New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-02-23
THE MINING "BOOM."


IFS BEGINNING AND PROGEESs-A scrNE Al THE
rIrru AVENUE HorEr-rng TRBCNE's SOUND
coURsE-THE PROSPECTS, FOR 1850.
Tn the razor Of The TrfbUHe
SIR; A curious struggle is going on in the
money centres OF the East Capitalists who participated
IN the mining boom sixteen seventeen years ago have
tnoncht and sometimes said, with unnecessary cmPha
sis that they hal learned something about mining The
something" as they defined 10, was that mining was
deep dark desperate swlndle something Ike policy"
in which the more yon put the tea you lake out"
something NJ only for fools or madmcn. To have muir
INJURED 10 almoi any gentleman entertaining these views
that there might be exceptions TO the some what sweep
ing rule would have won ganc3 OF whitening sc0rn.
coupled with a statement 10 the effect that TIE scornc
..had been there" and knew whereof he affirmed. To
have suggested that n might ch inc MS opinion would
have been adding insult 10 niGIy.
Ipon tins wealthy, influential and ~ a rule, clear
sighted class has come within couple Of years. won
drous change, bringing With 70 conflict between shame
at gong back their past assertions and the desire
10 make good thing" The pfogcs, OF tins igrcpress
ble conflict has been instructive aud amusing. The in
junction 10 let the LEFT hand know not what the right
hand dOeth" has seldom been more literally obeyed.
Men have bought mining stock aud denied H. They
have subscribed for mining papers and had them sent 10
their homes instead OF to their Offices Downtown, by
daylight they have mathematical all mines; uptown
at night, they nave quietly engineered themselves
into mining pools. The inevitable result has
been rapid growth in mining interests.
The industry has advanced from the position
Of An ieeitimae daughter, navored at that, TO the
rank Of freed slave OF noble paits Another season
ike the last and mining may sit proudly among the
cons Of the house.
The motto OF the past year has been investigate"
A great effort has been made to make mining legit-
mate industry The bulk OF the MINING business in this
city is In very quiet way. No large operator
his voice In the street 1nere IL much more
likely be quiet gathering uptown, with the settle
menI OF details lunch at DelmOuicO's. Some
Of he best properties shun all publicity. "No stock
for sale" Ia conspicuous feature OF the advertisements
OF companies. This announcement Is supposed by
many 10 be bur II IL the simple truth. Inc stock
Of four OF the largest mining companies Ia Lcadyil0
has taken large blocks for Investment only.
dividend Of 100000 declared a few days ago. VIII be
paid with fewer Than "A dozen checks Large properties
placed recently have been sold In lots OF not less than
/ 900 shares each.
Twenty million dollars wOuld be a very low estimate
Of the amount of Eastern capital invested In western
mining enterprises during the past wear Tue Fiith
Avenue Hotel the mining rendezvous OF this city and
Il Is sae that One-third 81 the who thrOng
the main corridor from 1870 10 p. have mines to
sell Saunter through crowd aud the words mine"
ore" shaft" dividend" are heard on al sides
When two men are sitting apart, one tai king
eagerly with many gestures the other listening win
an air OF wanting to hear aud wanting get away n Is
that the talker has mine 10 SELL and that the
listener Is. for the time being victim.
The action Of THE TRIBUNE adding mining 10 its
money article has won favorable comment all sides.
THE TRIBUNE was first OF the New-YOrk daies 10 give
trustworthy Information OF the OF approach
ing mining BOOM It first OF the morning dalIes to
recognize that the boom is here The mining interest OF
this city heavy debt 20 THE TRIBUNE. and one
which should be paid II nyt store and promoters Will
adhere 70 the rule OF the year II papers like The
which are intended TO pay dividends ADD properties
when stocked 10 sell N the small investors.
large and investigate before they invest instead
of aerward the mining boom OF 1880 kely 10 equal
in magnitude tue Blaine boom" and tho Grant
boom {" combined. THE CHIEL
Netc York, Feb. II. 1880.