Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1884-09-25
THE BONANZA STRIKE OF "a
A Trap for Hard-Earned Noney-The
Reports OF Ignorant or Lying Ex-
perts-ThoasandsR Ruined-Tne Y5g
Feur.

In the latter part Of the spring Of
1874, says a writer in The Virginia
Territorial Enterprise, the last of the
phenomenal discoveries of metalifer-
Gus quartz deposits made on the Com
stock was being foreshadowed. But
the stock gambler, whose genus then
numbered about so per cent. of the
aggregate population of California
and Nevada, had scarcely recovered
his pecunlary equilibriuras from the
disastrous vaciliations of the stock
market only a few months before.
dAe appreciation Of Ophir stock in the
fall OF '73, from the nominal market
value OF Sc per share to $500 per
share, and the consequent stimulus of
other equally worthless stocks then
sympathetically Y received, brought
enormous SUMS Of money, which had
been hidden from sight for wears.
out OF the most peculiar hiding
places.
This unexpected imitation, attract
ing the boarded means of all classes
OF society, proved at the end to possess
a foundation and intrinsic merit
no more substantial than had the
notorious South sea swindle which
many years ago strandedssthousand
OF Engllshmen upon the beach of ire
coverable ruin.
In the instance of 1878 the crash
came as unheralded as did the
appreciation III values, and few, indeed
got from under in time to escape
greater or lesser pecuniary injuries.
Inc values soon receaed to the figures
at which they were quoted ONLY a few
months prevIousl y, and the affair was
denounced by the unfortunates as a
vlllalnous fraud, while the lockers
on IN Vienna" silently applauded the
executive ability which so cleverlv
managed the gigantic scheme. The
victors modestly accepted the con
gratalatlons of such friends who had
net been invited to assist in pulling
the chestnuts out of the fire, and the
manned were laughed at for their
trouble
Under these Circumstances it is not
q matter OF much wonderment that
me Whlsperlngs on Californialstreet in
Inc late spring of 1874, prophesying a
great development on the Comstock
as an early future certainty. was al
most universally dlscredited. The
deception of 1873-whether premedi
tated or otherwise been too recent
to reasonably expect any enthusiastic
demonstration on the part of the
despolled stock-dealing and assess
ment-paying masses.
But the stock buyer and seller
principally the former-of that epoch
was most mercurial creature, as will
be observed further on.
The prediction of great develop.
ment was, however, astoundinoly YER
lned IN this case some months later in
the Consolidated Virginia and Cali
fornla mines. When the great BODY
of ore IN those mines had been struck
It's vastness and richness amazed even
those W hose daily duty it had been to
closely inspect the progress made deep
beneath the surface. The uninitiated
peruser OF these lines aust not i'm
aglne, however, that the intelligence
OF this unparalleled discovery was at
once transmitted broadcast by word
of mouth and per electric wire. Oh.
no. 1t was months thereafter before
California street became fully in
formed regarding the truthful and
exact conditions of those mines.
Mean while the managers of the pro
perty gathered In all the obtainable
stock, and subsequently, disposed of il
at maximum prices. Experts who
were sent to Virginia City veraciously y
reported the deposit to be the grand
est In the history of silver mining,
and those reports tended to create the
most enthusiastic excitement, revital-
lzlng and strengthening the mining
stock traffic beyond a measure of
expectation.
at that time California street was
IN the enjoyment of an unprecedented
degree OF prosperous speculation and
wore not that funereal aspect that
stamps Pine street of today. There
were such men as James r. Keene.
w. Z. Budd, Edward T. Hall, Baron
Wilke, the Glazers. Henry Schmied-
ell, William Burling, and others
equally venturesome, and possessed
OF keen business tact, who would set
the street wild whenever auspicious
mining news was received from the
Comstock lode. This latest and last
development of any magnitude, it is
hardly necessary to say, again flooded
the street with hard earned and
fondly nursed money, promoting The
market value of the two great mines
to $500 per share in round figures,
thus Matching out a fresh brood of
DOno and bl millionaires-a class
who felt exceeding gly uncomfortable
III other society than that which is to
be found In corner grocery grog-
gerry; and who, for long while after
the acquisition of their wealth,
scorned the use of napkins, and con
sidered finger bowls unhandy vessels
to drink lemonade out Of They were
formed of the same intellectual ma
terial that characterized Sandy
Bowers-famous as mushroom mil
lionaire in the early days of Washoe
the redeeming feature of his
generous nature. Then, again, there