Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1872-05-17
THE FALL IN sreexs.


1t Is simply folly to attribute the
present decline In mining stocks, to
other than natural causes regulating
such matters every season. Il soon
venient and perhaps satisfactory for
losers to lay the blame specifically
upon one or more individuals as break
Ing or bearing the interest, yet the
real truth of the matter IL that the
excitement reached Its elimination,
and in the natural order of things,
took a downward turn. Indications
Of the decline cropped out two weeks
or more ago, and all who took proper
note and due warning put their stock
in for sale, and In reality became
"bears," even without knowing or In
tending it. As tho decline became
more apparent, others became also
suddenly alarmed, or prudent and
quietly tried to get out. Thus 1t was
that both large and small holders put
ting their stocks In the market ~acceler-
ated the decline, a very unanimous de-
sire to realize being apparent. Stocks
are down. 1t Is the proper time In the
esson for them to go down, but they
will not stay down. They will rally.
and 60 up again, but not to the former
Inflated figures. Some stocks went up
to considerably above their real min
Ing merits, and must by degrees come
down to where they belong. Local
"strlkes' aud important ore develop
ments will produce local rises In
stocks. but there will be no such gen.
eral anu unprecedented rise and con-
tinued imitation as there has been-not
this season. With each rise hereafter
there will be many prudent ones who
will be trying to get out, and their stock
will bear the market again. Stocks
will 60 up two steps, and 60 back
three each time, until they get down
this fall to where they justly belong.
The sudden tumb;e,o or panic IL also pro-
duced inagreat measure by hundreds Of
marginal holders who are suddenly
obliged to sell, and good stocks which
have been hypothecated to raise money
to buy those Of doubtful merit have to
share in the general panic. The rea-
sous we have enumerated will be found
very correct, II not so convenient as
charging a few prominent opera
tors with being "bears" and
seeking to throw all the blame upon
them, for what was really lneyitable,
not to be avoided, aud what has been
freely prognosticated. The San Fran
cisco Chronicle, although rejecting
largely the sensational and unreliable
points in public opinion, occasionally
hits somewhere near the actual state
Of things. Its leading editorial Of yes
terday, entitled "The Earthquake In
Mining Stocks" concludes as follows:
Messrs. Hayward and Jone, have
played the conspicuous role OF bulls to
their line Of stocks. Mr.. Hayward
freely prophesied and told all his
trends that Savage would 60 to $1,000
and Crown Point to $1,000. Yet to-
day Savage l. 1919 aud Crown Point Is
$1,000, and his friends are ruined. If
Messrs. Hayward and Jones are the
amiable and great-hearted gentlemen
their friends represent them. thoy
must feel sad at the havoc resulting
from confidence In their advice. Mr..
Sharon has played the bear; has pre-:
dicted the decline aud has dlssuaded
from Investment ut the recent high
prices. II, rs it Is charged, he has
broken the market, 1t Is we'll. He had
better have broken it u month ago.
There would have been II less disas.
trous fall il stocks had not reached
their great elevation. Crown Point
was being watered that clerks, labor
Ing men and servant girls might have
contributed their small earnings to
keep up the imitation. The sooner this
business Is understood the better-the
O the bubble Is pricked the bet
ter and the community owes grail
tude to the causes that have led TO the
breaking up Of this stock infatuation.