OUR LATE MINING ENTERPRISES. In 1864 Wall street was in a furor of excitement respecting mining enterprizes. Colorado, Nevada and Idaho were declared to be underlaid with gold and silver; and the Lake Superior region was heralded as surpassingly rich, not only in iron and copper ores, but even in silver also. Capitalists made pilgrimages to these far off El Dorados, and returned with the most glowing accounts of rich lodes, and of untold wealth within the easy reach of organized enterprise. These representations received a certain degree of countenance from the operations of a few mines in the localities, which certainly then appeared to be realising a handsome product. Large tracts of "gold lands" were bought up by Eastern. speculators; and companies were organized, to which these lands were sold at fabulous prices. The nominal capital of the mining companies formed during welve months of this excitement amounted to some hundreds of millions The shares were put afloat at a slight per centage upon the par value, and were eagerly taken up by the credulous public, upon the supposition that when the mines were "worked" their stock would rapidly rise in value. We call attention to these reminiscences merely to ask what has become of these mining enterprises? The silence as to their operations is ominous. For a long time, we were told that the companies were waiting to satisfy themselves as to the best appliances for separating the ores, a variety of new processes being then introduced. This excuse for inactivity has lost its force by the sheer lapse of time. The Colorado Companies now tell us that they are waiting for the opening of the Pacific railroad to their vicinity, as affording cheaper transportation and lowering the costs of labor. How much this excuse will prove to be worth remains to be seen. The fact, however, remains that of the companies formed during the excitement of three or four years ago, not one in twenty is actually operating its property; and perhaps not more than that proportion has really the capital requisi for working purposes. As to the stocks, they are, with a few exceptions, utterly worthless. For a time, few of the companies were represented in the New York Mining Board, and their stocks served well the functions of speculative foot balls; but now the Mining Board is forsakeen, the brokers are seeking new employments and the stocks are scarcely heard of. We have no doubt that there are exceptional cases in which these companies have properties of value, and which, if well worked, would pay a reasonable profit. But as to a large majority of them, they are practically swindles, and were established in the first instance more for the purpose of securing a market for lands bought by unprincipled speculators than as forming the basis of a profitable enterprise. There can be little doubt that there is a large amount of gold in Colorado, and of silver in Nevada and of copper in Michigan; but these ores can never be raised profitably except by an ampler capital and a riper experience than have been associated with the lately formed companies. Perhaps some day ere long, capital and experience, well allied, may take up the debris of some of the best of these wrecks, and thereupon found a permanent and profitable interest. AMERICAN FOOTHOLDS IN CHINA. We have repeatedly urged the importance to American interests in China of obtaining concessions of territory sufficient for commercial purposes and for the convenience of our steam marine and war ships. Other nations have secure i such concessions, and derive great advantages therefrom, and this fact might with much force be urged as a reason why the United States alone should not be compelled to rely upon mere leases for the facilities her commerce demands. This subject will be one of the points urged when the revision of the treaties with China comes up in 1863, and there are some intimations that it has already had the attention of our Government. The statement is explicitly made by Eastern journals that the Government is now negotiating for the purchase or cession of Woosung, which is said to be a flat neck of land at the junction of the Whangpo and Yang-tze-Kiang rivers, presumably not far from Shanghae. The American commercial and naval station in China could not be better located than near the mouth of the Yang-tze-Kiang, which is the Amazon of China, and the artery of its greatest commerce, flowing past numerous large cities, through a fertile and populous valley, and already traversed by a fine American fleet of steamers, which connect with a line of ocean steamers sailing from Shanghae and Hong Kong to Japan and California. It is one of the plainest dictates of commercial interest that we should have near the outlet of the Yang-tze-Kiang a piece of land we can call our own, on which American citizens can establish agencies under the protection of their own police, and where they can build and live free from the restrictions that now embarrass them. England obtained such concessions by force. The United States, which have no schemes of foreign conquest, and enjoy the friendship and confidence of the Chinese in an eminent degree, could reasonably ask them on the score of justice and comity.