The morning star and Catholic messenger., 1878-09-22
MORE GOLD AND SILVER ORE.
Fabulous Wealth from 2loo Feet Below the Surface
SIERRA NEVADA AND UNION CONSOLIDATED
RISING FROM 81 PER SHARE TO S190-THIRTY
MILLIONS ADDED TO THE MINING CAPITAL OF
CALIFORNIA.
New York Sur, Sept. IA.

Yesterdays reports from TIE mining stock
markes IN San Francisco told of intense excite
ment on the Pacific Coast that surpasses any
other experience there since the bonanza foror
OF 1879. Two months ago oil the mining
shares, With the exception of Ophir and two or
| three others near by, were steadily falling, and
| the market generally was weaker than it had
| been for long period. The pablo of San
| Francisco, with the speot Acle of many broken
| operators and dissipated fortunes before their
eyes, and the recollection of unnumbered
others ia tbcir memories, seemed shy and tired
of ste OK speculatDg, and tae brokers had
plenty OF time on their hands. California and
Conso'id ated pirgiois, that had made the for.
tunes of hundreds and Tuined thousands bad
fallen to q lower figure than had been quot ID
against them since the beginning of their
fabulous rise, California selling as 10 " as 50 a
share and Consolidated at S.. Their ore was
said to be exhausted, and the newspapers
were pointing to their checkered history and
their disastrous If ct upon the comuuniry as
warning against the evils of stock specala-
tion in general.
Among the least promising Of the stocks
that ii cured at thie time in the regular daily |
quotations of the Sock Boards were those of |
the Sierra Nevada and the Union Consolidated, |
two mines on the Comssock tract, Immediately |
arJ olrlng the Ophir mine the north, the |
Union lying between that and the Sierra.
Shares in these mines were selling at 81 and
had few takers. They were regarded b. many
as mere wildcat enterprises, and le assess
ments that they levied for the prosecution of
new explorations were not coun tel b alan ced
by the distribution of dividends. The sbaft of
81
levei-a depth at which nobody anticipated
ore would be found since none had ever been
discovered before below the 1900 Dot level.
were being industriously prose-
Gu ted at that depth, but it looked more like
plan TO give employment 10 the men who were
rnnniog tie mine than like hopeful enter.
Prise.
THIS was two months ago. To-day, Nevada
and California are ravipg about the stock OF {
he Sierra Nevada and Union Consolidate
Shares of the former were sold Yesterday at | ,
O a hot l.
still going up, with nobody able to tell what |
igure they may reach. Each of these mines f
lss los. Geo shares, and this advance in their c
market Yalne-which has been most entirely 7
Elected witdin the iaSS two. weeks-is eq rivs. :
ent to tie creation of $4,000. 600 of new t
capital. +
The ii rst intima;ion of thi, extraordinary O
development was ruGor of the discovery of b
rich body Of gold and silver orein the Sierra p
there was season of uneasiDess and doubt. t
hen 1t became apparent that loDg-headed II
per6tors, among whom were many Hebrews, | C
we're tu ing all the Sierra and Union stock
hat toey could lay hands on, and presently I"
he stock went up with O rush. More detailed il
ccurate Information from the mines confirmed b
be fret rumois Ore had been discov cred that ir
D all appearances was rich in quality and W
b Gndant in quantity, and thus far there has al
cen no indication from which it can be deter. OF
lined where it ends. 1t has been skrted on ir
Ia outside for depth of 100 feet, and the ex T
he ore has occasionally been entered and b
)ecmens have been assAyed. They are re. | Ia
0rted to have asssyed thousands of dollars a | De
N, and one selected specimen not less than ar
n thousand. re
The rise of the stock was marked by a nota- ha
g defeat of Flood g. Fair, the bonanza firm RI
hey entered the market after the shares were oh
ling for over $50, with the avowed purpose w
forcing the stock down. By come this sc- fo
on was attributed to q purpose of getting VIZ
veDge upon q number of Hebrew opera ors ce
BIO bad been audacous enough to defy them, th
ID by one of the most successfol of the Cal. fol
rnian fnauciers to a scheme to get the stocks f4r
figure low that they could buy up u OBJ
ntrolling share. This to enable them ed
take the management into leir own hands, Eu
cure their own superintendent, and thus OBJ ate
in early adVices for speculative purposes of viz
g wsy the ore may develop hereafter. How toI
or that may bs, they suffered an utter over VII
row. They are said to have sold 10 coo tn,
arcs at $40, but instead Of huyeEs being th,