The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-08-12
Investments In Mining stocks.

The mining industry producing the most precious
for the deveopement O. the public wealth call
the most serious attention every fact tied with
it, existence, progress and prosperity.
supplies the materials for building cities and
structns their monuments the COAL light their streets
and houses for acceleratng the motion Of steamboats,,
powerful engines indispensable for modern industry.
1t supplies mankind with all the divers metals with
Its products are equally necdfu as those Of agriculture
and more difficult 10 reach they want to be worked by
the union of greater skill and more considerable capital
In agriculture single man may raise products
in mining assoc alton Of is necessary hence the
necessity OF working mines TO form COMPANIES Conse-
quenty, when heard around us, sGod deliver US
from mining stock Ia sentence so many times of
late)-rom mining stocks, without which II would n't be
possible to work mines-tis absurd as to exolalm
God deliver us from plantations, farms and gardens"
Although we confess it, this shows for the min
ing industry situation to which prompt remedies are
necessary 10 make every other species OF industry,
the object OF legitimate pursuts-of wise aad prudent in
vestments Of capital
In this country, when the first explorers brought
by the hopes Of discovering precious metais-when
hunting mineral wealth the object oil numerous aud
bold expeditions against fierce and hostile popuatonsis II
not astonishing how little has been done yet for that object
When all the different kinds OF labor which afford legiti
mate remuneration to the activity OF the American peo
pie are prog essng rapidly 70 asonsh the Oldest
with its chances OF rapid fortunes remains in state OF
nerorty and raises Investment for capital fears
always increasing? Many produce this state OF
things.
Because many mining adventures were the gaining OF
Immediate considerable benents-beCause many for
tunes were made in short tmethese facts have reused
hopes which cannot be always realized, and hopes too
sapgune are shortly succeeded by Encouragement Of
enterprises which would require for success more perse
yeFaace and energy.
This nconslderaie notion Of obtaining wealth immedi
ately in mining enterprise prevents persons making
thorough examination OF the chances Of mines in such
enterpriseof calculating what amount OF tal will be
necessary 70 carry II to a successful end.
The mining science, 20 difficult from the great variety
OF scientific knowledge II involves, Is neglected and the
number OF competent being rather insufficient the
tu xat.a
In most cases, TO embark In the adventure wi hors
Sufficient Information. For putting up large building
they call on architects; for constructing railroad, on
civil engineers but for opening mne they sink at ran
dom shaft they spend large sum in a great many
o nnd out water less mpid and then the
disappointed shareholders excaim, "God deliver Us
II more favorable place has been found, afiordng
ore which would pay with benefit all the work done tor
discovery, calculation estimate having been made
beforehand about the capita necessary TO the end OF the
enterprise the funds exhausted when the discourage
ment IL raising when becomes difficult TO call In
s;aiments and good and profitable adventure Is wound
up when the success near at hand.
The disappointment OF rapid fortunes iuduces, TO
reach the object 10 anxiousy hunted for, specr
laons in stock N place OF waiting the benefits from
the adventure Itself; and in place OF working mines,
they gambling in mncs. For the success OF
thcse operations co npanes are formed with fictitious
capital proprietary with forty any thousand dollars
put In stock at I've hundred and one million OF dol
lars and the value OF the stock fuciraice below par
stead Of raising with the deyeopement OF the works Of
the mine.
IT. in spite OF all these difficulties the adventure main.
tans itself from ia resources IS overratcd by use
less expo lscs the management divided between the
Office located in large city and between the Office at the
mine Tor want OF competent men the mining works are
impe feet and expensive and the dividends the sin
shareholders looking for come out, and
from every quarter they exclaim, God deliver US from
We have here slightly hntcd some OF the causes of
the non success Of mining spsculaons on paper We
of thngs-how mining may be mace the object OF perma
neIt and profitable Investments OF capital. C.