Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1872-05-18
THE BOTTOM.

Telegram, from San Francisco speak
confidently OF the bottom having been
reached as far As the panic In stocks Is
concerned, but what this Idea Is based
upon does not appear. Some stocks
are still above their real value, and
will have to drop still farther, while
others, the Crown Point and Belcher,
for instance, simply represent actual
merit. Yet the bottom can hardly be
considered, In the present instance, as
having anything to do with the bottom
OF last Fall. The excellent develop
ments Of ore along the Com+tock since
then, indicate q better bottom to the
mlnes, aud consequently to stocks.
Most ofths TRANSIENT small dealers In
stocks, anxious to make money In the
fastest possible manner, with the out
lay Of the least possible amount OF
capital, bought on time, putting up a
''buyer-thirty" margin, and even when
they could have drawn out witha good
little sum Of moneys small fortune
they still kept In on their marginal
arrangement, determined to be mil
lionaires. They were operating on a
false bottom, and when tho crash came
they were stunned to see how easily
their pins were knocked from under
them, and those who smoked their
two-blt cigars and felt secure In tho
possession Of unusual wealth In stocks
now suddenly find themselves not
worth the price Of u drink OF bad
whisky. Now that their bottoms have
dropped out, they look down through
the hole and wonder how It happened.
They must put the blame Oh some
body, for Of course their W judy
ments could not possibly have been at
fault and they are most willing to
curse and blame whoever advised them
to buy or to hold the particular stock
which has wrecked their pockets and
their hopes. Whoever this Il, does get
most vigorously cursed, and credited
with being n stupid, Anticipated
fool. with no judgment in the matter
whatever. Az long as stocks were up
aud going up, all was lovely, aud the
good adviser was considered u paragon
Of smartness and good judgment. He
was looked upon as the summary of
all mining and stock dealing wisdom,
implicitly believed In, and many reck-
lessly invested on his assertion that
such or such q stock was the best to in
vest In and sure to win. Now, how
over, that the collapse has taken place
and stocks are down below all manner
Of reason, they suddenly find that their
adviser IL humbug, and suspect him
Of all sorts Of sharp double-dealing and
stock triclery. This 10 q palpable
wrong, Of course, yet that Is the way
the world goes. Yet there are plenty
of instances where stock dealers, look
ing ahead to q decline or sudden break
will, In order to keep up the stock in
which they are the most interested, ad-
wise everybody to invest In 1t aud hold
It at all hazards, while at the same
time they are quietly unloading, and
selling u a fast a possiblo-selling
Indirectly to those whom they advised
to buy-selllng even their best friends.
All! we'll all who will persist in dab
bling In stocks must expect TO get sold
sometimes and find bottom, even
though it bs through the Instrument
tality Of apparently w~ell.posted
friends. II you would DO happy, buy
stocks only whom they are low, and
sell out when they are high. Never
walt to lind bottom-except to buy
again.