The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1885-11-05
BONANZA KINGS.
Where Fortunes Change Hands-The
Stock Exchange and the Banks of Cali
fOrnia and Nevada.

stock Exchange and the BANKS OF cali
fornia and Nevada.
A celebrated English fiancier, writes
a San Francisco correspondent, once
said: "There is more money lost and
made in California in one week than
would pay the debt OF England. "
This may seem all exaggerated estl-
mate OF the vast sums that have
changed hands in San Francisco, for
that is the central point for all mon
ey-making schemes on the Pacific
coast, but it is the truth. The Bank OF
Nevada, the great foothold OF the DO
nanza kings, and unquestionably the
lever for all the greatest influences in
mining stocks, both elevating and de-
pressing them, is to be found in
Frisco. This bank was once
owned by Mackay, Flood and Fair, but
Mackay was bought out, and now the
ruling power is Flood and Fair. The
Bank of California, the Oldest of the
two banks. from which the great rail
road kings, Stamford, Huntington,
Hopkins, Croker and others started,
and from which poor Ralston rushed
one day to the seaside to end his
troubles in the sea, stands there grim,
silent and strong. mistaken by the
failures of thousands, but as firm and
sure as the Bank of England. Right
near it stands the Merchant Ex-
change, very meagre looking affair,
erected about 1867, from which many
have gone forth bankrupt, ruined and
without d Danny; who put their faith
in stocks. The Safe Deposit Company
has building next to the Merchant s
Exchange, which is a very modern
structure. 1t is asserted that at one
time there was over 1913, 900, 900 worth
of jewelry, plate and bonds in two
vaults, belonging to Mrs Hopkins and
Mrs. Mackay, under the care of this
company. The Stock Exchange on
Pine street is q noticeably handsome
room, nothing but mining stocks being
handled there. In 1878, the year of
highest prices, the aggregate value OF
the mining stocks which were handled
in this exchange was 1882, 100000:
In 1851 the aggregate value OF the
same stock was but SIT 100000,
There had occurred shrinkage OF
1866, 100000 Or more than fifteen
times the amount of the total. value
surviving. Why was this? you natur-
ally ask. Because the Comstock, a
most famous mine, had been found to
be overvalued, and flooded, as the
market was with it's paper, the bottom
had dropped out OF it. Again, Con-
soiiaated Virginia, which had a fancy
value Of $75, OOO,O was then worth
less than one. Sierra Nevada, estima-
ted on the street as worth at least
$2s, 100000 was considered enor-
nous then at 1925, 900, but of all the
shrinkages OF tumble-downs Of mines
the California "took thecake.n From,
$S4, 900, 900 it had shrunk to about
100000. That was the year for anx-
iety and depression of all classes, be-
cause to be thorough Californian
you must have foated through the
mintt.alg market:
Flood and 0'Brien many years ago
were the owners CT the auction
LUNCH" a saloon on Washington
street, near the postoffice. Their ac-
cession to wealth reads like the story
OF Arabian Nights. They were always
shrewd, sharp, honest-dealing men, and
as such commanded the trade of the
miners, who in the snowy and wet sea-
sons oflate fall, winter and early spring
came in from the mountains with their
gold dust, prepared to make San Fran
cisco their resting place until they
could return to their lAhOrs again
Flood and o Brien were in the habit ei
receiving from the miners their gsld
dust and lockingit up for them, at the
same time plying them with questions
rs to the Hpaying qualities" of such
and such O mine; Or il any new mine
had been pre-empted they found It out
Little by little they worked until one
fine meTning all San Francisco was
startled by the knowledge that Flood
and O'Brien were propristars OF the
"Hale and Narcross," . very rich
ming. Next they sold out the auction
Lunch" and doomed out as posses
sors OF q ricl, share Of the Comstock
lode, holding it until it deprecated in
value and shifting their burden upon
some poor unfortunates, who bought
it when it was valueless and utterly
useless as q paying investment. Flood
talked very little of his elevation ir
the world, but O'Brien "cashed in