Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-05-08
EASTERN CAPITAL AND THE
rs OF THE PACIFIC COAST.

MINES OF TIE PACIFIC COAST
We find in the New FORK Mali an in
telligent and we'll digested article on the
mining outlook Of the Pacific Coast. The
article must have been written by som
one familiar with affairs on this side Of the
continent, as the average Eastern editor is
not usually so we'll posted about mining
matters. The article is valuable in an
other direction. 1t shows the rapidly
growing interest manifested in the pro-
duction Of the precious metals by the CAPT
talists Of the East. We cannot devote our
space to-day to a better purpose than to
give some extracts from the Mails ar
ticle. That journal says:
The recent heavy transaction in four per
cents, involving as it does $500, 0C0, 600, is
in striking proof Of the large amount of
money seeking permanent investment, and
also of the fact that such money is con-
tented. l. security is assured, with mode
rate returns. Another and equally as
striking proof, though not 50 we'll known
to the general public, Of the manner in
which idle or uninvested capital IS seeking
new channels, is to be found in the steady
increase Of interest in mining enterprises
especially those for the precious metals.
Even those who pay some attention to this
matter would be greatly surprised to learn
in anything like an accurate manner, OF
the steady growth OF mining operations,
the extent of the capital more recently in
vested, and Of the still larger amount that
stands ready, on reasonable encourage
ment, to engage in this attractive field.
We observe that experts like Mr.. Valentine,
Of Wells, Fargo & Co., predict a smaller
silver yield for the current year than has
been the case for the last and some years
preceding. OF course SUCH high authority
commands respect, but we fear that, linn
tied in his range of observation to the two
States and subsidiary territories in which
the great bullion express operates, its
Superintendent underestimate develop
ment, and therefore misealculates the prob
able yield. In our Judgment the total
out; ut OF the precious metals for the cur
rent year is likely to largely exceed that
Of the year past.
This Judgment we base upon p~robabili-
ties that are at least reasonable in charac-
ter. In order to fully apprehend the
present development Of the great mineral
interests of this country, it is essential that
we get away from the direct influence of
IDC q 4 W otO1h ht@A M ! NA<lt4 VIZ"
the operations on the Comstock from an
outside eyrie. While attention has in the
nature of the case been fastened for years
past upon the wonderful development upon
the greal lode in Mount Davidson, it has
Of necessity not been cognizant Of progress
made elsewhere. Mining capital for the
Pacific Coast has, until a very few years
past, been derived mainly from the coast
itself. Owing to this fact, and the SEEM
Ing pleasure taken in risks, the Comstock
mines have largely overshadowed all
others. Great losses and greater profits
have resulted. The concentration of the
latter in a few hands has been the necessa-
ry consequence of the limited though rich
field from which supplies of capital have
heretofore been drawn.
But to return to our theme-the inter-
est in mining enterprises, and the reasons
that exist for our belief in a large increase
thereof. In the first place. the very con-
centration Of California and Nevada capt.
tai upon the Comstock, assuming, as it has
done, the nature Of monopolizing control
and Capitalization, has had the natural eff
feet of turning attention, on the part Of
those unable or unwilling to pay their de-
voirs entirely to he two great banks, to
the fields outside Of the great lode. There
has been q continued and steady. if slow,
development in other parts of Nevada.
TIL enormous fortunes that have been won
from Storey county operations have had
the effect Of inducing the expenditure OF
much money in the way Of prospecting and
preliminary exploitation elsewhere. A
number Of smaller companies, in Southern,
Central aud Eastern Nevada, have made
money for their owners, whether corporate
or individual. There is no doubt also that
--x-.1 .-.w. .- ...-, 4so1Jr -
that State, which have been kept perdu in
the past. owing to the wan Of means on the
part Of the original prospectors and dis
coverers, are about to be reopened. East
ern capital has become interested, and the
result Will soon be manifest. Taking into.
consideration the very probable increase
OF the Comstock output Of bullion, owing
to the doubtless early uncovering OF the
bonanza, believed by competent experts to
exist in the North ERd Comstock mines,
known as the Sierra Nevada, Union Con-
solidated, Mexican and Ophir, not to speak
OF the OUTLYING groupings thereof in con
tiguous mines, and the completion of the
Sutro Tunnel, and as a consequence the
draining Of the "water mines"-Hale d
Norcr0ss and others-with the certain in
crease in other portions OF Nevada, and the
total amount Of silver bullion this year is
likely to more than equal that Of past years
from the region indicated.
The Mail" next devotes a chapter to
Colorado, Utah and Arizona, holding that
the prospect for a largely increased bullion
yield, form these sources, was never SO
promising as at the present time. The ar
ticle concludes as follows:
On the other hand, also, there is equally
as great a probability of a large increase
in the yield Of gold. The quiet recent de-
velopment in the Bodie District indicates
to our Judgment parallel results elsewhere
in both adjacent and remote portions Of
the Sierras. There are scores Of quartz
bearing mining districts in California,
abandoned early in the history of mining
there, from want Of knowledge in reduc-
ton methods, lack of capital, desire for
change. or the more inviting prospects the
Comstock held out for several Years. The
first has been greatly remedied; the second
is also being met; hard fortune and usage
have curved the third, and the last is no
longer inviting to the mass who really fol-
low mining as a pnrsuit-not as a mere
gamble. The indications are found every
where Of a large and steady increase Of
bullion from the gold bearing fields. The
area is to .e largely increased, and that
already worked will greatly improve. Alto
gethers we may look for an increasing
ectivity in. The directions Indicated. As it
will be a p~scdnctive increase, based upon
real values, lure Of setting in motion a
thousand n Iated Industries, and opening
TO the uses Of man wide areas now deemed
arid and desert, the country may be con
graduated on the prospect. We point to
the inevitable, and only recommend eau
tion on the way.
The SENTINEL has always maintained
that mining properties would be more
eagerly sought as the country grew older.
A new era Of prosperity seems about dawn
ing upon the mineral bearing States and