Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-09-08
NEW YORK LETTER.
THE RISE IN DIAMONDS AND sPscuLA-
TON AS TO THE CAUSE.
A Tilt of Observation-Disclosures Thunder
Stories Finished foe tho Authors
The "Syorld's Fair"-Contest
Over the site, Etc.
Correspondence Of tho Richmond DIspatcn.I

Coy1cepOnoeOcc OF toc NfcA'lohN btSphtSn.l
Nrw YoRE. September z, 1889.
"Have diamonds gone up? l should
eay So" said the old.time diamond i'm.
porter of John street "The fact is,
he continued, "the Kimberly mines
have been largely consolidated, so that
most of the larger mines are now ope.
rated by four or five companies. The
surface and upper strata have been
worked ont so that il is unnecessary 70
60 down 500 feet TO get the stones,
which are buried in the mass OF over
hanging reef, tire falling Of which is OF
frequent occurrence. The fields are now
controlled by a c0torio of London and
Paris capitalists, and their efforts to ad-
vance prices have been promoted 10y the
largo demand for these goods occnsioned
by the French Exposition. which de-
mand has produced scarcity.
WORK DON'T PAY.
"Only very few stones are now found
In the river, most Of them being obtain
ed from the blue clay. As it no longer
paws TO work the mines of Brazil or In
dia. where only the smaller stones are
found, they are neglected. and the mar
ket is almost exclusively supplied from
South Africa. II may be considered as
impossible to work the Brazilian mines
with success. 1t was quite different in
lSiS, when they picked up the stones
from the ground; but suriace-mining
is now q thing of the past, even IN
South Africa, where very costly ma
chinery is required for all mining ope-
nations. Not only the vast capital en-
barked in the mines and the trade, but
also wealthy bankers like the Roths-
childs aud others are interested IN the
movement TO buoy the market, IN which
likewise Porges. the leading Paris
dealer in rough stones, is concerned. 1t
is impossible TO buy rough stones and
cut them mt present prices. In Amster-
dam, where several thousand persons
are engaged in this business, the high
price they are obliged to pay IN London
Tor rough goods has caused O suspension
of their industry. / estimate tho adj
vance in prices at 90 per cent
A COMBINATION.
"Certain parties, said large Broad
way importer, "who control the output
OF stones from South Africa have com
bined to sustain an advance in prices.
This they can do in the absence of any
other appreciable source of supply. The
heavy operators have been working for
several years to obtain control OF the
larger mines, and having at length done
so have not allowed their purpose TO
cool. but have at once begun to hold
back the output of rough stones. With
the increase of price the smaller mines,
which are as vet uncontrolled by the
syndicate, can be worked to greater adj
vantage. The annual product of the
South African mines now amounts 10
about $50, coo, 900 in value. 1t Is impcs-
sible to counterfeit the rising tendency,
as South Africa is the only present
source OF supply. In the twenty years
that have elspsed since the discovery Of
the African mines, all other sources have
been exhausted. or can be worked only
at loss. But for the discovery of the
African fields, diamonds would now he
so scarce as TO command a fabulous
price. The combination Of the dozen
or more larger mines is due TO several
causes.
WORKING THE MARKET.
Although it is claimed that the South
African mines are practically inexhausti
bic. there Is apparently desire to pre-
pare for the day when they Will be work
ed ont, and postpone that event as long
ms possible. The present advance looks
like a movement to keep the market
steady and put an end TO the former
fluctuations in prices. Hitherto hold
ers would frequently accumulate
rough stones, only to precipitate
them upon the market and cause a
decline in prices. There has been a
steady rise ever since the present move
ment was inaugunted The sudden
Jump now spoken of is more talk than
reality, as any dealer would discover by
irving 10 sell his stones in Europe. He
would then see that the diamonds would
fetch very little more than they did last
spring.
"Just TO what point the present adj
vance in prices will go it is impossible
TO say further than that the market will
be steady without jumps or violent
fluctuations.
A NATURAL INCREASE.
"The American market is already in
fiuenced bv the advance in Europe"
said an old importer on John street.
"The increase in prices is perfectly
natural and what may he expected. The
African mines are being worked to
greater and greater depth. and conse-
quently at greater and greater expense.
This fact will cause diamonds to grow
steadily dearer until some new source of
supply is opened where mines can be
worked at smaller expenditure OF
money. There is nothing in the matter
10 occasion alarm. The rise may DO es-
mated at about 20 per cent"
In some quarters the advance Is Do
nounced as a combination Of capitalists.
One merchant compared it to the fish
market. in which, though the sea is full
of fish, the magnates OF the trade control
the catch and so sustain the prices at
figure profitable to themselves.
FUNNY BLooD-ASD-THUN ExPE-
RIENCE.
Major Calhoun, one OF the most pro-
life OF modern blood-and- thunder story
writers, and Louis Neumanr, who Is the
author of three composite novels, adapt
cd from the German, Spanish, and
Italian, and averaging a million words
apiece, were comparing experiences n
few days ago.
81 once had rather exciting passage
with the late Ned Buntline, " said the
Major. "He was writing a story for a
weekly paper on which we were both
frequently engaged, when he took a
sudden vacation. 1t was way he had
aud nobody thought anything about it
but in this case the publishers were in a
dilemma, as they had but single in
Btslment ahosd. / was sent for and told
to read the chapters already printed, and
then 10 set TO work and finish up the
story in one or two instruments.
A WHOLESALE KILLING.
"Woll. read the part that had APP
peared. and it was a job. soon dis
covered that there was an enormous
x,rvn Nor nj ,ho<aota.c -, thn e4,r, ...~ro