The Bottineau courant., 1902-09-25

/ higher, for 1t was said that the bonanza ex-
tended over the Consolidated Virginia in
such a way as to give the California mine
the larger part California share worth
$S7 in September rose to $3.50 In January,
1875, making the valuation of that mine
$S4, ,240, 000 The 1910 feet on the lode which
had been valued five years before at $4,000
or $50, 900, was now worth in the market, ac-
cording to stock sales, about $16O, ,ooo oOo."
OF the estimated value of the ore
in sight at this time, Mr.. Shinn says:
"Now that the Pacific coast was stirred
with the great news, estimates of the actu-
al ore in sight began to be In order. have
alluded to the first newspaper estimate Of
about $116, 100000. Next came Mr.. Diedes-
heimer, the inventor of the 'square-set sys-
tenn and one of the most careful mining
engineers on the Pacific coast. Hereported
to the directors that there was 81 500, ,tOO. 900
in sight, ard added ;h4t each mine ought to
pay in dividends $3.50 share under prop
er management. A ..;..i later he gave
proof Of his faith in his own report by put
ting every dollar he could, raise into shares
in the two mines at the highest price. Even
the director of the Carson mint with his
assistants, who examined the bonanza,
was unable to fix any definite limit to its
yield, and thought there was not less than
$500, 900, 900 already In sight. Mackay, how
ever. a miner Of unsurpassed judgment, ut
terly refused to make any estimate, and
hatly said it was an impossible task, be-
cause barren masses Of rock. porphyry, the
difficulty Of obtaining accurate assays, and
many other elements of uncertainty made
calculation absurd. He preferred to mine
1t out first and then take the milling re-
turns"
But the days Of the great Bonanza,
and, in fact, of the whole Comstock
lode, are virtually over. Mackay and
his associates became millionaires,
and he and James G. Fair have since
| then played prominent parts in other
walks of life. They got out of. the
| lode before the fail came. OF. the pres
! ent conditions Mr.. Shinn says:
AFTER 1872 the close of the bonanza
| period came with exceeding swiftness.
/ The stock Of the 30 mines on the lode, val
/ ued In. 1876 at over $393 900. .0o0 sank in Feb
ruary, 1880. to something less than $780,
0o0 California SOLD for $1.25 a share and
the Consolidated Virginia for $50. and so
on down the forlorn list. How had the
mighty fallen! The Great Bonanza, after
| yielding In Ave years nearly $106. 900 900, was
exhausted, and nothing even approaching
in value to the earlier group Of ore bodies
has since been discovered. Hundreds of
thousands Of tons Of low-grade rock have
| been taken out Of long-neglected portions
Of the mines and worked at a profit, small
dividends have been paid by few mines,
! and the working efficiency Of the lode has
been well maintained. There may be new
lbonanzas in the depths or new grains Of
metal hidden In husks Of porphyry, but
nothing Of striking Importance has since
been found Once more the endurance of
the mine owners and. Of the towns on the
ilode Is being severely tested California
ceased paying dividends IN 1879: CONSOLIDATE
| cd Virginia paid Its last dividend IN 1850
Fourteen years Of borrascaha We ruined
i successive stockholders. have caused the
decay of once populous mining towns, ana
have. in short come near to breaking the
! hearts OF the brave old ,Comstockers.' .'''t4s
j, .e s5 9ss Libel ON Mac. 5z.5ass.r .s
Clara Oh! I'm really learning