The San Francisco call., 1897-02-07

Tirey L. Ford spent several days last week at
Sacramento in the interest of the mining leg
islation sought by the Miners Association. A
large number OF bills relating to mining
affairs, several being in addition to those pre-
sented blythe Miners Association, are pending
in the Legislature at various stages OF prog
ress. The good feeling between the miners
and the valley people remains undisturbed
and in spite of the presence of some opposi-
ton the miners will likely get about what
they ask for this year, especially as they are
asking no new appropriation or any leGisla-
ton affecting any other classes uniavorably.
Mr.. Ford yesterday stated the condition of
mining legisla tion at Sacramento as follows:
al was especially interested in the bill re-
approprIating for reslraining-dams the $780,
600 now in the treasury for that purpose and
probably unavailable through a technicality.
l found that it had been reported favorably
by two committees in the Assembly and its
second reading has been made a special order
for Tuesday next. There is plenty OF strength
to pass it in the Assembly. The opposition,
which is not great, is led by Dibble OF San
Francisco. the only City member opposing 1t.
Chynoweth OF Orange is also against it Dibble
tries to delay it and to keep up the false i'm
preston that it is an appropriation which will
take money out of the treasury. The Senators
from the mining counties are not so harmoni-
JUS hDOul IL luOuen tncg OihOA OhA9 nHNHSNN
tails. The bill will pass the Senate easily If
the mining Senators only agree. If any ag-
gressive opposition to the bill appears 1t will
be when 1t comes up for final passage.
''The feeling in the Legislature is friendly to
the miners and any reasonable legislation they
ask for will be passed. There is no dangerous
organized opposition, and 1t seems only ne
cessary to see that the measures do not get lost.
The bill relating to mining locations, approved
by the Miners Association, has been reported
back favorably, with some amendments in the
Assembly and without amendments in the
Senate. We presented bills absolutely repeal
ing the obnoxious statutes allowing any stock
holder to recover $1,000 for the failure of q
mining corporation 10 post a statemen of cur
rent accounts monthly and requiring the con-
sent of two-thirds of the stockholders to sell
real estate belonging to a corporation. In
committee these laws have been modified,
allowing the stockholder only actual damages,
thus curtailing the opportunity for blackmail,
and providing that a majority vote of the
stockholders may dispose of property. The
bill giving miner lien on mine located
in agricultural ground as well as in a mine
located under the mining laws will undoubt-
edly pass. Other measures relating to matters
of detail may be passed"
The promised great and rapid mining de-
velopment of British Columbia will display
rich mines and extensive paying enterprises
without doubt but it also promises to be at
tended by good deal of wildcatting and to
suffer from the over-capitaizationo of min es
and the marketing of worthless properties. 1t
is stated that the total capital stock of thirteen
mining companies TO med in British Columbia
last week was $40, 300, 900. all of which com
panies may possibly be conservative and sue
cessful. But English capital is turning with
special indulgence to British Columbia, and
this year will doubtless see many brave at
tempts on the part of speculative promoters to
noat large stock companies in London and
elsewhere and q considerable percentage of
disasters. In this connection the following
| paragraphs about our neighbors from the
| financial column of the current issue of Lon
don Truth are interesting flashes from the
great center of mining investment:
| The New Godfelds OF British Columbia, Limited,
| has been formed to conduct the business usually
| carried on BY an exploration and agency mpany,
| more particularly in the province Of British Co