New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-06-28
MINING IN THE WEST.
nprsrSr CoNprIoN on LEE MINEs.

VI
..,.,,.s. 40 n q cRotY-PRosPFCIs or RAPID DE-
vrtopuFST-A LOOK AT THE VARIOUS DIS
Tpscrs-ExTFNsIvR iNYRsTMENTs OF EASTERN
CAPrrAiTsrs--TALKs WITH REPRESENTATIVES, VI
MINING COMPANIES AND OTHERS.
n q Crolv. the well known journalist, and
NOW the secretary of the Bullion Club IN TINS
CITY. has recently returned from visit to the
Pacific Coast. In a conversation reported ne
low he gives his views a TO the present con
dition aud prospects of the Comstock LODE
the Bodie district. the Black Hills Mines the
Arizona mineral regions. and other parts Oh
the West in which the precious metals are
fouud. He believes that speculation ana IN
vestment i'm mining securities VIII increase
immensely in New-IOrk at an early day, ana
that in time the production OF the prInclpal
mining districts will be controlled here. WINE
ne holds that mining offers very tempting
field for capitalists, he cautions them in regard
TO certain dangers which they may encounter
The statements of number of prom
inent representatives of mining interests
and Of the presidents Of the Mining and Stock
Exchanges concerning the investments OF
Eastern capital in the Mines and the increase
Of speculation, are also given herewith
MR.. CROLY'S EXPERIENCE AND OPINIONS.
HIS REPORT OF WHAT He HAS SEN IN THE MIN
ING EEGIoNs-wHAr Hg BELIEVES TO BE THEIR
FUTURE.
"Nlr. CrolyT said the writer. in opening a recent
conversation with that gentleman you are
upon record as saying that there will be MN
ing excitement IN the East before the close OF the
wear. What are your reasons for believing this y
81 have long held" replied Mr.. Croly, q" that this
great business would in time be manipulated from
a. no gputlupuf-tlat Is,
this city. The United States produce more bullion
than all the rest Of the world together and II Is only
a ouc,tion of time when this business, so important
and so profitable shall be handled at that point III
this country where money IS cheapest and most
abundant I'm a conversation with Mr. John
Mackay. the bonanza millionaire IN California, re-
GENTLY he reluctantly admitted that it was possible
New-York might take away the bulk of the mining
business from san Francisco. II 1t is possible
said Nj Mackav for London capitalists to work
mines successfully all over the world-ln Nevada,
Utah. Colorado, California and Arizona, as well as
iu N,w-Zcaland and Austraia-what is to prevent
New-York capitalists from controlling mines within
far more limited area i'll their own countIyP
''Now" continued Mr.. Croy, you have only to
compare the stock list Of to-day with that of last
year 10 see how immense Is the increase in mining
securities dealt in here. At a complimentary
dinner given to Mr. William NJ Lent at the
Lotos Tub recently General Christensen, formerly
the Ncw-Iork agent Of the Nevada Bank,
said that the public woud be surprised if 1t was
known how heavy are the investments of large
Eastern capitalists in the Pacific slope mining Sc
curitc,"
"What special reason Mr.. Croly, is there for be-
ueying hat speculation great scale is about to
make no, way into the mining field p
d" Well. YOU scc.' he responded, " there must be
some outlet for the new capital created by the i'm
proved times. Tnc enhanced value of nearly every
article dealt III to-day compared with the prices Of
eight months ago. Is making hundreds of thousands
Of people relatively rich, and they are looking about
for ventures which promise to give more profit than
ordinary trading. The large list of California mill
ionaires aud the great bullion product show how
profitable industry mining has been ON the Pa
cihc Coast. 1t happens that there is nothing else
lust now highly speculative before the public. In
all AuClo-Saxon communities there is always some
one leading business, which Is specially attractive
90 the adventurous capitalist Sometimes 1t Is rail-
road building at other times il Is petroleum; then
real estate We cannot just yet revive the railroad
mania. and outside of Nev-lork City it will be
n long time before real estate becomes active.
Money is abundant and likely TO remain SO we
are through with the refunding of the National
debt. aud the capitalists who are willing to in
crease their risks are beginning TO that while
mining ventures are hazardous they are often eX-
ceedmgy profitable
els there no danger of this business being over
doncw
"Oh, no you cannot oyerdo the business of bull
ion mining The vast gold and silver deposits of
this country are as yet scarcely touched. New
mines will be discovered hundreds Of years from
now The real danger is i'm unwIsc investment and
fraudulent speculation. We had mining excite
ment in 1sGi-'Gj in Colorado and elsewhere, which
was most unfortunate. Plenty Of good ore was dis
covered and Is there IN the hills OF Colorado to-day
but we were new to the business, we did not
know how 10 treat the ores and then the cost of
carving the machinery and supplies across the
plains. before the railroads were built swallowed
mn the profits. But railroads. mills, reduction
works and experience in mining and milling, have
now made profitable the old abandoned mines Of
lsGIrG5 Then there has grown mp race of eX-
pcrts whose services To mining investors are Of the
greatest value Some of these men have
a wonderful instinct il distinguishing the
productive from the unproducuvc mines.
alludc to such men as George Hurst, John +.
Boyd Philip Dcidesheimcr Professors Clayton,
Church, Hague, Newberry, Blake, Nilliman MIR.
George DAILY the Janns Brothers, and a score of
Others whose training and judgment can he relied
on TO give very fair estimates of the value Of any
mining property offered for sale
CONDITION OF THE COMSToCK LODE.
"Mr Croly, You have visited number Of the
mining regions What is your opinion of the con
ditiou of the Comstock Lode T.
e" see that there has been a break in what are
known a. the North End Stocks on the COmstock.
When visited Virginia City last month, l found
that all the people from Nh John Mackay down to
the men who welded the picks, were firm believers
in the existence of a bonanza extending from the
Ophir through the Mexican and Union Consolidated