Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-09-11


coverSea 81 metaiIicrous quartz dcpos u
made On The Comstock ives being forcsha'
ilowed, nut the stock-gamblcr. whose
rxuAs theu numbered about 90 per
cent oi the aggregate pcpn'ation Of
CsN1oruia and Neysda, had scarcely
recovered his pecuniary equilibrium
fr,an ,be DISASTROUS vaccinations OF the
r1o,k market onlv few months before.
The appreciation Of ophir stock IN the fall Of
In;S from nominal market value OF s6 per
ehsrc 70 ESQ per share. and the consequent
stimulus OF other equally worthless stocks
then tympathesicaliy received. brought
enormous sums Of money, which had been
hidden from sight for years, out OF the
meet peculiar biding.places.
Tins unexpected imitation, attracting the
boarded means Of all classes Of society,
proved AT the end 10 possess foundation
and Intrinsic merit no more substantial
than bad the notorious South-sea swindle
which many years ago stranded thousands
Of Eneishmen upon the beach OF ire
coserable ruin.
An the instance Of 1873 the crash came as
unheraldcd a. did the appreciation In
values. and few, indeed. got from under In
time 10 escape greater or less pccuniary In
jurits. The values soon rcccded 10 the
few months previously. and the affair was
denounced hy the uufortunates as yillaln-
Gus fraud. while the "lookers-on In Nien-
ma silently appiaudcd the executive abili-
Is which 80 cleyerly managed The gigantic
" scheme" The yictors modestly accepted
the congratulations OF such friends who
had not been invited 10 assist in pulling the
cbesinufs ont OF the fire, aud the manned
were laughed al for their trouble.
Under these circumstances II IL not a
matter Of much wopdermeni that the whis-
perings on California street in the late
spring al 1874. prophesying great deyel-
opmeni on the Comstock rs an early-future
certainty. was almost universally discred'
tied. The deception Of 1915 whether pre-.
meditatcd or oihcrwise-ba been too re-
cent 20 reasonably expect any enthusiastic
demonstration on the part OF the de
spoiled stock-dealmg and assessmeni-ply-
ing masses.
Bat the stock buyer and seller-princi-
pally the formcr--Ol that epoch was a most
mercurial creature, as will be observed fur
fher on.
The prediction OF q great development
was. however, astoundingly verified in this
case some months later in the Consolidated
Virginia and California mines. When the
great body Of ole in those mines had been
struck It's vastness and richness omazedevsn
those whose daily duty 1t had been TO
closely inspect the progress nude deep be-
meath the surface. The uninitiated peruser
Of these lines must not imagine, however,
that the intelligence Of this unparalleled
discovery was at once Transmitted broad
east BY word Of mouth and per electric
wire. Oh, no. II was months thereafter
n t.It l.s. fs.lI In
formed regarding the truthful and exact
conditions Of those mines. Meanwhile the
managers Of the property gathered in all
the obtalnabIe stock. and subsequently DIS
posed Of II at maximum prices. Experts
who were sent 20 Virginia City veraciously
reported the deposit 10 be The grandest in
the history Of silver mining, and those re-
ports tended 10 create the mos. enthusiastic
excitement, revitalizing and strengthening
the mining-stock traffic beyond measure
Of expectation.
AT that time California street was I'm the
enjoyment Of an unprecedented degree OF
prosperous speculation, aud wore not that
funeral aspect that stamps Pine street OF to-
day. There were such men as James X.
keene. w. {. Budd. Edward r. Hall, Ba-
ron Wilke. the Glaziers. Henry Scbmie-
dell, William Burling, and others equally
and possessed 81 keen bus-
ness tact. who would set the street wild
whenever suspicious mining news was re.
csiyed from the Comstoek lode. This latest
and last development Of any magnitude, IL
Il hardly necessary 20 say, again flooded the
street with hard-earned and fondy-nuTsed
money, promoting the market value OF the
W. great mines 10 $500 per share in round
figures. thVs Matching out fresh brood OF !
nono- and bi-milliOnsres-a class who felt |
uncomfortable in other society |
han that which Is to be found In |
! corner grocery GROCERY aud who, |
or a long while after the acquisi- |
ion Of their wealth, scorued the |
use OF napkins, and considered finger |
bowls unhandy vessels to drink lemonade |
out Of. They were formed OF the same in
lellectual material that characterized Sandy
as \ mushroom million
are in the carly days OF Washoe-without
The r,deeming feature OF bis generous ma
iure. Then, again. there were numerous
deserving ones who. during the bonanza !
lays, realized modest fortunes of from |
,2U, Oco 10 $50, 600 ach-temporariiy.
To the credit OF the four Inen who were |
hen styled the bonanza firm, II can justly |
,e said that, after they had plentifully Sc
.ured themselves against the contingency \
q an earthly want. they for a spell gave |
be stick. dealing public an opportunity TO |
'ecoyeT from the disastrous crash Of 1873, |
md II the latter were sufficiently prudent l
nd far-sghted 10 avail Themselves OF this /
hance, they should at least abstain from
Mackey aud his con frerfS
rom dawn to dusk.
Eventually the shares in these mines
we're divided into five for one. and dating
rom that act their market value began
to deprecIatc. despite the admit
able promptitude with which dividends
we're declared and paid, running into the
millions. The exact amount OF bullion
AIKEN from these mines during the very
brief period Of their proliilcacy none on the
outside win have the presumption TO csti-
mate; but suffice 10 say the public received /
\ eoodly share OF the net product.
The apparently inexhaustble resources /
of the bonanza mines were not merely a 1
iopic OF local discussion. but the votaries |
n the Pacific BOurse and London Stock 1
Exchange were tempted 10 nibble at the |
iait in modified degree. and thousands Of 4
'haTes aie said 10 have changed hands 1
Icross the Atlantic from December, 1878,
~ 10 the Generalization period.
This fact j. not surprising when one re-
PRACTICAL ideas aud mineralogical lore had
hen not yet been appraised at their true
Talue, calculated TO a nicely that there was
nipple ore In these mines-in sight-cspa-
Die 81 yielding sl,5Oo, 10000 Every one
now knows what an unfortunate miscalsu.
alton that proved for msLy hundreds Of
investors.
In the early summer Of 1876 a heavy
break occurred in the stocks Of these mines,
which. instead OF arousing the suspicious
d the outside holders 10 the effect that the |
Experts may have deceived themselves,
the majority 20 hypothecate
what shares they held and purchase an
additional number on margin, vainly |
hoping for that which never came |
n pass. There was no cessation TO
he continuous depreciation, and when
he autumn leaves Of that year strewed the
ground. countless suddenly-acquired for.
Iunes had been swept away by ayaricc.
BY that time there were comparatively few
who, In the flush moment Of excitement,
had acquired q competency In possession |
II their originally-inyested capital. The |
small fortunes weEs TO swell those OF the |
and there Is none to blame but |
hose who failed 10 harvest while the sun
shoue.
The 6ual result Of the boLanza strike OF
1874 was an addition 10 the specie stock OF
the world OF several hundred millions and
four great milionalres, whose wealth has
been variously estimated at from $4,000
200 TO sC0,000,00o each; but the exact |
amount will never be known until the |
min