The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-27

classes were eager to possess shares in the
great bonanza, which rose in value $40.
| S2O and $50 day, and on one occasion as
much as SlO0 at a single session of the
poard. Inc oldest operators were deceiv-
| ed because the amount of bullion so far
produced had really exceeded that of anv
OF the Comstoeks, and no one doubted the
integrity of the men who controlled it. As
the event proved, they were themselves
! greatly deceived as to the value of the
mine. The scene at the stock exchanges at
this period and for the first weeks of 1875
begSar description. The excitement ex
tended from the exchanges to every walk
of life.
In January, 1875, the receipts from Con-
sohdated Virginia were 81, 0O1, 400; in Feb
ruary, $l20O,O0O; in March, ST. 705. 800; in
April $1,509,OO0; In May, 81, 521 900; in June.
$l5O2,G0; in July, $l,6C4,COO or over S15
| 100000 in seven months. The prices of all
shares on the, Comstock were carried far
beyond their real value and although fluc-
tuatlng, were for a time sustained by the
developments in the bonanza mines. At
the highest, in January California
brought $3.50 per share, the stock then be-
ing divided into 10000 shares. Consoli-
dated Virginia brought over 500. In Feb
ruary California was divided into $4,000
shares, iuctuating for some weeks he
tween @pS ana $40. ms was a falling off
IN value from Si,240,0O0 to So, 900, 000, ard
then to $24,S4O,0O0. Meanwhile Comstock
values had declined more than 500 600
shrinking $42 600 500 in single week The
decline resulted from a variety of causes
enlef among which was the natural yeac-
ton which inevitably follows undue InfJa-
ton. A few months later the depression
was further intensified by the failure of
the Bank of California whose president
had long been in the upsuspected agorjes
OF approaching ruin, brought on by his
too generous treatment of others aud his
own unauthorized speculation WIEN the
funds of the bank. On the 18th Of August
1870 the bank closed its doors. ard on
the following day Ralston's dead body was
taken from the water Of North Beach He
had deliberately. walked into Sacramento
bay and to his death. The whole civ
Indeed, the whole state, and Ncvad, as
well-mourned the dead king of thA Com
stock. Whatever the faults of Ralston
they felt that he mad intended to befriena
the community in w1lc he lived. hui The
tidal wave of speculation SWEPT him 10
ruin.
Largely through the efforts Of sharo,
the affairs of the bank were rebabiIItated
and within few days the directors had
decided to resume business. Meanwb11a
the stock boards suspended operations for
period of two months. In October tba
bonanza firm opened the Bank of Nevada
in San Francisco with a capital of 40
O0oOO0-afterward reduced to SO 900 00o--'ona
with Flood for president. The Nevada
| bank then became the support of the stoolr
market, and for time confidence was
maintained. at least in the Consolidated
Virginia and California mines While
since 1910 there have been periodical
stock excitements, as that of 1873 when
under pretended Developments Sierra. Ne
vada rose to $3.50 a share, and Union Con
solidated to $40, with others in proportion.
the former almost without a ton of nav
ore In sight, of late such excitements have
grown less frequent and less pronounced
Nor could this well be otherwise when A.
is considered that, with two or three tri-
fling exceptions no Comstock mine apart
from Consolidated Virginia and California
has declared a single dividend in an the
long interval between 1874 and 1890 OF the
two bonanza mines the output of the for
mer between 1873 and 1880. in which lat
ter year IL ceased 10 be largely productive
was s64,974, SIG of which Sl29SO. 600 was dis
ti'~ead in dividends The Yield Of the
California from 1876 to 1SS0-the extraction
OF ore on a large scale beginning in the
former year-was sl6742,256 with S31. 800
600 in dividends. Thus out of a total
product of Slil.717072 for the two mines
Sf4,IJV,VVV OF ABOUT tWo-thlrdS of the en-
tire amount, was distributed among the
stockholders, a larger proportion than has
fallen to their share from any mine on the
Comstock, II not on the Pacific coast.
Through the craze for gold these men
made their money, and as money ma king
alone will they ever be known 10 fame.
When Fair removed from California 10
Nevada with a fortune Of $50 O0O-
which has since quadrupled itself-he was
considered a III man TO represent that