“We have a wonderful story to tell. We listened to it at first with incredulity, but after hearing all our informant had to say we found reasons for believing it. We have seen a report written by Henry Janin, a mining engineer of an established reputation who had visited the mines, examined them and reported favorably on them. He has accepted the position of superintendent and has expressed the opinion that with twenty-five men he will take out gems worth at least $1,000,000 a month. In this paper he attached so much importance to the discovery that he discusses the question whether the price of rubies and diamonds is likely to depreciate in consequence of increased production and answers the question in the negative. We have thus commenced with Mr. Janin because he is well known here and it is mainly on his statements that confidence rests. His statements evidently command confidence, for some of the leading capitalists of the State have purchased stock. “The place of the new mines has not been communicated to us by any of the interested parties, but street rumor says it is New Mexico. About three years ago, they say, an Indian near the diamond deposits gave several diamonds and rubies to a white man who brought them to Messrs. Roberts and Harpending in San Francisco. These gentlemen satisfied themselves of the value of the gems and sent men to hunt for more. They met the Indian after a long search, he took them to the place and was subsequently drowned. We tell the story as it was told to us. “Then Mr. Janin went to the spot, washed a ton and a half of gravel, took out 1000 diamonds, four pounds of rubies and a dozen sapphires, and selected the best ground for mining. Three thousand acres were claimed under the mining law passed last session. The country for a considerable distance around was examined, but no equally promising deposit was found. “Most of the diamonds found by Mr. Janin are small, weighing a karat. One obtained previously weighed over 100 karats, but was dark and of little value relatively. There are 109 karats in an avoirdupois ounce, so that a diamond weighing a karat is a small affair, yet if clear and well shaped may be worth from $25 to $50.... Some of the sapphires are as large as pigeon eggs. “The diamond mines are the property of the San Francisco and New York Mining and Commercial Company, which has been incorporated, and the directors are M. S. Latham, A. Gansl, W. F. Babcock, Louis Sloss, William M. Lent, T. H. Selby, Maurice Dore, General George B. McClellan and Samuel L. Barlow, the last two of New York. The company is incorporated in this city. It has 100,000 shares of stock and they have been selling at $40, making the present market value of the whole property $4,000,000.