The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-06-13
TO AVERT A STOCK PANIC.
Shareholders of the Bodie
Mine Make Charges of
Fraud.
THEY IMpLIcATE DIRECTORS.
An Old Time Scheme to Get Rich at
the Expense of Those Who
Hold Shares.

Several dissatisfied stockholders of the
Bodie Consolidated Mining Company met
yesterday in the Office of c. L. Patton, 319
Pine street. They were singularly enthu-
siastic and not at all backward in their
condemnation of the directors, whom they
charged with serious offenses in connection
with the management of the mine. The
burden of their complaint was that the
men known as the "inside"-that is, the
directors and Others in control-have made
false returns of the Bodies yield, with the
apparent purpose of creating a panic
among stockholders and then buying in
really valuable stock at greatly reduced
prices. This, of course, would enrich the
men who are in position to carry the
scheme to successful end.
George Travis, stakeholder, made a
long statement, in which he had many
dates and figures. He said that the object
of the meeting was to discuss the action of
the present board of directors, who, it was
held, are not conducting the mine in the
interest of the stockholders. In substan-
tiation of these charges he gave the follow
ing statement:
an June, 1894, 1863 tons of ore were
crushed, and it ran from $152 AZ to 1874 50 a
ton, while the tailings brought SO SO to
S. "a ton. The total yield for the month
was $26, la 81.
''In September, 1894. 452 tons of ore
were crushed, varying in value from
SOL SO to $40 "a ton. the tailings of which
ran from S. AZ to 81 go a ton. The total
value was $73, 173 81.
SIN May, 1895, 525 tons were crushed,
varying from $50 IL to $28 Al, and the tall
ings from $40 90 to So 6S a ton" 1t is
charged that these tailings indicate that
the value of the ore was nearly three
4lol IL. - l..
perlenced millmen claim that these tall
ings would prove such to be fact.
The meeting thereupon adopted reso-
luton as follows:
WHEREAS, 1t has been the practice with some
honorable exceptions) for brokers to lend the
vote against them at the various annual cleo
tons. thus enabling the "1nside," against the
interests of the patrons of the brokers, to per-
petuate themselves in power; be it
RESOLVED, That we most unqualiiedly con-
denim such practice as not only treacherous,
but eminently dishonest, and one for which
efficient remedy, of which, however, we, IL
fairly treated, have no desire to avail our
selves, and which remedy, we are advised, will
cover transactions between brokers and their
customers extending over a period of two
years last past and possibly longer.
This resolution was good deal in the
nature OF warning to stockholders not to
participate in any wrongful manner in the
Bodie troubles. 1t reflects the feelings of
the stockholders, as do the resolutions fol-
lowing, which were purposely designed for
a fling at the directors:
WHEREAS, 1t is the sense of this meeting that
one of two propositions is true, viz: that the
Bodie Consolidated is a rich reproducing
mine, or that the s'inside'' has falsely colored
all their reports save and except the last for the
purpose of unloading their stock; ana whereas,
we believe the first proposition to be true, from
information received from correct and reliable
he ia n hia 70 or
the 'inside" have contributed all in their
power by shutting down the mill and report
ing small yield of the same to the harmful
influences of a stale and meritless lawsuit,
thereby lending their influence to create
panic and cause, stampede among
believe, of repurchasing stock sold at a
high figure at a greatly reduced figure; and
whereas, in opposition to all rules and the uni
versal experience of miners, they have made
the pulp assays and tailings run largely in ex-
cess of value that ought to be the yield
on the fnalclean-up; and whereas, as from the
same character OF ore taken from the same
drifts and slopes the management of said mine
charged up on the first run $73, 173 from 452
tons, while from the last run on the same
character of ore taken from the same places
they had charged up from 525 tons but $685.
RESOLVED, That this meeting do hereby con-
denim the management of said mine, and
frankly appeal to all stockholders who desire
fair play to join with US in changing the same
and establishing an honest administration at
the annual election to be held on the 18th
inst.
There is more trouble in the Bodie Com
pany. Between 1884 and 1889 it is claimed
by the Standard Company, an adjoining
concern in Bodie, Mono County, that the
Bodie drifts were run into Standard terri
tory and ore valued at $500, 900 taken out.
Now the Standard is preparing to enter
suit for this sum. The Bodie stockholders
think it very strange that suit was not be-
gun long ago and they claim that there is
terests.
III. P. Walker, an English capitalist, is
president of the Bodie mine. NJ. E. Willis
is secretary and George Ives, stockbroker
on Pine street, one of the chief owners and
managers. They largely constitute the
"inside."