The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-29

not Men and women 10 I'll conditions a life wen ready
Of ysss in ssoss. Thsy dd .; saocss::
seemed 70 smile upon their confidence, and
N individual insssuoss great realization stimulated
we're becoming moro %, and those with small means
went in TO increase them. The prudent brokers gave
own houses 70 their frisads, and diamonds ana rich
apparel 10 their wives and daughters; Others more Inn
providens and oting In unaccastomed prosperity kspt
extvaaant apartments fast horse arsd sumptuously
every day" and devoted their nights high carnival
amid the msretrcous blandishmsns Of female sascep-
sa an sss ~ future ~ ssa
In the spring and summer Of 1858 stocks reached their
highest figure and the mania IL acme. The daily
companies the meetings Of stockholders and trustees
Of levied OF assessments due and Of sales
Of stock for assessments delinquent For months ne
San Francisco papers had 70 issue supplements In order
70 meet the demand for the. publication Of these mo-
tees. Agents and superintsndents were beng en-.
70 for labor and materials for the development
Of the different mines, real supposed, OF their re.
spsctvs companies. Assessments with which TO meet
these expenses were duly levied and promptly paid.
Reports coming in Of progress made, shafts were
being sunk, tunnels were being rum the lead
true type that Indicated richness the rock
itself had been taken out shipped 70 San Francisco.
reduced, amalgamated, and yielded s. per ton.
Hope was high, and 30 were assessments. Machinery
ordered paid for and At expense conveyed
over high mountains into distant and barren deserts
and erected at available proximity TO the mine Bull
emit and trustees ana confidently expected BY the credu-
ious, asse smentpay stockholders
would have to be run 70 strike the lead at more avail
able and successful angle;" or 'it had been deemed
down on the top Of the lead itsef'" or 'hat the mill
not Of sufficient capacity for the power Of the engine
which has Knocked 1t all to pieces IN three hours rum
that the bed plate had been or that the boiler
had been found Detective that the shaf had given
way; that the matchmaking process was not suited
to that quality OF ore, and that varney's pans would
hQV n mr.
land SO II did, freely, with die ~ and was lost through
the nerstces of the bed plate and the pans or that
the first rock OF inferior character or that tho
ore would not pay for working or that an injunction
had been laid the further working OF the mine by
laid attachment upon mine and mill for their wages,
somebody had dumped" the mine (which means
taking possession with without force and without
process Of law-ED) farewell long farewell, If not
FOR ever, TO bullion and dividends. meeting OF the
trustees Is called to act upon the report. whatever
may be decided upon there was one inevitable
alenalivean assessment 10 pay existing liabilities and
the exgsncy in hand Stockholders called upon
the street. and rejoced that such such impedmsnts
had been discovered 1t early day They would pay
their they would confidently and
oheerfulyand would not sell out for $50 per share
stock that had originally cost them perhaps less than IS
per share Assessments were speedily collected, the
cured the hopes OF the sockhoder are and his
DOUBTS reassured One two three months roll BY, and
everything looks nattering This particular mine is
paper announces an extract, taken from some other
paper published nearest the mine, that the Indians
have attacked the miners killed the superintendent and
engineers three four Of the work hands. driven of
the stock, robbed the camp and burnt down the mill
that the late rains have washed away the mill and out
buildings and filed the SHAFT with water general
disgust IL inspired by the Of these
lated disasters and opinion nclnng u disbelief in
the stability Of subunary affairs and mining speculatops
in particular The matter taken into serious consid-
GRAFTON by the Stockholders s ascerained that this
mine will not pay 90 they turn more hopefully TO their
abroad and the SUCCESSFULLY losing card deserted
. time 1t about TO win for another which open
70 the uncertainty OF failure or SUGGEST There were
Thousands OF companies before tho public each present
ing prospects OF most fattering results
The cautious and the prudent even have neither time,
