The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1886-12-25

ing" showed that the lower de-
posits of the Comstock lode, pro-
viding such deposits actually exist,
are practically inaccessible to the
operations of man, and that in
future, until some new devices for
delving in the bowels of the earth
we're invented, mining in this region
must be confined to the upper lev-
els. That this conclusion was cor
rect was shown by the fact that fur
ther attempts to go downward in
Savage and the other deeper mines
had been abandoned, and the water
had been allowed to run in and
food the drifts and wines which
had been constructed at such an
expense of time and money. There
is still fair paying ore in the upper
levels Of many of the mines-ore
which was left behind in the search
for bonanzas further dOwn-and
this can be worked for some time
at a reasonable profit on the cost
of extracting and milling it. This
is the exact condition of affairs in
the Comstock to-day. The days of
fabulous dividends are past, and
those interested in the mine realize
it better than anybody else
That they understand it and
mean to profit by their knowledge
and make one grand " clean up"
before the bottom finally drops out
of mining speculations in Nevada
is evident to all who are not utterly
blinded by gambling fever to the
facts connected with the great
deal" which is going on on the
Pacific coast to-day. Interest and
exspectation have been kept up in
the past by the hope of uncovering
great bonanzas in the lower levels.
That hope has been reluctantly
given up, and with it went the only
chance of keeping the mines valu-
able for speculation. The large
operators saw their opportunity
for robbing the poor and swindling
the rich slippling from them. and
now they are engaged in making
one last grand deal to gather in
the dollars of the gullible, make a
clean sweep, and leave the Com
stock and their victims to their
fate. The mining stock boom over
which the people of the Pacific
coast are apparently going wild is
perfectly transparent to all who do
not willfully close their eyes to the
records Of the past and the plain
fact of the present.
OF the magnitude of the deal in
which the heavy operators are
engaged, a few figures will give
some idea. Consolidated Virginia
and California, which is the lead
ing factor in the rise, was selling
on October 13 at 81 O5 a share, its
216,OOO shares having market
value on that day of SAP 300. On
November 20 this valne had in
creased to 81 ,32O, 600, and on Satur-
day last when the stock was quoted
at $55, the last value had swelled
to $11 $4,000. This is an appreci-
alton of over 27OO per cent, in less
than two months. The man who had
$1,000 invested in Consolidated Vir-
einia and california on October l3
could have sold his stock on Satur-
day for $27 500. The other mines
OH the lode have apprecinted in til.
maket in the same proportion, and
mechanics and miners, laundrymen
and workingwomen are all thrusting
their hard-earned dollars into the
outstretched hands of the brokers'
anxious to take a hand in the deal.
When it is over and the crash
comes there will be few inordin-
ately rich men and an army OF
penniless victims on the Pacific
coast.
The alleged cause of this sudden
rise in the stocks is the advance
ment of the operations into the ore
section of the Consolidated Virginia
and California to the eastward line
of the old bonanza ground. This
ia no unexplored ground which Il
Welding large results. 1t is simply
an ore body that assays about $z'
to the ton, which was passed ove'
as not worth caring for while tht
| lower levels weresbeing prospected
| It is undoubtedly the failing of o
the exhausted bonanza, from whlct
90 many millions were taken, :ne
| is liable to disappear entirely befor'
much further progress Is made 70
ward extraction. And yet on tn
strength of it shrewd operator
have succeeded not only in forcin!
nm Consolidated Virginia and Cali
fornia moro than 200 per cent
but in similarly appreciating tn
value of every stock on the Com
stock. It il the old story OF
shrewd brain working on = lot {
rulls. and It will have the old enc
ing Of q poverty-stricken comrn'
nitv. This is without doubt tt
last deal on the Comstock, and il
manipulators will make the mo-
lof it.