The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-07-21

unearthed, Johnny Skae was one OF the Tin.
| siders' in the tremendous deal which followed.
| He gave up his desk in the telegraph Office and
became central figure on California street and
at the Stock Exchange When the stock began
to climb the scale of prices he dashed reckessly
at the market ordering his brokers to 'doubla
up" daily until the stock had reached close to
$1,000 a share. When the deal ended and
the tidal wave of excitement had re-
ceded leaving the market strewn with
the wrecks, Johnny Skae was SO, 600, 600
ahead. He now went to Virginia City and as
sumed control of the Virginia and Gold Hill
water-works. While engaged in this enterprise
he spent his wealth as recklessly as did Coal Oil
Johnny, of whom he was the Western prototype
His trout breakfasts here will long live in the
memory of Virginia City gourmets. He had
pond stocked with trout, which were regularly
fed and carefully preserved. There was no ex-
clusiveness about these breakfasts With Sena
tors Sharon and Jones, Skae would invite half
of Gold Hill and Virginia, and the trout fell easy
victims to the skill of the Comstock anglers.
Wine of the most expensive brands was as
plenty as ice water at these mammoth entertain
ments, and the fame of Johnny Skae for months
transcribed that OF any millionaire on the Pa
cific coast
During all this time Johnny continued to
speculate IN the bonanZas, and he had himself
made president of the Sierra Nevada in which
Senator John ?. Jones heavy stakeholder.
Sierra Nevada, however, was away down in the
market, and nothing in sight anted any
very strong belief in its future as productive
property. Skae had not the means of knowing
the inside workings of the Consolidated and Cal
ltornia mines that he possessed when telegraph
operator, and, like hundreds of others who made
fortunes IN the big deal, he not prudent
enough to unload in time. The result that
most of his S., coo, 900 was steadily gathered in
oy the bonanza kings and found its way to the
vaults of the Nevada Bank. Then came the
sudden depression all along the Coinstock lode
which characterized the year 1873 and Johnny
okae, IKE many other distinguished SPECTATORS
started Tor New 1ork to find new fields for en-
terprlse. On his way he was intercepted by
dispatch telling him that there Were indications
of a bonanza in Sierra Nevada. He hurried
back to Virginia in special train, examined the
mine, and was convinced thata bonanza was just
ahead OF the workmen. He had but g. 600 shares
OF Sierra Nevada and not much of his So 600 900
cleanup on Consolidated Virginia, but all that
he had went to his brokers on margins and they
were ordered, as of old, to double up" They
doubled up for the bold Spectator, and he
bought on his brokers' money until the stock
which two months before had been selling at so
cents, had reached $278. John P. Jones was
then in Virginia conducting his canvas for
United States senator Skae took him
into the mine, and the senator invested
nearly all that he could raise in the
stock. When the $278 limit had been reached
Skae was estimated to be worth $40, 600 900, and
he became the lion of the hour He was hailed
as the father of the new bonanza" and his
prospective millions were counted up by his ad-
mirers until Vanderbilts fortune seemed mere
plbtduC0. ConSS were maze IN MS praise ana
alleged poet described his hasty return from the
East in parody on Johnny Skaes Ride" for
which he was paid the munfcent of 800
instead of being hunted down with shotgun.
The report of this piece of extravaganza spread,
and within week every Bohemian in San Fran
cisco who could write ten lines of doggerel was
wearing new suit of clothes and jingling few
$40 pieces in his pocket. Johnny was great
poker player and during this season of his pop
ularity he lost 500 900 in one game at the Palace
Hotel.
But the crash soon came The promised bo-
nanza did not appear, and Johnny Skae went
down with the crash. The father of the new
bonanza" and the princely poker player became
in one week virtually pauper He had held
his stock at the top figures, and when the crash
came his margin and those of his friends were
swept away. Johnny then became bookkceper
in a small pox hospital in the Columbus district.
After this he disappeared from public view until
about year ago, when San Francisco police
man found him helplessly drunk in the street
He was taken to the station house, where it was
found that the man who seven years ago could
sign his check for $40, 000 900 had not S. to Sc
cure his release on bail That was the last heard
of Johnny Skae until his death yesterday.