New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-15
vrU.yoRK MINING INVESTMENTS.

The HdDi0 increase Oh NtN ApAA NbS'"'''O
in mines has led The TRIBUNE to recognize
the fact that this business is entitled 10 lulIer
and more careful consideration than 1t mas
heretofore received. We begin 10y presenting
on other pages compendlOus exhibit OF the
essential facts concerning great NUMBER OF
the most important mines IN the country
These tables represent vast deal OF work
They group in convenient form multtudes OF
details hitherto to be found only 10y labOrious
search III many places, and they should DE
carefully preserved for future reference. We
shall aim hereafter to keep our readers in
formed on points affecting the transactions In
the stocks of these mines, and shall hope to
make this take rank with the other depart
ments of the paper in thoroughness and
painstaking accuracy.
A sufficient reason for devoting much space
to information about mining enterprises Is
found in the fact that large and steadily in
creasing proportion of the reading public de-
mands such information. Within short time.
great chang s have taken place, both IN the
actual condition of the mining industry ana
in the location of the financial operations Dy
which it is sustained. Until recently, san
Francisco was the only large city i'll which
the methods and results of that industry were
generally understood, and in which full
information could be obtained i'll re-
gard to the actual or prospective value
of mining property. Consequently that
city was the financial centre OF mining
operations thence came the capital Tor the
development of nearly all the mines. which
have yielded about. $3.50, 100000 OF gold ana
$422, 500, 900 of silver within the past twenty
years and thitber went great proportion OF
the profits realized. But the growth OF kear-
neyism and Communism has made san Fran
cisco most unsafe abiding place for capital.
The adoption Of the new Constitution is pro-
duclng the very effect which was predicted and
dreaded when that instrument was pending;
the control of vast enterprises and the capital
employed therein is being rapidly transferred
TO this State, where more intelligent public
opinion and more just laws give better pro-
lection 10 rights of property. Capitalists,
operators, experts, scientific investigators ana
practical workers have already come to this city
by the thousand, to find new homes near the
new centre of mining operations. and the
number of persons IN the Eastern States who
are interested as shareholders in mines, or
who are seeking such investments has enor-
mousy increased.
A complete revolution must follow, and has
already commenced in the degree of publicity
given Mt the East to information about mines
and mining, and in the financial methods
adopted in such enterprises. In san Fran
cisco, the business has been treated rs spe-
ces of gambling; in order to command the
steady support of Eastern capital, 1t must
adopt more nearly the processes OF
strictly legitimate productive industry Early
and full information as to the condition and
prospects of mines. the progress of work, the
Weld and cost of operating and the conduct
of the management, will be demanded aud
must be given. Eastern people have not been
educated to the habit of parting with their
money upon mere alluring possibilities, NSith
out any means Of estimating the chances
of failure They know that out Of many
hundred mines comparatively few prove largely
profitable; that 4 great many have taken I'M
mense sums from stockholders without max
ing them any return that secrecy IN the man
agcment Of mines gives rare opportunities Tor
frand aud robberyj and that the nchcst de-
.posits ever known, even those Oi the Great
Bonanza must be expected in time 10 become
exhausted. The disposition TO stake all upon
rhe chance that an unknown property may
nrove q new Comstock lode does not rule the
habitual course Of Eastern investors. But
mining is a perfectly legitimate and hon
est industry, which can be and Ought
to be conducted upon methods appro-
priate TO other safe and profitable in
dustrics; and thus pursued it VIII com
mand reasonable proportion Of the capital
of the country, and will yield on the whole
larger return than can be- secured in any
other way. TO such management a high de-
gree of publicity and constant and careful
scrutiny are requisite. and the transfer of the
mining headquarters to this city will prove
of permanent benefit to the country if it pro-
notes those requisites
Under the New-York laws, property in
vested in mines may secure far greater
protection than it could possibly have
under the legislation of California II
is most important advantage that in this,
as in other old States. n large majority of the
people have permanent property interests Of
their own TO he protected, and have the habit
of watching jealousy and resisting stoutly
every change of laws which may threaten
such interests. Protection is ObtaInabe, too.
under Eastern laws, not only against Com
munism in legislation, but against knavery in
management. The issue Ofindefnitely assessahle
shares has done much to bring about the de-
moralizatiOn Of mining industry on the Pacific
Coast, and the New-York laws afford ample
opportunity for investors to limit strictly their
risks by the issue Of shares that cannot be
ossessed The provisions as TO personal
responsibility of trustees and officers also are
well calculated to give TO mining industry, in
its later and better development, more
steady, solid and conservative character.
M;ninO has been the culse of California