The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-10-02
THE NEW BONANZA.
The Frenzy OF 1874 Repeated In the San
Francisco stock Exchange.

SAN FRANCISCO, Sept. %. Stock gambling
is once more rampant throughout this state and
Nevada. The rapidity with which fortunes are
won and lost Is absolutely startling. After n
long period Of stagnatiOn In tho stock market
and the absence Of new ore strikes in the Com
stock. the discovery Of an extensive bonanza
north Of the Consolidated Virginia and Caliior-
mia has literally set people wild. There has
been nothing like 1t since the frenzy OF the last
months Of 1874. Shares In Sierra Nevada.
Union. and Mexican. which were selling at S.
So. and sl2 in June. are now fetching t2lO. tl6O.
and sllj.
For two or three years past Sierra Nevada
shares have been almost worthless. and many
holders had abandoned their shares. rather
than pay the assessments. which have been
levied with painful regularity Six months ago
1000 shares could have been bought for 81 900 :
to-day they are worth $220.000. and may be
worth $4,000 or 100000 tomorrow.
II is these rapid changes and appropriations
the chance OF getting in for next to nothing and
coming out with n fortune, that demoraizcs all
classes and turns this people into n community
Of gamblers. To go largely into Sierra Nevada
or Union now requires n heavy investment Of
capital, and the shares have gone beyond the
reach Of the general public; hut the working
man or woman who knows or hears Of some
'h' Nh' h'sN NiN h''H i'iNhi' W AAN''A
900 when the stock was 81 share. and
who is now the happy possessor Of 10000
is ready to rush into tho first worthless
wild cat that II offered at 90 cents or 81. and
Just now wild eats are prolific race At least
lJU new companies. with an aggregate nominal
capital Of 81 5uu.OoO.OO0. have been incorpn-
rated within the asst sixty days. and the chances
are that not one in Atty Of these so-called mines
= o. H.
latiye muuin. but nin"ty-nino ont ot every hun
drod 4 their humble and illy-iuiormcd follow
| enough - venture. 81 far M an outsider can
judge of their actions and methods. tho man
public very fairly. They permit FREQ access To
an examination Of the mine and do not pre-
! tend 10 p1-~ - exclusive knowledge OF tho cX-
| tent "a ,richn"ss Of tue newiy-d scoycred ore
body. The public are gratiiled that the new
bonanza is ia independent hands. who are free
| THAR partners in the Consolidated Virginia and
| California. Tho Nevada Bank rartv are not
popular in Sta Francis %. AMI without express
| iug any op Mon rs 90 the Justice Of the popular
prejudice against that powerful and influential
| hrm it mue' ho conrricd that the gcnornl in
| forests ~ san Francisco will be- promoted hy %
! diversion Of the wealth ot the new bonanza TO
other and competing capitalists.
| prcon inou'. over her sister cities Of the Union.
and whatever We may think OF the rank Of her
! prctrn~luhs. We cannot deny thht ~he leads all
! Two notable cases 81 self-des,ruction t. escape
rgapta , iSr ItoTn tr 1nI money hsSe 9
| meniary ripple q intcreit which has already
| SUI sided.
Alexander Austin who was many years ago.
| an employer Of 4. T stewart n Co. Of New
| York. came to California in the pioneer days.
| and opened a public gambling saloon. m oecu-
! patton which he subsequently, r"inqushct for
! tho more reputable hut apparently less proilta-
! be business II selling dry goods; he tnon
oi Tax Collector There was me dispute IA
to the Legality Of certain taxes which II was rs