Weekly Arizona citizen., 1880-10-16
Special corresvOndenes Of THE CITIZEN.

AAL4E past A4N AAAeA ANA NAbl~l NA AA
 and inactive, and there gre no indi-
 cations of an early improvement.
 Many stocks are now selling at
 lower prlco than at any lime since
 they were put on the boards. IL must
 be admitted that iu the case Of the
 stocks selling st our boards there Is
 much room for " weeding out. En-
 tirely worthless stocks stil. have
 nominal value, although il may be
 but slight, and iC one of the conse-
 quences of the present time of dspres-
 sion will be the utter wiping out of 6 score or so of these parasites, this dull
 period will not have been an unmixed
 evil The value of business in any
 branch of trade is generally measured
 by the income winch that business
 producer; but in the case of these par
 ticular stocks values are placed upon
 properties which are of no value;
 shares which arc not worth the cost
 Of printing the certificates have sold
 at prices varying from ten cents 10 as
 many dollars. An entire absence of
 profit, the gauge by which all values
 should be measured, tho loss of cOnfi-
 dence of the public, who were expect
 cd to invest in them, the inability
 of the manipulstors to support them
 at their original prices, and the less
 ened production Of mines iha; form
 erly produced largely, have hssteRed
 the inevitable result. l. is to be hoped
 that the many wildcats which have
 aided so much in producing the pres
 eut di-trust of mining socks will be
 placed beyond he power of their
 manipuistors ia reSurreCt, and that
 il;c public will have been taught by
 the experience oi .he past year 10
 properly discriminate between legit-
 innate mining enterprises conducted
 hy experienced mining men. and
 schemes gotten up by unprincip led
 stock gamblers 10 fleece credulous and
 greedy people. Although the public
 are leaving mining stock severely alone at present, end have apparently
 left the market entirely 10 the pro-
 fessiOnals. there is no reason to fear
 for the future of honest mining. In
 deed. it is a hearty and encouraging
 sign that the public have lost their
 interest in the game that has been conducted at ihe stock boards, with
 it's delusive promises of speedy for tunes. Large profits are being paid
 by mines (that are not " listed v in
 many inning districts. constant ac- cesSion is beng made 10 'he number of producing properties, and at no previous time has more Eastern cap itsl been seeking investment in valu- able mining properties in Colorado, Arizona and New Mexico than at present.
 Some time since the writer had an interview with ex-Governor Stafford, of Arizona, who had just returned to
 New York after an absence of nearly three months, in the course of which time he had visited the principal mining districts of Arizona and Ne vada. The Gov ernor's views confirm ihe opinion expressed Tn former letter concerning the evils of stock gambling in connection with mining, and the great danger therefrom result ing of the disposal Of undesirable properties at higher figure than their merits warrant. As an example of the benefit tO be derived from a community of interests of the actual locator of a mlne and the capitalist investing n it, he cited the Tombstone | District of Arizona, vi era the result ! has proven most advantageous to both ] locator and investor. He remarked ! that the Contention mine, one of the | first locations, was now paying SI5,- l 900 per month dividends. with large 1 ore reserves and q large reserve in the l the treasury, and that the company , expect to increase the dividend 10 S1 . per share by the 1st of January: also ! that the Tombstone Company were ] paying $50, COD per month under 1 equally favorable conditions. The | Grand Central is erecting q large mill l and will soon become a dividend-pay- l ing mine, and the Head Center IS | now proven to be & very valuable | property. the company intending soon | to erect machiny that will place the | mine upon 6 dividend-paying basis. | There are many other deserving prep l critics in this district which are being | prudently and properly developed that will soon yield large returns 10 the owners. The HaTshaw, Mule !. Pass and DragOon districts were also mentioned as containing many valua- ble properties that were belng opened up, and the gentlemen stated that if the same community Of interest be- tween locator and investor were kept in view in the case Of these mines that has been adopted in the older dis tricts, very valuable properties would no doubt be developed; that owing to the lack of capital in the new mining districts and the high rates of interest locRtUrs seeking capital were compelled 10 come to the money centers of the East, and that therefore it was more 10 the benefit of the min ing interest to see to it that the cap italist makes advantageous invest ments than the mining interest itself, because without the use of this cap ital, large interests must lie dormant for years to come; and hence the in- tistion of mining stocks and the in vestment in wildcats is far more dis as;rous to the mining interest than 1t is to the Eastern capitalist, because he few who make money in this way rarely invest it in the country and II proves of no benefit 10 anyone but the The men who represent he mining industry and those who control capital in the East should combine for mutual protection and 1 sndeavor to select for investment only he best mining properties. In this way sufficient capital csn be obtalned n the East to develop the vast min .ral resources of the West, and the ,spitalist will obtain investments pay ng higher rates of interest. Gov. safford also visited the Comstock and lad sn interview with J. w. Mackey. 4e states that Mir. Mackey was hope ul of yet discovering new bonanzas n the Comstock, and that the condi- ions down at the lowest depths were .s favorable for striking 8 new bo- Ianzs ss they ever had been at sny