Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1884-09-19
THE BONANZA STRIKE OF IA.

The BUNANZA SIklhE Of l4.
A Trap for Hard Earned Money-The
Reports of Ignorant or Lying TX
perts-Thousands Ruined-The Big
Fsur.
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 foreshaaowed. But
the stock gambler, whose genus then
numbered about so per cent. OF the
aggregate population of California
and Nevada, had scarcely recovered
his pecuniary equilibriuras from the
disastrous vaciiiations of the stock
market only a few months before.
The appreciation of Ophlr stock in the
fall of 70, from the nominal market
value of Sc per share to $500 per
share, and the consequent stimulus OF
other equally worthless stocks then
sympathetically received, brought
enormous suns of money, which had
been hidden from sight for years,
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
foundation and intrinsic merit
no more substantial than had the
notorious South sea swindle which
many years ago stranded thousands
of Englishmen upon the beach of ire
coverable ruin
In the instance of 1878 the crash
came as unheralded as did the
appreciation in values, and few, indeed
got from under in time to escape
greater or lesser pecunlary injuries.
The values soon receded TO the figures
at which they were quoted only few
months previously, and the affair was
denounced by the unfortunates as a
villainous fraud, while the lockers
on in Vienna" silently applauGed the
executive ability which so cleverly
managed the gigantic scheme" The
victors modestly accepted the con-
gratulations 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
a matter OF much wonderment that
the whisperings on Californisistreets in
the late spring of 1874, prophesying a
great development on the Comstock
as an earl y futare certainty, was al
most universally dIscredlted. The
deception of 1873 whether premedi-
~ bal hoo, tr,> 4
to reasonably expect any enthusiastic
demonstration on the part of the
despoiled 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, astoundlngly YER
flied in this case some months later in
the Consolidated Virginia and Cali
fornia mines. When the great body
of ore in those mines had been struck
it's vaStness and richness amazed even
those whose daily duty it had been to
closely inspect the progress made deep
beneath the surface. The uninitated
peruser of these lines FAUST not I'M
agine, however, that the intelligence
of this unparalleled discovery vas 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
reported the deposit to be the grand
est 10 the history of silver mining,
and those reports tended to create the
most enthusiastic excitement, revival
izlng and strengthening the naming
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. G. Budd, Edward f. Hall, Baron
Wilke, the Glazers. Henry Schmed
ell, William Burling, and others
equally venturesome, and possessed
OF keen business tact, who would set
the street wild whenever suspicious
mining news Was received from the
Comstock lode. This latest and last
development of any magnitude, 1t is
hardly necessary to say, again Hooded
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
mono and bl millionaires-a class
who felt exceedingly uncomfortable
III other society than that which is 10
be found i'll 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
- NlbIouI lIlC ISucStillLS lSdtu1O VI Ills
generous nature Then, asain, there
were numerous deserving ones who,
during the bonanza days, realized
modest fortunes of from $50, 900 to
$50, 900 each-temporarily.
T" the credit Of the four men who
were then sly led the bonanza firm, it
eau justly be said that, after they had
plentifully secured themselves against
the contingency of an earthly want,
they for spell gave the stock dealing
public an opportunity to recover from
the disastrous crash of '73, and if the
latter were sufficiently prudent and
far sighted to avail themselves of this
chance, they should at least abstain
from matchmaking Mackey and his
confrereS rem dawn to dusk.
Evidently the shares in these mines
were divided into five for one, and
dating from that act their market
value began gradually to depreciate,
despite the admirable promptItude
with which dividends were declared
and paid. running into the millions.
The exact amount of bullion taken
from the mines during the very brief
period of their proll6cacy none, on
the outside, will have the presumption
to estimate; but suffice it to say the