The Portland daily press., 1895-12-14

hours in February, 1879, the price of
shares in the. Savage mine advanced 500
per share, and in 80 days California
Jumped from $85 to $685.; and to show the
reverse Of the picture, Beloher, on May
5. 1879, fell $500 in "a hours. The present
quoted value Of the above mentioned 10
leading Comstock mines has dwindled
from $166, 1853, 800 in December, 1874, to
$780, 800 today.
The next real speculation in mining
property and stocks was started by the
discovery and rapid development of lead
carbonate and high grade silver ores at
Leaaville, Col, which took place in 1878.
One Of the most attractive features for
speculators and which. no doubt, caused
much money to be- seriously invested,
and still more to be wasted on mere paper
speculations was the result of Fl. A. w.
Tabor's "grub-stake" to George Hook
and August Richie. Hook was poor
shoemaker and Richo was dead broke"
After sinking 20 feet they struck carbon
ates on the Little Pittsbdrg, and within
a few months Tabor e. Riohe bought
out Hooks one-third interest in that and
an adjoining claim called the Dives, for
800, 900, and within four months from
the date of striking ore, the net returns
from ore sales were $105, 600. BY the end
of the year the Little Plttsburg CONSOLE
dated, which included two other claims
OoSidOo piO oWO OTlRiutl OuSS WAS CurQ-
ing out ore monthly Of the value of $3.50,
900. llx 49,,
The next period in. the history of this
mine (Which carried along with many
minor ventures successfully in the stock
market), was when it was placed on the
Eastern market in October, 1879, with a
capital of 100000 shares, which sold at
$50 share, or IS, 900, 900 for the mine.
Up to this date the published amount of
dividends paid was $780, 600. Early in
1880 the boom was, over, and in one day
Little Pittsburg dropped from 500 to 81
a share and with it all Leadvilie stocks
declined rapidly in sympathy. By June
OF the same year, although Little Pitts
burg had paid in dividends 81, 500. 900, it
was selling at Sc share, or $1,000, 900
for the mine, and at the same date the
Chysolite, which had divided 81, 100, 600
in profits, was selling at $50 q share or
81, 900, 600 for the mine.
All the foregoing figures prove only
how difficult it is to be wise In time and
how little reason or sense there is in any
"boOln" price,
1t is a matter of sentiment and of fash
ion, which Is more clearly indicated by
the present movement being limited at
present to Cripple Creek-a most worthy
field for enterprise and most meritori-
GUS camp, but Leadville, even today, and
other camps in Colorado, are Just as much
worthy of Investment Tor of speculation
II people are determined to speculate), as
Cripple Greek. x#e
To show, what the possibilities are
from Legitimate mining, we will quote
just two instances from the Lake Supe-
rior district in copper mining. The
Quincy copper mine has a capital of $500, :
600 paid in, and has paid in dividends
81, 900, 600. It has for many years paid
from $500, 900 to $780, 900 year, or from
'fxC Sgr,fsrs ant he
invested. %
The Calumet & Hecla mine. with a
paid in capital of $780, 600, has now
divided profits to the amount of 81, $50, 600
and pays regularly about 50, 600, 900 or $50
per cent a.year on the capital invested.