The Comstocker saw that here was his man, and, passing near the dreamer, slily slid the trade-dollar into the capacious pocket of his butternut coat, then taking up a position a few paces distant, awaited developments. He had not long to wait. Soon, in shifting his position, the grasshopper man mechanically placed his hand in his pocket, and, as was to be seen by the general awakening of his features, was not a little surprised to find something where he had supposed there was nothing. When he brought out the big bright dollar, his eyes almost started from their sockets, and he looked as though about to fall down in a fit of some kind. However, after a gasp or two he appeared to recover somewhat, and glancing curiously, and in a bewildered sort of way, at all standing near him, started across the street, carefully fobbing the dollar as he went.
By the time he had gone half across the street, he appeared to change his mind. After gazing back and scratching his head for half a minute, he returned to the post and taking up his old position, spread open the pocket of his coat to its fullest extent. He had concluded to set it again.
CHAPTER LIII.
HOW FORTUNES ARE MADE AND LOST.
During the prevalence of a big stock excitement, times are lively along the Comstock range. Virginia City then hums like a Brobdignagian beehive. All who failed to make fortunes on the occasion of previous excitements in stocks are going to do better this time. They have seen how these things work, and this time are going to sell when they can do so at a fair profit. They don’t want the last cent: they will give some one else a chance to make something.
This is the way they talk at the start. As soon as there is a marked advance in stocks, however, they will be heard to say: “As soon as I can double my money I am going to sell.” In three days from the time of their making this assertion, stocks have taken such a “jump” that they could sell and double or more than double their money. Everybody is saying, however, that they are not selling for half what they are worth; that they will sell for twice or three times present prices before the end of another month.
The men who were intending to sell whenever they could double their money cannot think of doing anything of the kind as things are now looking. Instead of selling they become excited, put up their stocks (which they had probably bought and paid for “out and out”) as a “margin,” then put in all the money they can raise besides, and buy as many shares of their favorite stocks as they can in any way manage to secure. Stocks still go up, and each day these dabblers will be found counting their profits. They have invested largely in the low-priced stocks of “outside mines”—mines in which nothing of value has yet been found, but mines in which, all are saying, grand developments are liable to be made at any time—mines, in short, which in dull times are generally designated as “wild-cat.” The masses—the servant girls, chamber-maids, cooks, hostlers, washerwoman, preachers, teachers, hackmen and draymen—are wildly and blindly buying these low-priced stocks, and from day to day they are going up “with a rush,” and everybody is getting rich.
Our men who only “went in” to make a fair profit, now tell you that they made yesterday $10,000; to-day they have made $15,000, and in a week or two they will say that they are worth a quarter of a million, half a million or a million of dollars. But they are not going to sell yet: no, indeed—the rise has only commenced. Pretty soon stocks fall off a little. Never mind, to-morrow they will do better. To-morrow they are still a “little off,” as is said when stocks are going down. The next day they are rather “soft,” which is the same thing as a “little off.” However, that is all right. Our dealers—amateur speculators—have some points, given them by a friend who is on the inside. A development is about to be made in a favorite mine. The “bears” are trying to break the stock; but they can’t do it; no, sir!—impossible. Too much merit in the mines at this time. All will be up and “booming” in a day or two.[two.] Next time you shall see them go higher than they have yet been seen.
Our men who started in to make a fair profit might yet sell and double their money—much more than double it—but they are not going to do anything of the kind. They are going to wait till “things take a turn.” The “bulls” will soon make a grand rally, and when things go up again our men will sell. They admit that they should have sold when their stocks were all up before, but, never mind! they will go to the same figures again in less than a fortnight, when they will be sure to sell.
There does come a “spurt,” and for a day or two there is a cheering improvement in prices along the whole line. Faces brighten and everybody talks of all stocks going higher than ever.
All at once everything is again “soft;” the next day “softer,” and the next decidedly “off.” It is then said that some one in the “bear” interest has been telegraphing to the “Bay” (San Francisco) a pack of lies about the mines, and the “bears” “below” (at San Francisco) have made use of these lies to get up a “scare.” Never mind! the scare will be over in a day or two.