New-York tribune., 1898-01-23
finanrial.
The Financial World.

the Teller resolution at II, and danpened specu-
latlon We have had a result o: this and
other causes a spotty market. with speculation
strong In some parts Of the list while the bal.
ance has been dull with a saggng tendency
The bull movement has confined itself mainly n
the Atlantic and Pacific coasts; that Is 70 say.
10 New-York properties and those with Oregon
connections AS the grangers are not In the
Klordike business, do not street cars. nor
supply gas they have been neglected. Oper-
ators have gone Oh. o, them and devoted their
money and energy 70 the other things. Gener-
ally the market looks as II It might sell on
somewhat, while the Senate devotes itself to
silver the coming week; bu, there does not seem
room for much decline
Money is drug; the demand for bonds con-
tinues unabated. as shown by the domestic alb
sorption OF the Illinois Central Issue. for which
a foreign market has heretofore been sought:
the trade agency reports indicate that business
is expanding rapidly; and railroad earnings will
continue to rehec, this. west bound business
must grow even II the east-bound falls or.
The violent speculation in the Northern Pacsc
stocks; the sensational advance In the bonds Of
the Seattle ard Eastern road due to a contest
for control the rise In the Oregon Navigation
stocks and specially in the stock and bonds OF
to FIX the attention o, the Street OF the Klon-
dixie craze. and excite the Imagination. Buy
anything with Oregon attached 70 It." a member
Of leading house IS quoted as saying All
newspaper estimates Of the rush to the Yukon
country this year are let behind by the reports
to Secretary Alger Uhe War Department, Is pay
ing special attention 70 Alaskan affairs. which
indicate that 2O0Ooo people Will goa number
eaanns zeil- pioh incratthin
the shade the famous California movement, o.
1919 But it must be remembered that eleven
days Of comfortable travelling suffice 70 carry
a man from New-York to Dyea: almost at the
foot, as 1t were Of the Chilk0ot pass There It
Is true the trouble begins; but also the excite
ment Of the Wild Journey down the Yukon-.n
itself a strong attraction TO adventurou. spirits
How long will the rush last? This Is the I'M
portant question for the companies which are 20
benefit by the traffic. Coming and going Il will
probably run two years. After that the move
ment will sink 70 normal proportions The big
gest rush will be this year. That is the way Il
looks now II all depends upon the extent OF the
placer digg!ngs-the poor man's diggngs" as
they are called. II is only these which set In mo-
ton those great movements OF population which
California and Australia witnessed As the
placer diggngs exhausted, a.. good
ground taken up. and the capitalist comes In
with his costly machinery 10 extract and crush
quartz. the human inflow d!mlnishes. FOR wages
60 down as the gold becomes harder to get.
When the pick and the pan have 70 be a5an-
doned for the drill and the crusner there are
no bonanzas for any man who can stake a claim;
no more wages OF S1O to $50 per day FOR every.
body willing to work. The mining sinks down 70
the level Of an average business Industry. and
the movement Of population becomes normal.
The estimate Of two years continuance az an
abnormally large movement is a guess-only
guesses are possible-based on present inrorma
tion OF the extent OF the placer dgg.ngs But
the region is so vast, and so little known that
many other Klondkes may be discovered The
Cook Inlet country (easy OF access). and tse
Copper River country, may yield them. An un-
explored region Is indicated IN a Blue Book just
issued by the Canadian Government which may
have larger deposits than any yet discovered
because the streams which flow from Il are
those in which gold is found most abundartly
"Ounce diggiHgs" along the Yukon we're COM
mon at the time Lieutenant Schwatka explored
the river Cor the War Department in 1883
Ounce diggings" It may be explained are dis-
gtngs IN which q man wash out ounce
per day. worth from SIS to 500 according to the
o
places were so remote and inaccessible the men
could carry In only a scant supply OF provisions.
and had 20 get out again after shor; stay.
So allowing that an ounce per day averaging SIT
in value. was obtained daily for as ,ong as three
months ian extreme limit. the total would Re
about Sl5OO For this an arduous Journey c,
hundreds OF miles had 10 be undertaken IL anj
out consuming practically the whole year. The
output therefore was not more than a skilled
mechanics wages But let IL be known thar
81 500 may be washed out in a week. and men
become crazy. This happened when the klon-
dixie deposits were discovered last year. Even
ounce diggings" however become capable CT
drawing men in 6roves. after tens OF thousands
of tons OF supplies have been poured into the
country and the miners car get them with
tourney OF no more than forty or fifty miles 10
trading post.
That the Klond.ke field is as rich in gold 81
even the apparently widest accounts say Il Is'
is confirmed in letters from an eminent MINING
engineer just received by Mr. keens. II appears
that last summer Mr.. Keene and some otaer
gentlemen made up a syndicate ana engage" d
mining expert in whose skill and cool judgment
they had confidence. 20 90 ou; 10 the H'o"u'"'
and report on H. They received MS nrst letters
on Thursday. dated at Dawson on 1he -o' "
November last. In these he deSc'.oes '"e p''
tons and sufferings OF the people. oehu'h0eu
with cold from insufficient housing ana sca"'
supplies OF food. the enormous prices oA ,1r
plies (he paid S65 for 2O-pound 2oN ol oa''''s9,'
the crude mining implements. 'Ae aoso'e'e
of the commonest comforts o' ny
A decidedly dismal picture Of conditions 'aess
pr. he savs the Weld OF gold IS sonle'h'AS
greater than he ever saw or expected 10 'se
/ 10
/ a., one claim he saw S575 In dust washea oI'
,ro,, ,bree buckets OF dirt. There is. IN sH''"
No known place In the world where go'd y .
abundant. or ever has been. as Il Is In the MOE"
dixie dlgClngs The same story is told ID 60. go
! - ~, r,,itah Smith OF the oregon lmpr0veNlF"'