, 1880-02-09
The Rising Mining Fever.

Will New York become the great
mining center of the country Instead OF
San Francisco? is question now often
asked and generally answered in the
affirmative by those who are posted. 1t
is known that for the last two years
there has been a steadily increasing in
terest in gold and silver mines shown
by investors and capitalists at the East.
A special Mining Board has been es-
tablished in this city. which now does
a very large business, larger, it is
claimed, than that transacted in the
San Francisco exchanges, while our
regular Stock Board, which ignored
mining securities for so many years,
now actively deals in some ten stocks
of large mining companies. 1t has
also been noticed that the dealings on
the San Francisco Board have
shrunk compared with the old bonanza
times, and recently prices have been
very low compared with those current
two years back. To get at the true in
called on Mr.. D. G. Croly, who was
found at the Bullion Club, No. 10 West
Twenty yfourth street.
You have given some attention to
mining matters, believe, Mr.. Croly?'
said the reporter.
Yes; my health and eyesight failed
me in journalism. and as 1 had as an
amateur taken great deal of interest
in mining matters, when I had the
time to spare,I visited Coleradolast fall
and California last spring. Being Sec
retary of this Club naturally have be-
come very we'll acquainted with the
growth of the interest in mining here
at the East. When in California was
interviewed by several of the news
papers, and then said that I believed
New York was destined to become the
great mining center of the New World.
I saw Mr.. John Mackey, and he half
admitted to me that he feared such
would be the case"
"How did you happen to come to
this conclusion ?" asked the reporter.
"California seems to be the natural
headquarters for mining in view of its
nearness to the Comstock lode and the
special acquaintance of its people with
the business"
"Weli," answered Mr.. Croly, "this
very question was put to Mr.. Mackey,
and he said that England could manage
mines'in any part of the world. The
London capitalists own bullion-pro-
ducing properties, and some very good
ones, in our own country. Probably
the best managed mine in the world is
one exclusively dealt in in London
the Richmond Consolidated, in the
Eureka District. The Terrible Mine, in
Georgetown, is also owned in England.
None of the shares are on this market.
English capitalists successfully manage
mines IN New Zealand, Australia-in
short, in every part of the world. Mr..
Mackey could not see why New York
could not do for our own country what
London did for the whole world. 1t
was merely a matter of money, organi
zation and proper management"
But, Mr.. Croly, what special
means have you for believing New
York is to become the center of the bull
reproducing properties?'
formed that opinion several years
ago, and in paper with which I was
then connected wrote article after ar
ticle calling the attention Of our Stock
Board to the importance of securing
this business for the metropolis. l
reasoned that all enterprises that we're
speculative in large and wholesome
way would naturally come to that
point where money was the most
abundant and cheapest.
I doubt if the whole State of Cali
fornia has use for more than twenty
millions of dollars in the transaction of
its business. 1t follows that the market
there must be very fuctuating. A few
thousand shares bought will put up
the price of any stock, and few hun
dred shares sold will very often knock
it down. But with the immense
nnanax inferaafa in Nav York with