Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1886-12-03
STOCK GAMBLING RUINS.
A Huge Failure at vIr
gInIa City.
Aialns seSek FinstuAiions = oapsAia
MOoss orasrsd E.zt-saAAlsS At
NHpa- Llhellnx the cOurl
Meaey for Charleston.


A Huge Failure
WANNA CrTT New Dec. Al. B,
krankei 4 Ca, tbe oldest sioak broker
arm n Storey county. flsd q petition u
in8s iveueY this moFninQ. The hahiii-
lies foot uP $9l5.eOQ; assets nominal.
Ihe list Of creditors incladea most of
the prominent men and operators Of the
uomsfock. Following are the names Of
the heaviest sufferers through the sns-
pension: 3. l. Jones, Superintendent
Of the Grown Point and Bsloher, &2O5. :
oOos Gen. keatina. superintendent os
savage and Hale 4 Norcroas. $4,000;
:. ID. Boyle. superintendent of the Alta,
&l0,810 The list includes the names OF
scores Of miners and clerks, with lib-
erAl sprinkling OF young ladies and
matrons. l. b Erankel. senior partner
In the firm, retired froua 40 i've 6naiDess
Pufsults several years ago. he = 10
ported 20 be q millionaire, and as his
name still appears on the sign over the
ofane, creditors have q faint hope OF 70.
covering a. least z portion of their
loe9ea. Three younger brOthers- Sol,
Louis and Jacob-dsparted this morn
ina on foot. Great excitement prevails
Ia the community over She fsilare, and
II the members Of she firm had NOT
| slipped oat unpleasant cOnseouenaes
might have resulted. The brothers are
supposed 10 have secured ample for
tunes BY holding nearly evarV cent In
osin deposited With them. Slnes the
Fise in shares began their basine ess was
enormous. receipts IN a single day some
times footing 1p $4,000, deposited for
purchase Of mining shares.
DolnGs % the Mining sfeek Exchange.
SAH FRkScIseo, Dec. 2.-When The
Mining Board opened this morning.,
Ophir reached $3.50; Savage rose 10
ezO.5O, b1t dropped, and closed az 8l9;
Best a Beloher opened at S27, declined
90 $25 70; Consolidated California q
Virginia opened AZ $50, bat declined
under heavy sales 10 @48. There was a
general Weakening ell along the line
after the nrst session. Tue failure Of
leading broker vas announced, and q
bad break began in she market. To
make matters wofae rumors affecting
the credit Of other bFokaRe drms, and
that OF leading operator, vsre rife.
Oalifornia plunged down 20 $40 SO. Best
q Beleher 20 BIZ 80, Ophir % so. IS and
others we're lower. AZ the close a irmer
feeling set Ia. OWing 10 reported fail.
urea and their complications. the San
Francisco Board resolved not 70 hold
any session az ll:30. bat 70 hold thelF
next session at 2 .. "a. This would al
low brokers to overhaul their books and
see how they stoed with ea0h other, and
it might prevent q serious panic.
The ? o'clock session was looked for.
waEa 20 With deep anxiety BY tbe bears,
and with considerable interest by the
bulls. The fact that several brokerage
hTms, 0ne or two Of them OF consider
able tmDOrtanoe, we're on the ragged
edge because Of being short Of the mar
ket. and that others had failed for the
same reason, and we're making deeper
ate efforts 70 alleviate their disaster as
much a. possible, caused very general
belief that concentrated effort would
be made 10 break the market, especially
as prices bad stiasnsd up betveea the
boards. When the session opened the
caller announced the suspension OF ].
0raenbaum. A heavy raid was made bY
the bears, and Notwithstanding the
heavy bidding By the bulls, she prices Of
more prominent stocks went down With
9 plunge. Alpha dropped from t6 20
1915, Belcher from s7.75 90 1916, Best
4 Beloher brske 70 SIS, bat closed az S2s:
California and Virginia closed at s4i;
Oonhdence dropped from fib, the clos
ing price at the firat session, TO Ro 50 at
the close of the EnaEket. Grown Point
i dropped from $3.50 30 &t75; Gould a
Curry from Sl3 50 70 IS Is; Ophir from
| $50 so to &25; Potosi from 80 62l< 70
S. sly; Savage s1s.TB 70 SIS rs, Utah
~ to So. yellow Jacket Gil 70 $3.50.
A BLACK DAT en- 'cHkNoE.
The exeitemsnl whic b prevailed TO-
day In mining shares has not been
tors. who th0ught the glory Of the Gold
On State had departed vita the new
constitution. bFaoed up aud looked on
With amusement al the crowds that Be-.
sieeed the brokers ofiioa. The facl
that Con- Virginia had reached nearly
$50 seemed only 30 whet their appetite 20
get more, and when the more prudent
onea told them The tide vas about 20
tuFa, they only laughed IN their faces
aud said; No, Il 10 good for q hun.
dred." When the morning board open.
cd Ophir Vas sent 10 $8l 90, the highest
prizes reached since ths big Sierra Ne
VAda deal, when 10 sold for 90 sYeE
hundFed. Gould . Garry, not 20 be
ou done, went 30 $l3.76, and then Con
Virginia, which closed last night ai
ef9 80, opened al $50. Az this moment
everything doomed, aBd fortunes wera
10 be had for tbs asking Of them. The
session, however, had hardly closed
when the news arrived from Virginia
City that the FFankels had gone
up for q million dOllaFa ThIa vas
q staQqeroF, and weak oues hauled of
Hardly had they recovered from the
blow, when the announcement Waa made
that r. o. HooksE. one Of the staunoh-
est brokers Of Pine street, and son-in
laW Of ex-senator Stewart, had pulled
down bis blinda, With liabilities running
np into the hundreds Of thousands
kHad this latter announcement been
quickly followed By another Of an
equally grave character, the result
wonid have been q general stampeds al
along toe line. bringing ruin 70 many.
Fortunately none took plaas, aRd thOse
who were playing for their all we're
Rlvon few inmates brsaihinR time BE-
feFe the worst overlook them
when the sesoud session opened,
Con. Virginia dropped 20 el2 The
news Vas quickly communicated %
tue street, and for The seeoRd time dur
Ing the o4y. serious panic sseEnod I'm
mineut. Tue Aa0ny was rendered stiil
more Aenta uhen annonaoemaut vent
foFth that Gresnbanm 4 Strauss had
suspended for neary mslliOn. They
we're correspondents Of FFAnkel. of Viz
ginia, whose failure had hesu annoaBced
10 ths morning. when. on top Of ali
this, u wss announced thAt tso other
/ prominent EpaculAtOTs-h ". Morrow
and Marcos sehmiot-had gone % the
wall, if vas believed that the beginning
Of the end bad cone; aud things we're
hy no means improved when Il vas
learned that Consolidated YiFRinia, a.
ter EAliytnR q point. lad eioasd a. $40
the l0Wesi toueoed durinQ the DAY.
Statements that Morrow a Soh1idi
are smbArEaassd ere positively denied.
A. far ~ can - lsAFasd ths liabilities
Of each hays bsen pFomptly met.
LsweR aeana news.
P0zx TOWNsEsD. Dea. a,-Captain J
b hooEe, % The cniieF Wolcotl, has 70
caived Srdsrs q trsasfsr 70 tha rssenua
steamer Calfax. at Wilmington. n. q
Captain Moore and faniiy Leave on ~