The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1878-10-24
CALIFORNIA; New Bonanza Craze.

AdE cOCh SpcCuldOlHS CIsSAo Va 1000
threatens to be revived in California.
with all its unhealthy consequences to
the business interests of the State. A
few months since the mining market
was all but dead. The two bonanza
mines of Nevada, which were formerly
the chief factors in speculation, were
in special disrepute, and investors
were shy of Comstock generally. The
striking contrast between the flush
days of a blooming market and last
July is illustrated BY the prices of Con-
solidated Virginia and California,
which, reaching over $3.50 at the top
of their prosperity, fell as low as %
and SO at the later date. This state
of affairs naturally did not suit the
speculative mine manipulators, and
systematic effort has been made to Gre
ate an interest in their stocks and
raise prices. This has now been at
tanned partly through actual discover
les of rich ore, no doubt, but more
largely through cunning workers upon
the popular Imagination and creduli-
ty. The latent speculative enthusiasm,
which inhabits every true Calif0rnian's
breast, received its first flip last sum-
mer in the sudden rich "panning OUT
of the Bodice" a home mine, the
shares of which from q merely nomi-
nal price leaped to nearly $50, but fell
later away back to less than $40, leav-
ing many burnt fingers as the result of
the fluctuation.
This squirt in Bodie has since been
magnificently distanced by q mine on
the famous Comstock Lode. Last May
the Sierra Nevada was worth less than
$3QO, 600; last week it was selling at an
equivalent of over $26, OOO, 900 for the
mine. In this mine rich ore has been
discovered at the unparalleled depth of
1900 feet, and the sensational stories
concerning the find, along with judi
cious admixture of mystery, have pro-
duced the very happiest speculative re-
suits. The body of ore, however, is
supposed to have only beginning in
the Sierra Nevada, but to extend wholly
across two adjoining mines and into q
third. These mines have got to be dug
from 1900 to 1900 feet deeper to reach
the metal, hut meanwhile they are the
shuttle-cocks of the widest antics of
IIlO ku0EA0I Uu11S 01lU U0tAOs 0AP-
perry" Jim Fair has got control of one
of them, and doubtless looks cOmpla-
Gently forward to the profitable re-
enactment of the bonanza drama
of 1875. But he is not in this
new venture neglecting the two
parent bonanza mines themselves, the
stocks of which, from some mysterious
cause or other, have lately gone up to
double what they were q short while
ago. The quashing of the $35, 600, 600
suit, which q dissatisfied shareholder
brought against the management of
the mines for credit-mobilierizing
them, it has been suggested, may have
something to do with it.
The San Francisco Bulletin is very
much disturbed about the present un-
wholesome state of affairs. 1t warns
people that the values attached to even
the most promising mines are greatly
inflated, ana that the man who ever
got rich by mine dividends in Califor-
MIA has yet to be found. A limited in
side ring of mine managers, 1t says,
are about the only ones to ultimately
profit in the game of speculation, and
It traces very much of the business de-
preston of the State during the past
three years to the stock gambling ex-
of 1874-5.-Sprisa6eld Mass
Republican.