Los Angeles daily herald., 1886-12-03
MINING SHARES.
Excitement on the Stock
Exchange.
THE BOTTOM FALLING OUT.
Several Large Failures-Wee ping.
Wailing and Crashing of
Teeth Predicted.
Special to the Herald ovthe Associated Press,

Special TO the Herald 6Dthe associated Press
SAN Francisco, December 2.-When
the mining board opened this morning
Ophir reached $3l so; Savage rose to
$40 so, but dropped at the close to $l9
Best & Belcher opened at $27 and de-
clined to $25. IS; Consolidated California
and Virginia opened at $50, but de.
clined under heavy sales to S4S. There
was general weakening all along the
line. After the first session the failure
of R. c. Hooker, leading broker, was
announced and bad break began in the
market. To make matters worse, ru.
mors affscting the credit of other broker.
age firms and that of leading operator
were rife. California plunged down to
$40. 50; Best & Belcher to $3.50; Ophir
to S2O.75, and others were lower. At
the close firm feeling set in. Owing
to the reported failures and their com.
plications the San Francisco Board re.
solved not to hold any session at IL 80
A. M, but to have their next session at 2
p, M. This would allow brokers to over.
haul their books and see how they stood
with each other, and it might prevent a
serious panic.
THE AFTERNOON SESSION.
The O'Clock session was looked for.
ward to with deep anxiety by the bears
ool Nth oonuid ar, hla intaraot Nv, III IN
bulls. The fact that several brokerage
firms, one or two of them of considera.
BILE Importance, were on the ragged edge
because of being short of the market and
that others had failed for the same
reason and were making desperate ef-
forts to alleviate their disaster, as much
as possible, caused very general belief
that concentrated effort would be
made to break the market, especially as
prices had stiffened up between boards.
When the session opened, the caller
announced the suspension Of j. Green.
Baum. A heavy raid was made by tho
bears and notwithstanding heavy buying
by the bulls prices of the more promi-
nent stocks went down with plunge.
Alta dropped from Sc to 1915; Bslcher
from $7.75 to 1915; Best & Belcher
broke to $40 but closed at S23; Consoli.
dated California and Virginia closed at
Sal; Confidence dropped from SIS, the
closing price at the first session, to $3.50
at the close of the market; Crown Point
dropped from 1888. so to S4.75; Gould &
Curry from $l3. so to $S.75; Ophir from
$50. so to $25; Potosi from $40 625 to
S6.S5; Savage from $lS.75 to $l5.75;
Utah from SO to So; Yellow Jacket from
$ll to $3.50.
EXCITEMENT IN MINING SHARES.
The excitement which prevailed to-day
in mining shares has not been equalled
since 1878. Old stock spectators who
thought the glory of the Golden State
had departed with the new Constitution
braced up and looked on with amaze
ment at the crowds that besieged the
brokers' offices. The fact that Consoli.
dated Virginia had reached nearly $50
seemed only to whet their appetites to
get more, and when the more prudent
ones told them the tide was about to
turn they only laughed in their faces
and said: mo. it is good for hun
dred." When the morning board opened
Ophir was sent to $3.50, the
highest price reached. Gould &
and Curry, not to be outdone, went to
$l3f and then Consolidated Virginia,
which closed last night at $49i, opened
at $52. At this moment everything
doomed and fortunes were to be had for
the asking of them. The session, how.
ever, had hardly closed when news ar.
rived from Virginia that the Frankels
had gone up for a million. This was a
staggerer and the weak ones hauled off.
Hardly had they recovered from the
blow when the announcement was made
that r. G. Hooker, one of the staunch-
est brokers of Pine street and son-in-
law of ex-senator Stewart of Nevada
had pulled down his blinds with liabili.
ties running up into the hundreds OF
thousands. Had this latterannouncement
been quickly followed by another of an
equally grave character, the result
would have been general stampede
all along the line, bringing ruin to many.
Fortunately none took place. and those
who were playing for their "alF' were
given a few minutes breathing time be-
fore the worst overlook them. When the
second session opened Consolidated Vir-
ginia dropped to $40. The news was
quickly communicated to the street, and
for the second time during the day a
serious panic seemed imminent. The
agony was rendered still more acute
when the announcement went forth that
Greenbaum & Straus had suspended for
a million. They were correspondents
of Frankel, of Virginia, whose failure
had been announced in the morning.
When on top of all this it was stated
that two other prominent spectators.
R. +. Morrow and Maurice Schmidt had
gone to the wall, it was generally be.
lieved that the beginning of the end had
come. And things were by no means
improved when it was learned that Con
solidated Virginia after rallying point
had closed at forty. the lowest touched
during the day. The statements that
Morrow and Schmidt are embarrassed,
are positively denied aud as far as can
be learned the liabilities of each have
been promptly met.
Long rows of men and women lined
the entrance way to the racine otocK
Exchange all day. At the sessions
crowds of women and men thronged the
galleries and crowded the floors, the
women preponderating largely. Along
Montgomery street and in other thor
oughfares women thronged the brokers
offices. No one could be found who
possessed any knowledge OF ore discov'
cries or who professed to believe that
there was anything but an artificial
stimulus to cause the high market.
Each seemed to be willing to risk pure
gamble, trusting 10 some chance to come
out as winner. The lack OF confidence
manifested by the brokers, who were
currently reported to be selling short
did not check newcomers from riskine
hard-earned money on very blind out
look; so the money poured into brokers
offices from savings bank deposits draw
out by laboring women aud men for tn
purpose, and the street echoed equal!
with the boards to the jargon OF tn
speculation. Women brought thei
children in their arms and elderly womel
| of l. ID, ar