The San Francisco call., 1896-12-25

also been very important factor In this
revival, and it is one of the features of the
years operations. Various recent i'm
provements in mining machinery and ap-
planes have made them more efficient
and operations more economical. The
cyanide process of treating refractory ores,
ta1llngs, ETC., is just coming into success
full use here, yielding large profit in the
working of certain ores which could not
be worked by the older methods and in
creased profits from ores to which the
process is adapted. Cheaper power in
abundance with the aid of electrical
plants has had its share to do with the
boom. The installation of power-trans
mission plants in mining regions has
been feature of the year, and the rapid
development of these will be notable
feature of the coming year. The water
power of the Sierras is being distributed
by wires among the mines about and
above the streams, giving cheaper plants
and cheaper power. This recent cheapen-
ing of mining operations makes possible
the working of low-grade ores in new or
abandoned mines, makes more profitable
the working of all mines and generally
contributes encouragement to the in
dustry.
The impulse to turn to gold-mining
thus meets stimulating conditions.
Everything goes easier now. The pros
pector who has q promising claim can
now easily sell it or get the assistance of
capital to develop it. Partly developed or
paying mines can be more easily sold,
and the money from such sales is apt to
go right into the development of other
properties. It is easier for men 10 turn to
mining investments and easier to find
them.
The capital that has gone into gold
mining in California during the year may
be classified as Eastern, foreign and Cali
fornian. The Eastern investors are the
most conservative. The Eastern money
mainly goes into developed and paying
properties and thus contributes little to
the development of the gold resources of
the State, except indirectly through the
purch ase money being turned to the de-
velopment of other mines, as is apt to be
the case. The foreign capital is generally
willing to take larger risks, but insists on
a degree of development or showing that
makes the risk pretty safe and promis-
ing one. The ones who are doing most
for the DEVELOPMENT of our gold re-
sources are the capitalists of this State,
and especially of San Francisco. Since
Californians have taken hold of gold
mining they have been the most willing
to take risks. They are the ones most
ready to take hold of mere prospects and
develop them.
There is no basis for an intelligent esti-
mate of the amount of capital that has
been invested in the California gold fields
during the year, but the figures, if known,
would express millions. A large amount
of European capital has been invested,
and, with the deals now under considera-
tion. the amount will undoubtedly be
much more in 1897. a large proportion of
the Eastern capital invested has gone into
the great development in Southern Cali
fornia which has marked the year. The
heavy investors among San Franciscans
include such men as Senator Perkins, w.
". Montague. John Rosenfeld and his
sons, George w. McNear, Baker & Ham,
ilton and other prominent downtown
merchants. Some of these men have in.
vested $100,0C0 each during the past year.
Many new companies are being formed
WIN dplLdl OI 1TOul D1OUO 10
Smaller sums invested by great nun Der
of people aggregate large amount. The
fact that Californians are taking hold so
vigorously is one of the most interesting
and promising features of the situation.
They display the boIdesr enterprise and
deserve great credit.
The present development is mainly con-
cerned with the region of the mother lode
stretching for about 100 miles through the
old mining counties, from El Dorado to
Mariposa. Here a new era of deep min
ing Of quartz veins has begun. 1t takes
from one to three years and great deal of
money to develop adequately one of
those mines and this is why the output
has not been more largely increaaed after
the great revival of activity which has
marked the year and the investment of
millions. Few large properties upon
which developments have proceeded are