Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1886-12-09
MINING PANIC.
a Boom in Pacific Coast Mining Stocks
Ends in q Disastrous Collapse.

Boom in Pacific Coast Mining Stocks
Ends in Disastrous Collapse
SAN FRANCISCO, Dec. 3.-The excite
ment which prevailed yesterday in mining
shores has not been equaled since 1878 Old
stock spectators, who thought the glory or
the Golden State had departed with the new
constitution. braced up and looked on with
amazement at the crowds that besieged the
brokers offices. The facts that CONSOLE
dated Virginia had reached nearly fifty
seemed to only whet their appetite TO get
more, and when the more prudent ones
told them the tide was about TO turn, they
only laughed i'm their faces and said: ~.
it's good for hundred" When the morn
ing board opened. Ophir was sent to 3l19,
the highest price reached since the big
Sierra Nevada deal, when it sold for an
even hundred. Gould anal Curry, not to be
outdone. went to 1879 and then CONSOLE
dated Virginia, which closed "Wednesday
night at 1917, opened at so. Yesterday
morning every thing doomed and fortunes
We're TO be had for the asking of them.
The session, however, had hardly closed
when news arrived from Virginia City.
New, that the Frankels had gone up for a
million. This was a staggerer, and the
weak ores sold off. Hardly had the people
recovered from the blow when tie All
nounceHent was made That X. Z. Hooker,
one of the staunchest brokers OF Pine street,
and son-in-law OF eX Senator Stewart, or
Nevada. had pulled down his blinds with
Liabilities running up into the hundreds of
thousands. Had this latter announcement
been quickly followed by another of
equally grave character, the result would
have been a general stampede all along the
line, being ruin to many. Fortunately
none took place, and those who were play
ing for their all were given a few minutes
breathing time before the worst overlook
them. Owing 10 these features the San
Francisco board resolved to hold no session
at 11:30. but tn have the next at two p. III.
This was to allow brokers 10 overhaul their
books and give them a chance to see where
they stood.
When the second session opened CONSOLE
dated Virginia dropped TO ~. The news was
quickly communicated to the street and for
the second time during the day panic
seemed imminent. This was rendered still
more acute when the announcement went
forth that Greenbaum & Strauss had sus-
pended for nearly million. They We're
correspondents of Frankel, of Virginia
City, whose failure had been announced
in the morning. Wien OH top. of
this it was publicly announced that
two sother prominent spectators, Il. +.
Morrow and Maurice Schmidt, had failed,
it was generally believed that the begin
ming of the end'lad come. and things were
by no means improved when ii was learned
that Consolidated Virginia, after rallying IA
point, had closed at 40-the lowest touched
during the day. The statement that Nor
row and Schmidt were embarrassed is pos
itively denied. and as far as can be learned !
the liabilities of each hqUe beeB promptly |
met.
VIRGINIA City, Sew, Dec. So. B. !
Frankel & Uo., the oldest mining stock |
firm in this State, faileG yesterday morning. |
Liabilities, $915,000. The creditors in |
clude many of the most prominent share
holders of the ComstOck mines. The fol- |
lowing are the heaviest losers: s. l.. Jones, |
OF Crown Point and Belcher,
S25, 600; General Heating, superintendent |
of the Savage and Hale and NOrcr0ss mines, |
$50, 600, and E. ID. Boyle, of the Alta mine,
$50, 600. The list includes Il number of the
clerks in the mines and a number of ladies.
l.. B. Fraukel the senior partner. retired
from business several years ago. He is re-
ported to be millionaire, and, as he still
holds an interest in the firm, the creditors
hope to recover q portion of their losses
The three younger brothers, the active
fled carly yesterday morning.