THE AUCKLAND GOLDFIELDS.

Lyttelton Times, Volume XXXII, Issue 2741, 18 October 1869, Page 3

THE AUCKLAND GOLDFIELDS.

The following items are collected from the Auckland and Thames papers, from Oct. I to Oct 9, inclusive

Thames. The Flying Cloud hare taken out some more magnificent specimens to-day. The Last Hit, Sylvia, Young Australian, and Pride of Parnell are taking out good •tone. The Hanraki machine crashed another "parcel of stuff from the Golden Gate claim, which yielded about |oz to the ton. The Victoria machine Is crushing for the 'sawn of Hope with twelve stampers, and the ■ttofl now going through is making an excellent show oh the plates. We are glad to learn that what is believed to ba a continuation of the Middle Star lode mis been struck in the No Surrender claim,. .Ifadnan’s Gully. ; The amount of amalgam received from SO ■ltMaol quartz crushed at Bussell’s battery, lot the City of Dunedin claim, was 350 ozs. The Sir William Wallace machine is still busily employed on stuff from the Atlantic ’Claim, which has every appearance of being a 'jQod dividend crashing. The lode in the Conqueror, adjoining the lucky Hit, and which; runs through the Lucky Hit, is taking out splendid specimens every day. Another batch of magnificent specimens ' was bagged last night by the Flying Cloud workmen. This claim gives promise of being oneol the richest on the field. The Moanatairiis looking remarkably well, and is employing fifteen brad of stampers in crashing their own stone. A good quantity of amalgam is taken off the tables daily. Late last evening we were shown a parcel of specimens, about twelve pounds weight, which were taken out during the day from a leader on the Adelaide claim, near the Lucky Hit.

The Dauntless and Sink to Rise are crush* " ing at Goodall’s machine, and the stuff is • shaping well It is expected to give 6 ozs. to tne ton, exclusive of specimens which hare been picked out. Another rich leader has been opened in the Kuranni Co.’s ground. Half a ton has just been put through the specimen stamper as a test, with the splendid result of 91J ounces of retorted gold. The Una Company’s machine has still five stampers at work on the Shamrock stone, which will be completed to-day. It does not appear so rich as that last crushed, but wilt nevertheless yield a handsome dividend. The John o’Groats is turning out some splendid stone, and in good quantity. Fifty pounds of first-class specimens were obtained but night, with every prospect of plenty more of the same description. The Atlas Company’s machine crushed a parcel of stone from several of the leaders and reefs in the company’s ground, but the returns, we are informed, were not very rich; little however was anticipated. Souter’s machine during the past week has been engaged on a ten-ton crushing for the Flying Cloud claim, which gave the splendid result of 121 ozs. of gold, or an average of a little over 12 ozs. to the ton.

' >Yickery’s machine finished alive ton crushing for the Prosperity Gold Mining Company, the result of which, we are informed, was sufficiently satisfactory to induce the shareholders to send down another lot as a further trial

Excellent stone was yesterday being taken cut from tbe 170 feet level in the Grand Trank Gold Mining Company’s shaft ; gold coul i be seen in many of the pieces of quartz being brought to the surface. A crushing of five tuns of stone from a six feet reef in the Pretty Nelly claim, Hape creek, which was crushed at Smith’s battery, after being well weeded of specimens, gave the very satisfactory result of two and a-half ounces to the too.

The Berkeley Castle shareholders arehighly elated at the flourishing condition of their mine, and well they may be, for the quartz out of it, now being crushed at Mr Goodall’s machine, promisee a return of at least five ounces to the ton.

About 20lbs of specimens of a rich character were obtained from the Flying Cloud reef yesterday. It is anticipated that this lode will be opened in a few daya in the White Star and No Surrender claima, through which it undoubtedly runs. We are indebted to Mr J. L. Stevens, manager of Souter’s machine, for the following returns During the month just ended 140 tons of stone were crushed at this machine for a yield of 2380zs I9dwt sgr of gold, oran average of loz 13dwt lOgr to the ton. A gentleman brought into our office on Saturday a specimen from the Long Drive claim, which was wonderfully rich. The centre was a mass of gold covered with a casing of quartz about an eighth of an inch thick.

The retorting of the specimen crushing for the Long Drive was completed to-day, the result being 732 ozs 8 dwts of smelted gold from two hundredweight of stone. The general stuff crushed during the week is expected to yield about 250 ozs of gold.

