Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-01-01

sometimes advancing, sometimes declining,
but on the whole approaching in market
value. Steadily it mounts, and the mysti-
fication goes on, until no one knows who
holds stock. Every one takes hand, and
buys, with a good resolution to sell out
just as quickly as they consider themselves
justified in SO doing by small advance.
In this first step lies the greatest danger,
their appetites are whetted by the small
gains SO easily made, and they are ready
to gnash their teeth with rage when they
gee the stock mounting higher and faster
than ever. They go in again, and deeper
than before they help to swell the excite
ment, and now perhaps dividend is de-
clared, and series of them promised. 1t
is pointed out with flourish of trumpets
| that the capitalized value of the mines will
speedily be cleared off in dividends every
one is talking of his fabulous gains,
fabulous, alas. too often, forgetting
that they are not yet out of the wood,
and that nothing is realized until they
have the gold coin in their pockets. Nor
is this all, for the shares in the other
mines in the neighborhood of tine known
"bonanza," as these ore bodies are called,
all simultaneously advance in market
value. Some advance more and some
less, in proportion to the skill with which
they are handled, and this without the
smallest reference to the complexion of the
showings in each particular mine. Every
mine within two miles of the lucky one in.
creases in fictitious value, for they may all
have bonanza apiece, for anything
that the wisest and most prophetic expert
can tell. The big shares are too heavy to
handle by the poorer classes, and now they
are to be given chance to speculate and
get rich. The excitement reaches every
class of society. Sober business men lose
their heads, boys scarcely emancipated
from school raise money on any kind of
valuables they can get hold of, clerks put
their hands in their employers tills, and
women, when the excitement reaches them,
are the most eager in the race for gain.
To quote the words of daily paper of one
of those periods "The women are bring.
ing out their stocking of double eagles
and investing. This has been par
ticularly noticed, the last day or two,
in San Francisco. Females do not hesitate,
these times, to elbow their way through
crowds of men to get sight at the quota.
tons. The excitement has captured them"
In the mean time business generally re-
ceives fresh impulse everyone has money
at command, and every one is spending it
freely. The enormous benefit to the COM
munity arising out OF the business of deal
ing in stocks and mining is freely dilated
upon, and all are made happy and rich, for
the time. One of the worst features of
gambling is the habit of extravaganza
which it fosters-money easily made is as
easily spent, and each extravaganza creates
further stimulus to plunge once more into
the vortex in order to keep up the head.
long race. On sudden the stock begins
to be thrown on the market in large blocks;
it soon breaks, and then comes universal
panic. Failures follow, and more stock is
thrown out, at any sacrifice, to fill up the
gaps, and it becomes a case of the devil |
take the hindmost. The "bears, SO long
quiet, are at length victorious their har- |
vest begins, and stocks tumble with fright.
full rapidity. The descent is much quicker
than the ascent, and the revulsion greater. |
Stocks drop down far below their real |
value and are quietly gathered in again by
the operators, until the time when the for |
giving and forgetting public shall be ready |
for another deal" A very few of those
ION the outside" as it is called, sell |
out in time, become suddenly rich, and |
build themselves what are called in the
morning papers ''palatial residences, with
wilderness of front yard, where cast-iron
dogs pursue cast-iron deer-the admired of
all admirers. The general result is grind
ing poverty for the masses, men crippled
for life and women brought to shame, while |
the process of accumulation in the hands
of few goes bravely Oh, and San Fran
cisco boasts again Of her many millionaires.
These things l have stated, at so much
length, for the calculation of my story.
do not pretend to have made any discov-
cries the facts are known to thousands.
To those who have watched the course of
events on the Pacific coast for the past ten
years they will appear stale and tedious;
to those who have not they are necessary
in explanation.
The city of San Francisco, at the period
of my story, was wrestling in the throes
of an excitement such as l have endeav.
ored to describe. The feeling was growing
day by day and was now beginning to
affect the smaller stocks, while the Old
Judge shares were rushing madly up
wards. Charlie Gould and Frank Daw-
fish had become bosom friends, for
the latter exercised not inconsiderable
magnetism, as it is called, on most of
those with whom he came in contact.
Even-tempered and overlooking with con-
versation to which strange, uncouth slang
lent false air of originality and crispness,
displaying specious knowledge of the
world which might well impose on older
and more experienced men than Charlie
Gould, prosperous as he apparently was at
this period of rose-colored dreams, he ex-
erted an attractive influence, not easy to
resist even by those who distrusted him,
amongst whom Charlie was not numbered. |
At twenty three every man is your friend,
and to this stage of confidence had Charlie |
come, when he met Dawlish, one after
noon, on the street, about this time.
"You see, old son!' Dawlish began,
placing his hand on Charles shoulder, 81
was right about the general boom of the
whole line. have cleared sl25 on the |
few shares l bought with that 500 you
lent me, and 1 will double my capital
again in another week"
''How have you cleared it?r asked |
Charlie HVnu howe ,o4 80 ~. ,,,..,,xr |