The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1877-05-04
THE BREAKDOWN IN MINING STOCKS
The Lowest Prices Ever Experienced On the
Board.
From the s. F. Argonaut, April 18th.


From the s. F. Argonaut, April 18th.
$ The past week has been sad and gloom.
one. There are anxious and sorrowfu
t countenances among our business men
c The mining stock market has fairly broker
down, and values have fallen beyond any
thing known in the past. Mining stocks
have been steadily declining till confidence
is almost destroyed, and there is absolute
ly no safety except to those holders whose
: shares are fully paid for, which is the ex.
ception and not the rule. Nearly all of oul
most prudent business men have INDUCED
in stock gambling. But this is no time to
indulge in moral homilies upon the sin OF
stock transactions. 1t is certainly no time
for unkind reflections upon the imprudence
of investing in mining shares. We do not
fear a panic, because we know from past
experience the nerve of our business men.
We have seen them meet fires, earthquakes,
bank failures, and monetary revolutions.
We have often times witnessed great busi-
ness depressions, and seen them rally from
their losses with a courage and strength of
resolution that was absolutely wonderful.
We shall witness the same thing again.
Our community is composed of men who
are hopeful, buoyant, sanguine and deter
mined. This storm will pass over. Some
wrecks will line tho shore some will con-
tinue on the voyage with timbers strained !;
| 10 ,,.4, 80:
cy; some happy homes will be deprived of
luxurious appointments, but the great mass
will struggle through and weather the
storm. Ii is bitter experience, but it car
ries with it moral The lesson is not
without it's value. If it teaches prudence,
economy, and that homely old precept to
let well enough alone, it will not have been
an altogether improbable experience.
The California and Consolidated Virginia
mines under the management of the firm
of Flood, O'Brien, Mackey and Fair, have
produced bullion to the amount of $57, ,694,-
600. This amount Of money has been add
ed to the wealth of the world. It has given
employment and bread to miners, business
to merchants, and largely stimulated the
industries of California, and largely con-
tributed to the prosperity of our city Of
San Francisco. The assessments levied
upon the mines named haye been $411, 200;
the dividends declared have amounted to
$39,660,000. Had the firm of Flood &
O'Brien never parted with share of these
mines, they would have carried to their
bank account $50, 469, 800 of money in adj
dition to the profits incidental to working
the mines, which would amount to not less
than $20.000,000 additional, and they would
to-day be the exclusive owners of a mining
property, which, at the present depressed
values, is selling ON the stock board for
nearly $9,000,000. So that if the firm had
retained the two mines under discussion,
their prop~rty might be estimated in round
numbers at $70,000,000. They have not
monopolzed the mines, but have given
them to the public. The public has be-
come excited, crazed in fact at the fabulous
richness of the deposits has lost its head
and lost it's reason, has been carried away
by speculation, has over-traded, become ex-
trayagant driven fast horses, encouraged
fast women, built fine houses and become
drunk with excitement. To-day, there is
gloom and ruin, where yesterday there was
high hopes and extravagant expectations.
Many small accumulations have been
swallowed up many large fortunes have
been lost; but whose fault is it? Not the
mines because they yielded up their wealth;
not Flood s. O'Brien, who did not monopo-
lie the golden treasure but the people
who turned away from their legitimate oc-
cupations and oyer-traded themselves i'll
the mining stock market. If there is a man
or woman who has lost money in stocks
who has no reproach to make to themselves
for greed of gold, and an inordinate desire
to get rich hastily without labor, let them
howl at the doors of the Nevada Bank
let them beat their heads against it's walls
and wall forth their lament. If they have
been over greedy, coyetous and over hasty
to become rich !; if they have forgotten the
lessons of prudence and the teachings of
honesty, let them hide their angry faces,
subdue their loud murmurings, and thank
themselves for the misfortunes resulting
from their own cupidity.