The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1888-08-29
iDssToCK swINDLERs
/. ryue story That No Romance
Can Parallel.
rsebest Of American Benanxas-
a., ss, 600 900 Taken Out Of Con
Virginia i'm the Last Two Years.
,rra-n the Glose pemoerst.l

sv,arn the Globe Denoerat
a.. FRsycrsco, Aug. 4.-One Of the
.o-.est features In San Francisco il
r,;niue stock market. Once con-
..slliur element Of the business life Of
- e;tv after the death of Ralston
81 he collapse of the Comstock bo-
-sn,as il lost ground, inch by inch,
-, now 1t pays q very Insignificant
- Yet It has wonderful vitality
- Il has survived stagnation that
-oa,,d have proved fatal TO any other
.s.sry,t that was not founded on speeu.
lssioa.
rag HgYDaY or PROSPERITY.
~ course the discovery Of the silver
..;re. on the Comstock lode in Nevada
,saae the San Francisco Mining Ex-
s,a,gs. There was no limit TO the
srn,ber OF mines that were listed, aud
d.spite the great proportion Of the
rraaerties that we're undeveloped and
HI no claim TO public consideration,
,eanle seemed to invest a. eagerly in
she.e wildcats" as they were called.
am bona tide, dividend-paying mines.
i magnificent mining exchange was
All. IN Pine street that cost $500, 900.
Marble payements In artistic mosaic,
eIsboratc frescoes, costly carved work
& rare pstive woods, elegant uphoi-
s.lry-alI these we're features OF the
Temple erected 10 the goddess OF spec
nEat,on. The brokers at the height of
fbs bonanza period paid $50. 900 each
for their seats. They we're the best
sressel body OF men in the world.
Ncst OF them we're in their prime. All
we're rich in fact or In prospect: many
Of them made 5000 "A day in commits
sious alone; others counted their
gains by lucky investments and sale
by the tens oil thousands. The great
Comstock mines were pouring food
81 about 81 10000 a week in silver
and gold through this exchange.
SPECULATIVE CRAZE.
Every one seemed 70 have drunk of
the strong wine OF speculation. Even
The women were not free from this
mania for gambling in mining stocks.
II was common sight to see richly
dressed ladies' drive up in their hand
some carriages 10 the doors of popular
brokers and give their orders for pur-
ehases or sales involving thousands OF
dollars. The broker was the idol and
darling ot society. as he was sur
rounded with golden aurcole. His
advice in regard 10 stocks was eagerly
sought, his acquaintance was valued
for the pointers" he might chance 10
drop in the ear of friend. The broker
spent his money. so easily gained. IN
royal fashion. lie was arrayed In pur-
Pile and fine linen. he made this city
one OF the best markets in the world
for the sale OF fine diamonds; be stim
Mated the establishment OF some OF
the best French restaurants Outside of
Paris; be led Senator Jones TO spend a
quarter OF a million on n gorgeousiy
decorated Hammam, q bath. house
built and fitted up on the model OF the
most luxurious establishment OF the
kind in Constantinople he spent hun
dreds in a night on a mo 5nlight trip
with folr-in-hand 10 the Gift house. of
on an early breakfast at that seaside
retreat. which modern Luculius
would have found without a flaw.
WRECKS or THE BIG BONANZA BOON.
Thus was bred Il luxury which
made San francisco "A remarkably
pleasant city 10 abide in and which II
has never vet lost Bat ii led 10 fear.
ful wreck ol humanity when the col.
lapse OF the mining bubble came. II
ssaa "n.. - .L .s saaryels ot this period
OF rampant speculation that no one
dream 4 there could be an enc OF tue
gollen stream that ilosed through
this city from tie Nevada mines. as
history OF all mining has shown thai
a time comes when even the riches
properties fail. Yet. confident in h,
besef that the honanEas were inex
haustible, there were many San Fran
ciseans who refused TO sell when Con
solidatsd Virginia was $500 a share
and who saw the same stock drop TO s
within four years. with assessment
substituted for monthly divi lends
Many had converted their entire for
tune into money and bought the
bonanza stocks because OF the roya
income that they paid OF course
when the mines began e. fail the stool
dropped very suddenly. The insid
inanipuiators had rid themselves of a
much as possible. A great panic en-
sued; thousands we're virtually beg
cared, for they foolishly he'd on {
stocks that had cost them high price
until they had no longer any marke
value.
THE ASSESSMENT JVGe rRSAUr.
Then began the period Of the Assess
ment mill. hich has done more Ia re
tard San FranCisc0's growth than an
other single cause. The stocks OF tn
Comsto1k mine we're widely seatere,
and were held hy many poor pcopl
In small lots. Its one OF the peeali
aritles al stock gambling that TIA
mnn vino has paid good price 70
mining took parts with il onlg whei
he is actually unable 70 pay anothe
assessment, So thousands OF the
small holucrs OF bonanza stocks PAL,
regular assessments Of 81 or 20 cent
per meath on each hare at stoek. an
Ill finally poverty or disgust force.
them TO rele their grip on Whist ha'
cost them 80 dear. In this way "a
savings OF large proportion OF tn
working people oi this city and o
many other places IN the state weu
diverted into tAe stock Exchange
The bulk al this revenue went into tn
pockets O, the managers OF the mine
She situatsua VIZ this: This miuinl
machinery and outnt bad cost nil
lions; tie mines had 90 he wui ked o
the rising ~ the water would fion'
aud permanently ruin them. tn
miner, union IN isted on the h(gl
rate OF 81 per day ot eight hours :
when the quality Of the ore decline
there was an immediate deficit, whlcl
hal 90 he supplied by assessment
DRAIN os PROSPERITY.
In the twelve wears since the bonAn
n mines cca ei To pay large dlvileRd
il has been timAtcd that more none
has been paid oat IN assessments o.
Com took property than the mine
ever paid In diyidenis 70 the stock
holdef The regular Com tock miae
IN which legitimate work was done
all hal deficit up 20 last wear. an
these oeAcitl were met by assc snen'
OF from go cents 20 81 per share, hu
there were scores Il other mines
whi0h wee laid out On an ambition
scale lr.n The great bonanza bonff
and took EotteA at varying price
bat en- Whslb 80 stroke OF aotud Not
has ever bcen .oue. The Gireciog
op3id not hi,ns them elves tc altar
don a property that was good fer
ycar.y revenue 81 several huBare
tho0Sln d dollars ia rs essTlehts, 5
thev generally made some p-cteueF 4
developments. eireu ate report Q
orders for tae purchase of ntiln
machinery, and then began a. col e
assessments. IL Wouid not sesln tha
any one would paw as~e '-merts en-
naRo which ID uot even have Il he's
~ the ar-.l.N I.-Lt LII. f.rt 4. III