Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-01-29
MINING SPECULATION IN NEW
YORK.

The time Is not distant when a more
extensive market than that presented
in San Francisco will press forward to
share in the profits of mining in Ne
vada. Already we note evidences of a
better feeling respecting this class of
investments in New York and other
Atlantic cities. The reconciliation of
silver, thereby definitely settling the
agitation of financial questions, we
doubt not, will work wonders for the
mining interests of this State and coast.
There are hundreds of partially devel-
oped mines all through Eastern Me-
vada which need but the magic touch
of capital to make them as pro.
ductive as many of the bonanzas
now being successfully worked,
San Francisco touches nothing but
the cream of our mines. To sell
q mine nowadays in that market, the
prospector must have in sight, in good
ore, something approximating very
closely to the purchase price. That is
to say, that the buyer seldom takes
chances. He must see on the dumps
and in the drifts and slopes sufficient
ore to reimburse him for his outlay.
This results, of course, from the mar
ket being limited-such athing as com.
petition in the purchase of a mine be-
ing almost wholly unknown on this
Coast. This would be changed if East
ern capital could be diverted to mining
enterprises in Nevada. That this will
be done sooner or later. we have not
the slightest doubt. 1t may not come
this year or next, but it will come
eventually. Nevada mines of fair
prospective value is good property to
hold, because the day must arrive
when there will be a market for them.
The subjoined extract, from a New
York letter, Is pertinent in this place,
as showing the drift of sentiment in
the speculative world of the great me-
tropolis:
There Is growing up in this city a
strong undercurrent of interest in sill
yer mining possibilities, which will
shortly break out in a popular current
as strong, and perhaps as deep, as the
petroleum rage, which made and cost
so many fortunes. In the ordinary
stocks and doings of Wall street the
public has lost all confidence. But in
mines of precious metal already dis
covered, already worked, already pay
ing fabulous interest on investn ent.
there is something tangible-and why
should not one reap the profit as we'll
rs another? Already large sums have
been diverted from less attractive in
vestments and put into favorite min
ing stocks, and there are persons less
they think, with the facts, who are
putting the small residuum of their
daily earnings into these bewildering
but uncertain opportunities, dazzled
by the prospect held out to them OF so
lucrative an employment of their
trifing Preparations are
on foot, however, for an appeal to a
larger public. Excursions are in con
temptation and process Of organization
10 the mining regions, from whose
glowing accounts the news of this new
dorado will penetrate into remote Sec
tons. and inspire the same kind of ex-
element for which the oil and gold
levers were responsible. 1t is said,
also, that heretofore San Francisco has
principally reaped the harvest of the
crop OF precious metals, and there il
no reason why New York should not
OK perience also q little Of the advant-
age, il it is one, Of q share In the great
which lie beneath the earth's