New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-02
TOPICS IN CALIFORNIA.
THE BUSINESS OITLOOK-GOLD MINING
FLOODS DEFALCATION-THE SEAL
tBr TELEGRAPH TO TIE TRIBUsE.f

tbi IELEORAPH 10 IKE TklBCSEf
San Francisco. July 1.-The week has been tded
over in San Francisco without any more bank
failures any serious collapscs of business firms.
but the fall of silver and the action OF India in
suspending free coinage have created great con-
sternation here among those engaged in silver
mining. The result cannot fail TO bc the shut
ting down of a large number Of silver mines in
this State and adjoining Territories The Com
stock mines in Nevada will rot be materially in
fiuenced so long as stockholders continue toapay
assessments. for not one of these mines has re-
turned any dividend for over four years. The
scale of wages of the COmstock remains as high
ever. and any reduction would probably result
in a strike. One favorable result of the drop in
silver will I've the revival of gold mining in Cali
.fornia. There are hundreds of abandoned quartz
and hydraulic mines, which with new and i'm
proved processes now in use may be worked with
profit. Gold quartz that yields. So to the ton
may be mined profably, whereas in
the old DAYS such ore was thrown away.
Many good mines are also in wcil-nigh mac
cessible parts of the Sierra Nevada Mountains.
To work them under the old conditions was i'm
possible. Now, however, electricity has come TO
the aid of the MINER and when he has ledge
far from water and where steam power cannot
be taken, all that is necessary is TO carry an
electric current TO the spot and he is ready for
business. There is ample water power i'll the
Sierra Nevadas TO run all the dynamos that will
ever be needed. Hydraulic mining, it has been
demonstrated, can he carried on with no dam
age to streams in the valley, provided dams be
constructed for mpoundng the debris and sew
eral large hydraulic mines are now being worked
on this principle With the mines which are
now lying idle California may easily produce
81, o00,O 600 month in gold sum which would
have small effect in restoring good times on
the poast The political effect of Cleveland's
financial policy cannot fail TO be disastrous to
his party on this coast. Ills own c)ntcmptuous
disregard of Western interests has aienated many
Democrats who will be heard from at the polls.
The mystery surrounding the large defalca-
tion Of $l64,00o by Cashier John w. Flood from
the Donahue-Kely Bank has been partially cleared
up, as 1t now seems pretty certain that Flood al
lowed James Sogan, money broker, to overdraw
$4,000. Cogan heavy Spectator in
mining stocks. and it was in the effort to re-
trieve losses on the stock market that he induced
Flood to advance him money. Cogan committed
suicide sdferal years ago, and since then Flood
had been forced in sef-defence to alter the books
in order to conceal this shortage. Who received
the smaller sums is still unknown. save TO Flood
and his attorneys. Flood Is making great ef-
forts to secure new trial. as he counts on
new evidence securing more favorable verdict
from jury.
The failure this week Of S. q e. Gump,
large dealers in art works and bric-a-brac. was
due to the lack of business. The firm deals
almost entirely in valuable imported paintings.
mirrors and fancy articles. which came under
the head Of Injuries, and for which there Is
small sale when money Is scarce The stock Is
worth far more than the liabilities, and II cred-
itors do not push him Gump will be able 70
pay all his debts.
A big home clubhouse is to be built at the
northwest corner of California and Jones SITS,
directly Opposite William VI. Crockcrs fir" norm" |
The house will he modelled on the plan OF similar
buildings in New-York II will be hullt oil stone.
nine stories high and will have thirty suites OF
apartments.
Theatricals are fearfully dull now. only three |
houses being open, and these are devoted AMY |
10 variety entertainments and mclodrama Inc |
regular season will open on July 10. when the |
Lyceum company will appear at the BALDWIN IN |
Americans Abroad
The authentic news Of the great catch o. seals |
hv the feet that has cruised along the Alaskan |
coast and in japanese waters Is the best arcn- |
rrent that can be found against pelagic sealing
All seal experts in this city unite in saving that
AT the present rate the fur seal will be eX-
terminated in three or four wears The rookerles
on the PribyloG Islands will be sure TO show
the great inroads made on the seal herd this sum,
mer by the poachers. In fact II Is dount1ul II
tho number of skins permitted by the Govern
ment can be taken this fall.