The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-01-20
BONANZA STOCK.
4 ShringaGe of Twenty Millions and
Many Lame Ducks

From the san Francisco Chronicle, Jan. 9.
There was some some gloomy coun-
teuautcs upon California street yeSter-
dav. The three great mines that con-
tain the bonanza Shrank in their market
values something over twenty millions
of dollars, and "all along the line" to
speak in stock slang, there were "lame
ducks. The market was soft the
brokers called for more mud The
day was dark and lowering; dense fog
shrowdcd the heavens. II the fog costs
the market twenty millions, what would
81 GOOD, down pouring, drenching rain do?
If every operator who has plunged head .
long into thi, sccthlnS whirlpool OF
speculation could bc driven indoors to
dressing gown and slippers and give
time for little sclf-communion, II
would be well for'himself and the COM
munity, The renarkab Die fact is not that
b,. market is "oti. and values have
sLrunk 80 much, bat that il was not 'otf
sooner and that lh" reaction was not
greater.
There is no los; o' gold and silver in
tha bonanza today than before. 1t has
not shruuk or withercI The bonanza is
honest, and it will deceive only those who
deceive themselves Money is tight. No
more shares can be purchased on mar
gins and those who have bought on mar
Gin, must make them good. The volume
of money is limited. Some twenty or
thirty million dollars i tho extent of our
circulating medium. and of course en-
burra,,mrnt> must follow if hundreds of
millions of call demands are out. Stocks
stand I'm the position of the rows of bricks
w., plqvrd with i'm hovh"od'> days-the
first brick falls and they tumble along the
whole line On" money-lender gets
frightened and determines to realize;
others follow \ panic ensues and
those unfortunate speculator, who, with
one thousand dollar, paid up, owe nine,
are liable 10 come t. grief. The widest,
broadcst, Swiitest stream may find itself
unable t. float too large vessel, and
san Francisco is not the ocean; California
street l., after all, only money rivulct,
and San Francisco is but financial pud-
die compared to other streets and cities.
The operation, Of the three weeks would
stN-gcr Threadn"ed!c street in London,
and such a rise of stocks a. We have eX-
periencrd would puzzle Frankfort or the
Paris Bourse This. too. in the begin
ming of the year. Savings banks are pre-
pairing for dividends, insurance COM
panies are getting ready for their annual
statements, and taxes will consume near
lv S4.OOO0OO of real coin.
From the best sources of Information,
l.. 4 ~ -
currence Of testimony that the discover
les in the three great mines are not over
rated. Men of the best judgement and
of the very highest financial standing
give q, their opinion that the discoveries
Of ore fully justify the present. prices; but
all agree that dealing upon margins is at
tins time hazardous. If the bonanza
were solid silver it could not be realized
for years; its mining and milling is not
only Il source Of expense. but it is n
question OF time and of machinery.
Hence our cautiOnary articles
The market will doubtless rally to give
buyers time To adjust themselves. Those
who are carrying too high loads must
get rid of portion Of their burdens, and
act as cautiously in assuming stock
debt As any other. The best feature of
the market Is, that there is no cause for
apanIc. 1t j. u fact that, beyond any
dispute the value lies IN bonanza mines,
and that in tine it will be contributed
IN dividends. justities bankers and indi-
liGNai moncy-lcndcrs in standing up
hrm.y 20 help their clients through.
III, splendid discovery is too good
thing IN California for all Of us not to
wish that it may be so dealt with that
even a temporary reaction will not bring
loss and distress 10 our too venturesOme
citizens. Those who have their stock
psid for are not within the scope of our
suggestions. To them We can only say,
keep on velvet