Another dividend of *3OOO, or £3 per share, was yesterday paid In the Long Drive claim. Another specimen crushing is anticipated in a few days, which wilt probably bring to the shareholders another similar dividend early next week.; The return from twenty-nine cwt of stone from the Bay ol Islands, crushed at the Hanraki battery, was two ounces five pennyweights retorted gold. This is a very satisfactory result, and proves that gold exists in that locality, if hot in very payable quantities. The Una Company's machine crushed a parcel of . four, tons from the Mount Alexander claim, for a yield of Sozsltidwtsof gold. A crushing of twelve tons of rubbish from the Novdty claim was finished yesterday, and yielded seven and a half ounces of gold. At Bleazard’s battery, Shellback creek, the crushing of fivehnndred tons from Dixon’s No. 1 claim was finished yesterday. The return from this crushing-promises to he a very handsome one. The amount of gold already lodged in the bank is four hundred and fortytwo ounces.

The Tramway machine completed a crashing of 100' tons of stuff from Tookey’s claim, which yielded about ISdwts to the ton. The stuff crushed was a heap of rubbish which had accumulated around the workings, and was not expectedlto turn out even so well as it did.The Victoria Company’s machine is still steadily employed crushing for the Dawn of Hope and Moanatairi Company’s claims. There has yet been no cleaning up from the former, but it is looking well. A retorting for the Moanatairi. Company* which took place early in the week, yielded 317 ounces of gold. We continue to hear very favourable accounts of the Shooting Star Company, which were fully confirmed by a visit that we paid the claim yesterday. An immense paddock of stone is to grass ready for the mill, and the manager states that the stone from both the main reef and cross course looks .excellently well as it is broken out. The Mariner’s Reef Gold Mining Company intend crushing 106 tons of stone from their reef at the Prince Alfred Battery at once. A hundred tons a week can easily be taken out, and arrangements are to be made for crushing that quantity weekly. The manager, Mr Dakins, informs us that five scrip changed hands on Monday, for £IOO. About one o’clock yesterday morning the workmen employed at Kelly’s claim, Moanatairi, came upon a parcel of most magnificent specimens in the main reef now being worked upon. A visit to the claim yesterday showed that the patch was not a very small one, about 60 lbs having been taken out, and the face of the lode proved that many more pounds weight were to come. The Atlantic has long been known as a good payable claim; the crushings have always been of a most satisfactory character, and have averaged from one and a-half to three ounces to the ton. Latterly, however, very little has been crushed, as the shareholders were prevented by the had state of the roads from sending stuff to the mills, A number of fair specimens were obtained from this claim last week, and the lode looks well for gold in the lower levels on which it has been opened. Some stir has been created in the mining world lately by the finding of a good vein of quartz in the Last Hit ground. It strikes about fifty-five degrees from the meridian, lays in kindly-looking country of tufa and trachyte, and is full of those soft white clay veins that are always considered a good indication of gold, and gives the vein a beautiful appearance. The latter was from six inches to two feet in thickness, and has been followed in by tunnel for nearly one hundred feet.

At Souter’s battery a parcel of 7 J tons of stone from the United Company, Waiotahi, taken from the surface, has produced five ounces 11 dwts of gold. The ordinary stone from the mine is being crushed still. The Kohinoor and Royal Albert Company are crushing a trial lot of about 16 tons. Although only just commenced it is already making a show. We were yesterday shown some of the coarsest gold we have yet seen from any claim on the Thames. It was found in a surface leader in the Moantaiari Company’s ground, and were it not that in places the quartz hangs on to the gold it might be mistaken for alluvial wash. In the main tunnel of the company’s mine the principal leaders have been opened in the solid, and we are glad to see are turning out some very fine specimens. The Loyalty claim has been turning out some good stone lately. We were shown a parcel that was taken out yesterday which is fully equal to any that has been obtained from the Pride of the Earaka. This of course is only to be expected, as both claims are working on the some lode; but in the Loyalty the leader appears much more defined and solid, and the precious metal is more evenly distributed than in the other. The Loyalty claim now forms a part of the Una Company’s ground. We are indebted to Mr J. Brown, manager of the Kuranui Company’s machine, for the following returns, which we were unable to publish in yesterday’s issue, in consequence of the late hour at which the last retorting for the month took place. The amount of stone crushed at this machine during the month ending Sept. 30th, is 609 tons, and the yield obtained from it was 5644 ounces, or an average of nine ounces five dwts and nearly seven grains to the ton. The Hauraki machine finished up a crushing of 140 tons of stone from the Alburnia claim on Thursday last, the result of which was 370 ozs of retorted gold. Amongst the stuff crushed was a small parcel of specimens. The first lot put through was a brown stone taken out near the surface, and this yielded over three ounces to the ton; the remainder was from the lower levels, a hard blue stone which did not yield so well. Altogether, however, the result is most satisfactory. An important sale of auriferous tailings from the Golden Crown Gold Mining Company’s claim was held yesterday at Mr Goodall’s machine site, Grahamstown, by Mr D. J. O’Keeffe. Thq attendance of persons interested was somewhat numerous. Three lots were knocked down, after keen competition, viz., lot 1, 60 tons, at 18s; lot 2,430 tons, at 13s per ton; and lot 3, 50 tons, from Sonter’s battery, realised 22s per ton. The result of the sale was the putting of £4OO to the credit of the Golden Crown Gold Mining Company’s account.

