Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-04-30
.=-I EN- WHEN THEY ARE
LOW.-


Low
There is a strong disposition among
Eastern investors to buy none but divi-
d~end-paying stocks. Commenting on this
feeling, the "Mining and Scientific Press
truthfully remarks
If only there was any certainty that
these disbursements could be kept up
steadily and permanently, then, to be sure,
would these securities prove a very entic-
ing sort OF investment, az they are apt to
be liberal enough while they last. But the
trouble is that they do not last long enough,
as the history of this class of property on
the Pacific Coast goes to show. OF ali the
mines whose shares are now called on the
San Francisco Stock Exchanges, scarcely a
dozen are yielding Il net revenue. Two
years ago, when the Bonanza uiees we@
paying uivlaends, and were generally es-
teemed as a desirable Investment, the prin-
clpal owners OF these shares We're buying
largely United States four per cent. bonds,
and subsequent events have approved their
financial ccumen Only one year since
Bodie shares were largely bought up at ex-
travagant figures, the public being assured
that there was ore enough in sight to make
dividends certain for q long time to come,
and yet some months have elapsed since
Bodie passed over to the list Of profitless
mines.
That is just the trouble. says the
Stock Report" with these mines. They
do not last. That every dividend paid is
SO much off the value Of the property. the
Eastern investors, accustomed to the rail-
way and other Investments of a perma-
nent and constantly improving character,
can not be made to understand. With us
. mine is generally regarded as having
reached the zenith Of its value in the mar
ket when it has begun to pay dividends.
This has proved trne in all cases, except
when subsequent discoveries. unlocked for,
have given the property q new prospective
value. Where money is made on this
coast chiefly is in the development of
mines, from an apparently valueless claim
that is kicked around the stock boards at
seyenty-fve cents and a dollar a share,
into q first-elass mines showing an ore
body and a price in the market. that COM
mands the respect Of the Eastern investor.
When the mine begins to yield and pay
dividends we are ready to accommodate
buyers at a healthy figure. We repeat.
when the people Of New York and Boston
adhere too religiously to their purpose Of
buying only dividend stocks they are paw
ing the way for a great loss, a great vexa-
ton and a fresh shower of curses on the
i" mine swindlers Of the Pacific.
THE anti Constitution folks seem to be
gaining ground in California. Two weeks
ago the other side had the best OF it ap-
parently. Another week may chop things
around once more. On the 7th OF May,
the vote will tell which side has lone the
most lying in the campaign. The adyo-
cacy cf Zach Montgomery would be apt to
prevent us from voting for it. undoubtedly,
because it will impair the public school
system. On the other hand, the fact that
s'money" is endeavoring to prevent its
adoption would be liable TO cause us to
vote for it.-lReno Journal.
Brother Powning would not be caught
in bad company il be knew it. Not much.
But his reasoning is very ganzy.