The Elk Mountain pilot., 1882-07-13

The constant and increasing COM
plants being made relative to the utter
wor:hlessness Qf the properties repre-
sented by milhons of shares of capital
stock now listed on the mining ex-
changes have become of SO serious a
character that it comes within the
province of newspapers to make in
qulrles into the causes whic, have
brought about such state of affairs as
exist today.
First and foremost, the business of
operating and opening mines is a legit-
innate and laudable undertaking-one
which in its successful prosecution
adds wealth and consequently power
to the country and to the world but,
like all other pursuits, it is cursed
with an array Of unscrupulous soldiers
OF fortune, whose only efforts are
directed to self-aggrandisement at the
sacrifice of every other principle known
to honorable business men.
Taking New York as the moneyed
centre of the country, and nearly so
Of the entire world, numberless " pro-
moters " of mining schemes congre-
gated there and now hold high carnival
among the speculative portions of that
rich city.
They first commence operations by
procuring a piece of property remote
from the centres of civilization, sur.
rounded by the seductive mystery SC
much loved by all unsophisticated in
lyestors, then organize company a,
Figures varying from S1oo,o to s25,.
|,ooo, 900, issue stock and advertise
their wares in all the newspapers, and
in we'll furnished Offices await the com.
ing of the gudgeons who swim around
in the pond of Speculation.
The numberless gilt signs to be en-.
countered on every building from 2Sth
street to the Battery, going down
town, are only equaled by the samptu.
ousness with which these mining offices
are fitted up.
In the Boreel Building alone one
year ago there were assembled as mot
ley crew of mining sharpes as has
been the misfortune Of any city to see
since the discovery of America, and
tfe familiar names of chronic "oper-
ators" are among the legends
painted on the various doors oIe1ing
into mining companies offices. When
one pauses to estimate the total num-
Iber OF these men now engaged in the
business of mining he is st1u>k witt
amazemcnt, and Just commences to
realize the real magnitude Of the blia.,
ness in New York City.
Taking the list Of mines called AZ
the stock exchanges as sample Of tie
worth Of the properties represented.
it is TO uncertain calculation when
the ascertain is made that not one II
hundred! is worth the amount of
money expended IN pri1:irs tac Ger
tlfcates representing TIC Iar val.,e Of
the stock.
As matter of fact, the really on
estly-conducted properties are those
which make no pretens,on to style,
such as is affected by the class of min
ing cormorants whose headquarters
are made known by gilt letters on
outer doors and in graniloquent pros
lDectuses, with enbellished chromos
thrown in-those which, quietly and
unostenatiously pursuing the even
tenor Of their way, succeed in making
a reputation through production of
bullion.
A change. thorough and complete,
must be made in the general business
Of mining companies ere there can be
remote prospect of anything perma-
nent resulting from the continuance
of the industry in this country.
Gunnison county is destined to make
some of the older counties of the State