In the claim of the Tui and Cnckoo Company new stone has lately been opened out, and the reef is several feet thick. A ton was crushed at the Kurunui battery and yielded loz 4dwts of retorted gold, which on melting at the Bank of New Zealand gave a result of loz 3dwt of good gold. This is a very satisfactory yield, seeing that hundreds of tons can be got out, and the claim.must eventually prove remunerative, as the ground is within easy access of the beach batteries. We are pleased to learn that there is every Erospect of the Pretty Jane claim again lookig up. We were yesterday shown a number of specimens which, although not very rich, were suffleientlyjindlcative of the presence of the precious metal to give confidence in the prosperity of the claim. They were taken out from the same spot as those which some time ago sent shares in this claim almost beyond the reach of speculators by the rich return they yielded when crushed. A small landslip near the baae of the hill exposed three other leaders a day or two in one of which gold haa already been found in payable quantities. The natives up here are anxiously awaiting the arrival of the hon. Donald M'Lean, Defence Minister, who will, I believe, be accompanied by his Honor the Superintendent, and Mr Puckey, Civil Commissioner. From the anxiety evidently evinced by the natives for the arrival of Mr M'Lean, coupled with hia well known popularity amongst them, arising from his long residence in the district, I fancy that 1 am safe in saying that the question of the opening up of the land will arrive at a satisfactory solution.— Times' Correspondent.

A large number of magnificent specimens, nearly equal to any yet found on the field, were taken from the Shooting Star claim yesterday and the day before. The moat of them came out of the crosa leader, which, ever since it was first struck has yielded un-

