Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-10-13


A heavy operator" writing to the
San Francisco Stock Report on the bot
tomless condition of the market, says
Without going around the bush to get
at this thing, | ASSERT do it from pos
tive knowledge-that the whole trouble
lies in the outrageous rand unlawful
practice OF brokers loauing out their
clients stock which has been and is now
being carried on to an alarming extent;
for the very reason, as / will hereafter
show, that as long as, by this means.
prices can be kept down. it is most
lucrative business for both the borrow
er, who. of course, sells it, as we'll as the
loaner.
To illustrate the matter, say l order A,
a leading broker firm, to buy me
1000 Con. Virginia at S57, on account
of which I pay $40 900. and pay A IL
per cent. interest on S37 900. Next day
B, another broker, sends a certified
check for 100000, and borrows that
identical one thousand shares which he
B sells at S57, and thus he helps to over
load the market, and at the same time
keeps the street alive with rumors.
This is an everyday occurrence and is
only one out of thousands instances OF
the cause OF our dragging markets, while
A and b both laugh in their sleeves and
are growing fat on the interest OF the
money thus obtained, and the money
made by the decline of the stock sold
short. The result stands thus: A gets
$50, 900 from me. and charges ma IL
cant S9. nl0 Ha Geo
next day for what he has only paid S37, =
600; conse quently A is SAB, 900 ahead,
which he can readily loan in the BUSH
ness at ~ per cent, while 1 keep pay
ing interest on $37 600, all this time,
thinking of course my broker has my
one thousand shares in the safe.
In an article on slsnderous news.
papers the California Mirror has the fol.
lowing truthful remarks:
A name wounded by the press will
writhe forever. The victim may die and
his bones moulder away, but the Islander
fits about his tombstone. The injured
one may STAY the editor. after impover-
ishing him by scant legal remedy, but be
cannot arrest the printed calumny. The
earth Is full of it. and the newspaper is
as nndying as Gods stars.
When the press of California stepped
itself in SANDER it did vast hurt tc
itself. 1t mingled aloes with the draught
of its existence. 1t painted the chaict
with an ebon shade. It created "A dis
ease in the public mind, which can onl,
be alleviated by continuous and more
poignant ISLANDERS. A newspaper con.
Quoted on sound principles, with its
complement of late intelligence and
literary excerpts and we'll digested edi
toIiais. is now too tame and insipid fol
the present vitiated taste. The press
must contain something monstrous. The
detail OF murder or rape are very good.
but the sheet is incomplete unless a
character is dissected and its quiverine
muscles laid bare and bloody before the
cannibal reader. No age or sex or con.
dition must be spared. The nobler and
higher the mark the more vendible the
paper. o, it is rich season for these
newspaper scavengers. these bideous
ghouls that slay and reduce to putrefac
ton and then feed upon the corruption
made, when questions of public momen,
are agltating the good public. Under
pretext of public censors and party
viRilants, they can now lacerate and teal
in pieces the prominent men of the land
A premium is offered for malice. Each
refuted story, from boyhood up, is blaz
oned abroad. Good acts are distorted
and indiscretions tainted with crime.