Weekly Arizona citizen., 1880-10-09

NEW YORK. October 5.-Another unsatisfactory week in inc mining
 stock market closed yesterday. Prices
 generally have fallen of somewhat,
 and although rates in the aggregate
 have been large, the market has been uninteresiiug The uneasy feeling prevailing in regard Co the Lcadyille
 mining properties and the absence of
 new developments on the COmstock
 have eXeried a depressing influence
 upon the whole list Stocks are neg
 leclcd by ihe outside public, and are
 Ieft go iuy tender mercieS of the man
 ipulalor~ While Leadville mining
 men suIl express confidence III the
 future of their mines. and while, with
 oul duuJi riri discoveries will yet be
 made iR this mining region, Eastern
 investors have become doubtful of the permanencv of the Leadville mines,
 and although they will continue to
 hold their stocks, bought al higher fig urcs. and await developments, they are
 .ery cautious about making new ln-
 veslments. and thus really meritor- ioUs properties in various inning dis ;ricts are being treated with neglect.
 How much of the present want of con- fidencc in Lcadviile mines IS due 10 their management or mismanagement
 l am not prepared 10 say; but there is no doubt that this has been an import ant factor in producing the present .iEto of feeling Mines have been run without any regard seemingly to the rights of the shareholders, but merely in the interest of the mana gers. who have played their little game ont at the stock boards. The recent publication of the correspond rnce or George Daly, the eX-Super- inteudcnl of the Little Chief mine, with the President and Directors of Ihis property, has attracted the atten- ton Of investors generally 10 more careful examination of the names composing the boards of management controlling the mines than they have hitherto given them. The true in wardness of the trouble between Daly and the officers of the Little Chief seems to have been the desire on the part of certain of the managers tO get possession of S12, 300 dividends on the stock of J. Y. Farwell, of Chi cagO. the production of lhe mine be- ing pushed tO its utmost, even at the risk of stopping necessary prospecting work, in order to take out the divi- dcnd by certain date The cores pOndencc seems to show that a great deal of concealment was adopted by the officers of the company in regard 70 the true condition of the mine, and Sl2, 500 certainly looks like a small stake for which to play such des- perate game. Undoubtedly II will require a long time before the Little Chief will become 6 fayorite m the New York market under the present management
 Incidents like the foregoing are apt to create distrust in mine manage nent generally and to lead the public t0 think that the mining business is corrupt. If investors would rigidly investigate the character of promoters and officers of mining companies, and carefully avoid buying stocks in mines whose directories contain malodorous names, depression such as al present exists m the mining stock market would be unknown. If investors were as careful in their investigations concerning mines and mine managers as they would be in the case of & bank which they proposed 10 favor with their deposits. or the standing of a business man whose paper they con- iemplated buying, such disastrous consequences as now result in the vast majority Of csses Of mining stock speculation would be but rarely heard Of. As it i'. glowing reports of rich prospects in wildcat mines, issued by men without Chaiscter-men who are incapable of conducting an honest { business-sttraci buyers throughout he country, the stock fuctuates from time to time until further glow ! ing reports of great developments 1 which are strangely at variance with 1 ihe low prices. in most cases the man. agers being willing to take in tbe dear i public at one or two dollars, or even ! Ri fifty or sixty cents per share) have 1 succeeded in working of the bulk Of ! he stock, and then, in a time of de- ] pTession like the present. the stock ! collapses and the investor curses his 1 luck"
 The payment of extra large monthly I dividends, or the attempt to pay them, | has been another cause Of the present l depression in mining stocks. From Q l business standpoint. the proper rule | Co be observed in payment of divi- | t.ends would be 10 wait until the mine | was upon sound financial footing | and until due provision had been | made for further prospecting and all l necessary expenses, and then per l iodicai dividend amounting te con |