The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1906-12-08
THE LYMAN AFFAIR AND SOME COMMENTS

THE LYMAN ffAlh N oomh O"
". Dr. 1man.u Union Securities Company incident, has seemingly been
received with the utmost relish by the eastern press the affair being elaborated
pon in the news columns and furnishing tn text or many phansalcal AM
oau+,na editorials on the folly, and "terpitude'' of dealing in mining stocks
II would seem from these ious dispositions, that the purchase of mining stocks
was inherently wicked; that h n guilty was both a nave and ar idiot and
that every m connected with thu business was a s~indler n dm0rai sh~
man. They prove their cse by citing the Lyman incident
At the present writing it would seem that Dr. Lyman, chief ad possibly
the only spirit of the Union Securities company has been guilty OF perpeuatng
a fraud, in the matter of ertain mining stock ransaction his has nt Den
he fact that he has lost himself NM eVaoeo' az ies' ~ II sa.atI .m.tn,
to Goldfed, the seat OF his operations, to face his accurers'i is certainly agams'
N warrants the Assumption 'a' ne Is pf00""s sunny
-'Av ussn nT sma came 20 eola6eld first. it wa to put out a notadon IN the
Bunfrog Rush property through the L M Sullivan Trust company The fOtai0n
was a success he property at the time, seemingly promising to MAKE a NINE and
warandng all he claims made by the promotion company in its advertising. Dr..
Ivman left for the m While here h conducted himself with the utmost
probfy; mis- sponsors advertising him as a man of highest social business and
financial standing, and acting tn part h gained the respect ant 0nh0enc Of
the local. business community He seemed to b a success
This fall DR. Lyman reappeared, and began business under the name If the
Union Securities Company, of GOldheid, Chicago Nw YORK etc., n II "a
accepted as a good omen,t that such IN establishment should open offices in Gold
fed. Dr. Lyman Immediately secured a lease upon two of tn best properties
of the camp, organized wv d1teren.c company anu auvesE m ss.osa
thu Of the most reputable brokerage houses OF he town. The advertising
or0ke1sse mousse A~ assn 8. uansn+ ~ susnicion tina Dr. Lvm was nder
taxing a swinding scheme, with intentions of skipping with the money of those
who purchased stock. He certainly did lot conhde his plans to thu newspapers
or even to MS clients. All went merrIy
A little alter in his campaign. Dr. Lyman began advertising Bulfrog Rush
stock rs a good purchase at tn high price named; in the copy furnished the News
he made assertions in his ads that this paper knew h could not subsanhate with
the facts. The advertising was promptly rejected. But it appeared in IL the
other investment papers in the country. Immediately after this we were Offered
two pages of advertising from thu ]. M. sullivan trust ., IN wmon ue .@m
pany went after Lyman and the Bunfrog Rush property. As We did not intend
t. b a party to a controversy between brokerage firms and ar their differences
through tn Goldfeld News TINS aavertsing was ao ,oJe0.eA DD sona
plenty of other takers" throughout the country, in fact particular pains Deng
AXE to use TIT very amt papers just plcSo@ "A " -
in the BulfrogR Rush proposition. This vicious onslaught upon Lyman in these
advertisements put him u of business He got no returns from his publicity
campaign M he had contracted debts TO the amount OF about $4,000 with tine
various van@ssn v~s asn.s 70 70 cover the same, His creditors came down upon him; he
left for California, ION account Of his health Since men, nothing mas Den
heard from him in ont way or another
Since this Union Securities fiasco, considerable light has been thrown upon
Dr. Lymans career, an it appears as if this was not his first exploit Late In
1900, Dr. Lyman figured in what is known as the International Zinc Company
Limited Of Joplin, Missouri 1t was a rank bunco, AM was foated through the
New York brokerage firm of Joshua Brown & Co, 4547 Wall street. Dividends
it is said, were paid N stock Ot of the proceeds Of stock sales m the dividends
RAJ the stock u so high. after a time, that the whole thing exploded In tne
meantime, Dr. Lyman had placed the Atlantic Ocean between him mi TIT iaw
He vas expelled from the New York Stock Exchange, in consequence.
The narration of th@ef facts at this inn is for purpose OF comment
Goldhed is in n o way responsible for thism miserable affair If Lyman and the
field finance. He is the output Of Wall streeta and a worthy emuator If the
''frenzed finance Of the East He vas in the snck kteing business long before
Godfed was on the map, and his confederates in the stock jobbing business
natutauva tract gch inning stock suindlers for as hy figure it, it made heir
operations certain OF Success so eager do the people appeartO buy Nevada securi
ties The only crime that can be charged against Goldfeld in this instance is
that its great popularity With the people. made it possible for a rogue to impose
upon the public by use Of its name and fame. But Goldfeid is no more RESPONSE
bic for Dr. j Grant Lyman than for cassiec Chadwick, James Hazen Hyde United
senator J Ralph Burton Or Carrie Nation
Yorle, fofsooh, found it a little more likely place to promote his swindles than
New York, as Nevada securities are more eagerly sought after than New York
stocks Hut be it understood and thoroughly digested, that the people who are
making complaints in the matter of the Dr. Lyman swindles-the fish who were
e@"snt IN ms net We're not thu general pubhc-the small Try Tor TIT most art
bat sad to relate his brother promoters Of the smart cities Of Chicago, New York.
ete,-Drokers who thought that they themselves might get int the game, pro
cure q lot Of Lyman stock at a low price, hornswagge the public by unloading
at a higher figure and clean UP a pretty penny, with Lyman bearing the Onus
TAeyw were ali a party 20 the same game, but Lyman vas toe smar for them and
actually s"indled his CONFERENCE.-The smart guys themselves. And now
they art on lis tran for a restitution of the "sva ;, and "for. the pood OF the
mining business, ~ ~
Now, as f4 as the mining business is concerned. that business is entirely
able to take care of itself. II is the mining stock business that will stand watch.
ing Be it sal 10 the credit of eoldheld, that nce the establishment OF the
Orohesage and mining stock business sin eOdhed this is the FIRST SCANDAL
u THE SORT THAT HAS OCCURRED, and this was through a New York
importation. In all the busy history of GOldfeld, with its enOrmOus clearings
Of several millions THERE HAS NEVER BEEN A GoLDFIELD STOCK
DH ~ Thar HAS WRONG. THERE HAS NEVER BEEN A
SCANDAL ON THE MINING STOCK EXCHANGE; THERE HAS NEVER
BEEN A FAILURE OR AN EMBEzzLENENT, through an established broker
Au W., man street, WIN your nypocrtalc mt STAND up inc make
the assertion Moreover, take the listed stocks from "A" to e." and
street dare to hams u your list IF ~inaustrian, and ,auTaaa. - ,O sr @ aamm ml
IN, and when you have done that open the doors Of or bucket shops made
possible b Wall stretea and see who are the gamblers III Evolve in the public