Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-03
ICRAZE ON THE PACIFIC.
BOOMING MINING STOCKS AND
RUINED BROKERS'.

rrankels OF Virginia City the First
.oCo to the wal, with Nearly a Mil
,,on IN Liabiiities-The News a Stag
rorsr on the Stock Exchange at San
r.,,c,sco-Fortunes Tossed About
like Shuttle Cocks.
VIRGINIA CITY, NEv., Dec. 81. B.
rronkel & Co., the Oldest mining stock
Arm in this State. failed this morning.
Che liabilities are $9I5,000. The creditors
include many of the most prominent
.barebolders In the Comstock mines.
The following persons are the heaviest
,ossrs bv the Frankei failure: S. J.. Jones,
snnerin tendent OF the Crown Point and
Rojcber mines, $2C5,000; Il. 2. Heating,
sunarintendeut Of the Savage and Hale
and Norcross mines, $50 600 and E. D.
Rovle. of the Alta mine, $4,000. The list
,t losers includes several clerks and
miners and a number of ladies'. l.. B.
Erankel, senior partner, retired from
bnsiness several years ago. 1t is said
,,at he is a millionaire, and
,s he still retains an interest in
tho business, the creditors of the firm hope
to recover portion of their losses through
MIN The three younger Frankel brothers,
scriva mem bers of the firm, fed early
tbis morning. They are said TO Lave se-
cured q large fortune by retaining every
cont deDosited with them since the rise
in mining shares began. Their business
was enormous, their receipts being about
$4,000 per day. Great excitement pre-
ysis over the suspension and II the three
members of the firm had not fed un-
pleasant consequences might have re-
suited.
SAN FRANCISCO WILD.
SAN Francisco, Dec. 2.-The excite
ment which prevailed to-day in mining
shares has not been equalied since 1878.
Old stock Spectators who thought the
glory Of the Golden State' had departed
with it's new constitution. hraced up and
oGKed with amazement at the crowds
tnat besieged the brokers Offices. The fact
that Consolidated Virginia had reached
nearly 30 seemed only to whet their arpe-
ttes tor more. and when the more prudent
0pes told them the tide was about to turn
lhev only laughed and said "No, it's good
or hundred" When the morning board
opened Ophir was sent to 311l, the
highest price reached since the big Sierra
lOO Gould q Curry, not to be OutdOne,
went up to 1884, and then Consolidated
vir.iDls, whicn closed last night at 4915,
opened at -.
FORTUNES FOR THE ASKING.
At TINS moment everything doomed and
fortunes were to be had for the asking.
The session, however, had hardly closed
when news was received from Virginia
itx-t 70 bo ofFn In Iyrf. hnd
gone up for a million. This was a stag
gerar,and the weak ones sold off. Hardly
tad they recovered from the blow
when the announcement was made
that R. c. Hooker. one Of the
staunchest brokers OF Pine street
aud sOn-in-law OF ex Senator Stewart,
Of Nevada, had pulled down his blinds
with Liabilities running up into hundreds
Of ofthOusands. Had this latter announce
ment been followed by another of equally
grave character the result would have
been general stampede all along the
line, bringing ruin to many.
BREATHING SPELL.
fortunately none took place, and those
N1o were playing for their all were given
st9W minutes breathing time before the
worst overlook them. Owing to :nese
satures the San Francisco board resolved
aot TO have any session at 80 O'Clock,
olt TO have the next one at 2 o'clock this
afternoon. This was for the purpose OF
allowing the brokers to overhaul their
ooohs ana 10 give them chance to see
where they stood. When the second ses-
nOnopened Consolidated Virginia dropped
az: Inc news was quickly cOmmuni-
Ca'ed TO the street, and Tor q second time
uurlng the day serious panic seemed
imminent. The agony was rendered
e 1oIe acute when the announcement went
0rtl that Greenebaum a. Strauss had
uspended for nearly a million. They
vve'e the correspondents of Frankel, OF
,HSlhIa City, whose failure had been an
U'Oueed In the morning.
TWO MORE CRASHES.
wen on the top of all this it was pub
WY stated that other speculators, Il. +.
mo'ToW and Maurice Schmidt. had sus-
Peuueu' II was generally believed that the
ssHnlng OF the end mad come, and things
,ae oy no means improved when it was
earned That Consolidated Virginia, after
"uH'hg point, had closed at 30, the
,o"e9l touched during the day. The
u",eulent That Morrow & Schmidt are
s.'aIIassed ~. IL positively denied, and as
,,oL :, as can be learned the liabilities OF
''D nave been promptly met.