The Republican journal., 1895-12-12
The Maine Mining Boom.
A "REMINISCENCES AND A WARNING

A "REMINISCENCES AND A WARNING.
The current gold mining craze IN Col
orado causes many of the older habitues
of the street, writes a Boston correspond
ent. to recall the e1a of the Maine silver
and copper boom of fifteen years ago. 1t
was in 1879 that the deposits OF silver and
copper in Maine were made the basis of
organization of number OF companies
under the easy laws of the State, and in
1880 and in 1881 a regular boom was in
full swing in Boston. A number of the
stocks were listed, prices advanced sharp
ly, Maine mining stock exchange was
opened in Devonshire street basement,
and the conservative statistical abstract
which Mr.. Martin complies annually, in
Guided in 1881 nine Of these concerns.
The craze started in the autumn of
1879, with Blue Hill and Douglass Copper
and Sullivan Silver quoted on the ex-
change. In three months Blue Hill rose
from 4 to 9 is, Sullivan from Ia to Ia.
and in 1880 Blue Hill touched II "a and
Sullivan Is The par value OF most of the
legion OF Maine stocks which followed
these leaders was So, and $500, 900 was
the favorite capital.
The height of the boom was reached
early in 1880. Boston never took it Sc
riously: the whole affair was recognized
as % per cent gambling craze. AT that
time California mining stocks were favor
able speculations. and the Maine gamble
satisfied the public craze for cheap stocks
There doubtless were copper and silver in
Maine, but the fact was demonstrated at
the expense of many thousands of Boston
dollars that these metals were not there
in paying quantities.
w., fa, rs rn (r
most of the manipulators whether there
was metal there or not. There was
speculative craze in mining, most of the
copper stocks were too high for ordinary
gambling, California S stocks were too
far away, and what was wanted was list
of cheap stocks controlled here.
Thus thirty or forty Maine companies
were organized, whose 1oaters got up
prospectuses, talked learnedly Of geolo-
gical formations, wines, Slopes and lev
els, promised dividends, gave expert
opinions of mining engineers, and provid
ed deserving printers with employment in
printing stock certificates, many of which
even now adorn the walls of suburban
back rooms in lieu of ordinary wall paper
There were good men who really believed
that Maine had mineral wealth which
would pay to work; in good faith they en-
tered into the business.
Such companies as those above named,
with the Waukeag, We're bona fide enter
prises. But the great majority seem to
have been projected simply TO provide
pabulum for the craze for specializing in
cheap stocks. BY 1881 most of them had
got we'll down in quotations, although
those named held fairly. From So Blue
Hill fell to 50 ~ cents in 1881, Coppero-
polls from -. 25 to so cents, Deer Isle
from 81. Is to "a cents, Douglass from to
l =, Milton from SLID to 80 cents, Pine
Tree from $3.50 to nothing, Sullivan from
s to ,, and Turn Lead from $3.50 to %
cents. These were leading members of
the group.
To diminished extent the craze lasted
through 1882 There We're periodical
spurts or attempts to regalvanize the
boom. From Il cents to 81 and down to
II cents again was the 1882 record of the
Deer Isle stock. Blue Hill rose from 20
year; Milton went down to cent and
then disappeared. BY the end of 1882 the
craze was practically over. 1t was main
tanned some time longer to enable liquida-
ton, but the last heard Of Blue Hill. the
best of all the Maine stocks, was cents
quoted at the end Of 1883. Deer Isle dis
appeared the same time at cents; Sulli-
van held on last of all, but yielded finally,
and wonderful chapter in Boston stock
speculative history was ended.
In view Of the current goings on at
Cripple Greek this brief recollection of
Boston experiences a decade and half
ago may point moral and warning.