December 18,1880





The Real Estate Recori\





im





companies. Rival telegraphs are always
bought out or consolidated and the fights
among transportation lines is simply to se¬
cure a larger percentage of the final pooling
arrangements.

What lends interest to the course of prices
in Western Union is the fact that WiUiam
H. VanderbUt, D. O. MUls and others of the
largest holders of the stock, sold their hold¬
ings from 105 down. It is a moot point in
the "street" whether this was done after
an understanding or a quarrel with Jay
Gould. Rumor has it that an arrangement
had nearly been perfected for the two tele¬
graph companies working together, which
would have put telegraph stock up ; but
Vanderbilt and his friends suddenly sold
their Western Union stock to the loss of
Gould and his friends, who were long. AU
that is really known is, that Vanderbilt did
sell out, and there is a suspicion that the two
great speculators had a private understand¬
ing, Gould to give Vanderbilt control of the
Union Pacific and VanderbUt breaking the
price of Western Union to enable his^friend
Gould to get possession of the telegraph
system. And here comes in a consideration
which should never have been lost sight of.
The telegraph transmits the news of the
world ; it gives the price daily, nay, hourly,
of every article bought and sold by the
human race. Other governments protect
the community against manipulation of the
markets by the persons jvho control tele¬
graph lines. It is more than probable that
before one year is over, Jay Gould will have
the whole telegraph system ol: this country
in his hands. The press wiU be at his
mercy ; he will be able to control the prices
in every Exchange and market in the land.
In a day, by doctoring quotations, he could
make fortunes larger than the Rothschild
family could build up in a century. Gould
probably understands that were there any
danger of his getting this absolute control
of the telegraph system, that the country
would unanimously demand the purchase of
the telegraph system by ths government,
and what he buys for a few millions he
probably expects to sell for a hundred
miUions.

If the present Congress was wise, it would
offer a fair price for the Western Union as it
now stands. If that was refused, it could
order the construction of a new, national
telegraph line. The nucleus of a national
line already exists in the wires now owned
by the government to perfect its weather-
signal system. Of course, it would not be
profitable for a telegraph company to run
wires to the top of mountain peaks ; but the
signal stations were forced to use the tele¬
graph, and many thousand miles of wire are
to-day owned and operated by the govern¬
ment, but generally in out of the way
and unprofitable places.

As to our international cables, those
running under the seas of the world, they
clearly ought to be owned by the govern¬
ments interested, and operated exclusively
for the benefit of the commerce of the
several nations. Some local statesman
should start an agitation for the purchase
of th© telegraph lines by the government,





and the Secretary of State who would bring
about an international telegraph system,
would render himself iUustrious for all time.





THE TALK OF THE STREET.

Mr. Yerkens, a well-known Philadelphia
stock broker, was in town on Thursday and he
expresses a very favorable opinion of ihe future
prospects of New Jersey Central. He says the
public do not as yet begin to appreciate the im¬
portance of the Baltimore & Ohio connection.
So far, the Pennsylvania road has succeeded in em-
barassing the running arrangements between the
Baltimore & Ohio and the New Jersey Central,
but eventually that matter will be adjusted and
a very large addition will be made to the reve¬
nues of the New Jersey Central. It is true that
the New Jersey Central will shortly lose the oil
traffic of the Standard Company, which will
soon begin to pour its oil through its own pipe
line, but this will be more than offset by the
growing business of the road in other respects.
Mr. Yerkens is also of the opinion that the coal
roads are a purchase. There is an immense and
growing demand for coal. The cessation of out¬
put at the mines does not mean a stoppage of la¬
bor, for the mine is being opened and developed
when the work of taking out the coal is stopped.
Mr. Yerkens thinks that the market has not yet
reached its highest figures. He is a believer in
Green Mountain, Cherokee and Gold Stripe
mining properties.

It is stated upon the highest authority that
James R. Keene is " long " of Western Union at
$95. President Norvin Green bought 5,000 at $92.
General Thomas Eckert is also known to be
"long," at about the same figures. All these
people say that Western Union is really earning
eleven per cent, and they do not think that any
competition could reduce its profits to less than
the seven per cent, which they now generally
pay. But the stock continues weak because it is
known that Vanderbilt has sold out, and that all
the Californians, save Keene, have followed his
example.

