Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1883-09-20
Great Loss il the Diamond Fields.


The late unfavorable news from the
African diamond fields has been the
cause for quite an advance in diamonds
both In Europe and American markets
MIR. II. B. Joseph, one of the passen-
gers by the Austrian bark, Lea, Just ar
rived st New York from Cape Town,
and who is Cape commission dealer in
diamonds, copper, wool, ETC., tells most
distressing tales Of the great suffering in
Cape Colony. In parts of the country,
he says, there has been no rain for three
years, and the people are starving. The
condition of affairs in Cape Town, at
Kimberly, Du Tots Pan (the diamond
ields), the Leydenburg gold fields, the
Orange Free State, and surrounding
country is worse than it has been for
years. What adds to the general distress
consequent on the failure of the crops,
is disaster at the great diamond mine
at Kimberly, 600 miles up from Cape
Town and 400 miles from Natal. The
mine is $50 feet deep and Il miles in
circumference. The soft debris has
fallen back into the mine in such guam
titles that it is estimated that eighteen
months will be required for its removal.
Upward of 1000 tons fell within
rwenty-four hours. The extent of the
calamity can be judged by the fact that
this celebrated mine has yielded $751;
600, 600 in diamonds a year. The effect
at Cape Town has been most disastrous.
The revenue has fallen off so per cent,
and the mining shares have gone down
to Is per cent. 1t is estimated,
said Mr.. Joseph, that it will
cost 81, $50, 600 to clear the mine. The
fall in the price of diamond shares has
ended in great tragedy. There are
sixty-ive diamond mining companies,
with a subscribed capital of $50, 900, 900,
and of these companies only fourteen
are paying dividends. Most of these
mines are within a radius of $50 miles,
and at an average of 600 miles from
Cape Town. The extent of the COM
mercial CONFUSION is illustrated by the
Great Central Diamond Company. 1t
has subscribed capital of 81, 800, 900,
and paid taxes on So, 200, 900. Two years
ago the shares were rated 81, 800 each,
but to-day they are worth only $500.
The Frerers' Diamond Mining Company
! at De Beers, a quarter of mile from
the Kimberly mine, with subscribed
capital of $500, 000-$500 a share-has
been sold out by the Sheriff for 5000
LOT rates owed TO LIE LuIulug UOdEu'
Mr.. Herm Wilegroot, a leading mer-
chant, blew out his brains on account of
all these troubles, and two weeks after
ward Mr.. R. S. SchOnz, resident magis-
trate, killed himself. Altogether,
there have been about ten suicides of
leading men caused by the commercial
depression. The most terrible stories
of starvation come from the
copper region, especially from the
neighborhood of the Manamaculand
mines. Capt. Segarich said that COM
mercial circles in Cape Colony are so
greatly depressed that many of the
colonists are returning to Europe,
especially to England. He said he
could have brought many more passen-
ers if he had had room.
If these reports prove true, there is no
doubt but that the recent advance of
from twenty-five to thirty per cent in
diamonds will be followed by others,
and those dealers who have bought be-
fore the rise will be among the most
fortunate of the trade.-Jea0eler'S Jour-
1lnL