confthdhly'good ttoife* <Theifchh Veto Hi «lto J hetagYdtowed up,-anfl-lookr first-rater the Stone giving every promUe of a high return when it is passed through the battery. Several gentlemen, lately (ram Victoria, visited the ground yesterday, and expressed them l •elves highly pleased with the appearance ol the leaden in this favourite claim, which, in their opinion, are as good as can be desired. There is an unusual show of activity about the Flat just now, and the visitor to the Thames does not require to go far to form an idea of the extent on which mining operations are being worked vigorously and systematically in spite of the difficulties which have arisen. Most of the batteries are in constant work, some of them. are receiving extensive additions, and the change which has taken place in Grahamstown and Tookey’s Flat daring the past twelve months, there is every possibility of a much greater in those localities daring the coming summer. Mr D. J. O’Keeffe has famished us with the following interesting facts in connexion with the Golden Crown claim The dividends paid from this claim (about three acres) from the 6th of August 1868, to the 6th of August, 1869, have been £55,000. Paid for machinery, £5,000 expenses of wages, &c., about £B,OOO. The average yield per ton of quartz was upwards of 11 ozs of gold. It is now proposed to take out 100 tons per diem, and to employ sufficient machinery to crash it. The yield of quartz would be about 30,000 tons per annum, and it is expected to yield three-quarters of a million sterling. The usual retorting for the Shotufer claim took {dace yesterday, and yielded 336 ounces 14dwt, which, on being melted, were reduced to 286 ounces 6dwt. A very important trial as to the permanence of this claim took place this week. A parcel of 20 tons from the 70 feet level of the 8 feet reef was crashed, and yielded 23ozs 6dwt of gold. No gold was visible in the stone, and the trial waa a most satisfactory one. There has been only a comparatively small quantity of stone crushed from this claim daring the past month, as the men were principally employed in opening up for future workings. The crushing at present going on at the Excelsior battery (Brown, Campbell, and Co.’s) for the City of Dunedin claim, is yielding a return which must prove most satisfactory to the shareholders of this claim, and ail the others which have opened or are on the line of the famous black reef. There have been several small crushings at various times from this reef that have given promising returns, but the present may be considered as the only fair test yet obtained from it. After crushing about twenty-five tons there was something more than 100 ounces of amalgam taken o ft the plates, and as the gold, although fine, is of a rich and heavy character, much doubtless remains in the stamper-beds. We believe it is now set at rest beyond doubt that the John O’Groat’s reef is the continuation of the famous reef which has been so advantageously worked in Dixon’s No. 1 and the Whau, the only difference being that when opened in the John O’Groats the surface was not sufficiently rich to defray the expenses attached to working and crushing, but now that it has been opened at a low level it has turned out rich beyond the most sanguine expectations of the shareholders. A crushing for the John O’Groat’s claim takes place this week at Bleazard’s machine, which is expected to give an ample yield, and judging by the splendid specimens which are daily taken out of the large reef it should turn out fully equal to the crushings for Dixon’s. Another of those specimen crushings for which the Long Drive claim is so much celebrated took place this week at the Kuranui Company’s one-stamper battery. The total weight of specimens crushed this time was 224 pounds, and the yield, which was deposited in the Bank of New Zealand,Grahamstown, yesterday morning, amounted to the handsome figure of 759 ounces of gold, or an average of 3ozs Sdwts to the pound. This specimen crushing, added to the quantity of gold already obtained from the crushings for this claim during the month of September, and exclusive of the 446 ounces obtained from the general stuff retorting yesterday, makes a total of 39110zs 14dwts 12 grains of gold lodged in the bank from this claim.

The returns from Goodall’s battery for the month just ended are as follows ;—The machine has been for the greater part of the month employed on stuff from the Golden Crown, for which 176 tons were crashed, yielding 1805 ozs. Sdwts of gold, or an average of a little over lOozs. Sdwts. 2grs. to the ton. In the single stamper there have been a number of small lots crushed, amounting in all to 10 tons 1 cwt., which yielded lOozs. 7dwts. Bgrs of gold. Latterly the machine has been engaged crushing for the Dauntless; claim, for which about twenty-four tons have been put through, calculated to yield at least six ounces to the ton, judging from the quantity of amalgam on band. This makes a total for the month of 210 tons crushed for a yield of 1,9590z5. 12dwt. Bgr. of gold, or a general average of 9ozs. 6dwt, 14grs. to the ton on the total quantity crushed. The orushings for the past week have been of the usual character. The large plant is fully employed for the Long Drive and Euranui Company, and the old battery for the Junction, since the City of Glasgow crushing was completed. This last-mentioned crushing of 120 tons of stone, from which all the specimens had been picked and crushed separately, yielded 820 ounces of gold; and as the specimens crushed from the same lot yielded 1100 ounces of gold, the total yield from this quantity is 1920, ounces of gold, or an average of sixteen ounces to the ton. A cleaning up for the Long Drive general stuff took place yesterday, after a week’s run, and the result, as deposited in the Bank of New Zealand yesterday, is 446 ounces of retorted gold. The crushing fur the J unction claim also looks well, and the Kuranui Co.’s stuff is much improved of late. Above we give the result of the specimen crushing which took place yesterday. The City of Dunedin Company has several hundred tons to grass, as much as the paddocks will hold. They are, in fact, pinched for room, the steep hill side being against stacking it in very large quantity, excepting at the expense of extensive paddock excavation, and until that which is already out has been disposed of by the battery it is not intended to break up much of the reef. The work of crushing is now going on at Brown and Campbell’s machine, and we have much pleasure in stating wit.i excellent results—at least one and a half ounce to tbe ton being promised by the quantity of amalgam that was lifted from one plate of the tables, after about six tons had been put through the battery. The quantity (hard squeezed) was twenty-six ounces, which is equivalent to about six ounces of gold. This eminently satisfactory return will do much towards reviving the drooping fortunes of the Tararu district, and is likely to be followed by a decided rise in the value of mining stock on this, its main line of reef. The crushing for the Dauntless, which has occupied the Frince Alfred battery lately, comprises three different parcels of stone. Tbe first; of about seventy tons, was taken out by the original shareholders before the formation of a company, and has produced, with the specimens, 526 ounces of gold, or 7£ ounces to the ton. The second lot consists of some thirty-five or forty tons of stuff, the property of the company, the crushing of which is finished, but tbe amalgam has not been retorted ; the amalgam in hand amounts to seventy-eight, pounds, and something may be expected from the silver as well. The third parcel is a trial lot of six tons from a large reef (the two former being from the old well-known leader), and has not been completed yet. The crushings have proved most satisfactory, and there appears little doubt but the Dauntless company will continue to maintain the reputation for good yields secured by tbe mine while worked as a claim.

