The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1895-12-12
ught to-day for twice the price last

Of the sixteenth century, nor the Miss
lssippi land speculation of France il
the early history of this country. Il
distance lends enchantment to the mys.
terles and surprises Of mining, then
South Africa affords it to a degree un.
eqpaled by any other section Of the
world. The nature Of the veins as
blanket reefs lying horizontally at a
very little distance below the surface of
the ground permits Of their being
opened up rapidly, and being as well
quickly exploited, SO that from the
formation Of the company to secure
capital requisite and necessary to the
erection OF the mill and the paving of
dividends, is but a short period
The amount of capital already in
vested in the production of gold in
South Africa mostly from England, is
$3.50, 1855, 800, which gives a good idea
Of the interest displayed; but when it
is figured, from the exact market quo
tatlons of the companies involved, that
the market value Of this capital now is
nearly 81, 100, 900, 900, clearer view is
afforded of the extreme speculative
frenzy which dominates the London
public at the present time. These min
ing companies to be we'll considered
should be divided into three groups, di-
vidend payers, non dividend payers,
and companies which are organized to
carry Oh a promoting business, but are
not interested in the actual workings
of mines. OF the dividend shares there
is a capital Of $33, 900, 900 in round
numbers, now selling at 588 pee cent of
par; $139, 90, ,00O0 Of non payers, selling
no 49,
OF promoters, selling at 401 per cent of
yield on those companies which are
paying. is 1919 per cent on the face
value, but only g.. per cent on the
present inflated market capital This
compares with a return Of, it is safe to
say, not less than 8 per cent on the
market capital Of the copper mines i'll
this country.
The achievements Of one Barnato,
who, up to within a few months was
save as a street jrtggler in
London, but who now rules the mining
speculation Of Europe with the sway Of
an autocrat, reads like a tale of the
= Arabian Nights. y This promoter Of
South African mining enterprises
started out without even the traditional
quarter in his pocket, - but was strong
enough in foresight to be aware Of an
approaching mining craze, and, being
III the field among the first, benefited
accordingly. His present wealth is es-
tlmated valiously from $3.50, 900, 900 to
twice that sum, and is all the result
OF mining speculation. The promotion
OF any scheme, no matter how extra
is apparently al assured sue
cess from the minute Of conception,
the name of Barnato is at
tached such is the faith Of the Eng
lish speculative public. The "circus, =
as it is rightfully called, has now
spread to the continent, and is now re-
,elving the support Of most of the
large banking institutions, who either
were led into it through desire for
gain, or were dragged into it through
The interests Of clients. The apparent
stability which maintains this group
IT stock is astonishing MANY wise
heads.
Those who are predicting constantly
,he collapse Of the 'tKaffir boom" in
london, fail, it seems, to recognize the
peculiar conditions Of the extent Of the
leposit of gold, which are always MAX
ng for the maintenances of interest by
lew finds and new districts, and while
n time, doubtless, they will at last
ealize their predictions by an exhaus-
ion Of the acreage covered by these
[eposits, yet the time may be, and
is, much further distant than
hey anticipate. The ores Of these
mines find in the cyanide process of
old extraction very valuable assist
mt to the simple amalgamation of gold
y quicksilver as commonly used in
he reduction Of gold ores.
The gold fever permeating Europe
nd following on the heels of the great
redit panic of 1890 in London and on
he continent presages not only a large
Increase in the worlds output Of gold,
ut also, owing to this increase, good
ines to come. 1t is noteworthy CO.
incidence, to say the least, that every
lch panic is followed by a mining
oom in the precious metals, and as in
ne present instance, five years after
5upendous collapse, the wave of specu-
ltion has reached an exalted eminence
ever yet attained in any previous min |,
lg boom. Il
1t is not improbable that similar
)ndition will develop in this country.
'hich already is fairly indicated by ,
le demand for gold mines springing
p around us at present, nor that its
ltent will be any the less marked than
! London, in the same relative period
time following our panic of three s
ear later AS these waves Of depression t
nd speculative boom alternate with 7
le another, the whole dependency of !
epression is changed to one Of ex- !,
lliaration and hope. Losses make t
ay for profits and in the end Ger Z
in equilibrium Of readjustment is OBJ 7
ined from every action and reaction a
the motive forces C
Clara, = said the old man from the t
LAD OF the stairs, "say to that young .
How that a storm is coming up. 8 a
All right, sir; thanks,'' responded |;
g young fellow himself, 81 hadn't $
'ticed it. 1 think I'll wait and see b
it doesn't blow over - b