New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-28
EASTERN INYEsTMENrs IN MINES.


LARGE AMOUNTS PUT IN RECENTLY BY EASTERN
CApITAIIsIs-EXTENT or THE NEw-YORK SPEC
TTATION AND NEUTRALITY-SUSPICIOUS. OF
FXPERTs FIGURES IN REGARD TO PROMINENT
COMPANIES.
Great popular interest in bullion mining enter
priscs has been excited at the East within the last
wear. This is attributed generally to the low rates
for the use of money which have prevailed
here for two years. The public interest has been
stimulated at the same time by the dis
coyery of rich beds of ore and by the
systematic development of old lOdes. New cOmpa-
MES spring daily into life and fresh mines are of
fered daily for sale TO eager buyers. Wall-street
banker interested largely in mining property, eX-
claimed recently: "TheTe is no end 10 the schemes
Every other man who comes into the Office has
mine to sell. Thrce-quarters of all the mining
companies in this market have been tloated merely
to make money in the sale of the stocks. OF course
they are all going TO make money; the stockhod-
crs will not lose anything to speak Of"
While il Is admitted generally that many of the
mines recently sold at the East have a substantial
value. il is predicted by those familiar with mining
that advantage will be taken of the newly-awak-
ened interest and that worthless properties will be
paImed off on a credulous public. The failure of
many mines which at first show brilliant promise
il ascrlbed to ignorant and unskilful managers
II has been frequently the custom of mining COM
pauies it is said. to send TO the mines as
managers men who had no fitness for the positions
except relationship with large shareholders or in
tluential directors.
The amount of Eastern capital which has been in
vested within the last six eight months in bullion
mines bias been estimated yarOusly at from 5000
600 TO 81 2 600 900. II. b. Parsons assistant secre
tary and agent of the Wells Fargo Express Company
who made the larger estimate declared his belief
that II falls short of the reality When informed
that il exceeded considerably the estimates made
by Others supposed to be acquainted with the sub
ject he said, with smile that he enjoyed excellent
facilities for forming a correct judgment. From
careful inquiry among the companies in
which Eastern capital has been invested
largely 1t appears certain that nearly S.
600 600 has been put into them for invest
ment In this calculation no account has been made
of the sums that have been put out in the merely
speculative purchase of California stocks. Most Of
the dealings in those stocks are absolute purchase
and sale though abundant facilities exist for buy
ing on margins and for business III orders for future
delivery buyers options for thirty or sixty days
II was said recently at the New-lOrk branch OF
the Nevada Bank that on the Comstock mining
shares dividends paid three or four times az
much stock here now rs a.few moaths ago Mr.
Brander the New-YOrk agent of the bank declared,
however, that the demand purely speculative
No onep he said. buys California stocks for invest
mentp 1t is asserted however in other quarters that
the ownership of some of the prominent Comstock
mines has been transferred gradually 10 the East
At a meeting of stockholders of one of the principal
mines II was found that more than two-thirds OF
the stock were held in the Atlantic States.
WHERE TIlE MONEY HAS BEEN PUT.
The great bulk of the money invested 10y
Eastern capitalists in mining properties hai
been placed IN mines in Colorado Utsl
and Dakota and the Bodie district II
California The favorite fields Of investment
are for gold mining the Bodie district of CalfGr
mia. aud the Black Hills In Dakota for silver min
ing, the leadyiIle and Silver Clif regions Of Color