The herald., 1898-02-19
"rhe true and the false speak the same
language"

upon the subject of the North Sea Bull
ble," as it terms the excitement which
now at fever heat over the Alaskan gol
fields. 1t says:
From all Indications, this country
about to enter upon period of folly ur
paralleled since the bursting of the Sout
sea bubble in England, the tulip insanity 1
Holland and the wild schemes that pre-
ceded the downfall of John Law In Franc,
THE 'Klondike craze, unless checked
promises to become a serious problem
How many people are preparing to go I
the Alaska gold fields this spring and sum
mer 1t is impossible to say, but the wide
spread preparations under way lead to III
belief that the rush will be somethin
unprecedented. Spectators who have bee,
booming transcontinental lines, on the the
ory that the Klondike rush will net enor
nous earnings for these systems, hav
placed the probable number of passenger
at 100000, but this is gross exaggeration
since the steamship systems leading from
the Pacific coast to Alaska could not begI,
10 carry so many people in the limited tim,
curing which navigation is open But ever
II II were possible to handle this number o
passengers. is 1t within the bounds of rea
son 10 say that the Northern Pacific stock
.or instance, Is worth $4,000 900 more thar
~ was iast year, simply because the roat
VIII secure percentage of this travel
Inc average rate for one passenger from
New york to Seattle is $67, without deduct
ing ior the heavy cut that is bound tt
come one hundred thousand passengers
mean, therefore, So, ZOO 900. Adding as much
more for freight, the total sum is less thar
slo'ooo,ooo But rs per cent of this goes fol
operating expenses, leaving net profits OF
something like $3,375, 200. Divide this be.
tween Tour transcontinental lines, and the
proportion for each is $S43, $780, or about
per cent on Northern Pacific stock. The
western roads, 1t should not be forgotten
receive only proportionate amount of this
sum. Yet Northern Pacific securities have
peen sailing skyward on Klondike antici-
pations. Clearly the insanity is wide
reaching.
NO man who Is In his right mind will
start for Alaska with less than 500 in his
possession. II 100000 people were to seek
their fortune in the Klondike fields mo-
ments calculation will show that the gross
amount OF money required would reach
s'@ovoWo sum greater, than the entire
gold production of the United States for
1896 Assuming that the total emigra ton
Is grossly overestimated and that only 50. :
Wv passengers attempt the journey, having
an average OF $500 each, the amount in
vowed is $2o,OO000o. This is several millions
more gold than was produced last year by
tne state OF Colorado, our richest source
81 mineral values. Does any one inmagine
tnat the Klondike will yield anything like
TINS sum during the coming twelve months =?
Stiil IL the output did reach $25, ,0O0. 900. the
gain would be nothing. and the people who
rushed into the new fields would have at
pest only as much money as they brought
Win tnem. assuming that an equal divi-
sion was possible. To double the capital
and that is modest estimate-a WELD of
s"oooo00 would be required Alaska NAV
contain that much gold but 1t is as certain
as anything human can be that 1t is not
going to be dug out OF the frozen earth
OF the Klondike reg' n between NAV and
September next. 1t is high time that pub
Tic attention was directed to the insane ma
ture OF the coming rush. otherwise intense
sunering and actual starvation will fol-
low.
The strangest part of the Klondike craze
Is the fact that while the whole Arctic re-
gion did not last year produce over s., goo, :
wy Oh gold. one single county in Colorado
yielded N$l2. 900 gold, with total profits
OF sS,o000o0. Fifteen mines in this county
Ell Paso-paid in dividends 81, ,262. .995, added
Sl.0OO,O00 to reserve funds, and developed
and have in sight at least s.. 900 gold ore.
The January production of the Cripple
Creek mines was sl,150.000 or at the rate
of s2553 for every minute of that time.
The dividends declared by these mines
last month were $4,000, and the profits
earned fully s25o,0oO or at the rate
of $3.50 per minute. There are
gold mines in this district paying regular
dividends at the rate of 2S, SO and as high
as AZ per cent on the selling value of the
stock, and many of them could be pur-
chased outright for the money that will
be required to see only small percentage
of the Klondike emigrants through a short
season of four months. We are not BOOM
ing the Cripple Greek gold fields but we
point out these facts for the information of
those who are determined to engage in the
gold mining industry. 1t may be that the
man who goes to Colorado will not make /
fortune, but between that state and Alaska
the chances are that he will fare infinitely
better in Cripple Creek than in the Klon-
dixie. The careful investor will not touch
an Alaska gold mining prospect with the
traditional forty-foot pole. If he feels that
he must buy gold mining stocks, let him
seek out alegitimate dividend paying Col
orado or other western mine, whose man.
agement is honest and above board. There
are many such. Up to date Alaska has
placed few, If any, on the market
The press of the United States will per-
form an important public service in call
Ing attention to these figures.
O O o
Superintendent Kilburn of the New York |
state banking department, in his report ON |
New York city savings banks, says that |
The total resources of the city savings
banks on December 31st last were $472,-
91,Sl7, an increase over 1896 of s2s. .2S1, ,S1S. |
The banks have surplus of $50 OBS, ,SO7, an |
Increase over the previous year of $5,5OS,147. |
The total number of open accounts was |
,23.6S2 which is gain of IS, $40 for the year |
The total of moneys deposited aggregates |
s1077 713.154. an increase of s2,O59,O15 and |
g, 9,55l,410 in excess of the aggregate with
1rawals, which amounted to $9ST61, ,744. |
During 1895 nearly $7.0O00O0 more of the |
peoples savings were withdrawn from the |
banks than last year, the exact figures |
being $6.931e The banks credited and |
)aid in interest on deposits last year $14,- |
'2S, S97. or $4S5, $50 more than in 1896 The SAL
aries paid to bank officers and clerks |
amounted to 1924 ,026, an increase of s9133.
Mortgages, $1,000 and Over
R: L. Fisher ct al. to Nut. B. & l.. assn. Of
Pasadena-Part lot 25, Mosher trt.,
yrs, Is per cent nt............. Inn |
,. w. and H. M. Burton to q. Esh-
n manELot !. Z. o, 1a; Il. IS, 21, % and
%. blk. B; lots IA. II, 10, I'll and al hik
c; lots 30 and "a, blk. D. Knit e.
Bradshaw's subdivision, Q yrs, ii
" p L. Richards Rich to Xdams.pb,i;;;n. ~ $500
Lot 3, Ed L. Ferris subdivision.
payable in installments, IL per cent oso
I. w WOlfskill eft al n GnrsS S,Noo |