Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1877-01-10
STEWARDS MINING BILL.

We observe that Senator Stewart
mas given notice that he will at an
early day introduce to the Senate a
bill for the protection of stockholders
in mines. What the nature of the
bill is to be we of course do not
know. We presume some of the
correspondents at the Capital will in
terview its author and find out before
long.
Meanwhile we cannot help think
ing that some measure such as has re-
Gently been outlined in THE TINES
for the protection of persons holding
mining shares is much needed. Now
would be an excellent time for put
ting such bill through the Itegisla-
,ture, when the public are quite out
of sorts about stocks and possibly
many OF the Senators AMI Assembly,
men are in the right mood to lend
earnest support to 1t. There is no
protection whatever granted to stock
holders under present laws. Those
who hold shares in Con. Virginia,
for instance, might like to know ex-
actly what the condition of the niue
is on the lower levels and what the
prospects are. But if the present
managers deny them that privilege,
or the opportunity to investigate,
there is no readress. And it must he
remembered that possibly the pres
ent managers have not themselves
one share of the stock. 1t is posi-
BILE that they sold out when it was up
in the seventies, foreseelng the pre-
yailing decline, while the outsiders
were then in the dark as much as
now. Is there any justice in thata
Could the Legislature then perform
any act more needful or that would
bring in its train more benefit to the
masses than the remedying of this
evil2 1t can be done very easily.
Let it be provided that when man
or party of men represent a certain
portion Of the whole capital stock of
a mining company they shall have
the right to delegate one of their
number, or two, or three, or ten, to
go into the mine, yitn full privilege
10 explore any aud all workings and
report the result to their fellow
stockholders.
If no hogging game were contem-
plated or being practiced there surely
could be no objection to such a
privilege. In fact an objection to it
would imply wrong-doing, actual or
intended. Such law, too, would
stimulate mining industries by in
ducing capitalists and others to buy
and hold stocks, in the expectation
of a legitimate appreciation In value.
It-wouid also put an end to the sus-
picions of bad management, and
stop the cry of swindling now so
rife.
Without some shield of this kind
for small holders of shares the bust
ness of mining will soon be reduced
to narrow circle - the public
through the advice of the press and
individuals, will have nothing to do
with the business. Besides, by hav-
ing the actual value of the mines
known as much to all the stock
holders as to any, there would be less
danger of sudden and disastrous
decline. 1t would be harder to
"frighten stockholders into selling
At sacrifice. and there would he
more stability to the market. We
imagine. for example. that if all the
holders OF Justice shares knew as
much about the prospects on the
lower levels of that mine as the
Shultz party do, the recent rapid
decline in that stock would no,
have occurred.
We commend these considerations
to the press and the lawmakers.
Since the foregoing was put il
type We learn from The Enterprise
that Senator Stewart has introduced
his bill to the Senate. Its full title
is can Act to protect the rights Of
owners of stock shares and other in.
terests in the mineral and metal.
yielding mines of this State" Sec.
ton l provides -
That any person who shall be the
bona fide owner of stock shares
representing the value of two pei
cent. of the capital stock of any in.
OOrDOratad Company ar any num hay