---San Francisco Bulletin. TAXABLE PROPERTY IN SAN FRANCISCO. The annual tax-roll for this year aggregates the value of taxable real estate in San Francisco, city and county, at $57,880,468; of personal property, $28,556,806 -total so far, $86,437,274. The figures for 1865-'66 were: Real estate, $49,137,812; personal property, $39,129,145-total, $88,266,457. This shows an apparent falling off of $1,823,823, but there is a supplemental assessment roll of personal property yet to be handed in by the Assessor. This will contain, principally, a list of mortgagees, and the gross amount of the enumeration will very nearly equal $17,000,000. This sum added to the personal property already listed gives a total under that head of $45,556,806, being an increase in the amount of personal property for 1865-'66 of $6,427,661, while in real estate the increased valuation over that of last year is $8,743,156. Assum ing that the amount of the supplemental roll is not over estimated—and the figures are given on the authority of a gentleman intimately connected with the municipal finances-there will be an aggregate increase in the valuation of real and personal property and improvements for 1866-'67 of $15,170,817. COMMERCIAL CHRONICLE AND REVIEW. Decline in Prices-Monetary Affairs-Rates of Loans and Discounts-Volume of Shares at the Stock Boards-Bonds sold at New York Stock Exchange Board-Course of Consols and American Securities at London-Price of Government Securities at New YorkPrices of Compound Interest Notes at New York-Closing_quotations at Kegular Board -Receipts and Shipments of Coin and Bullion at New York-Movement of Coin and Bullion at New York-Course Gold at New York-Course of Foreign Exchange at New York. The general trade of the city showed a partial improvement during November. The previous general decline in prices and the protracted abstinence from buying, induced a moderate assorting demand for goods from all parts of the courtry, and especially from the West; merchants, therefore, have been enabled to sell down their Fall stocks to a conservative limit, although, as a rule, at unsatisfactory prices. The result of the season's wholesale trade, in nearly every class of merchandise, has been discouraging. Heavy losses have been incurred through the fall in values; and though not to an extent to cause general embarrassment, yet resulting in much caution in credits and a disposition to curtail operations. The importing interest has sustained its full share of injury. The importations have been much below those for the Fall season of last year, yet they have proved to be in excess of the wants of the people, and consequently a large amount of goods has had to be sold at a heavy discount from cost. The losses among the importers of groceries have been especially severe, and several firms of long standing have failed. Monetary affairs have continued in an unsettled condition, although steadier than in October. The funds taken West, earlier in the season, for moving the grain crops, have been partially returned; but most of the currency thus received from Chicago has been sent to Cincinnati for the purchase of the hog crop, or to the South in payment, for cotton. The cotton movement, however, has been much more moderate than was expected. The receipts at theports have been, until lately, below those for the corresponding period of last year, notwithstanding that the crop is larger, a fact due, perhaps, principally to sickness in the extreme Southern States but in part, also, to the declining tendency of the Liverpool market and to the expectation that Congress would promptly repeal the cotton tax. Owing to this light movement and to the low priee of the staple the amount of funds required for moving the crop has been much less than was expected. Demand loans have been comparatively easy, with the exception of a few days of artificial stringency; but the full legal rates has generally prevailed. The discount market has continued very active and stringent. It appears to have been one of the effects of currency contraction to induce a freer use of mercantile credits; and the banks, not having anticipated the change, have been only partially able to meet the demand for discounts, while private discounters, alarmed at the losses of merchants and the frequency of failures, have been