Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1880-06-11
FIJI NEW MINING BOARD.
Some Points Mad at the Opening
by Pncinc Coasters.

- u ~ -. ~
by Pacific Coasters.
The telegraph last week announced the
opening of the new Stock Board in New
York. SOM Of our ex-Pacifc Coasters
made speeches calculated to open the eyes
Of the incredulous Eastern operator. The
Daily Mining News, in a leading editorial,
thus alludes to the launching Of the new
Board, and the speeches and other proceed
ings connected Herewith
Although the addresses at the opening Of
the American Mining Exchange yesterday
were not particularly studied or elaborate,
they contained q number of strong points
in favor of the mining industry. There was
nothing novel or startling in these speeches,
but they were solid, vigorous and hearty, as
was becoming the topic to which they were
devoted. Chairman Smiley called attention
to the fact that il is barely 80 years since
the production of precious metals began in
this country, and that up to the present
time over 81 900, 000, 900 have been added
to the wealth Of the country through this
industry. The wealth it has given out to
the world was Of a permanent and tangible
nature. 1t was something lasting and Of
benefit to all. It was really SO much
new capital. Ex-Governor Latham point
have 500, 900, 600 used in the current
business Of the day, the average loss
upon mining securities is less
than upon securities Of any other
class. This point, it will be remem-
bered, was elaborated last summer by
Mr.. George r. Gibson in his address be-
fore the Bankers Convention at Saratoga,
and came upon the Eastern mind with sim
gular force and convincing power. 1t GER
tainly is o fact well calculated to increase
the public confidence in mining securities
as a means Of investment. In support OF
this assertion Mr.. Latham advanced the
statement that in this city alone several Of
the mining companies are discussing
about 81, 600, 900 per month in dividends,
and he predicted that in less than a year
there would be disbursed in New York in
dividends $25, 000, 900 a year. In addition to
these encouraging statements from one
who is an authority upon the subject upon
which he speaks, the Governor forcibly
illustrated the magnitude Of the mining
interest by referring to the well-established
fact that the gold and silver producing in
terest Of the Country would compare favor
ably with an aggregation of any two or
~ ooA OtAS 4At v
States produce an average value in corn
alone of $500, 000, 900, in wheat $500, 000,-
600 and in cotton about 5000, 000, 900. The
products Of these industries, however, are
perishable, and are only those things which
are necessary to the support OF the human
family. He held that it was safe to esti-
mate that but ten per cent. of this $780,
900, 900 is added to the permanent wealth
Of the country, while the whole Of the
500, 00O, 900, the value Of the gold and
silver product Of the mining industry, is
added to the permanent wealth of the
country.
The beneficial influence Of mining upon
a nation, by increasing its resources, as
well as adding to its permanent wealth, was
exhibited in the statement that from 1845
to 1880 the United States have produced q
fraction under 1000, 900, 900 in gold and
silver. During the same period, the rail-
roads from 1900 miles have swollen to
SO, 900 miles, representing a capital Of over
81, 116, DOC, 900, earning $500, 600, 600 annu-
ally, disbursing $500, 900, 900 for operating
expenses, and leaving for bonded indebt-
edness from $3.50, 900, 900 to $500, 900, 900.
This compared with the gold and silver
produced, with its 500, 000, 900 Of credit,
by no means disparages the industry of
mining. The profitable nature Of mining
investments was shown by the comparison
of mining with railroad stocks. Tho divi-
dends upon the aggregate capital invested
in railway stocks pays but a fraction over
21a per cent, while statistics prove con-
clusively that the capital invested in min
ing securities has earned IS per cent. per
annum
The proceedings Of yesterday, as a whole
were q very conclusive showing in favor Of
the mining interest. They also showed
that the animosity which was at first enter
tanned toward the new Board has disap-
peared, and it only remains for the man
ayers Of the new undertaking, by a united
and determined effort, to make it a decided
and permanent success.