The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-11-27
A GOOD BUBBLE.
A Colorado Mine in Shaft Full Of
Water.

Speculation in Cheap Stocks-One Of the
London Kaffir Companies Shows Its
Hand.
Denver, COL, November 26.-Denver
mining stock speculation was keen last
week and fully 500, 900 shares were trans
ferred on the Denver Mining Exchange
during six days. Sales were almost ex-
clusively conf ned to the cheap Stocks
and the buyers were the salaried clerks,
eager to get in before the promised rise
comes. Down in Colorado Springs the
three exchanges all did big business in
trading stocks. Cripple Creek is also
taking up many thousand shares.
Toward the close of the week, however,
the business in cheap stocks began to
drag, owing to the fact that buyers
would not pay advanced quotations, but
would purchase new stock instead. There
were over twenty-five new companies
incorporated during the week for. the
sole purpose of selling stocks, and as all
alike have nothing behind them but q
speculative value Of these stocks already
traded ingthey have no claim to warrant
an advance
'sWe are being flooded with these specu-
lative stocks, " said President Root, "but
what can you do? You refuse to list the
stock because is has nothing but pros
pect behind it, and the promoters will
cite half dozen instances where similar
stocks Went above par by reason of an;
unexpected strikein the prospects claims
We cannot tell where the next rich mine
will come from. The Cripple Creek camp
has fooled everybody by its richness and
the extent of territory where shipping
mines have been opened up. The brokers
cannot buy the high priced stock, be-
cause that stock Is not for sale and be-
cause their customers want only the
cheap stocks
A Cripple Creek stock was traded in
last week which is backed by nothing
but group of claims out on school Sec
tion miles from producing mine. An
other is shallow shaft filled with water
and with the company at loggerheads,
yet its stock was sought for, and the
slightest drop in its quotations resulted
in purchase whenever offered. The
brokers made the money this week on
commissions and in scalping the market,
while the purchasers without the ex-,
change bought for rise.
All stocks remain firm. There are fifty
stocks not traded in on the Denver
board, most OF which are the new stocks
of Cripple Creek. The news from Cripple
Creek is of the most encourage ng nature,
yet the SPECTATORS are wor king all sorts
of schemesthere. New mining companies
are being organized every day. Some of
them have their claims in what is gen.
orally recognized as the mineral belt.
Others have one of their locations" i'll
this desirable section and the balance
outside. Very often none of the compa-
nies' claims is patented. The shares are
put on the market at from one-half to
one cent per share, and sell readily, as
investors with limited capital seem to
| to hundred of higher priced with val
liable ground and shipping mines back
| of it, .
| AS an illustration of how the mining
| is going, it may be said that lessees who
| have been shipping $3.50 to 5000 ore from
| the Anchor mine for more than a month,
following down the vein to depth of
300 feet, have struck still richer ore
body in what they thought was a hang
| ing wall. A pop shot In the wall brought
down stuff that was covered with sylvan
ite crystals and blotches of pure gold.
An assay Of this showed 491 ounces Of
gold to the ton.
| Gold Hill. where the Anchor is situated,
has been rapid. Ten mines on that hill
are now producing ores Of rich value.
though six months ago not sign Of val
liable ores was known there. Probably
| forty shafts are now being driven on
that hill. A cash offer of $4,000 was
! this week refused for short time lease
| on prospect claim on Gold H ILL
| The Mines Exploitation SyndicateQim
ited) of Lndon, one of the heaviest corpo-
rations that has been engaged in floating
! Kaffir companies on the English market,
Exploitation Syndicate (limited) in Lon
don, and A. E. Walton, the consulting
engineer, is now in camp gathering up
some properties. Leadville in It's palmi-
L 80 lars. ..rar NOT more lively than Nrinnla