The herald., 1895-06-03
A COMING BOOM IN MINES
PrOspectOr'S Millennium Told of
by Irwin Stump
FOREIGN CAPITAL READY
Eagerness Shown in European Cities
for Investment
Ne " York Is Now the Center Of Mining
Interests In the United States.
Exploration Companies

Associated Press Special Wire.
SAN FRANCISCO, June Erwin G..
Stump believes that the eagerness for in
vestmen in mines which now prevails in
London, Paris and Berlin will soon ex-
tend to New York and spread over this
country. He looks lor genuine boom
in mining properties in the United
States.
AS he is at the focus of mining enter
prise and thought in New York, his
opinion is of value.
I would not express an opinion OF
that kind said Mr.. Stump, ''unless l
had some foundation for it. And will ex-
plain to you why sthink that great
deal of money will be invested i'll Ameri-
can mines within short time. There IS
at present as great excitement in London
over mining properties as there was in
San Francisco in rs over the COmstock.
Men with money want mining property.
This eagerness for mining properties IS
not confined to London, but is quite AS
keen in Paris and Berlin. In fact, mines
are now the favorite investment through
out Europe. We had similar boom in
Caiifoi MIA during the Comstock days, put
The excitement of those days and the IN
vestments then made are insignificant
compared to that which is now going on
in London.
Europe is now cngrossed with the
properties IN Africa and Australia. The
efforts to mine for gold in the new fields
in Australia will in all probability be
failure because of the lack of water th ere.
I'm quest will now be confined to Africa.
The system OF developing these proper
ties is as follows;
"An exploration company was formed,
OF which the Rothschllds are the chief
spirits and Cecil Rhodes the promoter
in Africa. This company, as the name
implies, explores the country for mines.
The stock of iron mines is placed on
the exchange in London for sale, and this
the people all over Europe are buying.
Now as t. America there is no doubt
that an exploration company will be
formed in New York on the same lines as
those in London. 1t would. doubtless
have been organized this month had GER
tain gentlemen remained in New York.
Senator Jones is deeply interested in
the project and d. 0. Mil and John W.
Mackey will invest in it. Indeed. New
York is quite an ready to take up min
ing investments as London or Paris. All
the II oney peeded to carry on work in
the United States similar to that which
the Roth schilds are backing in Ica can
be had in New York in a short time.
The exploration company. which Will
be organized in New York in few weeks
or months, will operate in this way:
In the first place it will have very large
working capital. Ii a mine owner comes
with a mine for sale to the company he
will be requested to pay 1or an examine
tion of the property by one OF the experts
of the company. If the experts report Is
satisfactory the capital will be put INTO
the property and develop 1T Tor itself or
it will sell it, charging commission.
Or, if the mine owner wants enough
money to put up mill the company VIII
do that and take share OF the returns.
Or the company will take a proeIty,
with view OF opening it up to see what
it contains. ii it is not satisfactory after
aecertain amount OF work has been done
it will be dropped and the loss accepted.
at will be the aim also of the COM
pany to list the stock of mines on the eX-
cnange and offer it for sale to the public.
New York is eager for this movement.
The great excitement IN Europe over
m ines has extended TO this country and
the people in the east are ready to invest
their money in mines. 1t is my opiini On
that this country is q better field for
mining boom than Africa or Australia.
We have good mining territory in New
Mexico, Arizona. California, Colorado,
Nevada Utah, Oregon, Idaho. Montana
and Washington. There are innumerable
prospects there which will pay a com
pany to explore.
New York is.now the center OF min
ing interests in the United States. There
are ten mines offered to sale there NOW
to one in San Francisco, and hardly Il
day passes that three or four mine own
ers do not call at my office with prop
erty for sale. If an exploration company
takes hold OF these properties, examines
them carefully by competent expert and
then publishes his opinion of them. peo-
pie in the east will have more confidence
in them and will put their money in
them.
"I tn nix this movement in American
mines will begin in the fall. -