The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-11-17
south African cold Mine -p eculatlon


Harper's Weekly.
London has Witnessed an end-ef-the-cen-
fury South Sea bubble, and the collapse
seems 10 have come. although as yet there
ere no signs THAT there VIII he "a ver'ca-
ton Of the prediction Of "A writer in the
Nineteenth Century 20 rle effect that the
collapse must be so huge that the entire
business world will feel the shock"
London has seldom been disturbed by
sucn fury Of speculation as that which
has taken place IN the shares Of the South
African god mines The mining market
furnished the interesting news Of the day
to a large number Of English people who
poured their money into brokers' offices
AS much as E25, 900 a week was expended
~ advertising new ventures. ThToCmcrton
street VS. often 50 crowded that the 20
lice were called Unon TO interfere Many
stock brokers doubled their stats Every
body talked about the WItWatersraud and
other mines, and many threw their money
into the pool, where II was managed by
those who controlled the properties very
much after the manner In which our own
Mr.. jay Gould was accustomed 20 manage
the money that the lambs of Wall street
were won't in his day 20 invest in his va
rous railroad ventures
50 fierce has been the speculation I'm these
South African mining shares that the Wit
watersrand shares rose 1900 per cent. in
few months, although they had paid no
dividends
Naturally one would expect a collapse
after such feverish speculation But the
properly represented by the shares. accord
lns % honest and capable engineers who
have examined II. IS Of enormous value
The WItwa teTsr4 nd formation is more
than fifty miles long. and the works of the
mines extend over twenty miles OF this
distance There are employed about the
works $1,000 native and 5000 European
miners. and there are 2.7G0 stamps In oper-
alton. Moreover, this body of ore. which
Is more regularly distributed than the ore
Of any other gold region i'm the world
shows no sign Of decreasing, and DR.
SthWeisser and Mr. Hamilton Smith. the
experts who examined the mines estimate
the value Of the god In the W.twatersrard
district at between $500. GOO 600 and e3sO
oot@. Besides the profits Of working are
enormous. especially since the ap0liea-ion
OF what is known as the cyanide process
az extracting secures from SO 20 S. per
cent of ne gold in the ore. instead Of
81 per cent that was the rule under the old
systems Nevertheless, neither the wealth
Of the region nor the profit AT which the
mining Is carried on. SuStains the nrires
tlmt have been obtained for the shares in
the London market. Tho writer in tho
Nineteenth Century estimates that # next
year the mines make profit of 300 000
or Altooopo more than the total rrott of
l>9] the dividends would he only u, pcr
cent. on the market prices Of the shares.
IN September. when speculation was at its
height,
The market has been uanipr,atea The
several companies owning and operating
m" W-neS are small. The average c1rf.aI
Of "a mine being about Cf-0aa0. the SHARES
beng 81 ~1ch, and Tho few shares that ara,
hN.i outside IS The control" aro cen. ~,
and down hy means IF news manufaatlire3
" SCUM AFRICA. II Is another case 81 a