New-York tribune., 1880-04-04
cAl.IFoRNIANs I'M NEW-YOEK.
WHY THEY HAVE COME TO STAY.

s. WHY THEY HAVE COME TO STAY.
z4 ryTERrsr IN MINING OPERATIONS spRFADING-AD-
"a ~ yANTAGES OF THIS CITY OWING 10 ITS GREAT
~ n,sorrcrs or cApiTAL-TALKs WITH pROMI-
s. MINT sPECuLAToRs.
Within the last two or three years many
cafornians have transferred their business interests
4 from the West TO this city. More reccnywithin the
last s,x months especiay-there has been influx Of
aapitasts mining specuators, engineers and experts.
= from California and Colorado The latter assert that
they have come OF the increased interest that is
no belug taken in mining enterprises In the Eastern
81 6tafes and they believed that NewYork is des
tined soon to become the financial centre OF mining op-
erations One OF the most prominent OF these Caifor
~ mans James r. Keene. At San Francisco Mr. Keene
8 7sas chiefly engaged in mining operations, but since
coming East he has employed his capital III stock specu
aiioDs IN Wall Street He lives In this city with
is famy, and has built fue country house at New
port D. O. Mills is another large capitalist who has come
u to stay He formerly president OF pank ut san
francisco engaged there in many OF the leading ell
terprises the Pacific Slope HIS OBJECT In coming 10
= New-York find larger field FOR business lie
Il hns interests In the Western Union Telegraph CON-
q many and I'm the Manhattan Elevated Railroad
= Company and in many other enterprises. About
q year and half ago william NJ Lent, who amasseo
large fortune IN mining at San Francisco transferred
his Headquarters to city He Is employed now I'D
q mining cntcrprises-principall IN the BOde Dstrc
b ious he ia back and FORTH York is his residence
for the greater part of the time George d. ROBERTS Is
y another Mr. Roberts at one time connected Win
i the firm of Flood OBrieu. butts now devonG himself
4 to Colorado propcrtyespCcaly i'll the vicinity OF Leau
vile Many capitalists in this city have become in'eI
ested iu mining enterprises in Colorado through his ef
forts; soni, Of the companies organized OY nn nave
"A been paying handsome dividends.
The president Of the Miung Trust Company and Amer
y lcsa MinnS Exchange. ex-Govern1r Milton Latham,
is an ole Californian. He has been Governor OF the
state and also United States Senator As president OF
rue American Mining Exchange he will make his home
ir NewYork. An complete list Of other San Francisco
en who have recently removed this city includes f.
C. Dorsey, a large In the Chrysolito Mine: A. d.
IS Bred; j. p Robinson mining engineers D. f. Verdenal
late editor Of The Mining Stock Exchange, at San Fran
a cisco T. De Crano mning engineer; George W. Smiley
n B. b. Minor, II. G. Logan, j. II. H. Williams H. H. Noble
e ana NJ. L. McDopald mining operators and brokers'
Many capitalists and mining operators nave also oeeh
attracted 10 New-Yor& from Colorado. Among them Is
Senator j. b. Chaffee of Denver formerly president oil
the First National Bank that city. He is mainly in
terested In Losdvlle Mines and has transferred the
s. centre OF his operations from Denver to New-YOfk
s% About nneenths OF his time is spent in this city
"a though his home nominally at Denver. Associated
"A with Senator Chafee is David H. Moifa also formerly
u OF Denver To the foregoing may be added b. Elkns
who within the last years has amassed large for
IA tune 10 handling Leadvillc and Silver Cliff property He
cape here, stated principally to help IN the organ
saion OF the Mining Exchange, and will be identi
" fed with kewYork.
q ATRIBUSE reporter recently inquired of g. d. Roberts
4 Why many mining operators had forsaken San Fran
~ cisco for Ncw-York. He replied; "rdere are many
causes Que that most of the San Francisco capital
s already absorbed in the great mines the COmstock
M lode There good property in Colorado, Idao
M Montans, Eew-Mexico. Utah. Arizona, and in other
States and Territories, that awaiting development
therefore to look TO the East for
capital As NewYork is the great money centre OF the
country, 1t naturally should be the GENRE OF mining
q operations The mining business is speculative
; business to u considerable degree ana must have
.Y1 flN Gnnst1 l.
tuition in California have brought about condition OF
tsnatrs In that State has led many men To come
for sake of greater freedom and security III car
rying on their undertakings. Doubtless some OF those
iwho have come here-and Will come-with too great ex
pectaOne, will be disappointed Inc interest III new
York in mining is growing rapidly 1t Is an intelligent
aud not speculative interest. Mining enterprises,
~ think will be eminently successful don't look fOr'
ward to any speculative excitement like that so common
IN gan Francisco II such condition should be brought
about would destroy the business 1t much better
for legitimate mining the business can be kept free
from wild speculation So far there have been very rev
az except welldeveoped mines placed ON the market
& in NewYork. 1t Is safe to say that the best pro-
E dncipg mines now worked IN the country and pay
ing the largest dividends been organized in New
x YORK and Low in this market"
.5 Mark Mcdonald, who has engaged In mining opera
tcns California since 1859. came to New York about
ax weeks ago. The transfer Of the mining centre" he
ad recently in san % TO
ssssss: sspsss:en TUG f
z Which has been brought about mainly by the
mining industry IN the United States during the last
few years. Not many years ago 1t mainly c0nnUed
~ 70 California and the adjacent part OF Nevada Now 1t
has extended to all parts Of Nevada. TO Utah. Arizona
Colorado NewMexico IdabO Montana and other States
and Territories. The numerous mines IN inc yarlons
mineral regions .these States aud Ierr0leS must
SICK capital for their development in the Eastern
States. Thus the centre for mining optraiions would
ltimatey been transferred TO NewYOrk had there
been nothing to destroy the prosperity OF san Francisco
lit is thought that SewYOrk will not only be the centre
mining operations, but the m0rket for bullion aud
34sa everything connected with the industry"
80 Will the business OF San Francisco be much
affected by this change OF the mining centre TO New
y rork 8"
al think not materially. Mining is only Of sev-
eral great Industries In California. San Francsc0 Will
hive enough t. do look after the agricultural pro
ducts of the state-wOOl, grains. fruits aLd wines With
the improved machinery the State is producing as much
(. RoId bullion AS the COmmunsttc Gle
70 overthrown there it's former prosperity will re-
1zaiturn."