Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1883-01-27
THE STOCK MARKET.


A sharp Advance In Some Of the
COmstocks Yesterday.
For several days the stock lists have
exhibited signs Of a quiet movement in
what is termed the "old water group" of
Comstock mines. Savage, Hale & Nor
CROSS and Chollar were in demand at
slightly advanced rates as early as Mon
day, but the manipulation was so gently
and dexterously done that in the general
lethargy which prevailed the insiders no
doubt had it all their own way until the
trap was sprung for the public. On Thurs
day the sales Of Savage appropriated
5000 shares at the regular and informal
sessions of the San Francisco Board, and
probably an equal number changed hands
in the Pacific Board, where the "%chippers'
and small dealers assemble daily to make
a turn on a FIVE cents or bits advance.
Chollar and Norcross were not SO largely
dealt in, but they appeared to share in the
agitation of their neighbor. Savage opened
at rs cents and touched 81 as; Norcross
opened at 81 10 and advanced to ST. 65,
and Chollar stepped into the ring at 81 20
and drew out at 81 55. The balance of the
line ''sympathized" and "stiffened." 1t
evidently became apparent after the days
little squirt that there was something in
the wind, which might %inaugurate the
loDg-expected rise. Yesterdays stock lists
in another column show that the little
breeze of the day previous was famed into
a storm. 1t was a veritable boom. The
whole Comstock line advanced under
massive sales. But the "old water group"
were the fayorites, and they went up like
rockets. The old subject of stocks became
the common topic. Old-time dealers,
who had scratched gravel for the stock
kings for 10 these many long, long years,
rushed around to get a glimpse at the lists,
and walked away with an 81 told you so'
air. We were left in the dark, however, as
to the cause of the rise. Last evening the
SENTINEL received the following special
dispatch from San Francisco, which throws
a little light on the subject:
"There was a boom in Hale & Norcross
and stock Of adjacent mines this morning,
due to favorable indications on the 2600-
level OF Hale & Norcross. After the second
call prices dropped"
The Virginia Enterprise of Wednesday
morning is more definite. 1t published
the following:
although nothing was heard Of it on
the streets in this city, we learn through
a private dispatch that it was reliably re-
ported in San Francisco last evening that
$40 ore had been struck in Norcross, and
in consequence the stock went up to ST 80
per share.'"
1t is of course difficult. to determine
whether the advance is on merit OF merely
one of those periodical ideals" with which
the insiders favor the public. But there is
no doubt the Comstock has reached a very
interesting period in its history. Those
who claim to understand the situation say
that it will require a years prospecting to
open up the ground prepared by the past
two years dead work. There has been ex-
tensive drifting in the Hale & Norcross,
Chollar and Potosi, and it is not improb-
able that Favorable indications" have
been encountered. 1t is but natural, at
the extremely low state of the market, that
an excitement should be kicked up. When
stocks that were wont to be in demand at
from 500 to $500 a share can be gathered
in for rs cents and a dollar, the report of a |
strike is like a tidal wave, and the public
find 1T difficult TO resist its force. The
closing quotations yesterday afternoon
show that the boom is not over. There
was a sharp recovery after the board and o
brisk demand. To-day will be very apt to
define the outlook.