The New York herald., 1876-07-10
FINANCIAL AND COMMERCIAL.
Mining Investments in the East
Review of the Stock Market.
THE MONEY AND GOLD MARKETS.
Government Railway and Southern
Bonds-Interestng Statistics.
WALL STREET,

= SUNDAY. July g. 1915
There arc two Things which both astonish and dis
appoint Western friends they journey through
tho Satcs their way to the Centennial Exhibition.
Tho one is the duness OF trade in the Eastern States
as compared with the Western, aud the other the
strong prejudices of people against the very
dustry which is the chief cause OF the disparity be-
tween tho sections OF country. We refer to the
business Of mining Tor the precious metals. In the
States where this the leading industry It regarded
As Of the most certain in It's rewards, while by our
own people 1t Is considered the speculative and haz
ardous This diversity Of opinion in the face Of facts
surprising even tho best informed Of Western
VISITORS but the plain enough to those
recolect that years ago there existed in
city mania for mining shares rs widespread as 1t
Was foolish and reasoning Hundreds of companies
organized and shares of the nominal value OF
three four hundred million dollars distributed
broadcast the land until all classes became
Of certificates that worth the paper which
they were Inscribed Tho companies started
with idea Of doing real work; the shares set
anoat by persons totally unknown to fame, and
were bought without knowledge of either
the value or the location of the properties
upon which thcy purpor:cd TO be based.
Even when the enterprises begun in good faith
and prosecuted with industry they failed from sheer
ignorance OF the business This long time ago,
however when railroads not SO far extended
at present. when had not been educated to the
business, and when the machinery and appliances
transported at expense, some instances, OF 81
per pound; and very ponderous, complicated and i'm
perfect machinery it was, easily put of order and
impossible repair except by transportation back
the East the same tedious and expensive route.
This state OF things continued until tho this
class Of shares became
vRAMrioX IN ALMOST EVERY FAMILY,
and but for the intrinsic prodtabeness of mining as
subsequently carried on the business might long have
remained entirely dormant for actual capitalists would
not invest in It, Tho men who spoken Of
bonanza kings, and whose wealth exceeds that OF the
richest Of our Eastern monnaircs, not capital
lists when they first embarked In the business.
but rich from what they dug of the bowels
Of the earth Our prejudces ought admit, TO have
been BY this time away by the abrasion Of facts
presented in the statistics of gold and silver mining
From these appears that including all the losses of
the last twenty-five years and allowing at the of
81 per day for the labor expended, the total in
vested amounts $3.50, ,O00 O00 while the amount Of
bullion produced is positively known to be
ST. 6Ss, 600 900, and the value of the surface i'm
provements is estimated at $3.50, OK, 900, giving
. resultant gain of $1.57s, 100000, which is a
better showing than can be made by any
other OF the great industries Of our
per day for labor, every other industry would
prove have been a total failure But the misfortune
is that our people "went In" careessy and preclp
lately and event out" just the business begin
ming to be remunerativs. Years have passed on and
meanwhile countrymen have become educated to
SCIENCE
The modes Of working are much simphed; the ma
rhinefy but tithe ofwhat 1t used to cost and
the process Of reducing the ore and extracting tho
metal much improved that the yield is quadrupcd
SO that numbercss that abandoned as
worthless be made to pay literally. This
Is particularly the in Colorado, where the
extremely rich but much moro refractory
than those Of Nevada that under the old processes
they yielded up only portion Of their 1t
estimated that consequence OF these improved
Dds the OF the precious metal throughout the
world during the coming five years will be equal to
that OF the past twenty five years.
This whole subject is one OF important concern to
LARGE owSKR
east OF tho goldbcaring States Tor do furnish
the capital required develop the mines OF the West
and South IL will certainly DO supplied by California
and tho enormous trade growing out of the
business will DO diverted to San Fran
cisco. She Is already moro inclined to
invest mouey far away from home If it is to be used
In legitimate mining, than are. II 1t be OBJ
Icctcd that Colorado is far u.s. there are gold
deposits IN Virginia, North and South Carolina and
Georgia promise better for the capital in
than any kind of manufacturing that occurs to
u.s. and the product when obtained has the advantage
Of being Of the value OF all other products
and is in no danger Of depreciation There are
GOLD DEPOSITS OF EXTRAORDINARY RICHNESS
In North Carolina that lie within twcnty-four hours of
this city by rail and be worked fourth tho
expense OF similar deposits the West and yet in
Instance shat know of the capital required for its
development is expected to obtained Fran
cisco.
II behooves our property owners whose empty build
ings, bearing the legend 'sro Let" confront on
every block give their this subject or
San Francisco will possess herself completely OF
dustry that Is TO surpass every other In
and importance. Capitalists who grumble because
three per cent per annum ID here the maximum for
money ''ca," may learn lesson from our young
sister the Pacific, where twelve por cent is the
minimum and where tcnantlcss house Is rarity and
q faded industry almost unknown.
A rcyiew of the week, rather that portion OF II
which devoted centennial pleasures, reveals
no new features. The provision, cotton aud dry goods
markets were quiet. with prices materially changed
The stock market steady, without important
fluctuations, but dull Speculation has been largely
confined such fancics Lake Shore and
Western Union, and VIII be by the
figures below they represent the best share
Of the transactions for Tour days Other stocks
more or less participated in the strength thus
uuncatcd, but not to that degree which would mark
legitimate dealings and restoration OF confidence.
The leaders OF the bull the securities
above named have undoubtedly been shrewd and mod-
erately successful They have marketed iderabe
stock but 1t evident fact every locker
10 fhoIr a
cdidcc tumbes threatens TO fall Hence it is gen.
orally supposed that their purchases have been
NOUS and that they have been obliged work single
handed aud comparatively alone. 1t is notorious
fact that the circle OF operators has boen
% small AS il IL present, and there is feeling Of