little disposed to buy paper. Under these circumstances, really prime notes have not been negotiable, outside the banks, at better than 71@10 per cent. Business in Wall-street has been dull, and very unsatisfactory to brokers. The public have little surplus for investment in securities or for employment in speculative ventures, but are rather sellers of stocks and bonds; and this absence of commission orders has driven the dealers into speculations on their own account, a condition of the stock market always unsatisfactory. The total transactions at both the regular and public boards for the month, amount to 1,359,168 shares, against 2,339,043 shares for the same month of 1866. Prices have been generally sustained by the operations of strong combinations upon a few leading stocks, without which support values must have fallen heavily. The following are the rates of loans and discounts for the month of October : The following table shows the volume of shares sold at the New York Stock Exchange Board and the Open Board of Brokers in the three first quarters, and in November, and thetotal since January 1: 19,510,315 Total 1867.. 5,724,849 5,615,010 5,010,896 1,359,168 The amount of Government bonds and notes, State and city bonds, and company bouds, sold at the New York Stock Exchange Board in the three first quarters and in November, and the totalsince January 1, is shown in the statement which follows: Classes. L. S. bonds.. U. S. notes. St'e & city b'ds. Company b'ds. Total 1867.. BONDS SOLD AT THE N. Y. STOCK EXCHANGE BOARD. 1st quarter. 2d quarter. 3d Quarter. November. S'ce Jan. 1. $18,702,650 $40,388,350 $43,284,050 $10,396,500 $180,421,050 4,792,480 3,347,600 $34,595,430 $53.705,300 $63,743,900 $15,881,650 $193,391,380 32,600,500 36,414,350 44,050,100 15,337.100 146,414,600 The closing prices of Consols and certain American securities (viz. U. S 6's, 5-20's 1862, Illinois Central and Erie Railway shares, and Atlantic nd Great Western consolidated bonds) at London, on each day of the month of November, are shown in the following statement : COURSE OF CONSOLS AND AMERICAN SECURITIES AT LONDON - NOVEMBER, 1867. The lowest and highest quotations for U. S. 6's (5-20 years) of 1862 at Frankfort in the weeks ending Thursday, have been as folows: United States securities have sympathized with the general dulness in the stock market, and the leading bonds were about per cent. lower at the close of the month than at the opening, notwithwithstanding the accumulation of interest during the interim, being equal to about & per cent Ten-Forties, however, owing to a foreign demand, have advanced about 13 pǝr cent. The decline is principally due to the fall in the price of gold, without a corresponding advance in Five Twenties abroad; and perhaps partially also to a falling off in the regular investment demand. The total sales of United States bonds and Treasury notes at the Stock Exchange for the n on h amount to $11,500,000. The daily closing prices of the principal Government securities at the New York Stock Exchange Board, as represented by the latest sale officially reported, are shown in the following statement: PRICES OF GOVERNMENT SECURITIES AT NEW YORK, NOVEMBER, 1867. Day of month. 6's, 1881.c -6's, (5-20 yrs.)Coupon- 7-30. 5's,10-40 2d sr. new. 1867.yrs.C'pn. 1860 106 107 107% 100% 105 1064 107% 107% 100% 1051⁄2 Friday 1.. Saturday 2. Sunday 3. Monday 4.. Tuesday 5. Wednesday 6.. Thursday 7.. 8. Saturday 9 Monday 11. 112% 111% 108% 105 106 108 105 112% 111% 108% 105% 106 107 107% 101% 105% 107% 107% 101% 105% 107% 107% 101% 105% 107 107% 102 1054 105% 16% 107% 107% 100% 15% 107% 101 105 1014 1084 105% 106 Thursday 14. 16.. Sunday 17. 113/%2 107% 1074 102 105% 107 107 1024 105% Monday....18.. Tuesday....19. 107% 107% 102% 105% 107% 107% 102% Wednesday 20. Thursday 21. 11234 108 105% 106 Friday 103% 106 Saturday 23. 112 1084 Sunday 24. 107 107 101% 105% 107% 107% 101 105% 107 107 101% 105% 107% 1074 101 105 107% 107% 102% 105% 108 105% 106 107% 107% 102% 105 107% 105% 105% 107% 107% 102% 105% Thursday 28. (Thanksgiving.) Friday 29. 108 1054 107% 108 105% 105% 108 1024 105% 108 102% 105% The quotations for Three-years' Compound Interest Notes on each Thursday of the month have been as shown in the following statement: Issue of PRICES OF COMPOUND INTEREST NOTES AT NEW YORK, NOVEMBER, 1867. Nov 7. Nov. 14. Nov. 21. Nov. 28. 119% @119% 119@119% 119% @119% 119% @119% 117%@117% 117% @117% 1174@117 117% @117% 116@116 116@116% 116@116% 1164@116 116 @164 116 @116 116 @1164 1154@116 1154@116 115%@116 115%@116 115@115% The first series of figures represents the buying and the last the selling prices at first class brokers' offices. The following are the closing quotations at the regular boards, Friday of the last seven weeks. |