New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-27
HENRY B. CLIFFORD'S views.
COME STATEMENTS CONCERNING SMELLING
WORKS AND PRODUCTION OF MINES.

WORKS AND PRODUCTION OF MINES.
Henry b. Clifford, who Is OF the most successful
mining men In the country, and said by his friends
to be the most effective financial orator In America.
has recently returned TO NewYork from an extensive
TIP in Washington Territory, where there is at pres
ent a great deal Of York capital invested In de-
veloping the country. The interests diversified,
and concern capitalists here of every sort. In the
course Of a talk at the Glsey House last night On
present depressed condition of mining stocks. Mr..
Clifford said
The reason the mining industry IS looked upon
with disfavor by the public at large is to be found
in the cupidity of certain class OF people, who arc
cXcitabe and always anxious to gamble They are
looking for very large and important returns, and
they rush pell-mell into speculation whenever what
they consider a good opportunity presents itself
Consequently, there IS large number of unprinciPed
spectators who obtain piece of mining properly at
a nominal cost stock It heavily, and place 1t before
this class Of anxious and rabd investors. Mining
only be carried on by the aid Of skilled manage
ment and careful weighing of the merits OF claim.
just we do in any business proposition. II tho
public would 60 into mining as it does into mercantile
or manufacturing enterprises, and examine the in
offered thoroughly there would really be
risk. Despite Its load Of fraudulent claims and
wildcat schemes the mining industry has paid more
money in dividends, compared with other industries
started I'm the last thirty years than
any business known. Compare tne TJOH'S III
mining with the profits on the total liabili-
ties Of the $4,000 miles of railroads, with aggregate
liabilities of nearly S10,OO0,OOoO0O. Then you VIII
what pays the most. Under the wing of mining
there exists some of the safest and most profitable
Of all businesses. Take, for instance the twelve
great smelling companies the mineral pawnbrokers.
The smelling companies that do strictly custom
business show absolutely and unquestonably the
largest profits Of any industry IN America. know
OF instances where capital invested in smelling COM
panes has been turned five times year and each time
the margin of profit has been 90 per cent of the
entire amount handled. They take risk; simply
buy the gold and silver in the at reduced
price, extract their cost of treatment and pay the
miner the residue. 1t Is business where the prin-
cipal is absolutely safe All of these things should
show the people the value OF mining. OF late It has
about that If mining presents enter
prise to conser alive capital he is looked upon with
suspicion and no assistance is rendered him The
investor fails to realize that the very sinews Of
commerce come from the mines, and that they
the root OF half the successful industries Of this coun
try. In 1888, notwithstanding the fact that capital
gave very little assistance to the mining industry,
there steady healthy increase of prosperity OF
the $57 900, 900 produced from the mines in 1888.
the amount divided that all avenues of IN
dustry profted. over 10 per cent wont railroad
corporations, 81 per cent to mine owners, fully 10
per to smelling works, while the residue, 80
per cent was circulated among the laOOrng elements
It is a great mistake to invest in mining property
that has basis of valuation other than pros
pectlve hole, large paper capitalization, few assays
glittering prospectus and the word of some man
that the ground can readily be developed into a
bonanza.
:" believe I'm the mineral wealth OF the United
States. and especially in the State OF Washington.
Now that miners have begun 10 into that
there will be rapid development there of veins
tending North Into the Columbia River beyond the
line of British Columbia is one of the richest and
most extensive discoveries In America. II IS shown
IN the Governors report Of 1888 that the prospect Or
been ascertained but which remain to-day unproduc.
tive because the owners unable to establish re
ductiOn works, and cannot pay the enormous freight
charges TO the nearest smelling works which are az
Helena Mont nearly 800 miles away. The great
expense OF Transporting the crude $50 miles by
wagon and more than 300 miles By rail eats up all
the margins of profit. The great and urgent want
10 the material prosperity Of Washington is an &C
coSsbie smelling works. where low grade ores, which
Will bear the great cost of ranspOrtaon can be
reduced 10 bullion. What they need out there IS
smelling refining and milling machinery in central
location and a reduction company which Will charge
fixed price per ton for and do staple business
unattended by risks. At present If man wishes TO
sell ORE say from OkanOgan County, IN Washington,
ho has nay transport alton charges OF $50 per ton
10 get n 10 the smelteTS. Ore running at go per
ron Is practically worthless under this conditCn Of
affairs. a reduction company located In the heart
of the mining districts, say at Spokane Falls, could
gather I'm the entire business of over 1000 veins which
aIs known to exist in that locality. Such works
would make a mint OF money. besides assisting In
oucnlng up what IS destined to be great mining
region