We measured the densities, total and microcrack porosities, and ultrasonic velocities of a number of core samples from an 856-m-deep core hole near the Banco Bonito vent at Valles Caldera, New Mexico. Reductions in porosity with depth define a zone from about 600 m down where hydrothermal mineralization and recrystallization have been most active. This zone is also reflected in a large decrease in the anisotropy of acoustic velocities. Stress orientation estimates based on microcrack orientations at the 812-m depth as determined by differential strain curve analysis, as well as anelastic strain recovery measurements on a sample from 472-m depth, show a horizontal E-W minimum compression direction and a maximum compression inclined about 30¿ from vertical.