The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-06
NATIVE COPPER
IN RICkARO-ELY
"Tex" Richard Cleans Up
Stock Market Before the
News Gets Out.
Especial to The Herald.)

Ely, New, Oct. &C. l.. Rickard, mine
owner, operator, broker, promoter, prize
fight enthusiast and hacker, and all
around popular and successful business
man. made a cleanup of $4,000 between
Monday night and Wednesday night of
this week. The cleanup was in Richard
Ely stock, which last week was shivering
about the 20-cent mark, but which has
now leaped into the sunlight in the vicin-
ity of the half-dollar mark. Behind the
bare announcement of Richards cleanup.
which Melted him more than the average
man handles in a lifetime, lies the story
of keen business judgment, careful finan-
ciering. and quick action, characteristic
of Richard.
Richard is president and director of the
company, and has kept careful watch of
all the development work that is being
done. Some time ago a churn drill was
started at a point on the companys prop
erty about 900 feet from the Veteran tun-
mel of the Cumberland-Ely company. This
drill pounded steadily downward until last
Monday, when the 1,000-foot mark was
reached. At that time Richards holdings
in the stock were only nominal. He then
began a quiet but persistent campaign Of
buying. His agents all over the state were
given orders to buy every outstanding
share of the stock, but were given par
ticular orders not to allow the fact to
become known that they were gathering
in this security. Richard followed the
same policy here, personally separating
many stockholders from their securities,
but giving them the proper consideration
in exchange.
The listing committee of the local stock
exchange has had the property in its
hands for some time for listing, and pre-
sented a favorable report to the board
of governors yesterday afternoon, rec
ommending that the stock be listed. While
this was going on, Richard was quietly
issuing checks for block after block of the
stock
At the regular call of the exchange last
night Richards agents were in evidence.
Richard was also present watching the
progress of the game. When Rickard-Ely
was offered the first lot went at Al cents.
The brokers who had not suspected Rick
ards coup were willing to sell at that
figure. and a small lot was disposed of.
Then the rumor spread over the exchange
that Richard was back of the buying, and
the stock began to make fireworks for the
brokers' 1t advanced steadily under buy
ing orders to 464 cents, nearly 10000
shares being disposed of, and with AZ bid
hut with no offers when the gavel drop
ped. The stock picked up by Richard on
the exchange rounded out his holdings TO
$4,000 shares, the greater part of which
he had secured at prices ranging from %
to rs cents.
After the call on the stock exchange. it
was learned that the churn drill on the
property had struck thick strata of ma
tive copper at the 1.051-fcot level, and
that the showing was the richest in the
entire district kss"~
Rickard was not alone in his good for
tune Thomas Rockhill, known Familiarity
as the pioneer of pioneers of this section,
closed up deal Tuesday by which he Sc
cured 25100 shares of the stock at prices
ranging between 30 and 80 cents. His
cleanup will aggregate several thousand
dollars number of others who took
a chance on the stock when it began to
climb. are richer by various amounts than
they were before Richard began TO corner
the market.