A well-know operator was asked what he
thought of Iron Mountain. " I won't deal in it,"
said he, " oecause it is a Gould stock. Texas
railway property ought to be a purchase, in view
of the rapid development of that State, but the
Gould stocks always hang fire. Wabash to-day is
cheaper than it was last year. So is Missouri,
Kansas & Texas, and if a road is constructed to
the City of Mexico it will be out of the profits of
the roads running East and North. In other
words the stockholders of Missouri, Kansas &
Texas, who now have a valuable property, will
have to pay for the running expenses of the un¬
profitable road which is to be built through
Mexico. Jay Gould gets his profits in building
railroads and consolidating poor roads, which he
does own, with good roads which he don't own.
No, I prefer not to deal in Mr. Gould's stocks."





A correspondent says that the silver dollar is
worth only 88 cents; bnt then the paper dollar
is worth just nothing at all. Yet, if one wants
to buy a house, a horse, a ship or a barrel of
flour, you can tender gold dollars, silver dollars
or paper dollars and the seller is forced to take
whatever is offered him, as they are alike legal
tenders under our laws. Nine-tenths of the trans¬
actions of daily life are in coins of less than a
dollar, the intrinsic value of which is far below
that of the gold dollar. It is a waste of time to
be discriminating between the varying values of
gold and silver and paper, when each will be
equally useful in tbe purchase of commodities.
The real phenomenon, which has occurred in the
relative values of gold and silver, is not the de¬
preciation of silver, but the enhancement of the





value of gold. When Germany decided to use an
exclusively gold unit of value, France was forced
to stop the coinage of silver. This led to the
greater employment of gold by the commerce of
the world. Simultaneously there was a falling
off in the actual production of the yellow metal,
and this led to the over-valuing of gold, which
showed itself in the reduced price of all commo¬
dities, silver included, which losted from 187.3 to
1878. Silver, during this period of depression, as
was shown by the East Indian Parliamentary
Commission, would purchase as much of every
commodity as ever it did, but, as the course of
prices showed, gold would purchase more because
of its enhanced valuation. From what is taking
place in Prance and Germany, it seems tolerably
certain that silver will be restored to its old po^
sition on the Continent, and we will again see ifc
quoted on the London market at 61d., which
would make the silver dollar three per cent, pre¬
mium over gold, as it was when demonetised in
1873 and for some time previous.





ABOUT   MINES.





THE STATE LINE.

The California people, who achieved so much
discredit in connection with Chrysolite and the
other LeadviUe mines, have purchased a property
known as the State Line Mine, situated in South¬
ern Nevada, near the boundary. The insiders
have taken up the stock, and in due time it will
be offered to the public; but meanw^hile the most
extravagant stories are told of its fabulous wealth,
&c. All our information is to the effect that the
mine is a "fluke," to use a mining vulgarism; that
it has some rich ore, but the formation is broken
and but little depth has been reached in the sev¬
eral openings. George Roberts and his friends
will probably make a good thing out of selling
the stock; but we advise investors to give it a
wide berth.

The past reputation of the owners of the stock
ought to be sufficient. Then the mine itself is
situated in a locality which is unget-at-able.
Again, we say, avoid the State Line Mine.

THE BOSTON CONSOLIDATED.

We have, time and time again in these columns
warned investors against Boston Consolidated and
the persons who were manipulating it. So bad
was the reputation of the latter that, more
than a year ago, the New York Mining Ex¬
change declined to list this property. Then
itself may in time get on a paying basis,
but until it passes into other hands tho stock
should not be touched. Despite our warnings
and the bad character of the manipulators, a deal
was gotten up last week in this swindling stock
in which the members of both mining boards par¬
ticipated. It resulted, as those who road the daily
papers know, in a number of brokers being badly
injured in their pockets.   It served them right.

THE SILVER CLIFF REGION.

And now news comes that a very rich strike of
chloride ore has been made in the Silver Cliff
region. So far, the ore in this region has been
low grade, although there was an abundanceof
that. Ifc cannot be denied that so far this district
has been a sore disappointment. When the new
mills get to work afc the Silver Cliff, and ifc is
expected they'll be running by February next
there will probably be a deal in the stock.

The Silver Cliff, the Platte Verde and the
other mines in that region ought to prove excel¬
lent properties, if expert testimony of the highest
character is to be believed. But there seems
to have been some difficulty about working the
ore.   This, of course, will in time be overcome.

THE PLUMAS COUNTY MINES.

The Gold Stripe has declared a dividend of 15
cents for the quarter ending December 15; bub
▼ery little of this stock has been sold lately.   In-