little improvement, and we refer to those who are placed in the direction of the affairs of the different companies. An important error is committed here, which would not be tolerated for a moment by any business man in conducting his own affairs. Men are chosen as directors, in many instances, who are totally unfit for the post they occupy, knowing little and caring less, what is best for the interests of the company, and having their own affairs to look out for, give little heed to the requirements of the mining property, which, it is generally supposed, will take care of itself, if assessments can be laid fast enough to furnish funds. To our mind it would be an improvement to have a very small number of directors,-three is sufficient, and let them be paid, if necessary, a moderate salary to give attention to the wants of the mine and use their energies to best promote its interests. Although objections may be urged against paying the directors, as being an additional and useless expense, we are of the opinion that it would be money saved, in the end, as services "free gratis" are not always the most disinterested. If a man works for you, pay him, and see, too, that he does his work faithfully. As at present managed, a few men "get up" a mining company, with, perhaps, $2 paid in, and after disposing of all the stock, get out, financially, much to their own satisfaction. We are well aware that all companies are not managed in this way, but the whole matter needs looking after, and unless we have a reform, it will soon be difficult to start a mine at all, let the promises of future results be ever so flattering.

The market for mining stocks is flat enough, and the shares generally are in bad repute with inventors; and as to speculation, the thing is not known at the present time. "Bulls" and "bears" are terms almost obsolete, and the "ups and downs" of the market, frequently alluded to in former times are all of the latter class, graduated on an inclined plane of the most approved description!

Pittsburg (Cliff Mine) has depreciated about $10 per share (130 now asked) since the report came out, it not being deemed satisfactory by stockholders. It is quite evident that the managers have been making too much of a show by declaring large dividends, in fact entirely clearing out the treasury to pay them, and now they have just come to the sensible conclusion, that a reserve fund of $100,000 is necessary for working capital, to enable the company's affairs to be carried on successfully, and without being continually "short" of funds. In order to accomplish this, the directors say, "We are of the opinion that the working capital should be increased until it shall amount to a sum equal at least to one half of the ordinary yearly expenditures. This may be done without calling upon the stockholders for an increase of the capital stock, which is by no means advisable or desirable, but by hereafter withholding a portion of the annual earnings." The directors do not inform us whether they intend withholding all the amount required in one year, which would just about consume the entire net profits (the dividends in 1854 being $108,000), or, if their intention is to reserve a portion each year until the desired sum shall be realized. In the first case no dividend could be expected in 1855, and should the latter course be decided on, reduced dividends must be made for several years. Had the company never paid over ten dollars per

share, each year, the cash surplus would now be $102,000, and every shareholder would have been perfectly satisfied with the income from his property. For the years 1853 and 1854, the company paid $33 per share, so that in these two years alone $78,000 might have been reserved, by paying semiannual dividends of but $5 per share.

Copper Falls stock has declined to 374, in consequence of an anticipated assessment of probably $7 per share, which will be decided upon by a special meeting of the stockholders, Nov. 14. This step has been rendered necessary by the fact that the shipments of copper for 1854 will be less than 175 tons, instead of 400, as was promised by Mr. Hill, the agent, at the time the last assessment of $5 per share was levied. Various circumstances have operated against getting the copper forward for shipment, the main one being want of machinery to stamp it out. This trouble is fast being remedied, and the mine will speak for itself another season, as there is an immense amount of stamp stuff now on hand, and the mine will produce it as fast as 100 heads of stamps (the contemplated number) can prepare it for shipment. We believe the managers still hope to pay the stockholders a dividend in 1855.

The following assessments have been levied since our last, and althougt some of them are past due, we publish them as a record for future reference.

The above assessment on the Portage is the last of the $1.50 laid some months since, 50 cents of which became due September 20, and 50 cents October 20. The Adventure and National are payable by Eastern stockholders at the office of Messrs. J. W. Clark & Co., Boston. Isle Royale also at Boston to Messrs. Head & Perkins.

The Isle Royale mine is looking remarkably well, and the managers are determined to push the work to a dividend paying point at the earliest practicable day. $4 have already been paid in since January, 1854, making with the above assessments $7 per share in one year. The frequent calling for assessments, together with the unfavorable state of the stock market generally, has had a depressing influence on the market value of the stock, which is not much above $10 per share, having fallen from $24 per share in March, since which $3 has been paid in, making a net loss of $17 per share.

