The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-20

Prominent Mine Owners Threaten Prosecution of Brokers Who
Circulate False and Malicious Reports Concerning Their Prop
erties-May be Reached Under Criminal Statutes

The stock market yesterday fur
nished a conspicuous example Of what
can be done under favorable conditions
by an organized bear movement Pub
lie confidence has been shaken in the
mining stock market. and instead Of
seeking to restore it the two OF three
leading bears and their following con-
tlnued their endeaVOTS to destroy the
little confidence remaining.
False Stories Circulated.
Here are q few samples of the false
and malicious stories that were told
investors in the hope of making them
dump more stock on the market:
The Carisa is paying dividends on
an overdrafU one Of the heaviest stock
holders IS selling and viii dump all his
stock on the market in a day or so,
and expose the whole thing as a fake.
The Uncle Sam is Quilted. dividends
VIII stop and an assessment will be
levied to do prospecting work looking
for ore"
The Tesora ore and concentrates
won't even pay freight charges, and
there is no hope of their doing so"
"The ore in the Daly-West is getting
baser at greater depth. and it viii have
to cut the dividends before long
Several more suits viii be started
soon against the California, including
one claiming the apex Of the vein.
The Victor has gone through its ore
and found it was only a pocket that is
nea ly cleaned out already"
The ore in the Ajax has all petered
out and it looks as if the ground was
practically barren"
1t is needless to deny these stories.
as every one OF them is as far from
the truth as it can be. More ore is
being exposed in the Uncle Sam every
day and the prospects are brighter
than they were three months ago. The
Carisa is one of the heaviest shippers
in Tintic and has ore in sight TO keep
UP the shipments indefinitely. The
Daly-West ore bodies are becoming
bisger with depth and there are some
who say the property has more ore
exposed than the Silver King, although
not so rich. The Tesora is improving
its mill so as to save all the values
Competent mining experts and lawyers
have declared that the California is
safe from being apeXed and that suits
viii fall to the ground if any are start
ed. The Victor has Joined the list of
shippers, and authentic reports state
that an immense, permanent ore body
is being opened up. The Ajax ore has
not petered out and the conditions are
dec, a-ed to be improving rather than
otherwise.
But facts did not govern yesterday.
FAILS hood was triumphant and prices
went off rapidly. Wash" sales were
made promiscUOusly, and investors, in
fiuenced by the fictitious declines and
the false stories. became frightened
and sold. There was also some forced
selling by persons who had bought on
margins and We unable to protect
their stocks All these influences gave
the bears thu upper hand
The public is not the only loser. Sew
eral brokers have been hit hard by the
declines. and many more have lost
large amounts Of business because OF
tha baking of public confidence.
These fellows that are shorting SO
extensively are cutting their own
threats and those of others as well. %
declared one Of the principal brokers
We teIday. Our commission business
is less than a fourth what il was a few
months ago, and it is getting less be-
cause our customers have been scared
like many others BY the wild rumors
and the soft market. 1t is time for
united effort TO protect legitimate in
vestment and TO preserve the reputa-
ton OF the exchange"