The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-10-24
SCHWAB GETS CURT
ANSWER TO ISLANDER
CALIFORNIA MINING MAN RE-
PLIES TO STEEL MAGNATE'S
INSULT TO NEVADA.

The recent statement of Charles
NJ Schwab that he was bitterly dis
appointed in Nerada. and that he had
not met a man in this state who was
truthful. has been answered by Pres
ident W. S. Ralston of the Califor-
MIA Miners association, and mem
Der of the San Francisco Stock Ex-
change, who on Saturday last said to
the San Francisco Recorder:
That the attack was an outrage
on the citizenship of Nevada and was
unwarranted by any experience which
Schwab may have had in that state.
Ralston pointed out that Schwab
has been one of the chief promoters
of Nevada mining stocks in the east
ern market, and that probably his
word regarding mining stocks in
which he was interested had not been
more infallible than others engaged
in the same business.
THE Recorder of Friday showed
briefly where Schwab had done gross
injustice, TO put it mildly. to the min
ing men of Nevada" said Ralston.
but | want to go a step further and
give a few details of Mr. Schwab S
financiering in Nevada, while | an
swer the question which he pro-
pounded in the public prints. by the
way, what do you people here think
/ of Nevada
Permit me to state that consid-
ering the fact that Nevada has con-
| tributed to the money markets of the
world from the Comstocks alone over
/ $1,000, 900, 00e, | believe the state
/ is to be considered of some value.
There are now in the state of Ne
yada siXty-four mining districts
gold, silver, copper and lead-each
one having possibilities. not yet de-
veloped. TO prove large producers.
/ Nevada is now producing about hall
! as much every year in gold alone as
is California. and this amount is rap
| idly increasing. AS regards silver
the state of Nevada gets out more
than California every year.
Inquiry at the office of the United
States geological survey in this city
where the division of mineral re-
sources maintains a bureau, shows
that the states of Nevada showed al
increase of gold and silver output
in 1906 over that of 1905 of consid
erably over Sc. 900, 900. In gold alone
the increase was materially over So :,
900, 900. The total output of The
state was nearly $4,000, 900 in 1906
and of this over $7,000,000 of golG
came from GoIdfield, which is ovei
IS, 100000 more than In the previ
Gus year.
while it is true that the values o.
the shares of the leading mines il
Tonopah and Goldfield have depreci
ated very greatly. and white il il
true that Mr. Schwab has he | tn,
same experience, no doubt, in tn.
way of losses as many others. ye
this should not embitter him agains
the whole state and prompt him Il
speak disparagingly of all its citi
Zens.
I'VE take our losses as cheerful,
as we can, and take the broad view
that the general conditions of trad
at home and abroad are responsible
rather than make blind attempt t.
fasten the blame to some particula
locality or group of citizens.
Nevada has done much for MI
Schwab's adopted city, New York, 70
many of her prominent financiers go
their start from the Comstocks.
, Il refer more particularly to Jane
r. Keane, J. b. Haggin, D. o. Mills
Clarence Mackay, the Seligmans, tn
Wormsters and the Schools. In fac
the Postal Telegraph company wa
principally financed by money re
: ceived from the Comstock mines.
: San Francisco people think
great deal of Nevada. For up t.
[ twenty years ago there was not
building of any magnitude in the cit
which was not erected directly or in
: directly from the mines of the Gem
stock lode. Not bank in San Fran
cisco but what was benefited Icy TIN
mines of Nevada.
"Mr. Schwab states that he hf; pu
: more money into Nevada than an,
other man. In this he is very mucl
mistaken, for there was more none,
put into the Comstock by San Fran
cisco men than Mr.. Schwab eve
had
"A visit to T0nopah and Goldfielt
does not show the evidence of MIR
Schwab's money. in The wav of build
ings or permanent Improvement ant
: as compared with Nixon and Wing
field, Hayes and Monnette, Thoma
Hickey, Golden, Bronsher his in
vestment is small.
Personally | am very sorry tina
: Mr.. Schwab has been bitterly disap
: pointed in Nevada
; 81 had been under the impression
that he had made money out of tn,
: various promotions of mining stock
which the public bought through hi
agents and which We're thereby be
) ing endorsed by him
So far as the statement made t,
the effect that he did not think h,
, had met man who tolG the trutl
about Nevada, | think on sober sec
ond thought Mr.. Schwab would 10
have made it,
Everyone who had any bnsines
, dealing with Mr.. Schwa9 regarding
/ mining property knows that the,
were compelled to approach hin
through his representatives. II,
. never went into a properly withou
, the endorsement Of his representa-
tives, so If any Misrepresentation
were made they were not made b,
, the general public.
Less than year ago, Mr.. SchWab
, after his last visit to Tonopah ant
Goldfeld, in an interview, stated il
the public press that he would ad
wise the banks in which he was in
terested in the east to loan none,
on he leading Tonopah and COLT et
mining shares. HIS present STATE
ments, therefore, come as an IN
pleasant surprise and / do not be
lieve that he is fair in his wholesale
condemnation of the citizens of Ne.
vada when he accuses them all OF
being untruthful.'