Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1907-01-30
MAINE MINING BOOM.
How it Got Away With Some of
Roston's Good Dollars.

HOW III Wv away H'OA"O Va
Boston's Good Dollars.
The recent gold mining craze in Colo
RADIO cause many of the older habitues OF
sthe street,, writes Boston correspond
ent, to recall the era 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 a number CT companies
under the easy laws of the State, and in
1880 and in 1881 regular boom was in full
swing in Boston. A number of the stocks
were listed, prices advanced sharply,
Maine mining stock exchange was opened
In Devonshire street basement, and the
Mr.. Martin complies annually, included
in 1881 nine of these concerns.
The craze started in the autumn of 1879,
with Bluehill and Douglass copper and
Sullivan silver quoted on the exchange.
In three months Bluehill rose from to 81,
Sullivan from So to IA, and in 1880 Blue
hill touched 11A and Sullivan Is. The par
value OF most of the legion Of Maine stocks
which followed these leaders was s.; and
S5O0, 200 was favorite capital.
The height of the boom was reached
early in 1850. Boston never took it seri-
ously; the whole affair was recognized as
So per cent. a gambling craze. At that
time California mining stocks were ia
vorable speculations, and the Maine
gamble satisfied the public craze for cheap
stocks. There doubtless were copper and
silver in Maine, but the fact was demon
strated at the expense of many thousands
of Boston dollars that these metals were
not there in paying quantities.
In fact, there was little care among
most of the manlpulators 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 foaters got up
prospectuses, talked learnedly of geolo-
gical formations, wines, Slopes and lev
els, promised dividends, gave expert opin-
ions of mining engineers, and provided
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
entered into the business.
Such companies as those above named,
with the Waukeag, were bona tide 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 well down in quotations, although
those named held fairly. From S6, Blue
hill fell to 62k cents in 1881, Copperop-
oils from Us to so cents, Deer Isle from
H.75 to "a cents, Douglass from to 1,
Milton from n.75 to 30 cents, Pine Tree
from $3.50 to nothing, Sullivan from s to
2, and Turn Lead from $50 to Is cents.
These were leading members of the group.
To dimished extent the craze lasted
through 1882. There were periodical
spurts or attempts to regalvanize the
boom. From 10 cents to 81 and down to
II cents again was the 1882 record of the
Deer Isle stock. Bluehill rose from 20 to
rs cents and fell to % cents the same year;
Milton went down to cents and then
disappeared. By the end OF 1882 the
craze was practically over. 1t was main
tanned some time longer to enable liquid
alton, but the last heard of Bluehill, 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 finely,
and q wonderful chapter in Boston's stock
speculative history was ended.