Toltec has settled down to $51⁄2 with $8 per share paid in. This stock has also declined largely, having fallen from $12 since March last; $4 per share having been paid in since, the loss exceeds $10 per share. The stock is considered very cheap at the present selling price, as the mine promises equal to any at the lake, for the amount of work done upon it. It is hoped that one more assessment, next spring, of $2 per share or more, will carry it to a paying point.

recently, are very encouraging. share, and is heavy at the present writing. The accounts from the mine, mine will make good progress the coming winter. The stock sells at $8 per point. The prospects are now very encouraging, and it is anticipated that the agers announce as the final assessment needed to bring the mine to a paying ance is due January 2, 1855,) making a total of $20 per share, which the manassessment of $5 per share ($3 of which was paid in October 13, and the balForest has been very dull of sale for some time past, owing to the heavy

gives abundant promise of eventual success. ted among the stockholders, when they can judge of their property for themtion of the mine and its future prospects is shortly to be printed and circulaward as rapidly as possible. The vein is steadily improving in richness, and Phoenix is looking very well, indeed, and the work is being pushed forA report of the present condi

One dollar was paid in on the Algomah, October 16; Forest, $3, October 13; and Manitou and Ripley, each 50 cents, September 25, all of which are included in the amounts paid in above.

As we shall hereafter publish in each number of the Magazine the fluctuations in the Mining Share Market for the month immediately preceding, we give below those of November, to make the series complete to this time:

Fluctuations for October, 1854, in thirty-one different Mining Stocks, sold at the Boston Stock and Exchange Board, showing their Highest and Lowest Points, and the Date, with the Market Value at the close of the month, Gain or Loss for the month, and Number of Shares sold in each.

Minnesota is dull at 170, without buyers, although the stock is probably one of the cheapest on the list, as the company comprises only 3,000 shares, has a surplus of $50,000 on hand, and is producing copper enough each season to pay handsome dividends to the shareholders.

North American is little inquired for in this market, the last sales being at about 60, which is not high for the stock, as the time of their first dividend is not far distant, and doubtless the payments will be continued regularly after once commenced.

North Western is dull at about 20, but the recent accounts from the mine are so favorable that the stock is not pressed for sale. The latter two companies are Pittsburg concerns, and usually the transactions in the stock here are much limited. They both rank well, however, and will eventually become first class mines, and that too without any great delay.

Among the "young mines" (so called), the Winthrop stands well, and promises to make a good show as its resources are developed. The fact of its

having the "Hill Vein" of the Copper Falls, renders it a matter of certainty that the mine will come out right in due time. Algomah also has a promising vein, the same which the Toltec are now working, and there is every reason to believe that it will make a productive mine. Star is improving and grows richer as the work progresses deeper, which is a very favorable indication. There is every reason for predicting that it will become a firstclass property. The Dana, as also the Native, appear to have very good veins, but for the present work has been stopped, in consequence of the very heavy expenses of mining at this time and the difficulty of raising money from assessments. The Fulton has a valuable mining property, but the very bad financial management of the concern, has rendered the stock unpopular, and it will not bring 50 cents per share at this time. The company appears to have spent all the proceeds of the sale of their stock, and now it is proposed to reduce the share (100,000) to 20,000, and then probably an assessment of $1 per share will be levied. Of Bay State, Bohemian, Glen, Nebraska, Ripley, Shaumut and Webster, we hear little of importance. The last two are offered at 25 cents per share, and probably no more than that price could be obtained for either of the seven.

NEW YORK, Nov. 30th, 1854.

The state of the money market, and the want of real value found to attach to so many of the mines, the stocks of which have been before the public, continue to work against the revival of activity in the mining share market. The abundance of money in market is only felt when its circulation is quick. If the circulation be quick, its positive amount is not of so much moment. A nimble sixpence, says the proverb, is worth more than a dull shilling. So it is now. The want of confidence and spirit prevents the free use of what money there is, and the actual amount of money may be greater in the hands of capitalists at the present moment than in the most buoyant times. The amount must be multiplied by the sluggishness or quickness of circulation to ascertain its force. The momentum with which money is made to circulate impelled by confidence or speculation, makes the market appear abundant or otherwise.

At present all is sluggishness. Large amounts may be invested, but the investment stops there, they give no force or quickness to the currency. Liquidation and contraction still go on, and while this is the case the market must show less and less abundance. Exchanges become fewer, and those who have debts to pay obtain no advantage such as they could do by a quick circulation and large transactions.

The quantity of shares held in various unproductive enterprises, must be immense. The several undertakings, mining and otherwise, which have been overtaken by monetary difficulties before they have made any way towards productive completion, have deprived those who have made investments in them of any benefit from such investments. Had a few companies pursued their work to completion, instead of a multitude who are obliged to stop half way, the difficulties would have been few, and benefit have been received from the investments.