THE BONANZA KINGS.

Inangahua Times, Volume II, Issue II, 21 May 1880, Page 2

THE BONANZA KINGS.

— — — • — "— Tbere will very shortly be a bonanza revelation in New York. This is to say, the bonanzi millionaires of California, Messrs Flood, Fair, Mackay, and others, have determined to transfer their head-quraters from San Francisco to New j ! York. As Flood recently expressed it, I they will make New York the greatest mining centre in the world. Thus far, though New York of late, has done a good deal in that direction, San Francisco has been the centre of the great mining interests of this country, and there the great mining capatalists have bad their lair. At a meeting hold in San Francisco is the latter part of December, this resolution was come to, and the opinion was favorably expressed that San Francisco was played out. There •never can be again there such mining excitements as in the past. New York offers a comparatively new field of action, and for this reason the men who practically control the markets will come here to repeat the operations which in a few yean brought them from poverty to affluence, The example of two of their kind baa impelled them also to take this course. James Reene, after making | several millions on the Pacific coast, saw | larger opportunities here and changed his locution. He has not regretted the move. D. O. Mills, the moving spirit of the I Bunk of California, came here a few weeks ago, and is already five million dollars richer by his speculations in onr [financial centre. But of him, more below. Flood is the man who first conceived the idea of moving his headquarters from San Francisco to New York, but he looked farther than a mere outside in- j flaence as a speculator im Wall-street. His intention is the regular establishment, of a branch of the Bank of Nevada in 1 Net* York. Mining operators are in need of some iastitution which will lend fmone} on mining collaterals. Either New York capitalists have not the courage or the ready money to sport I such an institution. It would be largely remunerative* and this is what Mr Flood proposes in the establishment of this tbranch of the Bank of Nevada. He will bis son-in-law to be, Jesse Grant, its manage* in New York. The son of a man like General Grant in this position will give the institution immediate pres* > tige.. One other reason for the move is to deal a blow to. their mo/tal enemy— the , Bank of California, Thus far they have had nearly all the business for the ' Pacific slope. The branch of the- Bank of Nevada will take a good deal of this away. This is one of the reasons why D. O. Mills is on here just now. He will endeavour- in every possible way to prevent the successful conclusion of Flood and Go's plans, and seeretely» by his I wealth and influence,, will endeavor to 1 thwart their plans. Nevertheless, what* ever may be the result of these old-time feuds, New York will benefit by the transfer of this immense mining interest. iOf course, Flood and Co. will do what they can for their pet stocks in the Cornstock Lode, and it is no longer a secret i that they will push Virginia Cb^|Mated s and make it again one of the gref||lp6CU» lative stocks. The boon has been ex« peoted for some time by those wb^W generally supposed to be wise infihese I matters, but it hasnt come yet. ?erji »haps Flood and his friends are aw&|(|||| till they come on here to take acticiP ■ Fioo'l* Mackay, Fair, and two others in : combination, are repttted to be worth 50,000.000 dots. So it may be imagined the influence they will exeicise. —