Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1875-08-29
THE SITUATION.

We give up much OF our space MS
morning to news concerning the fail
ure Of the Bank of California-the
all-absorbing topic Of the day. Older
heads than ours should be taken as
authority, hence we copy extensively
from the Enterprise" In our telc-
grams and local pages will be found
the latest news concerning the failure.
As to the immediate cause of the
failure and the probable results that
paper has this to say
"The members of the San Fran
cisco Stock Exchange and the Pacific
Stock Exchange never done wiser
things in their lives than when they
suspended operations last Thursday
afternoon. To have continued would
have been to sacrifice uselessly other
peoples property. For this they de-
serve the thanks Of every one inter-
estcd in either the mines or the
stocks.
1.-THE opinion has been repeatedly,
expressed in these columns that a
straight raise in the market could
hardly be expected at the present
time; that certain of the masters of
the market were not in the move
ment, and that they would not be
likely to allow. the market 10 get
away from them; but such crash
as we have experienced was not ex-
pected by anyone outside Of those
who inaugurated it, and were subse-
quently powerless to check it.
"That the crash and, its attendant
disasters has been the result of pre-
concerted movement among those
who have both the inclination and
the power to affect the market in
their own interests is well-known
fact. The stringency Of the money
market was. made a pretext for lock
ing up coiny and when all was ready
the full force of their power was
thrown upon the market to break 1t
down. They succeeded but too well.
The following extract from private
letter from a prominent man who
knows whereof he affirms, covers the
whole field. He says: +" No market
yet! We have not money enough.
Certain parties here Not the bank
wing this time) have been playing
battledore and shuttlecock with the
few millions now here. When we
have coin enough to stop that, we
will have 4 good market" Comment
upon the foregoing is unnecessary.
"But in the midst of all this
wreck and ruin wrought for private
ends, We Of the Comstock have the
consolation that the mines are not to
blame for the movement. 1t would
have been doubly disastrous if it had
been based upon any discouraging
developments of the mines. But
they never promised SO much as now.
It il not necessary to repeat what
has again and again been reiterated
Of the prospects here. The mines
must bide their time. It will come
to some of them, for the develop
ments will warrant it. But the day
when the market will respond to the
call Of the mines has now been put
of-for how long time, no one can
tell.
"Could the market move as the
developments of the mines would
dictate, there would be q gradual
strengthening along the entire line,
There is not claim undergoing de-
velopment anywhere from the Utah
to the Daney, or from the Florida to
the Occidental, but what is giving
out better indications and yielding
better prospects. Even in those
mines from which the greatest num-
Der of tons of ore are being taken
out the drifts and crosscuts are, in the
main, making discoveries faster than
the ore is taken out. And such will
continue to be the case unit. there
are increased facilities for reducing
the ore and it is removed in even
greater quantities than at present"