Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-10-24
AIxSG vs. RAILROADS
Mining Stocks Better fhaa Rail-
read Scrip.


The View York American Exchange SAYS
the adverse position assumed By certain
i1dividuAls and = portion Of the press n
regard 10 the mining Industry. can he *
planned only Epoa tie ground Of pre;cdice
or ignorance. Il must be admitted that
sheEe . soEas reason t0< a prejudice against
m5uIog - = E-I II investments, owing TO
the VERY questionable means adopted n the
past tofOrxzrd certain sckeusrs asd .vld-
cSs" Operators This p<~jzdiee Ia justified.
knwever, onlr 70 the e1xnE of 1~inga care
tuI Disseminated II the s<Ircitcn Of the
means Of nsessuseBt, Tie me ~ Is ordi-
nsTily exercised Il AL eomnereia Affairs
L i true that IN mining taere are certain
conditions Of Grce-sAinsy, absent in other
Business purszirs- yet those drawbacks are
Offset By Advantages which 20 far to pm.
tha, industry upcn Al sseE plane with the
most svszla5Is and cssirabse trade or basi-
ness
A between mining and railroad invest
Hsnts- there il zzeh 10 sco mend . pref
ere1ee Of tie former. In both c2zes Ike
factors Of speculation and uncertainty Of
pro1Ez are present And IL. in regard IL
these points, there - an advantage in IA
sor Of tie one ~ Against the other, il can
hardly be questioned Tia. mining enjoys il.
As 10 speculation DO enc wAo i fally in
formed as 20 the facts can deabs thar. so far
a. the East u concerned. railroad securities
carry OF tie lions share
The speculation in mining shares never
has approached that in railroad securities
here. and il may wsl be doubted whether,
even in San Francisco, the mining ~specnl2-
ton has fcualsd the speculation which has
existed in rsilroad stock here As 10 m
certainty Of profits. thu history Of the rail-
roads in this country daring the past 20
years leaves bat little to he said in favor Of
them ~ an investment. a. against mining
property. Tie long list q bankrup. rail-
roads. the policy Of building railroads hun
dreds Of miles through uninhabised terri
tories and the ignorance displayed by the
managers Of railroads in regard to the cost
Of doing business all indicate that the I'M
csmAinties Of proAt are yet far from being
removed.
In mining there 10 one element in which
almost any other Iusiness would distin-
gnish il ~ the most desirable Of indus
tries The results ~ mining are wealth
that Is. the production u mines il money.
The bullion which q mine produces il SO
much value TO the producer, representing
that value IN current money, and require
no system or particular condition Of 8 mar
kef 70 enable him to realize its worth in
dollars and rents In no other business
Ii that the case. The miner actually makes
money-.hst ia. h@ digs money ont Of the
ground. shile in other pursuits there must
Be first produced prspeEsy which IS TO Sc
cure 10 the owner money. Further, IN the
case OF mining there Is 10 chance OF conpe-
sition. no fear, CT . rival stepping in and
carrying AWAY the business or profit which
-. -. - O. =.
the advantage Of mining orsr railroading
is c.ly too rarcspSSis.
The efec. Of competition upon the rail-
roads has been to almost ruin the entire
system. and 20 great has become this evil,
that ii i only by mutually agreeing to take
partn. rship their rivals that any OF
the railroads are now enabled TO exist.
From any such danger the mining indus
try is free. n never can such . condition
arise in is history.
The question Of economy 10 operating .
or developing . mine. 90 far as the
amount 81 money required in either esse
Is involved, must be deciced in favor Of the
latter. Even the most profitable and lar
gest producing mine can he operated at
minimum e as compared with the
running OF a railroad. In the one small
Of the Presidents salary there i. .
most perceptabls difference. II would be
. difficult matter to find . President Of .
company enjoying . salary OF s55.-
COO per AMMAN. and yet not knowing the
Of producing ons ten % ore. The
ready mark, Tor ths pretict Of a mine. the
o rtsinty which attaches 10 tire rate whioh
will be obtained for sueh product. snd the
n~ser-failing demand therefore. all live to
mining . more important advantage. which
others su~pposed-so-be more conservative
do not possess As regards the
railroad. with the uncertainty Of its always
oi,tai ming business. with the rates which il
obtains constantly changed. oftentimes reg
alated not by its self. hut by its rival or
by an arbitrator. the advantages, sn far a.
the points discussed are concerned, are
only too plainly on the Tide Of mining.