excuse nor inclination Tor reflection, he4i,ason or de-
lay. ITO be In doubt was to be resolved" and they
counted It 'death 70 fater, not to die 1t was but
necessary to observe the movements Of the times, their
neighbors and the stock reports. 1t was necessary to
retrieve BY new Investments Losses made by bad
The conventional hours for the sessions Of the several
boards and the transaction Of business ct the Offices OF
demands OF the public in Its frenzy to buy
and sell stocks. Informal meetings Of the brokers and
'ouIsidsrs were held at the Bank Exchange large
drinking saloon at five O'Clock p n, and shares were
cried out ana sold By enthusiastic Dealers amid the
cnking Of glasses and popping Of champagne corks
Rrsss vsre prorsc.sd o. times un. sSn
and nine O'Clock 1t night The danger resulting from
these unadvised sales became TO- be seriously felt
Interfering with the regular mode OF business
the brokers' and discontinued and afternoon ses
sons Of the boards substituted in their stead By thii
course tho business was kept moro Immediately within
the control Of the brokers and confined their especial
manipulation
being formed most gigantic scales, and SEEM
ingy under most favorable auspices the richest
in tho country were publicly lending their names their
personal social. financial and official influence their
services and money 70 these new organizations One
company came into existence under the manage
Of the city, with ! nominal capital stock
Of $5,0oo,000, divided into nfty thousand shares.
Every company that formed found sale for least
portion Of It's stock at some price beyond cost Profit
was to be made all purchases matter ct what cost
II persons would sell in time Aud TO forbear from par
tcpang In the general opportunity offered for making
influence which It exerted the whole community
would have been TO have illustrated instance of
nrmnsss Of character which human nature has never
been known to possess and which 10 peculiar TO
tain animal which has never been known but 10
On the ed day of June, ls63 the day on which the
had reached the Of the solstce that
planet in the Imagination OF men dealing in
stocks, the Gould and Curry reached its petroleum.
On thai day 1t was sold for 50, 800 per foot
II had been the leading star in that illusory
galaxy that had lighted Is on from no'nin q
time TO remain brilliant while many OF its companions
were TO fade 70 dim, TO die out and TO disappear
forever Its degradation was gradual, but that Of its
companions was sudden and TO unfortunate and inter-
ested Observer terrible Assessments could not save
them; money borrowed with which 70 ppy suppostous
dividends could not save them. They fell, and fell
like Lucifer never TO rise again" In the meantime the
"guillotins" was hard at work. The revolution in
stocks had gutted II with many victims. Sales for
assessments had become epidemic. Every day the
knife descended aud cut of the delinquents title to
stock aud bestowed Il upon those who would pay the
assessments and costs Of advertisements and sac.
The new year Of 1854 opened gloomily
Men had Grown sullen over their Losses in
the past and had lost hope in the future they spoke
desparingy; they looked worse than they spoke; they
felt worse than they looked and augpsk stared from
their faces u every turn.
Merchants and mechanics had drawn upon their pri.
vate resources those who had had pledged their
stocks valuable real estate and personal property had
been hastily sacrncvd Money bags that had been the
repositories OF the savings Of years had BEEN depleted
OF their treasures confident husbands had importuned
connding wives. and had tempted and prevailed upon
them TO- execute fatal mortgages upon the
family Homestead; lovers and brothers and
sisters and parents and friends had BEEN per-
suaded 10 pawn their jewels 70 raise money with
which 70 pay vain useless, iladvissd, reckless but
inevitable assessments.
This condition Of things had become alarming There
but alternative and that was sell lose ALL
II Was better 10 soil ~ partial los than 70 wait longer
aud perhaps lose all But alas was 100 late The
eject OF the general pressure had created not DESIRE
but necessity 70 ss - great the desire had been 70
buy But like Moscow upon the entry Of the French,
there was merchandise and gluttsd Market bat there
no buyers The prices Of stocks were already on