Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-26
UNLOADING MINING STOCK.
Washingtonians Sought as Victims by Colo
RADIO Brokers.


Washingtonian now residing at Colorado
Springs, Col, writes to The STAR as follows:
During the past month have received q
half dozen letters from friends In Washington
inclosing communications sen. them by mining
stock brokers here, and asking me for the rep
utation Of these brokers and the advisability of
sending them money for investment in the
stocks they very highly recommend. namely,
"Calumst,' at cents per share; Fannie Raw
lings," at 20 cents per share; "Work," at 8
cents per share; "world,' at cents per
share. My mail today brings two more letters
OF similar nature, and it occurs to me that you
would be doing good to many more than my
letters can reach if you would publish, in a gen.
eral way, my advice given to each of those
friends in answer to their letters. to this effect
Let mining stocks of Colorado alone; your
chances of ever seeing your money again are as
good as II you put it against a brace game Of
faro. The bottom dropped out Of the stock
business here early in May. The recovery has
been insignificant. There is no money in
mines or mining stocks now for any one. nor
will there be for many months, if at all, except
for the lawyers. The best mines are in ltiga-
ton or SO poor in the treasury that no
c eeusopmens work is ,.o, being done,
most of the brokers loaded up last fall on q
rising market; the decline was sudden and
swift; they got enough they cannot unload
here and are seeking victims in your city and
elsewhere. They caught one Washingtonian 1
know OF personally for 1000 shares OF a worth
less stock. They are resorting to all sorts Of
tricks, to false representations. subterfuge and
dupiiclty to entrap the unwary and sell out as is
shown by one Of their letters sent me from
Washington. wherein my friend is urged to buy
Work and World" stocks as perfectly safe
and sure investments, both shippers of high
grade hound IN, he aiyiI h.
the coming fall. These stocks are a snap today
lJune - at cents per share" l know for a
fact that those stocks were selling, rather
offered. with few takers. on June at 90 cents
per share for Work, 2Is cents for ''World."
June 8. Work" 3 cents; "world," % cents
One of the directors of the World company
told me not a month ago the property was a
mere prospect hole, never had been developed,
never nad taken out any ore because the COM
pany never had any money to work with, and
he saw no way Of raising any money. The Work"
property is in bad shape, too, financially.
Another letter friend sent me was from
broker here who stands high; credit excellent;
generally considered honorable in all his
dealings. Under date Of June ne urges my
friend to purchase 10000 shares Of Calumet
stock at today's selling price of CENTS this
.'offer good for ten DAYS" This stock this
broker declares to be The best "buy in the gold
fields of Cripple Greek today; daily shipper Of
high grade ore, and you will get 20 cents a
share for your stock in three months" This
offer and these representations criminally
false and fraudulent. That broker knew it. He
knew on June s that the Calumet" property
had been in litigation long time; was bank
rupt: had never shipped an ounce Of any kind
of ore, and not likely to. The property went
into the hands OF II receiver last week. June 8
this stock freely offered at 80 cents per
share. 1t would have been most excellent in
vestment at 10 cents at any time--for the
broker. Today the stock is worthless. As to
Fannie Rawlings. a silver mine at Leadville it
is very unsafe. Keep of. firm Of brokers
here offered it in the east June at % cents per
share. 1t was freely offered on this market at
8 cents on that dav.