Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1902-08-22

higher, for Il 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
SI in September rose to $50 in January,
1875. making the valuation of that mine
$4,000. The 1910 feet or the lode which
had been valued five years before at $4,000
or $50. 600 was now worth In the market, ac-
cord!ng to stock sales, about Sl6O 900, 900"
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 sll6,000,00O. 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. He reported
to the directors that there was 81 500, 90, 900
in sight, ard added that each mine ought to
pay in dividends 5000 a share under prop
er management. A little 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
SOoOoo,o00 already in sight. Mackay, how
ever, miner OF unsurpassed judgment, ut
teriy refused to make any estimate, and
natly said 1t 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
it out first and then take the milling re-
turns"
But the days of the great Bonanza,
and, in fact, of the whole ComstocL
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 1879, the close of the bonanza
period came with exceeding swiftness
The stock of the 80 mines on the lode, val
ued in 1875 at over 1898 900, ,OO0 sank in Feb
ruary, 1880 to something less than 81 OOO,-
Geo. California sold for SIS a share and
the Consolidated Virginia for $3.50, and so
on down the forlorn list. How had the
mighty fallen. The Great Bonanza, after
yielding in five years nearly Sl05, ,0O0,0 600 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-negected portions
of the mines and worked at profit. small
dividends have been paid by few mines,
and the working efficiency of the lode has
been well maintained. There may be new
bonanzas 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
lode is being severely tested. California
ceased paying dividends in 1873; Consolidat-
ed Virginia paid Its last dividend In 1880
Fourteen years OF borrascaha We ruined
successive stockholders. have caused the
decay of once populous mining towns, and
have, In short. come near to breaking the
hearts of the brave old Comstockers."