There is a patch of country about and near the Knraka and Lucky Hit creek, which, as conaidered by late discoveries, is of a highly auriferous character, and promises under skilful working to contribute no small percentage of the precious metal to the general returns of the district. The Earl of Erin, Last Hit, Mount Aurora, and Sylvia Gold Mining Companies occupy large areas of ground in that locality—the former on the point of Lucky Hit spur, which juts into the Karaka Creek; the latter on the range that is skirted by the

Wad taHidff "to 'MelseeOs’. The Sylvia ground is corner peg and corner peg with Mclaaac’s, and. If: (Stoked; by the Mount Aeram lease, which, ia Its turn, is peg and peg with the last Hit. A promising claim, homed the Auckland Independent, adjoins the Sylvia lease on Its lower or N.W. boundary; and another, named the Victoria, overlaps it in the opposite direction. We can peport favourably of tile doings and prospects of the Eari df Erin company, which, as was ktated In three columns a few weeks ago, cot a rich leader ifl the centre of the claim, and have since followed ithy a tunnel driven at nearly creek level many fathoms into the •par. The -vein looks very well, gold being seen in it drily, and its width is maintained iat from six to eighteen inches. > One of those claims In Wiseman’s Gully which may be said to be most vigorously worked, is that known as Clarkson’s No. 1 Gold Mining and Quartz Crashing Company. It comprises twelve men’s ground, adjoining the Berkeley Castle and Fort Waikato, on the Kuranui' range, and the Annie Laurie and United Hands on the Shellback range, besides the fine crashing plant of thirteen stampers erected some time ago to the order of Messrs ' Clarkson Brothers, the site of which forms part of the claim. In the shaft sunk near the machine-house to a depth of forty-five feet a drive has been entered to the Knranni range, and at a length of fortythree cats a fine looking leader three-and-a-balf feet thick. Thishas been followed in a T drive for some distance, and a trial lot which was crushed last week gave an avenge of one and a half ounce to the ton. Another reef which is exposed in some surface workings gave a return of an ounce to the ton, and a drive is now commenced for the purpose of cutting this at the creek level. A specimen picked up near the month of this drive yielded one and three quarter ounces of gold. The mine is now in full work, and is expected shortly to yield some good returns for the money expended on the mine in machinery. The Hape Gold Mining Company's machine has just finished a crashing of thirty tons of stone from the New May Moon claim, the yield of which is ninety-eight ounces retorted gold. Fart of the stuff crushed latterly was of an inferior quality, and reduced the average considerably, but with the size of the reef, which is nine feet thick, and the readiness with large quantities of stone can be taken out, the yield is a good one ; and now that the roads are in a more passable state than formerly, it is intended to have regular crushings from this claim. A crushing for Fretty Nelly has also been completed at this machine, with a most satisfactory result. The lot, a five ton one, was taken from the paddock, which had been previously well weeded of all stones in which gold was visible. The reef from which the stone was taken is fully six feet thick, and the result obtained from the present crushing—two and a half ounces to the ton—must prove eminently satisfactory. AH the specimens and picked stuff have been reserved for a future crushing. We understand that the shareholders intend shortly sending down a large parcel to the machine, but are at present prevented from doing so by the impassable state of the creek road. A lot of eight tons has been crushed for the Royal Standard, and yielded four ounces to the ton.

