing public. It is not surprising that so successful a property as the Minnesota or Pittsburg should attract attention from parties who have capital to invest, paying as they do a large percentage on even the present market value. Minnesota has sold up to $102, which is equal to $680 for a share before the number was increased from 3,000 to 20,000 shares. It is now certain that this Company will pay $10 per share from the profits of the present year's product; and it is highly probable that $15 will be divided. The copper produced for this year will vary little from 1,800 tons; and from present appearances is more likely to exceed than fall short of that amount. The product of 1855 was 1,434 tons. Pittsburg sells at 231 with 6.000 shares, and its future prospects are highly flattering-the dividend for six months ending in August last, being $20 per share, which amount, it is thought, can be kept up for the future; at any rate $15 for each six months can be looked for with certainty. Below will be found a synopsis of the annual report of this Company, which shows the basis for future dividends. This Company has always pursued the policy of making semi-annual dividends at regular stated times (February and August), which is of no little importance to the permanence of thestock. We are surprised that the Minnesota Company have not adopted a similar course before this; for it certainly would be to their advantage, and is desired by the stockholders. We, of course, can speak positively only for the shareholders in this immediate vicinity (say 3,000 to 4000 shares), but have little doubt that the measure would be a popular one with all.

Rockland has sold at 30 within a week, and that price is now bid "seller thirty" days, with only a few shares offered at 32. This mine has been even more successful thus far than its friends anticipated, and is now raising over 30 tons of copper per month. It is following steadily in the track of the Minnesota, of which it is an off-shoot, and has the same vein.

Isle Royale has fallen to $8 per share in consequence of general disappointment at the reduced product of the year At first, 300 tons was the amount sure to be obtained, then 275, and afterwards settled down to 260. As a finale, we now have the pleasing (?) information that by the mistake of some blunderhead, 30 tons were returned twice, and consequently only 230 tons will be

realized for the year ending in November, 1856. With this result, however, the Mine will pay expenses, and have, perhaps, $30,000 of available assets to carry on the work for the winter with.

Superior is in demand at $8, and at present the market is quite clear of stock.

Flint Steel River dull at 4 to 43, without transactions here for some months.

Pewabic has declined again from 5 to 41, but finds strong buyers at that figure.

Toltec has almost faded out of sight for the present, at least; and it is probable that work will soon be stopped for the winter.

Copper Falls has fallen to $814 per share, in expectation of an assessment of probably $1 per share, shortly.

National has not sold lately; the last public transaction being at 25. The best offer now is 20, though the shares cannot be had at that rate at present. We have received the report of this Company (the first printed one we believe), which gives a full statement of its "past history, present condition and future prospects." The whole territory comprises 15408 acres of mineral and agricultural land in the Ontonagon District, adjoining the Minnesota Mine, the vein of which runs through a portion of the National property, and its characteristics are exactly the same, "except that it does not yet carry such heavy masses of copper as are so frequently met with upon that highly favorable location."

From the commencement of the Company's operations

No assessment has been called for since April, 1856; but in the mean time (to October 1) shipments of mineral have been made and received as follows: 122 lbs. of barrel work, weighing 96,024 lbs., and 156 masses, weighing 91,117 lbs., in all 187,141 lbs. (93 tons), which has been mostly smelted, and found to yield, exclusive of the slags, 76 per ct. of pure copper. These shipments represent the product of the Mine since the close of Navigation last year (November, 1885), and are not included in the foregoing periodical statement. The average number of hands of all descriptions employed at the Mine has been, in 1853, 34; 1854, 90; 1855, 67; and to July 1, 1856, 60. At the present time the force employed consists of 46 miners, 18 laborers in the mine, 14 surface hands, agent and mine captain, in all 80 men. The improvements at the Mine include 15 good dwelling-houses, office, warehouse, barn, carpenter-shop, and smith-shop. Twenty-five acres of land have been cleared, 12 of which are under cultivation. The Directors say that "no doubt whatever is entertained (by us) that the National Mine, as at present worked, and independent of that portion of their territory in dispute with the Minnesota Company (viz. : 80 rods in the course of the veins), will become a paying Mine when it has been opened in depth, to correspond with the level attained at the Minnesota."

The report of the Agent shall be given in our next.

CUMBERLAND COAL TRADE for 1856.

Total shipped by each Company for the year commencing January 1,

1856, to Oct. 26th.

It is now evident that the market for Coal cannot be supplied this season. But about two months of the shipping season remain, and perhaps less-and the supply from all the Regions so far, is about 152,000 tons behind the supply to same period last year, including the supply from the new regions. The deficiency cannot be made up for the balance of the season. Last year the increased supply was 680,000 tons over the previous year-and there was a surplus in only a few markets. This year it is impossible to throw into the market any increase over the supply of last year, for the balance of the season. In comparison with last year the trade sums up as follows:

Deduct from the 436,526 tons 30,000 tons, which the Wilkesbarre Region was short last year of the supply of the previous year down the river, and you have 406,526 tons ahead of the previous year at this period. Add to this the deficiency of the trade this year, and it shows a difference in the state of the trade now, compared with the same period last year, of upwards of six hundred and fifty-nine thousand tons.

We care not how brisk the demand may be for the balance of the season, no increase of Coal can be thrown into the market this year-and it is extremely doubtful whether the present deficiency can be made up.-Pottsville Journal.

LA SALLE COAL FIELD IN ILLINOIS.

This important coal field has not received the attention which its merits deserve. The principal company at work is the La Salle Coal Company.— From the papers published by this company and the letters of Dr. Norwood, the State Geologist, we have condensed the annexed particulars:

The northen portion of this State as far south as the parallel forming the