The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-26
A DAISY COLLAPSE.
President Hunter and John Dern Sell
Their Stock.

Daisy touched the low water mark
yesterday and sold down to 3 cents a
share Exactly year ago yesterday
the stock sold on the same board be-
tween SO and 90 cents a share, while
the closing quotations on that date
were so cents BID and 65 cents asked.
A few weeks ago it was active above
80 cents. During the last week or ten
days it took a terrific tumble. When
Fridays call was over the blackboard
showed transfers of over $4,000 shares,
and when yesterdays call ended it
was found that the sales ran above
s., 900 shares. Investigations proved
that these great blocks had come from
the holdings of President L. c. Hunter
and John Dern, another officer of the
company.
The Daisy is said to be meritorious
proposition, but to, be a success it
must be operated as some other Mer-
cur properties are, upon a gigantic
scale. The mine has had many set
backs and misfOrtunes in its history,
all of which might have ended well mad
the late directors not been hampered
by financial embarraSSmentS which
could not be overcome unless certain
few shouldered all the burden, for the
reason that no revenue could be de-
rived from assessments, the company
DtlIls5 ilTSl Incorporated Will It's StOCh
made worcestershire
In June and July of the present year
the mill made a good record and in
the latter month the cleanup in cy-
andes amounted to something like
s., 500. The showing was so favorable
the directors took steps to increase the
capacity of the mill TO 500 tons daily.
1t was figured that if the company
could borrow $4,000, with the plant
Iii, in r16
July, the amount named would be all
that would be required. The money
was borrowed from the Bank of Com
merce and a contract was let to Jo-
seph Deiderich to do the construction
work. During the months of August
and September the mill was kept in
operation, but instead of showing a
profit, the balance sheets disclosed an
actual loss. The Bank of Commerce,
it is claimed, has refused to give the
company any more credit, so the chief
officers of the company have become
disguised and have thrown their stock
onto the market for what they could
get, content to pocket their losses and
quit.
Mr. Hunter left for his home in In
diana last night. 1t is asserted that he
paid something like $4,000 for what
holdings ne had in the Daisy, and got
out of it with a loss of about $4,000.
John Dern, it was learned yesterday,
paid as high as 60 cents a share for
some of his stock. 1t was said, too,
that he retained all of it until it went
down to Ii cents, when he began to
unload. Mr.. Dern was anxious to see
the mine put on its feet again, and was
willing to do his share, but he claimed
his holdings in the property were not so
large as several others, and he did not
feel disposed to shoulder the load him
self There is some talk of calling a
general stockholders meeting to talk
over the situation, but it is yet too
early to say just what line of action
will be laid out.
Contractor Joseph Deiderich was seen
yesterday afternoon and said he would
continue with his contract and complete
the mill building. He expressed no
doubt about getting his pay for the
work The apparent collapse of the
Daisy project may develop into a few
sensations After call yesterday some
trading was done in the stock around
cents a share. The total Indebtedness
of the Daisy company is estimated at
$21, 900.