Coromandel. The accounts from Coromandel are very encouraging. We were informed yesterday that some marvellously rich stone bad been taken off a surface reef discovered on Sunday last in the Peep oi’Day claim, which is situate on the Kennedy Bay side of the dividing range, and adj ining the Day Dawn claim. One of the largest specimens we have seen was brought up from the Tokatea Gold Mining Company’s claim at Coromandel on Sunday morning, by Mr Alexander Hogg, and now lies at thC office of Mackay, Taipari, and Co. It is estimated to contain about six pounds weight of rich gold, which thoroughly impregnates the stone. From the Prospector’s fine gold is being taken, but there is an amount of litigation going on, which very much detracts from the general welfare of the field. It is to be hoped that a travelling Warden will soon be appointed, so that disputes may be heard and settled on the spot. Nothing militates more against the general welfare at this plane than the disputes now going on, and which can only be settled by a journey to Shortland or Auckland, and the process is then often of a very lengthy description. 1 hare to report two or three good finds, and the general aspect Of affairs is decidedly im-> proving; in the Brian Born, All Nations, and City of Dublin, good gold is being d uly taken out. The lode traverses the whole, of the ground belonging to their claim, and very rich specimens are duly taken out. I was in the drive of the Brian Born claim a few days ago, and in my presence a large amount of stone thoroughly impregnated with gold was taken out. This magnificent lode is upwards of three feet in thickness where itis at present being worked upon, and a low level drive is now being put in on the Brian Boru claim which will cut it at a much lower level. In the Harbour View a very large reef has been struck ; it is supposed to be a large reef traversing the main spur. Little work has up to the present been done on it, as the Company are waiting for powder and tools. The stone looks well, and specimens are occasionally met with. I have Just returned from the upper township, and have to communicate the pleasing fact that the first crushing for the Harbour View claim took place at Mr Ring’s machine this morning. The stone consisted of a lot of fourteen pounds, not specimens, and was crushed in a berdan attached to Ur Ring’s four stamper battery; the result was a yield calculated at three ounces of gold, but as the retorting was not completed when the post closed 1 am unable to give the actual weight. While waiting at Mr Ring’s for the gold to be smelted a very fine specimen was brought into the township from the same claim. A few minutes later I was informed by a gentleman who bad just come from the Harbour View, that he had seen a still finer specimen just taken from the claim while he was there. A report is current that alluvial gold has been struck on the Tiki, about four miles from here, but I have not been able to authenticate the rumour. I shall make more enquiries during the week and give you the result. McLeod’s claim is now in full work, twenty-seven men being employed there, and I hope to have something good to chronicle in my next letter. The Herald, in its leading article on Oct. 9, has the following remarks There arealready signs that the depression in mining interests, amounting almost to a panic, which set in some six weeks ago; has reached its limit. It has indeed worked its own cure. The publication of a memorial to register a gold mining company is now as seldom to be seen in the daily papers as it was once impossible to take up a paper without seeing at least a dozen of them. Scrip been no so unsaleable that men ceased to dabble in it an an occupation, and, as a consequence, industry has flowed back into its proper channel. We no longer see Queen street thronged with miners, buying and selling for a rise. They have found more legitimate if not more profitable work in the mines themselves. The speculating public, too found that they had enough to do in meeting the calls necessary for the working of claims into which they had bought, without increasing their ventures and liabilities. Thus a healthier state of things has been gradually brought about. There are still many who have so involved themselves that they must sell portions of the stock they hold in order to meet immediate calls upon them, and hence we believe the otherwise unaccountable fall in the price of dividend-paying and first-class stock, inasmuch at other mining interests being unsaleable, forced sales could only be effected in well-known and proved claims. The number, however, of persons who are so situated is daily becoming less, for those who now buy do so with a knowledge of the liabilities they incur; a matter little understood, and less thought of, a couple of months ago. Another and a very certain cause of improvement is the steady addition which has been made to our population both of men of means and working miners. Not a vessel arrives from the Southern provinces or other colonies but brings her full complement of passengers. We read of four steamers, the John Penn, Airedale, Keen, and Charles Edward, all on

their way from' the West Coast loaded With poteen gen, to be no doubt followed from time to time by others.- All this tells surely, if slowly, in our favour, and if we cannot look for a return of the indiscriminately large prices for stock which once prevailed, we are at least justified In looking for a steady general rise and an increased demand for bona fide ventures. Such a reaction is now already commencing.