The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-06-06
Mines of the Comstock Lode

For many years the mines on the Comstock lode have been NOR
or less in the public eye, and the manner in which their stock issue
have been manipulated by a cotere of San Francisco brokers has bee
little short of a scandal. Notwithstanding the present physical condition
of many of the leading properties there are to be found many mining
men of experience who fully believe the future holds vast possibilhie
in store for the Comstock mines if they are properly handled.
In the last issue of the Engineering and Mining Journal an in
teresting article is contributed on the subject of the Comstock mines b
Henry Lawrence Shosson Jr, president of the Mexican Gold and Silve
Mining company. He says:
In January, 1875, the market value of the mines on the Com
stock lode was S3o8oooooo. This was when the so called Great
Bonanza was being developed and the amazing quantity and
quality of the ore revealed had produced a fever of excitement. The
Consolidated California & Virginia mines, which contained the
Bonanza, rose in price from zoe per share to $500, and a sympa-
thedc rise in other mines made the market value as stated above.
In view of the fact that the Comstock has produced over $oooooo,
900 and this in spite of the extragavance, litigation, waste and mis-
management, the high prices that once prevailed seem justified to
a large extent. In contrast to the past the present prices are al
most saddenng, particularly IS recent developments in the deep
levels of the lode have given every encouragement to those who be-
Ieve in the future of the Comstock.
A situation has recently developed on the Comstock that is un-
paraleed in recent years. AS a result of the public disgust at
present conditions, the control of a number Of mines has fallen into
the treasures of the various companies for unpaid assessments
Thus the Gould & Curry, a famous property with a bullion produc-
ton of over S2ooooooo, has over 500 of its 100000 shares in its
treasury, fallen delinquent for a sc assessment. The same is true Of
the Chollar, which produced over $I5oooooo, the Savage, with a
record of $2ooooooo, and a number of Others of less fame. On
several occasions within the past few years groups of capitalists
have tried to buy the control of the Comstock, but in 50 doing have
gone against that singular thing known IS human nature 1t has
in such cases always been demonstrated that to buy the control of
a Constock mine held by the public has been almost impossible.
Before 1919 of the stock has been acquired, the price has doubled,
before 2% is taken it doubles again. By this time the public see
ing a movement, not only holds its stock, but actually buys more.
In addition to this, the shorts try to cover and the result is one
of the wild fluctuations that have made the lode so famous.
The present situation differs from any previous condition in
that the control lies not with the public but with the corporations
and their boards of directors. During the past IL years, electric
power has been taken to the lode and the drainage revolutionzed.
Much Encouragement has existed, but it has been clearly demon
strated that the lode can be easily drained to the 3ooo-foo level,
and that an enormous amount of unprospected ground lies below
1t seems rather surprising that with capital rushing int the remote
corners of the earth, this great district that once produced nearly
$5ooooooo in a single year should not be seized upon once more.
The discovery of the ore on the $500 level of the Mexican mine,
two years ago, and the extraction of over ST. 100000 theretrom at a
fraction of the cost per ton required to mine the Bonanza of 1875
has proved the fertility of the Comstock in depth and the profit
that can be obtained. The modern electrical pumping plant on the
lode is worth many times the money it would take to control it, and
in addition the three shafts which give access to the lower levels
could not be duplicated for many million. The Sutro tunnel, e
Gently repaired at cost of 100000, is i'll condition to last for many
years and physically the lode is in perfect shape for a strong pool
to take the control, begin comprehensive and economical develop
ment, shape speculation, and restore the lode to its former proud
position in the mining world.