Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1875-09-13
How Kennedy Broke the Stock Market.

E. +. Kennedy IL the man Who broke
the marriott yesterday. This Is how he
did 10: Half Q dozen cocktails on an
empty stomach made him believe that
he owned California and Consolidated
Virginia. and held q mortgage on all the
rsst Of the minsa on the Comstock lode.
He Il o member Of tho California Board,
and yesterday morning whom the session
opened he commenced selling California
BY the hundred shares; Ophif In guam
titles to suit. and any part Of 5000
Mexican for cash. He sold stock to al
most every member Of the Board at al
most any price that vas offered, and tho
result was that no knocked the bottom
out OF the entire market. When tho
Board adjourned. his transactions had
amounted To over . quarter of'a million
dellArs. Kennedy was happy then.
aud stroked his blonde whisktrs
with the air Of O veteran million
airs. A few moro cocktails helped
TO make him believe that he had broken
the Bank Of California BY Withdrawing
his funds and hen he was happy. Ho
offered ON the street any part OF q thous-
and shares Of any stock from Consolid.
ated Virginia down to Pictou. and in
dignantly declined to sell less than o
hundred sharss under any circumstances.
Gentlemen who really wished to pur.
chase, didn't know how 10 act. II was
evident that he was under the influence
Of liquor. but It was reported that he
was selling out for the 'Ring;'' some
thought that his appearance was simu-
lated, and put on 70 as TO deceive. How
ever. during the day Mr.. Kennedy had
disposed Of an immense quantity Of
stock, not one shnrs Of which he owned,
and In some instances sold an entire
mine two or three different times.
Mr.. Kennedy was happy when he left
the street, and happy when no went 10
bed to dream OF bonanzas and golcondas
OF wealth, with himself as tho principal
object In the picture. covered with
viro silver and Consolidated Virginia
bullion. When he woke up this morn
ing he was not happy. and when no ar
rived at his Office, and orders for the
stock which he had sold came pouring
In. he knew that he had hopslsssly ruin
ed himself. The market outside Of his
sales had mot boon affected, and this
morning opened quito strong and active.
Mr.. Kennedy did not 60 into the Board.
and when the session commenced his
seat was vacant.
The action Of Mr.. Kennedy has en-
tailed q great annoyance on q number Of
brokers who purchased for his CUSTOM
ers and who had deposited their mar
gins with them. II these brokers are
compelled TO buy at present figures. Of
coune. there will DO Q great loss. The
matter came up In the Board to-day and
the debate was quite lengthy and heated.
II was agreed that the Board was power
less 10 punish him any further than
srpelling him and selling his seat
for tho benefit Of his creditors. But
this they thought was very poor conso.
lation. After nearly m hours debate a
motion was adopted by which q resolu-
ton 70 the effect that tho rules Of the
Board should not apply to transactions
between members since the 28th OF last
August. Several Of the members said,
before tho vote was taken, that II the
resolution was not adopted they would
move to adjourn indefinitely.
The Chairman then proceeded 10 sell
the stocks which Mr.. Kennedy had sold
and failed to deliver. In ever. instance
the stock was sold al the ruling market
price by the broker who bought. Il from
Kennedy, and the Chairman became the
nominal purchaser. The difference be-
tween tho price paid by the broker. and
figure realized BY the Chairman, IL the
amount which Mr.. Kennedy owes. Such
q very foolish piece Of business never
occurred On tho street before, and Il Is
fortunate for Nj. Kennedy that he Is
not millionaire, for II he was he would
DO bankrupt long before he could settle
In full With all his creditors.-S. =.
Stock Herald, Sept. II. .f