Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-11-24
THE MINING BOOM IN NEVADA.


A few weeks ago and deep mining, on
the Comstock vein, such as for the last
year or two has been hopefully followed,
was admitted to be failure. The prices
for shares in its various companies were
ridiculously small, hardly bringing as
many half-pennies as they formerly
brought dollars. The played-out mother
vein OF Nevada, became a threadbare
subject for mocking editors to vent their
sneers and jokes upon. Mining for gold
and silver was claimed to be a gamble at
best, and the empty mines and deserted
mining exchanges proved to these gentle'
men that the bottom had dropped out of
successful mining on the Comstock at
least. Even veteran operators publicly
bewailed the final setting of the Com
stock sun; and in despair, hung their
harps upon the willows.
Suddenly a change came DER the spirit
OF their dream. Withdrawing from the
levels, the incoming water following
them as they retreated, the miners tarried
in the upper levels, and extended their
explorations into undeveloped ground.
Large bodies of fairly profitable ores
have been opened, and arrangements are
in progress for mining movement all
along the line of the great vein. The
hoistng, transportation and milling ma
chinery and appliances are on the
ground Long experience, division OF
labor und thorough mastery Of the busi-
ness by men at the mines, make the
handling of even low grade ores profita-
BILE.
While stock-jobbing tricks and decep-
ton are to be expected from the combi-
nations which have usually ruled these
mining corporations, there are ample
proofs in the output OF the mines whose
shares have largely increased in value
OF the solid foundation upon which the
rise is based.
The San Francisco EUening Post of the
Goth says:
upon to record, what is getting to be an old
ohestnut-viz. that the volume of business
continued to increase, and that prices con
tinued to advance. Never in the history o
stock speculation in San Frnncisco have the
brokers been 50 crowded with business AZ
during the week just ending. This asser
tion is made after most careful investiga-
tion among the brokers and secretaries oi
the boards There have been many periods
when the aggregate value of the stocks has
been much larger, and when the aggregate
returns in commissions have been greater
but at no time in the memory of the mos
competent authorities have there been 81
many different transactions in mining stocks
or when the clerical work or the wear anC
tear upon the mental and vocal organs havt
been 30 great as during the week now end
ing. In some of the offices large relays o
clerks have been at work all day and al
night in order to keep up with the business
There can be no question but that these
famous mines have taken new lease OF
life, under favorable circumstances for q
moderately profitable existence. Already
the holders of stocks at prices which
ruled two months ago have made enor'
nous profits, and bearish spectators
who have sold short on a rising market
hio caught III tLc lOlls. lcSlSIudy :
telegraphic dispatches inform us thai
Baldwin Gardiner, prominent stock
broker of San Francisco and President
OF the Pacific Stock Board, had disap,
peared from the inquiring gaze OF his
customers to whom he owed 5000, 900
leaving behind him no assets to speak OF
How the slow-going Wall street specu
lator, who lies awake nights in his anx-
iety to know whether his favorite rail
road shares will advance or recede a
penny or two in price the next twenty.
four hours, would go into conniption fits
over the kangaroo leaps OF Comstocks,
were he dealing in them at present
Betting on race-horses, grain or stocks is
gambling, but the raising OF horses
wheat and minerals is legitimate bust.
ness, and adds to the wealth OF the COM
munity. The present rise OF mining
shares may make or unmake the specu-
lators with little care on the part Of
lookers-on, but the legitimate industry
which the shares represent, is intimately
connected with the veal or woe OF the
material world.
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