Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1872-05-21
THE SITUATION.

healthy excitement, but calmly viewed
and critically considered the situation.
we're all the better able to foresee and
correctly prognosticate the result. I'm
blinded by the brilliant glimpses of
fortunes made ana daily being made
In stock, and not interested In the
great rise and consequent excitement,
they could dispassionately view ever
phase Of the situation In Its truo llghi5
As a general thing, q man who invests
In stocks, simply backs up his opinion
and sangulne hopes with coin. and Is
thereupon and thereafter filled with
the desire to see stocks 60 up. He sees
only the brightest and most hopeful
side Of the question, and will not, or
does not care to see or even anticipate
any adverse circumstance or result.
His hopes rise also with the stocks, and
the higher they 60 the higher are his
hopes. All know when to buy, but
very few know when to sell, hence It Is
that so many sanguine ones were re-
Gently "caught out, Z" holding the firm
est when the market was at its highest /;
yes. even when preliminary symptoms
Of a break were already becoming ap-
parent. Many who had bought In
Mt very low figures, were not content
to realize even ut IN immense profit.
They were too greedy. They wanted
too much. and consequently they
got little or nothing when
at last induced or forced to realize.
The reaction has been, and still Is, ter
rible-yet after all, In hundreds Of
clses, the loss Is nor nominal than
actual. The ones who made the money
were the ones who sold, consequently
those who did not sell, estimate their
losses by what they might have sold
out at, and not by the actual profit or
loss on the money they Invested. Thus
we know scores OF neil who a week
or two ago considered themselves
worth from s., 900 to $50, 900, and really
would have been In case they had
sold out, while now they are worth no
more than when they originally invest
ed. They have actually lost only the
opportunity to realize handsomely.
Comparatively few, on the other hand,
were induced to invest at high prices,
aud consequently lost In proportion.
Az to the Comstock lode, upon which
the whole excitement and crash was
based, 1t still remains serene In Its
true worth. Stock may go up or
down, the real intrinsic merit Of the
ore developments remain the same.
From the San Francisco Alta of Sun
day, we extract the following interest
ing remarks in pursuance Of the SUBJ
ject under consideration
This heavy decline resulted mostly
from the sales "for account" and
from sales OF brokers where the calls
for margins were not responded to.
These were OH country accounts to n
considerable extent. This process Is
clearing decks after the action, and
may a last u day or two more. The
constant realizing during the last ten
days by large holders rs rapidly rs
possible, who should get out first, and
| the closeneSs of accounts, has made q
wonderful change in values and caused
much solicitude for financial health.
The results are generally rs satisfac-
tory as might be expected, and Won
derfully few delinquents are reported.
| A large amount OF the shrinkage has
| not been actual loss, but Its nominal
gains. During the war a person with
$1,000 gold at n time counted 1t
81, 500 in paper, but the paper shrunk,
and 1t was 81, 1000 gold again without
any actual loss to the holder. SO with
the stocks; many went to Inflated
prices, and the whole list Is now going
lower than the intrinsic values. rs usu-
al In such cases. The whole movement
Is one Of those fluctuations In the gen.
eral upward tendency In value Of the
Comstock lode. II IL quite likely that
the next advance will be higher than
ever. There IAN DO no such thing as a
continuous rise, but tho market undu-
lates. The leading operators, having
realized, are waiting for the lowest
prices, when the elements Of rise will
crystalline and certain ore discoveries
give the market a new impulse. Like
generals In the presence Of the enemy,
they are intsntly waiting the probable
points of attack. The facts which ex-
ist along the whole line Of the COM
stock carry tho conviction that the
Crown Point body of ore Is only the
pioneer Of the great developments to
come. 1t Is well known that for two
or three years tho declining product
Of the mines and the fruitless
search for new ores had grad
ually wrought the conviction In
the minds of able aud experienced en-
gineers that the lode was "played out"
that It was not a genuine ''fissure, "and
no more profit could be obtained from
1t. In this belief many left the region
and changed their business, while a
sort Of dependency hung over all con-
cerned. That theory, and all the de-
auctions from 1t, has been exploded by
the Crown Point and Belcher works.
The conviction Is now firm that the
ledge is a true fissure and inexhausti-
BILE : that It extends 1t length further
than vas originally supposed and be-
comes, at great depths, continuous for
miles, increasing In width as It de-
scsnds. The profile Of the orc body Is
like that of a mountain range running
north and south, of which the highest
peak Is In Crown point, and the top of
the ridge has been touched, going north
In each mine as far as the Ophir, and
south as far rs tho Succor. This dis
covery was made In the Crown Point
by working more to the east than was
formerly the case, and now only time
Is deemed necessary to lay open the
whole ledge in Its extent Of five or six
miles.