The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1906-11-24
BANKERS In MINING

From time immemorial almost It has
been the fashion of New York to turn
its back coldly on anything and every
thing hat has had to do with mining.
Time and again the conservative ele-
ment in the financial district has fairly
laughed down mining exchanges estab-
lished here by men experienced in their
successful conduct in the west. And
this prejudice and this policy Of narrow
ness had at one time succeeded in get
ting the general public to regard all
mining propositions as necessarily In
fated. dishonest and wildcat schemes.
That day. happily. has passed. The
inevitable reaction has come. Intelii-
gent persons cannot longer be deceived.
They have gradually come to appreciate
the supreme importance Of the fact that
the world needs gold. silver. copper and
other precious and Industrial metals as
it never needed them before in all its
history; and they know. therefore, that
wherever these metals lie buried in any
considerable quantities and under favor
able conditions for removal smelling and
HlIEktltHks TIKI tNtfG il . AUtN ittA
ing proposition You cannot in con-
sequence keep the investing and the
specializing public from buying good
mining stocks any more than you can
stop the raising of sugar or tobacco on
the plea that their consumption is UNI
heaithful. The mining industry Is here
in the United States 10 stay, and the
American people are bound to deal IN
mining shares as surely as they are
bound to deal in Steel or Paul" or
Mop" or national-bank stocks-and
While some people are going to profit
by IL others are going 10 lose, just as
millions of dollars gave been made and
quite as many lost, no doubt, in shares
that are today classed universally as
"gilt-edged." The good mining shares
will Inevitably sift themselves from the
bad, sooner or later.
Our contemporary, the Times. affects
to be n%ervously alarmed over this ele-
walton of mining shares TO the level of
legitimacy and responsibility in Wall
street. 1t declares, almost tearfully,
that Stock Exchange houses are actual
ly dealing in them. And horrible dictu,
ten members of the big board were
counted on the Curb one day this week,
il adds, ~"grayitating to the center of
excitement" in mining shares dealing!
How can they ever hold up their dis
| graced heads on the floor" again?
Solemn bankers nave become interest
ed" we are further told, and it shocks
our contemporary TO hear an eminent
banker descend from the serious bust.
ness of finance to speak. confidentially,
of the perfectly marvellous things he has
been told about a mining stock selling
for only a few dollars a share out there
on the curb"
Now, why shouldn't he speak of it.
openly, too, as well as 'confdentially p
If it were not a perfectly legitimate, Sc
rious matter, no eminent banker'
would pay any attention to it. And it
is the best proof in the world that min
ing properties have at length won their
way TO recognition here in New York
against tremendous opposition and ig-
norant prejudice when one of their per-
sistent belittlers announces that solemn
bankers have become interested" That
is the plain truth. They are interested.
And they are going to stay interested
despite all criticism and ridicule of them
by hostile interests whose hide-bound
conservatism makes them little better
than cold molasses in the movement of
the stock market.
We live and learn-some of us. Some
simply Hve.-Editorial in New York
Commercial.