The daily appeal. [volume] (Carson City, Nev.) 1906-1907, 1907-06-17
SUGGEST A CLEANING
OUT OF STOCK EXCHANGE

The Critic of San Francisco says
The condition of the San Francisco
Stock & Exchange Board is apparent
ly just like the rest Of the town
1t needs cleansing. A species of
robbery has been carried on there
for many months. Wash sales, bogus
leases, when strike is made in Ne
vada and other tricks of the dishon-
est speculator have been indulged in
to such an extent that the public has
lost confidence in the stock ex-
change. Rascals have gotten into
power and it is due to the honorable
brokers that these be turned out and
that the mining exchange be put on a
basis commensurate with it's dignity
To the simple minded person who
thinks the mining stock business is
conducted on legitimate lines based
on the value of the property which
the shares represent, a rude awaken
ing is due, if in fact it has not al
lamentable feature which attaches
itself to this disgraceful state OF
affairs and which lends semi-re-
spectacle status to the plundering. is
the fact that certain financial insti-.
tutions, that should be identified with
matters more in keeping with their
supposed conservatism, are standing
behind these jackals OF the Stock
7 Exchange Board.
Is it not a pertinent and timely sug-
! gestion to offer to the present very
namely, to include this iniquity in
their efforts to wipe out graft?
In speaking of the conditions of the
stock market, D. G. Doubleday, the
prominent broker of the large broker
age firm of that name, declares that
the market will be dull all summer
Regarding the long continued decline
in GOldfelds, he states that the Gold
, field mine operators are themselves
largely to blame for this condition.
, What can you expect" he demand
: ed, when, every time they make &
> strike of any account in the GoldfielC
: mines, the management immediatel!
leases the property to another cor
poration in which the principal stock
holders of the mine are indirectly in
terested in the lease, and the holder
of the rest Of the stock get nothing
except perhaps an increase in tn,
speculative value of their stocks
What the small investor wants i:
dividends. That is what they have no
been getting from Goldfield stocks
and that's why they are scared
1T has become a common practic
for brokers to become selling agent
for wildcat treasury stock, listed o
) unlisted
These, we know, are seriou
charges, but they carry with then
( the virtue of truth, we are sorry t
5 be compelled to say. They are ordir
ary topics of conservation on tn
street. even among the brokers.
This statement is also true
Among the hundreds of listed stock
on the San Francisco Stock and f,
change Board, more than one-thir
are wildcats, listed for the purpos
- of manipulation. Among the broker
on the same exchange We believ
. there are few honest men, but the
are scarcer than snowballs in Topic
and may be counted on the finger
of one hand
d When brokers become fisca
e agents for wildcat stocks they al
,e sowing the seeds of a bitter fru
which they shall be forced to es
ia later, and their usefulness as broker
le is at an end When they buy stock
d at one figure and report to the
L. clients a higher figure, or when the
V, sell stock for their clients at or
le figure and report them sold at
10 lower figure, they become thieves an
m are a disgrace to mining exchang
I'd IF there is one business outside
banking, which, more than anothe
depends for it's existence on homes
n and integrity, it is the brokeras
~ business, and when the rules of
n mining exchange are relaxed so as
or admit of lax methods and dishone
SIS dealings with customers, the end
that exchange can bee seen witho
10 field glass
IS -o-o--
w Judge Harrington will deliver Il
OK